Celadon Group Inc. reported third-quarter total revenue increased 6.3 percent, to $115.3 million from $108.5 million in the 2005 quarter.

Revenue, before fuel surcharges, increased 1.6 percent, to $100.8 million from $99.2 million in the 2005 quarter. Net income increased 74.1 percent, to $4.7 million from $2.7 million in the 2005 quarter. Earnings per diluted share improved by 66.7 percent, to $0.30 from $0.18 for the 2005 quarter.
For the nine months ended March 31, 2006, total revenue increased 10.5 percent, to $353.5 million from $319.8 million for the same period last year. Revenue, before fuel surcharges, increased 4.2 percent, to $307.1 million from $294.7 million for the same period last year. Net income increased 71.1 percent, to $14.2 million from $8.3 million for the same period last year. Earnings per diluted share increased 68.5 percent, to $0.91 from $0.54 for the same period last year.
Chairman and CEO Steve Russell said, “We are pleased to report another quarter of significant earnings growth driven by strong operating results across nearly all measures. The March quarter is generally our most challenging quarter due to seasonally lower demand and winter weather. Average revenue per tractor per week, excluding fuel surcharge, our main measure of asset productivity, improved by 5.2 percent, to $2,883 from $2,740, as a result of higher rates per mile and improved miles per tractor. Our average revenue per loaded mile, excluding fuel surcharge, increased by 3.5 percent, to $1.49 from $1.44. Average length of haul increased by 28 miles, to 1,008 from 980 the same period last year. Our operating ratio (defined as operating expenses, net of fuel surcharge, as a percentage of freight revenue) improved to 92.1 percent from 94.6 percent.