Celadon Group, Inc. plans to take its TruckersCo-op.com subsidiary public and change the name to TruckersB2B.com, Inc.
The Indianapolis-based fleet made the announcement while reporting its third quarter financial results.
The company's consolidated revenues from operations in the March 2000 quarter rose more than 32 percent to $90.5 million compared to $68.5 million in the March 1999 quarter. But the company lost $711,000, compared to net income of $1.4 million in the prior year's third quarter.
Truckersco-op.com accounted for $0.05 per diluted share of the March 2000 quarter loss which related to marketing and administrative costs associated with the start-up of the new business. The company had no fuel hedges in place in the current fiscal year, which hurt the trucking results, despite improved utilization and lower deadhead.
Net loss for the nine months ended March 31, 2000 was $246,000, or $0.03 per diluted share, compared with net income of $3,083,000, or $0.40 per diluted share, in fiscal 1999 nine months ended March 31, 1999, including one-time charges. Consolidated revenue rose 24% to $259.8 million over the same period.
The company said TruckersCo-op.com now has over 100,000 member trucks enrolled, represented by over 1,800 separate companies in the U.S. and Canada. The board of directors of Celadon Group has authorized the management of TruckersCo-op to proceed with its initial
public offering. The proceeds will be used to grow and strengthen TruckersCo-op's future. In preparation for the offering, the name of the Company will be changed from TruckersCo-op.com to TruckersB2B.com, Inc.