Celadon Group saw its revenue and net income fall during the second quarter of 2009, amid a weak freight market and pricing pressures.
Revenue was down 24.4 percent to $116.9 million, compared to $154.6 million in the year-ago quarter. Net income dropped to $0.2 million in the quarter, versus $2.2 million for the same quarter last year.
"The rate environment has continued to be quite difficult, with many fleets struggling and willing to accept non-compensatory pricing," said Steve Russell, chairman and CEO. "Our average rate per loaded mile continued to decline, and for the June quarter was down 6.5 percent from the June 2008 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."
Freight revenue, not including fuel surcharges, landed at $104.2 million, a 10.7 percent drop from $116.7 million in the 2008 quarter.
Despite the declines, Russell remains hopeful. "Although the freight environment continued to reflect the weakness of the U.S. economy, we did achieve more than a seasonal pickup in shipments progressively through the June quarter," he said. "The growth in business with customers added in the past year helped drive the improvement.
Revenue was down 24.4 percent to $116.9 million, compared to $154.6 million in the year-ago quarter. Net income dropped to $0.2 million in the quarter, versus $2.2 million for the same quarter last year.
"The rate environment has continued to be quite difficult, with many fleets struggling and willing to accept non-compensatory pricing," said Steve Russell, chairman and CEO. "Our average rate per loaded mile continued to decline, and for the June quarter was down 6.5 percent from the June 2008 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."
Freight revenue, not including fuel surcharges, landed at $104.2 million, a 10.7 percent drop from $116.7 million in the 2008 quarter.
Despite the declines, Russell remains hopeful. "Although the freight environment continued to reflect the weakness of the U.S. economy, we did achieve more than a seasonal pickup in shipments progressively through the June quarter," he said. "The growth in business with customers added in the past year helped drive the improvement.
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