Celadon Group Reports 3rd-Quarter EPS 4 Cents vs. Year-Ago Loss.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--April 29, 2002 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. -- Net Income Reaches $278,000 From $1.6 Million Loss -- Revenue Of $78.7 Million Up From Adjusted Prior-Year Level -- TruckersB2B Posts Profits for the Fourth Quarter in a Row on 66% Revenue Increase vs. Prior Year -- Company To Present At N.Y. Investor Conference May 6 Celadon Group, Inc. (Nasdaq: CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ) today reported third-quarter net income increased to $278,000, or four 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 a loss of $1,582,000, or 21 cents per diluted share, in the prior year's comparable period. Consolidated revenue for the three months ended March 31, 2002 was $78.7 million, a 2.5 percent increase over an adjusted $76.7 million reported for the same period a year earlier. The adjusted revenues for the March 2001 quarter exclude revenues from the divested flatbed division, higher pass-through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. revenues related to U.S. border-crossing costs and fuel surcharges. Including these revenues, reported revenue in the prior year's comparable period was $88.2 million. Celadon Group reported income before taxes of $473,000 for the quarter ended March 31, 2002, compared with a loss before taxes of $2,414,000 in the prior-year March quarter, an improvement of $2,887,000. Approximately $380,000 of this improvement in income before taxes is a result of the company's early adoption of the provisions of Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) Statement No. 142, effective July July: see month. 1, 2001. This statement requires that goodwill no longer be amortized as it was in the corresponding quarter of the prior year. The March 2001 quarter included approximately $286,000 of operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from its divested flatbed division. Trucking and TruckersB2B 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. Up Trucking operating income increased from $0.6 million in the March 2001 quarter, excluding the divested flatbed division, to $1.9 million in the March 2002 quarter. Improved margins and lower interest cost, related to a reduction of more than $15 million in debt and lower interest rates over the past year, more than offset higher insurance and tractor tractor, in agriculture, vehicle used to pull such equipment as plows, cultivators, and mowers; to power stationary devices such as saws and winches; and to push snowplows and earth-moving implements. cost. The operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: improved to 97.5 percent, or 1.5 points, over the prior year. Tractor expense increased due to reducing the trade cycle from five to four years. "The results for the quarter demonstrate the company's continued upward trend and represents the third consecutive profitable quarter," said Steve Russell
Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. continued, "We believe that the transaction to take over a portion of Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. Motor Carriers' business and equipment should have an immediate positive impact on the company's earnings. We are very pleased with the successful integration, which has allowed us to add some excellent customers, largely in consumer non-durable industries, and high quality drivers through this process. Our fleet loaded miles and overall equipment utilization are trending up significantly in the month of April." "We are delighted to have received an award as the nation's third safest fleet in the largest motor carrier division by the Truckload Carriers 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. Association at its annual meeting in March," Russell added. Russell further stated that, "We are pleased that, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Department of Transportation, the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum border will be opening this summer. We understand that the U.S. Department of Transportation has finalized See finalization. specifications that will ensure the border will open as planned." 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, indicated that "although the company added $7.5 million of equipment debt in the quarter related to the Burlington transaction, total balance sheet debt only increased by approximately $1.7 million as approximately $6 million of other debt was paid down during the March quarter." TruckersB2B generated operating income of $279,000 in the March 2002 quarter compared with a loss of $1,046,000 in the prior year's comparable period. The loss in the prior year includes a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $800,000 related to the 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. of the costs associated with the postponed IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of TruckersB2B, Inc. Revenue at TruckersB2B increased by 66 percent to $1.7 million in the March 2002 quarter, from $1.0 million in the March 2001 quarter. Michael Dunlap, COO (Cell Of Origin) See mobile positioning. of TruckersB2B, said, "Revenue continued to grow in the current quarter due to penetration growth among existing fleets as well as from the addition of new fleets. Revenue represents only rebates and fees. The amount of product moved through our network totaled about $46 million in the quarter. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was over $317,000, and we have now demonstrated one year of consistent profitability." Over 6,000 rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. checks were sent to fleets in the quarter, and use of the cost saving programs offered by TruckersB2B continued to increase substantially. Russell indicated that "EBITDA ran at close to $1.3 million on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, indicating a return of approximately 33 percent on the $4 million cash used to fund the creation of TruckersB2B. The $4 million was fully expensed against earnings in fiscal years 2000 and 2001. Celadon owns approximately 80 percent of TruckersB2B." Celadon reported that TruckersB2B now has over 337,000 member trucks enrolled, represented by over 10,800 separate companies in the U.S. and Canada. The company also announced that on May 6, 2002, Chief Financial Officer Paul Will and Chairman and Chief Executive Officer Stephen Russell
Stephen Russell is a voice actor, most known for his voice acting in the Thief game series as the protagonist Garrett. will make a presentation to the investment community at the 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 Society of Security Analysts 3rd Annual Trucking & Transportation Industry Conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . 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. The company operates approximately 2,625 line haul tractors and 7,553 trailers. Please visit the company's websites at: www.celadontrucking.com and www.truckersb2b.com. Conference Call Information An investor conference call is scheduled for Tuesday, April 30, at 10:00 a.m. (Eastern). Stephen Russell will discuss the results of the quarter, as well as the outlook for the rest of the year. To listen and participate in a questions-and-answers exchange, simply dial (888) 881-4892 at least five minutes prior to the start time. Otherwise, you may listen to the call via website: http://www.viavid.com/login.asp?url=vvasx&showld=000004C100000000.asx. 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 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. - tables follow - For additional information on Celadon Group, Inc. free of charge via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , please go to http://www.tirc.com/invest/celadon/index.htm
Key Financial and Operating Statistics
For the three months For the nine months
ended March 31, ended March 31,
2002 2001(a) 2002 2001(a)
--------- ---------- -------- -----------
($000s)
Truckload $77,021 $87,202 $236,291 $260,536
TruckersB2B 1,716 1,032 4,665 3,173
--------- ---------- -------- -----------
Total Revenue $78,737 $88,234 $240,956 $263,709
Operating expenses:
Salaries, wages
and emp. benefits 23,394 24,291 70,599 71,070
Fuel 7,868 9,652 25,556 30,044
Operating costs
and supplies 6,613 6,651 21,106 19,593
Insurance and claims 2,820 2,828 8,290 7,231
Depreciation and
amortization 3,057 3,925 9,652 11,464
Rent and purchased
transportation 27,122 34,016 81,694 101,909
Cost of products
and services sold 1,023 716 2,789 1,971
Professional and
consulting fees 389 1,284 1,166 2,326
Communications and
utilities 945 994 2,848 2,976
Permits, licenses
and taxes 1,628 1,659 4,875 4,785
General,
administrative
and selling 1,691 2,374 5,483 7,453
--------- ---------- -------- -----------
Total operating
expenses 76,550 88,390 234,058 260,822
--------- ---------- -------- -----------
Operating income (loss)
Truckload $1,908 $890 $6,285 $5,274
TruckersB2B 279 (1,046)(b) 613 (2,387)(b)
--------- ---------- -------- -----------
Total operating income $2,187 $(156) $6,898 $2,887
Other expense, net 1,714 2,258 5,696 6,734
--------- ---------- -------- -----------
Income (loss) before
income taxes 473 (2,414) 1,202 (3,847)
Provision (benefit)
for income taxes 195 (832) 584 (1,240)
--------- ---------- -------- -----------
Net income (loss) $ 278 $(1,582) $618 $(2,607)
========= ========== ======== ===========
Earnings (loss)
per Common Share:
Diluted earnings
(loss) Per Share $0.04 $(0.21) $0.08 $(0.34)
Basic earnings
(loss) Per Share $0.04 $(0.21) $0.08 $(0.34)
Average Shares
Outstanding:
Diluted 7,762 7,542 7,671 7,685
Basic 7,644 7,542 7,597 7,685
a) Includes the results from the flatbed division that was divested
in June 2001.
b) Includes a one-time charge of $0.8 million related to the
write-off of the costs associated with the postponed IPO of
TruckersB2B, Inc.
For the three months For the nine months
ended March 31, ended March 31,
2002 2001 2002 2001
--------- ---------- -------- -----------
Operating Statistics
(U.S./Canada)
Average revenue per
loaded mile (i) $1.276 $1.291 $1.298 $1.312
Average revenue per
total mile (i) $1.168 $1.178 $1.201 $1.207
Avg. revenue per
tractor per
week (i) $2,607 $2,570 $2,654 $2,659
Average miles per
tractor per week 2,226 2,118 2,210 2,203
Weighted avg.
tractors for
period 2,012 2,069 2,034 1,985
Tractors at end
of period (ii) 2,343 2,625 2,343 2,625
Trailers at end
of period (ii) 7,553 6,862 6,653 6,862
(i) Includes fuel surcharge
(ii) Includes Mexico and Flatbed
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31, June 30,
2002 2001
----------- ---------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $824 $794
Trade receivables, net of allowance 43,756 49,911
Accounts receivable - other 7,941 5,722
Prepaid expenses and other current assets 7,490 9,015
Tires in service 4,210 4,455
Income tax recoverable --- 597
Deferred income taxes 1,400 1,768
----------- ---------
Total current assets 65,621 72,262
Property and equipment 140,808 144,383
Less accumulated depreciation and
amortization 45,872 42,481
----------- ---------
Net property and equipment 94,936 101,902
Other assets 21,817 20,752
----------- ---------
Total assets $182,374 $194,916
=========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,620 $4,793
Accrued expenses 23,729 25,898
Bank borrowings and current maturities of
long-term debt 6,222 12,394
Current maturities of capital lease
obligations 18,285 15,825
Income tax payable 411 ---
----------- ---------
Total current liabilities 53,267 58,910
Long-term debt, net of current maturities 43,741 37,568
Capital lease obligations, net of current
maturities 25,823 39,458
Deferred income tax 6,353 6,892
Minority interest 25 25
Stockholders' equity:
Common stock, $.033 par value,
authorized 12,000,000 shares;
issued 7,789,764 257 257
Additional paid-in capital 59,921 59,923
Retained deficit (5,440) (6,058)
Accumulated other comprehensive loss (990) (1,051)
Treasury stock, at cost, 143,772 and
250,122 shares at March 31, 2002
and June 30, 2001, respectively (583) (1,008)
----------- ---------
Total stockholders' equity 53,165 52,063
----------- ---------
Total liabilities and stockholders' equity $182,374 $194,916
=========== =========
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