Celadon Group, Indianapolis, reported its financial and operating results for the three and six months ended December 31, 2010, the second fiscal quarter of the company's fiscal year ending June 30, 2011.
Revenue for the quarter increased 4.6% to $133.1 million in the 2010 quarter from $127.2 million in the 2009 quarter. Freight revenue, which excludes fuel surcharges, increased 2.3% to $111.6 million in the 2010 quarter from $109.1 million in the 2009 quarter. Net income increased 190% to $2.9 million in the 2010 quarter from $1 million for the same quarter last year. Earnings per diluted share increased to $0.13 in the 2010 quarter from $0.05 for the same quarter last year.
For the six months ended December 31, 2010, revenue increased 7.2% to $273.4 million in 2010 from $255.1 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 5.1% to $231 million in 2010 from $219.8 million for the same period last year. Net income increased to $7.3 million in 2010 from $1.6 million for the same period last year. Earnings per diluted share increased to $0.32 in 2010 from $0.07 for the period last year.
"Our strategy to focus on profitable freight and eliminate less desirable freight has resulted in an increase in our rate per loaded mile excluding fuel surcharge to $1.477, up 6.6% from the December 2009 quarter, and up marginally from the September 2010 quarter of $1.471," said Chairman and CEO Steve Russell.
December quarter loaded miles per truck per week have historically declined approximately 4% from the September quarter, but this year, in part thanks to harsher winter weather, miles fell approximately 5 percent from the previous quarter. Higher fuel prices also impacted results. Costs were generally in line or below the December 2009 quarter.
"We believe with a newer fleet, experienced driver base, solid balance sheet and a diversified business mix, we are well positioned to capitalize on the increased regulatory environment that the transportation industry is currently experiencing," Russell said.
The company also announced that Chris Hines, executive vice president of sales and marketing, who joined the company in 2007, has decided to leave the company for personal reasons.
Revenue for the quarter increased 4.6% to $133.1 million in the 2010 quarter from $127.2 million in the 2009 quarter. Freight revenue, which excludes fuel surcharges, increased 2.3% to $111.6 million in the 2010 quarter from $109.1 million in the 2009 quarter. Net income increased 190% to $2.9 million in the 2010 quarter from $1 million for the same quarter last year. Earnings per diluted share increased to $0.13 in the 2010 quarter from $0.05 for the same quarter last year.
For the six months ended December 31, 2010, revenue increased 7.2% to $273.4 million in 2010 from $255.1 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 5.1% to $231 million in 2010 from $219.8 million for the same period last year. Net income increased to $7.3 million in 2010 from $1.6 million for the same period last year. Earnings per diluted share increased to $0.32 in 2010 from $0.07 for the period last year.
"Our strategy to focus on profitable freight and eliminate less desirable freight has resulted in an increase in our rate per loaded mile excluding fuel surcharge to $1.477, up 6.6% from the December 2009 quarter, and up marginally from the September 2010 quarter of $1.471," said Chairman and CEO Steve Russell.
December quarter loaded miles per truck per week have historically declined approximately 4% from the September quarter, but this year, in part thanks to harsher winter weather, miles fell approximately 5 percent from the previous quarter. Higher fuel prices also impacted results. Costs were generally in line or below the December 2009 quarter.
"We believe with a newer fleet, experienced driver base, solid balance sheet and a diversified business mix, we are well positioned to capitalize on the increased regulatory environment that the transportation industry is currently experiencing," Russell said.
The company also announced that Chris Hines, executive vice president of sales and marketing, who joined the company in 2007, has decided to leave the company for personal reasons.
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