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Celadon reports quarterly profit on higher revenue

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Increased demand for Celadon Group Inc.’s trucking services led the Indianapolis-based company to post a profit in the first three months of the year, the Indianapolis-based company said Monday.

For the fiscal third quarter ended March 31, Celadon saw profit rise to $400,000, or 2 cents per share, compared with a loss of $2.1 million, or 10 cents per share, in the same period in 2009. It was the fourth straight quarterly profit for the company.

Celadon CEO Steve Russell is encouraged by the results, given that business typically is slow during the early part of the year.

“Historically, the March quarter has been the weakest quarter of the year,” Russell said in a prepared statement. “We are hopeful this trend will continue, providing us with the opportunity to increase our rates.”

Celadon’s mileage rate it charges customers dipped 3.9 percent in the latest quarter, to $1.39 per mile. The number of miles driven by Celadon’s truckers climbed 18 percent from the same time last year, however.

Revenue increased 21 percent, to $129.4 million.

Celadon shares opened Tuesday morning at $15.29 each, up from less than $10 per share in early February.
 

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