Celadon says 2Q net income up 190%

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Celadon

Celadon Group on Tuesday, Jan. 25, reported its financial and operating results for the three and six months ended Dec. 31, the second fiscal quarter of the Indianapolis-based company’s fiscal year ending June 30, 2011.

Revenue for the quarter increased 4.6 percent to $133.1 million in the 2010 quarter from $127.2 million in the 2009 quarter. Freight revenue, which excludes fuel surcharges, increased 2.3 percent to $111.6 million from $109.1 million. Net income increased 190 percent to $2.9 million from $1.0 million.

For the six months ended Dec. 31, revenue increased 7.2 percent to $273.4 million in 2010 from $255.1 for the same period last year. Freight revenue, which excludes fuel surcharges, increased 5.1 percent to $231.0 million from $219.8 million. Net income increased to $7.3 million from $1.6 million.

“Our strategy to focus on profitable freight and eliminate less desirable freight has resulted in an increase in our rate per loaded mile,” said Steve Russell, chairman and chief executive officer. “We believe with a newer fleet, experienced driver base, solid balance sheet and a diversified business mix, we are well positioned to capitalize on the increased regulatory environment that the transportation industry is currently experiencing.

Celadon also announced that Chris Hines, executive vice president of sales and marketing, who joined the company in 2007, has decided to leave the company for personal reasons. “Chris has contributed to Celadon’s growth and development as a respected industry leader over the past three years,” Russell said. “We wish Chris well in the future, and sincerely appreciate his meaningful contributions during his tenure with Celadon.”