Celadon Group Reports September Quarter Results And Declares Dividend

Seventh graph, second sentence of release should read: The quarterly cash dividend of two cents ($0.02) per share of common stock will be payable on January 17, 2014 to shareholders of record at the close of business on January 6, 2014. (sted The quarterly cash dividend of two cents ($0.02) per share of common stock will be payable on January 17, 2013 to shareholders of record at the close of business on January 6, 2013)

The corrected release reads:

CELADON GROUP REPORTS SEPTEMBER QUARTER RESULTS AND DECLARES DIVIDEND

Celadon Group Inc. (NYSE: CGI) today reported its financial and operating results for the three months ended September 30, 2013, the first fiscal quarter of the Company’s fiscal year ending June 30, 2014.

Revenue for the quarter increased 14.2% to $175.1 million in the 2014 quarter from $153.3 million in the 2013 quarter. Freight revenue, which excludes fuel surcharges, increased 16.3% to $142.0 million in the 2014 quarter from $122.1 million in the 2013 quarter. Net income decreased 20.5% to $6.6 million in the 2014 quarter from $8.3 million for the same quarter last year. Earnings per diluted share decreased 22.2% to $0.28 in the 2014 quarter from $0.36 for the same quarter last year.

Paul Will, President and Chief Executive Officer, made the following comments: “We are pleased with our overall improvement in our operating statistics. The increase in average seated tractor count of 288, or 10.5%, to 3,024 in the September 2013 quarter compared with 2,736 in the September 2013 quarter was a significant operating metric improvement that resulted in increased revenue for the quarter. This increase was a result of expanding our recruiting efforts at terminal locations, having established a driving school and training program at our Indianapolis headquarters as well as the acquisition of select assets and liabilities of Houg Special Services, Inc. based in Commerce City, Colorado, Land Span, Inc. based in Lakeland, Florida, TCI Logistics, Inc. based in Kernersville, North Carolina and Hoss Cartage and Distribution, Inc. based in Ayr, Ontario, which were all completed in the back half of the September 2013 quarter. The business generated from these acquisitions should help us continue to add truck capacity and density in our current operating lanes, while benefiting from future operating synergies over time. This strategy should position Celadon to better serve our customers now and especially in the near future as we believe truck capacity will continue to tighten for the truckload industry. Our average revenue per tractor per week increased $14, or 0.5%, to $2,913 in the September 2013 quarter, from $2,899 in the September 2012 quarter. In addition, our average revenue per loaded mile increased to $1.597 per mile in the September 2013 quarter from $1.562 in the September 2012 quarter.

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