Celadon Group Inc., a truckload carrier headquartered in Indianapolis, reported net income for the third quarter ended March 31, 2003, increased to $0.5 million, or six cents per share, compared with net income of $0.3 million,
or four cents per share in the same period last year.
Higher cost of diesel fuel, net of surcharges, adversely affected the March 2003 diluted earnings per share by nine cents as compared with March 2002. Consolidated revenue for the three months ended March 31, 2003, was $90.7 million, a 15.2% increase over $78.7 million reported for the same period a year earlier.
Net income for the nine months ended March 31, 2003, increased to $3.3 million, or 37 cents per share, excluding a non-cash charge of $0.9 million, or seven cents per share on a diluted basis, related to a new banking arrangement the company entered last year. This result compares with net income of $0.6 million, or eight cents per share, in the prior year's nine-month period. Consolidated revenue for the nine months ended March 31, 2003 was $275.1 million, a 14.1% increase over the $241.0 million reported for the same period a year earlier.
Steve Russell, chairman and chief executive officer, said, "Despite higher fuel costs, a weak economy and difficult weather conditions, we were able to record our eighth consecutive quarter of year-over-year improved earnings per share. Loaded rate per mile was up over 2.4%, excluding the fuel surcharge. Deadhead declined to 7.6% from 8.2% in the prior year's period. Automotive business has been reduced significantly and replaced with consumer non-durables.