Celadon reports quarterly profit on higher revenue

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.
 

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.