Celadon Group Announces Fiscal Fourth Quarter and Year End Results.INDIANAPOLIS--(BUSINESS WIRE)--Aug. 26, 1997--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 fourth quarter and year ended June 30, 1997. Net income 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 for the quarter was $974,000, compared with a net loss of ($3,875,000) from continuing operations in fiscal 1996 fourth quarter. Earnings per share in the June 1997 quarter were $0.13 compared with a net loss per share of ($0.50) in the June 1996 quarter. Consolidated revenue from continuing operations of $50.3 million in the June 1997 quarter compares with $42.9 million in the June 1996 quarter, a 17 percent increase. For the truckload division, revenue increased to $43.7 million from $38.0 million in the June 1996 quarter. The revenue increase is principally attributable to an increase in net rate per mile as well as an increase in the tractor fleet which enabled the company to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growing U.S./Mexico transportation requirements. The truckload division 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) improved to 92.6 percent from 110 percent in the June 1996 quarter. The 1996 quarter included unusual expense items totaling approximately $3.3 million, which added nine percentage points. Net income from continuing operations for the year ended June 30, 1997 was $4.5 million or $0.59 per share, compared with a net loss of ($1.6 million), or ($0.20) per share for the fiscal 1996 year ended June 30, 1996. Consolidated revenue from continuing operations for the year ended June 30, 1997, totaled $191.0 million, an increase of 15 percent over revenues of $166.5 million reported in the fiscal year ended June 30, 1996. Consolidated operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the year ended June 30, 1997 increased to $12.4 million from $1.7 million in the year ended June 30, 1996. Steve Russell, chairman and chief executive officer, commented, "We are very pleased with our fourth quarter performance in view of the extended work stoppage at our largest customer -- Chrysler. Operations during the strike and in the following recovery period were a challenge. I am proud of the way our personnel worked together and with our customers to mitigate the impact of the strike. Business has returned to normal and we are excited about the prospects for fiscal year 1998, particularly relating to the movement of goods to and from Mexico." 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 Group, Inc. is a truckload company specializing in the transport of goods to and from Mexico. Celadon Trucking has approximately 1,300 operating line haul tractors and 4,300 trailers and the flatbed division, Cheetah Transportation, has a network of approximately 290 owner-operated tractors. -0-
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Celadon Group Inc. (NASDAQ: CLDN) Consolidated Operating Results (Unaudited) (Amounts in thousands, except per share amounts) Three Months Ended Twelve Months Ended 6/30/97 6/30/96 6/30/97 6/30/96 Revenue: Trucking - Truckload $ 43,660 $ 38,024 $167,609 $148,167 - Flatbed 6,616 4,868 23,426 18,377 Total revenue $ 50,276 $ 42,892 $191,035 $166,544 Operating income (loss): Trucking - Truckload $ 3,247 $ (3,674) $ 13,253 $ 5,205 - Flatbed 307 197 1,145 768 Corporate expense (628) (1,781) (1,963) (4,236) Operating income (loss) from continuing operations 2,926 (5,258) 12,435 1,737 Other income (expense) -- (22) 37 (72) Interest expense: (1,282) (934) (4,944) (3,672) Profit (loss) before tax from continuing operations 1,644 (6,214) 7,528 (2,007) Provision for income taxes (expense) benefit (670) 2,339 (3,024) 411 Net income (loss) from continuing operations 974 (3,875) 4,504 (1,596) Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. : Loss from operations of freight forwarding (net of tax) -- (1,169) -- (2,306) Loss on disposal of freight- forwarding division (net of tax) -- (4,601) -- (12,815) Loss from operations of logistics (net of tax) -- (687) -- (149) Gain on disposal of logistics division (net of tax) -- 67 -- 67 Loss from discontinued operations (net of tax) -- (6,390) -- (15,203) Net income (loss) $ 974 $(10,265) $ 4,504 $(16,799) Earnings (loss) per share: Continuing operations $0.13 $(0.50) $ 0.59 $(0.20) Discontinued operations -- (0.82) -- (1.93) Net income (loss) per share $0.13 $(1.32) $ 0.59 $(2.13) Weighted average number of common shares and equivalents outstanding 7,669 7,751 7,653 7,879 -0- Celadon Group Inc. Summary Balance Sheet (Unaudited) (Amounts in Thousands) Assets June 30, 1997 June 30, 1996 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying $ 27,736 $ 33,642 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 16,186 25,523 Total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 43,922 59,165 Fixed assets, net of depreciation 83,782 72,288 Goodwill, net of amortization 4,848 4,980 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 6,642 5,488 Total assets $139,194 $141,921 Liabilities Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 19,510 $ 30,741 Current maturities of debt and capital lease obligations 11,685 11,385 Total current liabilities 31,195 42,126 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and capital lease obligations, net of current maturities 54,361 50,025 Deferred income tax liabilities 7,832 7,796 Total liabilities 93,388 99,947 Minority interest 12 12 Stockholders equity 45,794 41,962 Total liabilities and stockholders equity $139,194 $141,921 CONTACT: The Celadon Group Inc., Indianapolis Stephen Russell/Don Snyder 317-972-7034/317-972-7033 or 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 , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Joseph A. Mansi/Adam I. Friedman 212/682-6300, ext. 205/215 |
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