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Celadon manages profit amid tough conditions

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Indianapolis-based Celadon Inc. said yesterday that it eked out a small profit in its fiscal fourth quarter, as the struggling economy continues to batter the trucking industry.

Celadon reported a profit of $200,000, or a penny per share, in the quarter ended June 30. That compared to $2.2 million, or 10 cents per share, in the same period a year ago. Analysts expected 3 cents per share.

While profits in the fourth quarter fell 90 percent, the results were better than the $2.9 million loss the company posted in its third fiscal quarter.

"Although the freight environment continued to reflect the weakness of the U.S. economy, we did achieve more than a seasonal pickup in shipments progressively through the June quarter," CEO Steve Russell said in a prepared statement.

Revenue in the fourth quarter decreased 24.4 percent, to $116.9 million, from the year-ago time frame.

For the fiscal year ended June 30, profit fell 60 percent, to $2.6 million, while revenue dropped 13.5 percent, to $490.3 million.

Celadon issued its earnings after the market closed. Shares were down 2.4 percent, to 8.71 each, today in mid-morning trading.
 

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