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Celadon reports lower profit, higher revenue

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Celadon Group Inc. on Monday reported higher revenue and lower profit during its most recent fiscal quarter, as the recession continues to weigh on the Indianapolis-based trucking company.

For the fiscal second quarter ended Dec. 31, Celadon saw profit fall 41.2 percent, to $1 million, or 5 cents per share, from $1.7 million, or 8 cents per share, in the same period in 2008.

Revenue increased 6.4 percent, to $127.2 million.

Celadon CEO Steve Russell said new business helped drive revenue, although mileage rates declined the past quarter.

“The financial impact of this decline was partly offset by cost reductions achieved throughout the company, as well as the benefit of lower fuel costs,” Russell said in a prepared statement.

Company stock began trading Nov. 10 on the New York Stock Exchange instead of the NASDAQ. Celadon is trading under the ticker symbol CGI.

Shares dipped 2 cents, closing at $9.86 each on Monday, prior to the late-afternoon release of the earnings report.
 

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