Celadon Joins NYSE Amid First Quarter Plunge in Income

October 28, 2009

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Celadon Group, Indianapolis, has announced a 78.6 percent drop in income in its fiscal first quarter, while also announcing plans to list its shares on the New York Stock Exchange
. The company reported income of $0.6 million in the quarter, as opposed to $2.8 million for the same quarter of last year. The company said it struggled with depressed rates, as many fleets did.

"Although the freight environment continued to reflect the weakness of the U.S. and Mexico economies, we did achieve more than a seasonal pickup in shipments progressively through the September quarter," said Steve Russell, chairman and CEO. "The rate environment has continued to be quite difficult, with many fleets struggling and willing to accept non-compensatory pricing."

Revenue for the quarter amounted to $127.8 million, a 13 percent fall from $146.9 million in the year-ago period. Earnings per share were down to 3 cents in the 2009 quarter, compared with 13 cents a share for the fiscal first quarter of last year.

Meanwhile, the company saw a slight uptick in its freight revenue, with an increase of 1.3 percent to $110.7 million from $109.3 million in 2008. This excludes fuel surcharges.

The company's shares will begin to trade on the NYSE on Nov. 10, 2009, under the symbol "CGI."

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