Celadon Results Point to Improving Freight Environment

August 03, 2010

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The improving freight environment was reflected in the second quarter results of Celadon Group, which reported increases in revenue and income from the second quarter 2009.

Revenue for the quarter was up 18.9 percent to $139 million, compared to $116.9 million in the 2009 quarter. Freight revenue grew 12 percent to $116.7 million from $104.2 million in 2009.

The company's net income was $2.7 million for the three-month period, compared to $0.2 million for the year-ago quarter.

"Earnings improved to 12 cents per share, compared to 1 cent in the June 2009 quarter, which is a result of a more stable demand environment, coupled with a decreasing amount of truckload capacity in the marketplace," said Steve Russell, chairman and CEO of the Indianapolis-based company.

"The freight environment has improved consistently over the past four months, as operating capacity has declined in the industry, and the average age of over-the-road trucks has continued to increase. Our average tractor is about 1.5 years old, meaningfully younger than the typical over the road tractor. Further, we have broadened our customer base and have also benefited from the increase in trade with Mexico, as Mexico has become more competitive with Asian manufacturers."

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