Celadon Group Announces Third-Quarter Results.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--April 24, 2003 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) ) -- EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of Six Cents vs Four Cents in Prior Year -- Higher Fuel Costs and Adverse Weather Impact Results -- Eighth Consecutive Quarter of Year-Over-Year EPS Gains Celadon Group, Inc. (Nasdaq:CLDN) today reported net income for the third quarter ended March 31, 2003, increased to $0.5 million, or six cents 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 with net income of $0.3 million, or four cents per diluted share in the prior year's comparable period. Higher cost of diesel fuel, net of surcharges, adversely affected the March 2003 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of by nine cents as compared with March 2002. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenue for the three months ended March 31, 2003, was $90.7 million, a 15.2 percent increase over $78.7 million reported for the same period a year earlier. Net income for the nine months ended March 31, 2003, increased to $3.3 million, or 37 cents per diluted share, excluding a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.9 million, or seven cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on a diluted basis, related to a new banking arrangement the company entered into in September September: see month. 2002. This result compares with net income of $0.6 million, or eight cents per diluted share, in the prior year's nine month period. Consolidated revenue for the nine months ended March 31, 2003 was $275.1 million, a 14.1 percent increase over the $241.0 million reported for the same period a year earlier. Trucking 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. decreased slightly to $1.8 million in the third quarter from $1.9 million a year earlier. Higher fuel costs, net of the surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. , worse winter weather, and a weak economy offset increased revenue, better rates, 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. and generally more efficient operations. The average U.S. Department of Energy reported cost of over-the-road diesel fuel increased to $1.62 per gallon gallon: see English units of measurement. in the March 2003 quarter from $1.19 per gallon in the prior-year quarter. Steve Russell
Describes facts outside the control of the firm. Converse of endogenous. factors, we are a much better company today than we were a year ago and we will focus on continued improvement of controllable aspects of the business." TruckersB2B operating income decreased to $0.2 million from $0.3 million a year ago. Although the number of using fleets increased, due to difficult economic conditions, the amount of goods purchased declined. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Will, Chief Financial Officer, said, "Our balance sheet improved as well compared with June June: see month. 30, 2002 with bank debt reduced to $27 million from $39 million, and total balance sheet debt reduced to $70 million from $97 million." Celadon Group, Inc. is a truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. 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. , that operates in the U.S., 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 and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , and, is the majority owner of TruckersB2B, Inc., which is a provider of cost benefits to about 14,000 member fleets. Please visit the company's websites at: www.celadongroup.com and www.truckersb2b.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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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.
Celadon Group, Inc. (Nasdaq:CLDN)
Key Financial and Operating Statistics
(Unaudited)
(Amounts in thousands, except per share amounts)
For the three months For the nine months
March 31, March 31,
2003 2002 2003 2002
-----------------------------------------
Revenue
Truckload $89,327 $77,021 $269,793 $236,291
TruckersB2B 1,359 1,716 5,280 4,665
-----------------------------------------
Total revenue 90,686 78,737 275,073 240,956
Operating expenses:
Salaries, wages and
employee benefits 27,474 23,394 83,814 70,599
Fuel 13,604 7,868 35,692 25,556
Operating costs and
supplies 7,928 6,613 23,710 21,106
Insurance and claims 3,361 2,820 9,962 8,290
Depreciation and
amortization 3,768 3,057 10,353 9,652
Rent and purchased
transportation 26,454 27,122 83,335 81,694
Costs of products and
services sold 812 1,023 3,342 2,789
Professional and
consulting fees 736 389 1,870 1,166
Communications and
utilities 1,068 945 3,069 2,848
Permits, licenses and taxes 1,759 1,628 5,638 4,875
General, administrative
and selling 1,706 1,691 5,184 5,483
-----------------------------------------
Total operating expenses 88,670 76,550 265,969 234,058
Operating income
Truckload 1,826 1,908 8,259 6,285
TruckersB2B 190 279 845 613
-----------------------------------------
Total operating income 2,016 2,187 9,104 6,898
Other (income) expense:
Interest income (29) (31) (67) (85)
Interest expense 1,211 1,721 5,147 5,666
Other (income) expense, net 40 24 (25) 115
-----------------------------------------
Income before income taxes 794 473 4,049 1,202
Provision for income taxes 340 195 1,676 584
-----------------------------------------
Net income $454 $278 $2,373 $618
=========================================
Income per share:
Diluted $0.06 $0.04 $0.30 $0.08
Basic $0.06 $0.04 $0.31 $0.08
Weighted average number of
Common shares outstanding
Diluted 8,018 7,762 8,049 7,671
Basic 7,693 7,644 7,687 7,597
For the three For the three
months ended months ended
March 31, March 31,
2003 2002
------------------------------
Operating Statistics - U.S./Canada
Truckload Only:
Average revenue per loaded mile $1.275 $1.244
Average revenue per total mile $1.178 $1.142
Average revenue per tractor per week(i) $2,674 $2,508
Average miles per tractor per week 2,131 2,159
Average tractors 2,182 1,930
Tractors at end of period(ii) 2,559 2,625
Trailers at end of period(ii) 7,139 6,568
Operating ratio 97.8% 97.2%
(i)Includes fuel surcharge
(ii)Includes Mexico
(Dollars in thousands)
March 31 June 30,
2003 2002
----------- ----------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $742 $299
Trade receivables, net of allowance 46,823 54,796
Accounts receivable - other 4,258 5,728
Prepaid expenses and other current
assets 7,754 6,222
Tires in service 4,483 4,181
Deferred income taxes 1,603 1,808
----------- ----------
Total current assets 65,663 73,034
Property and equipment 133,107 140,142
Less accumulated depreciation and
amortization 52,263 45,164
----------- ----------
Net property and equipment 80,844 94,978
Tires in service 2,106 1,982
Goodwill 16,702 16,702
Other assets 3,440 3,335
----------- ----------
Total assets $168,755 $190,031
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,557 $4,184
Accrued expenses 9,356 9,460
Salaries and benefits accrual 6,765 7,087
Insurance and claims accrual 5,359 4,274
Owner-operator expense accrual 2,567 3,599
Fuel expense accrual 4,407 2,823
Bank borrowings and current
maturities of long-term debt 7,552 7,531
Current maturities of capital lease
obligations 17,628 21,120
Income tax payable 659 51
----------- ----------
Total current liabilities 59,850 60,129
Long-term debt, net of current
maturities 30,018 44,178
Capital lease obligations, net of
current maturities 14,408 24,193
Deferred income taxes 8,433 7,590
Minority interest 25 25
Stockholders' equity:
Preferred stock, $1.00 par value,
authorized 179,985 shares; no shares
Issued and outstanding --- ---
Common stock, $0.033 par value,
authorized 12,000,000 shares; issued
7,789,764 shares 257 257
Additional paid-in capital 60,055 60,044
Retained deficit (1,976) (4,349)
Accumulated other comprehensive loss (1,924) (1,581)
Treasury stock, at cost, 96,451 and
112,115 shares at September 30, 2002
and June 30, 2002, respectively (391) (455)
----------- ----------
Total stockholders' equity 56,021 53,916
----------- ----------
Total liabilities and stockholders'
equity $168,755 $190,031
=========== ==========
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