Celadon Group Inc., a truckload carrier headquartered in Indianapolis, says its net income for the second quarter ended Dec. 31, 2002, increased to $1.0 million, or 13 cents per diluted share, compared with net income of $0.2 million,
or three cents per diluted share, in the prior year's comparable period.
Higher cost of diesel fuel, net of surcharges, adversely affected the December 2002 diluted earnings per share by six cents as compared with December 2001.
Consolidated revenue for the three months ended Dec. 31, 2002, was $90.8 million, a 14% increase over $79.3 million reported for the same period a year earlier.
Net income for the six months ended Dec. 31, 2002, increased to $1.9 million, or 24 cents per diluted share, compared with net income of $0.3 million, or four cents per diluted share, in the prior year's comparable period.
The September 2002 quarter included a non-cash charge of $0.9 million, or nine cents per share on a diluted basis, related to a new banking arrangement the company entered into in September 2002. Consolidated revenue for the six months ended Dec. 31, 2002 was $184.4 million, a 14% increase over $162.2 million reported for the same period a year earlier.
Trucking operating income increased to $2.8 million in the second quarter from $2.0 million a year earlier. Higher revenue, in part reflecting higher rates, more than offset increased fuel expense.
TruckersB2B generated operating income of $0.3 million in the December 2002 quarter compared with operating income of $0.2 million in the comparable period a year earlier. Revenue at TruckersB2B increased by 18% to $2.0 million in the December 2002 quarter from $1.7 million in the December 2001 quarter.
Chairman and Chief Executive Officer Steve Russell said, "Compared with the year earlier quarter, total revenue was up more than 14% in a weak economic environment. On-time performance improved to 98.9% from 96.2%. Empty miles were reduced to 7.7% from 8.2%. Although falling short of guidance in the December quarter, we continue to make real progress and our potential for significant future growth is strong."