Celadon Group Inc. comments on expected fourth quarter results.NEW YORK--(BUSINESS WIRE)--Sept. 27, 1995--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 that its results for the fourth quarter and fiscal year ended June June: see month. 30, 1995 will reflect several unusual one-time items. These items will contribute to an expected loss before interest and taxes in its freight forwarding operations of approximately $4.4 million for the fiscal year. On Oct. 31, 1994 the company's U.S. freight forwarding operations were merged with the U.S. operations of Jacky Maeder Limited. Results for the 1995 fiscal year were adversely affected by personnel relocations and changes, the combining of duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. facilities, integration of offices, and changes in agency agreements in several international markets and a $2.1 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. related to the conversion of its freight forwarding operations to an integrated computer system. These expenses were partially offset by a gain of $1.4 million on the sale of a minority interest related to the Jacky Maeder transaction. As a consequence of the freight forwarding loss and the previously reported one time tax charge, the company anticipates having an after-tax loss for the quarter ended June 30, 1995 of approximately $4.2 million, or $0.51 per share, compared to net income of $1.3 million, or $0.19 per share in the corresponding year-ago period. Consolidated revenues for the fiscal 1995 fourth quarter totaled approximately $68.6 million versus $49.3 million for fiscal 1994. For the year ended June 30, 1995, 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 anticipates being at or about break even. Consolidated revenue is expected to total approximately $240.7 million, versus $180.1 million for fiscal 1994. For the year ended June 30, 1994, net income was $2.9 million, or $0.61 per share. Additionally, Celadon reported that it is presently evaluating the effect, if any, certain of the items described above may have had on results previously reported. As previously reported, Celadon's complete financial results have been delayed due to the recent conversion of the company's freight forwarding operations to a new computer system. The results are expected to be completed shortly; however, the company will request an extension to Oct. 14, 1995 for filing its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission. "In our trucking segment, we are seeing solid positive trends," Len Bennett, president, stated. "Based on currently available results, revenues from trucking operations for the first quarter of fiscal 1996 are expected to rise approximately 22 percent over the comparable year-ago period. In particular, our U.S.-Mexico truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno movements are gaining strength. Revenue in this segment compared with the prior year increased 17 percent in August and 6 percent in July. This compares to a quarter-to-quarter 3 percent increase in the April-June period." Stephen Russell
Stephen Russell is a voice actor, most known for his voice acting in the Thief game series as the protagonist Garrett. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , indicated that "We are confident that Celadon's overall business is fundamentally strong. We believe the integration process within the freight forwarding segment is substantially completed. Celadon Group Inc. will return to profitability in the quarter ending September 30, 1995." The company also stated that it currently expects earnings for the September quarter will be in the range of $0.15 to $0.19 per share. Assuming recent U.S.-Mexico volume trends continue, Celadon expects 1996 fiscal year results to be satisfactory. Celadon Group Inc. is an international transportation company offering long-haul, full truckload transportation and international freight forwarding and logistics services. CONTACT: Celadon Group Inc. Brian L. Reach, 1-800-839-4227 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion