The trucking and e-commerce company Celadon Group, Indianapolis, reports during the first quarter of the year net income increased to $278,000
, compared with a loss of $1.58 million in the same quarter a year ago.
Consolidated revenue for the three months ended March 31 was $78.7 million, a 2.5 percent increase over an adjusted $76.7 million reported for the same period a year earlier. The company says the adjusted revenues for the March 2001 quarter exclude revenues from the divested flatbed division, higher pass-through revenues related to U.S. border-crossing costs, and fuel surcharges. Including these revenues, reported revenue in the prior year's comparable period was $88.2 million.
Celadon Group reported income before taxes of $473,000 for the quarter ended March 31, compared with a loss before taxes of $2.41 million in the prior-year March quarter, an improvement of $2.89 million.
Trucking operating income increased from $0.6 million in the March 2001 quarter, excluding the divested flatbed division, to $1.9 million in the March 2002 quarter. Improved margins and lower interest cost, related to a reduction of more than $15 million in debt and lower interest rates over the past year, more than offset higher insurance and tractor cost.
"The results for the quarter demonstrate the company's continued upward trend and represents the third consecutive profitable quarter," said Steve Russell, Chairman and CEO.
"We believe that the transaction to take over a portion of Burlington Motor Carriers' business and equipment should have an immediate positive impact on the company's earnings."
TruckersB2B generated operating income of $279,000 in the March 2002 quarter compared with a loss of $1.05 million in the prior year's comparable period. The loss in the prior year includes a one-time charge of $800,000 related to the write-off of the costs associated with the postponed IPO of TruckersB2B Inc. Revenue at TruckersB2B increased by 66 percent to $1.7 million in the March 2002 quarter, from $1 million in the March 2001 quarter.
Celadon owns approximately 80 percent of TruckersB2B.