Celadon Group Inc. has announced financial results for the first quarter of fiscal 2003 ended Sept. 30, 2002 in line with its guidance issued earlier this month.

Celadon Group is a truckload carrier headquartered in Indianapolis that operates in the U.S., Canada and Mexico, and is the majority owner of TruckersB2B Inc., which is a provider of cost benefits to about 13,000 member fleets.
Celadon Group Inc. said today that its first-quarter net income was $1.4 million before a one-time charge associated with the refinancing of the company's line of credit, up from last year's net income of $142,000.
Consolidated revenues for the quarter were $93.6 million, a 13% increase over revenues of $82.9 million in the same period last year. Consolidated operating income increased to $3.9 million from $2.5 million last year.
Last month, the company completed a $55 million, three-year senior secured revolving credit facility, the proceeds from which were used to repay the then existing credit facility and to provide for ongoing working capital needs.
Paul Will, chief financial officer, said, "Our new long-term revolving credit facility enhances our liquidity, reduces our borrowing costs and, with the new three-year term, improves our overall capital structure. Further, in the September quarter, we reduced debt and capital lease obligations by an additional $7 million."
CEO Stephen Russell added, "Although significant progress has been made by U.S. Department of Transportation to facilitate the opening of the Mexican border, that date will be determined by President Bush. We are hopeful that this will occur shortly."
TruckersB2B generated operating income of $321,000 in the first quarter compared with $111,000 in the prior year's comparable period. TruckersB2B revenue was $1.9 million in the September 2002 quarter, an increase of 53% over prior year's comparable period.