Celadon Group Announces Fiscal Third Quarter and Nine Months Results.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--April 27, 2000 [pilcrow (paragraph sign)] With over 100,000 member trucks enrolled, Company initiates process to take TruckersCo-op.com subsidiary public 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. (Nasdaq: CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ) today announced financial results for the fiscal 2000 third quarter and nine months ended March 31, 2000. Additionally, the Company indicated that its board of directors has approved the initiation initiation, the transition and attendant ceremonies, such as ordeals and rites, involved in passing from one state or status to another, often from childhood to adulthood. It was among the most important social institutions of early humans. of the process of taking its TruckersCo-op.com subsidiary public. Consolidated revenues from operations in the March 2000 quarter rose more than 32 percent to $90.5 million compared to $68.5 million in the March 1999 quarter. Consolidated net loss was $711,000, or $0.09 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 compared to net income of $1.4 million, or $0.18 per diluted share, in the prior year's third quarter. Truckersco-op.com accounted for $0.05 per diluted share of the March 2000 quarter loss which related to marketing and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. associated with the start-up Start-up The earliest stage of a new business venture. of the new business. Fuel costs rose significantly during the March 2000 quarter as surcharges to customers lag the actual cost increases. The Company had no fuel hedges in place in the current fiscal year and therefore the trucking results were negatively impacted by more than $0.20 per diluted share, net of fuel surcharges, in the March 2000 quarter. Improved utilization and lower deadhead dead·head Informal n. 1. A person who uses a free ticket for admittance, accommodation, or entertainment. 2. A vehicle, such as an aircraft, that transports no passengers or freight during a trip. 3. were not sufficient to offset the impact of substantially higher fuel costs. Net loss for the nine months ended March 31, 2000 was $246,000, or $0.03 per diluted share, compared with net income of $3,083,000, or $0.40 per diluted share, in fiscal 1999 nine months ended March 31, 1999, including one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges. Consolidated revenue for the nine months ended March 31,2000, totaled $259.8 million, an increase of 24% over revenues of $210.1 million reported in the corresponding nine months of 1999. 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 nine month period ended March 31, 1999 decreased to $9.6 million from $10.7 million in the nine months ended March 31, 1999. The Company indicated that TruckersCo-op.com now has over 100,000 member trucks enrolled, represented by over 1,800 separate companies in the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The board of directors of Celadon Group has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the management of TruckersCo-op to proceed with its initial public offering. The proceeds of such an offering will be for purposes of growing and strengthening TruckersCo-op's future. In preparation for the offering, the name of the Company will be changed from TruckersCo-op.com to TruckersB2B.com, Inc. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering by TruckersCo-op has not been filed. The offering will be made only by means of a prospectus included in the registration statement. This press release does not constitute an offer of any securities for sale. Celadon Group Inc., is a trucking and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. company headquartered in Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. , IN. The Company operates approximately 2,600 line haul tractors and 6,800 trailers. Please visit the company's websites at: www.celadontrucking.com and www.truckersco-op.com. The discussion set forth above as well as oral statements made by officers of the company relating thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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. For additional information on Celadon Group, Inc. free of charge via the internet, please go to http://www.tirc.com/invest/celadon/index.htm - table follows -
Celadon Group, Inc. (Nasdaq: CLDN)
Consolidated Operating Results
(Unaudited)
(Amounts in thousands, except per share amounts)
Three Months Nine Months
Ended Ended
3/31/00 3/31/99 3/31/00 3/31/99
------- ------- ------- -------
Revenue $90,493 $68,535 $259,770 $210,050
======== ======== ======== ========
Operating income $ 1,274 $ 4,107 $ 9,587 $ 10,667(b)
Other income (expense) (57) (24) (207) (95)
Loss on disposition of
equipment --- --- (3,266)(a) ---
Interest expense (2,461) (1,828) (6,685) (5,716)
Interest income 9 26 66 138
Minority interest in
subsidiary 91 --- 91 ---
-------- -------- -------- --------
Profit before tax (1,144) 2,281 (414) 4,994
Provision for income taxes (433) 888 (168) 1,911
------- -------- -------- -----
Net income $ (711) $ 1,393 $ (246)(a) $ 3,083(b)
======= ======= ======== ======
Earnings per share:
Diluted ($0.09) $0.18 ($0.03) $0.40
====== ===== ====== =====
Basic ($0.09) $0.18 ($0.03) $0.40
====== ===== ====== =====
Weighted average number of
common shares outstanding
Diluted 7,952 7,773 7,840 7,793
===== ===== ===== =====
Basic 7,777 7,749 7,775 7,735
===== ===== ===== =====
(a) Includes a one-time charge related to the early disposition of
company equipment as a result of the Zipp Express, Inc.
acquisition.
(b) Includes one-time after-tax charge of $0.10 per share for
transaction costs incurred by the Company related to its
previously announced expiration of its merger agreement with
Odyssey Investment Partners and a charge related to the
Company's sale of its oil futures position.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion