Celadon Group Announces Fiscal First Quarter Results.INDIANAPOLIS--(BUSINESS WIRE)--Nov. 6, 1998--Celadon Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ) announced today financial results for the fiscal first quarter ended September 30, 1998. Net income for the quarter ended September 30, 1998 was $1,532,000, compared with $1,671,000 in the fiscal 1998 first quarter ended September 30, 1997. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the September 1998 quarter were $0.20 compared with $0.22 in the September 1997 quarter. Net income for the 1998 quarter includes the impact of the flooding of the Rio Grande Rio Grande, city, Brazil Rio Grande (rē`  grän`dĭ), city (1991 pop. River in Laredo, Texas, the worst such flood since 1954,
which closed the river crossings for several days in August 1998. The
Company estimates the impact of the business disruption caused by the
flooding to be approximately $0.04 per share in the quarter.Consolidated revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $72.1 million in the September 1998 quarter compares with $51.8 million in the September 1997 quarter, a 39.1 percent increase. Results for the September 1998 quarter includes the operations of the former General Electric Transportation Services (GETS) division acquired in September 1997 and Gerth Transport, acquired May 1998. The consolidated operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: (operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. as a percentage of revenue) of 93.9 percent compares with 92.2 percent in the September 1997 quarter. For the van division, revenue increased to $65.7 million, from $45.5 million, up 44.6 percent. The revenue increase is due principally to the acquired operations, as well as an increase in rate per mile and billings to customers for the Mexican portion of their transportation. Operating ratio for the division increased from 91.7 percent to 93.8 percent, due to an increase in the mix of capacity toward owner operators, the cost associated with Mexican transportation, and an increase in maintenance expense. Flatbed division revenue was unchanged at $6.4 million. Operating ratio decreased from 96.1 percent to 95.1 percent, as the business mix during the current quarter allowed more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. margin attainment. On June 23, 1998, the Company issued a press release announcing the execution of an agreement pursuant to which the Company would merge with Laredo Acquisition Corp. On September 18, 1998, the Company announced that it had received written notice from Laredo to the effect that the institution that is to provide the bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. for the merger had concluded as of September 15, 1998, that under current market conditions, it would not be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to provide such financing. Since that date, however, such institution has not terminated or otherwise modified the terms of such financing. While based upon the information currently available to the Company, including the written notice from Laredo and the Company's understanding of current market conditions, the Company believes it is highly unlikely that the merger will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. at the price initially agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy by the parties, the merger (more) CELADON celadon Chinese, Korean, Siamese, and Japanese stoneware decorated with glazes the colour range of which includes greens of various shades, olive, blue, and gray. The colours are the result of a wash of slip (liquefied clay) containing a high proportion of iron that is agreement has not been terminated, amended or modified. As of this date, the Company is continuing to take all steps necessary to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the merger of the Company and Laredo Acquisition Corp. Celadon Group, Inc. is a truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno company specializing in the transport of goods from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada to Mexico. The Company has approximately 2,100 line haul tractors and 6,000 trailers. The discussion set forth above as well as oral statements made by officers of the Company relating thereto, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such comments are based upon information currently available to management and management's perception thereof as of the date of this press release. Actual results of the Company's operations could materially differ from those forward looking statements. Such differences could be caused by a number of factors including, but not limited to, potential adverse affects of regulation; changes in competition and the effects of such changes; increased competition; change in fuel prices; changes in economic, political or regulatory environments; changes in the availability of a stable labor force; ability of the Company to hire drivers meeting Company standards; changes in management strategies; environmental or tax matters; and risks described from time to time in reports filed by the Company with the Securities and Exchange Commission. Readers should take these factors into account in evaluating any such forward looking statements. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com. -0-
Celadon Group, Inc. (NASDAQ: CLDN)
Consolidated Operating Results
(Unaudited)
(Amounts in thousands, except per share amounts)
Three Months Ended
9/30/98 9/30/97
Revenue:
- Van $65,727 $45,456
- Flatbed 6,386 6,388
Total revenue $72,113 $51,844
Operating income:
- Van $4,049 $3,771
- Flatbed 314 252
Operating income 4,363 4,023
Other income (expense) (6) --
Interest (expense) (1,995) (1,346)
Interest income 95 62
Profit before tax 2,457 2,739
Provision for income taxes (925) (1,068)
Net income $1,532 $1,671
Earnings per common share:
Continued operations:
Diluted and basic
earnings per share $0.20 $0.22
Average shares outstanding
Diluted 7,851,186 7,708,063
Basic 7,726,663 7,662,580
Celadon Group, Inc.
Summary Balance Sheet
(Unaudited)
(Amounts in Thousands)
September 30, June 30,
ASSETS 1998 1997 1998
Accounts receivable $40,288 $29,995 $39,063
Other current assets 22,449 17,501 24,191
Total current assets 62,737 47,496 63,254
Fixed assets, net of depreciation 115,927 89,235 115,059
Goodwill, net of amortization 11,346 8,405 11,469
Other assets 5,049 5,643 4,995
Total assets $195,059 $150,779 $194,777
LIABILITIES
Current liabilities $22,757 $20,731 $24,770
Current maturities of debt and
capital lease obligations 21,341 13,054 20,457
Total current liabilities 44,098 33,785 45,227
Long-term debt and capital
lease obligations, net of
current maturities 82,835 60,847 82,843
Deferred income tax liabilities 14,658 8,640 14,373
Total liabilities 141,591 103,272 142,443
Minority interest 12 12 12
Stockholders equity 53,456 47,495 52,322
Total liabilities and
stockholders equity $195,059 $150,779 $194,777
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion