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Celadon's quarterly profit, revenue improve

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Celadon Group Inc. on Tuesday announced higher profit and revenue in its latest fiscal quarter.

The Indianapolis-based trucking company reported revenue of $140.3 million for the fiscal first quarter ended Sept. 30, up 9.8 percent from the same quarter a year ago.

Profit was $4.4 million, or 20 cents per share, compared to $600,000, or 3 cents per share, in the year-ago period.

The earnings exceeded the expectations of eight analysts polled by Thomson Reuters, who  predicted earnings of 16 cents per share.

Celadon Chairman and CEO Steve Russell attributed the improved financial performance on cost controls and the company's ability to charge higher rates while holding business steady.

Celadon provides long-haul, full-truckload freight service across the United States, Canada and Mexico. Company shares fell 62 cents, or 4.5 percent, in Wednesday morning trading, to $12.98 each.

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