Celadon reports lower profit, higher revenue

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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