Celadon Group on Wednesday, Jan. 25, announced that revenue for the second quarter increased 6.3 percent to $141.5 million in the 2011 quarter from $133.1 million in the 2010 quarter. Freight revenue, which excludes fuel surcharges, increased to $112.4 million from $111.6 million. Net income increased 86.2 percent to $5.4 million from $2.9 million. The company’s operating ratio improved to 92.5 from 95.0.
For the six-month period, revenue increased 3.5 percent to $283.0 million in 2011 from $273.4 million for the same period last year. Freight revenue, which excludes fuel surcharges, decreased 2.7 percent to $224.7 million from $231.0 million. Net income increased 47.9 percent to $10.8 million from $7.3 million. “Cost controls and operating efficiencies continued to positively impact results,” said Steve Russell, chairman and chief executive officer of the Indianapolis-based company.
Russell said Celadon completed two asset acquisitions in the December 2011 quarter to address the driver shortage – American Eagle, the nonrefrigerated division of Frozen Food Express; and USF Glen Moore – increasing the company’s average seated count to 2,633 in the December 2011 quarter, up from 2,529 in the September 2011 quarter. “We expect our seated count to increase in the March 2012 quarter, as the USF Glen Moore acquisition was completed at the end of December,” Russell said.