Celadon Group Reports Fourth Quarter and Year End Results.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--Aug. 13, 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) today reported net income for the fourth quarter ended June June: see month. 30, 2003, increased to $1.2 million, or $0.15 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. shares, compared with net income of $1.1 million, or $0.14 per diluted share in the prior year's comparable period. Income before income taxes for the quarter ended June 30, 2003 was $2.5 million, a 47 percent increase from the prior year's level of $1.7 million. 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 June 30, 2003, was $92.0 million, a four percent decrease from the $96.0 million reported for the same period a year earlier. The decrease in revenue related to planned reductions in certain dedicated operations and business from our largest customer. Net income for the fiscal year ended June 30, 2003, more than doubled to $3.6 million, or $0.45 per diluted share, including 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 September September: see month. 2002. This result compares with net income of $1.7 million, or $0.22 per diluted share in prior fiscal year's results. Consolidated revenue for the fiscal year ended June 30, 2003 was $367.1 million, a 9 percent increase over the $337.0 reported for the same period a year earlier. Celadon reduced its total balance sheet debt by 37 percent to $60.8 million at June 30, 2003 from $97.0 million at June 30, 2002. Steve Russell
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 reduced administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. more than offset higher fuel and insurance costs during these periods. The first place Safety Award received from the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Trucking Association in March 2003 further represents a meaningful indication of the positive direction of the company. We have also been successful at continuing to shift our customer base from the automotive sector to consumer non-durables." Conference Call Information An investor conference call is scheduled for Thursday Thursday: see week. , August 14th at 11:00 a.m. (Eastern). Stephen Russell
Stephen Russell is a voice actor, most known for his voice acting in the Thief game series as the protagonist Garrett. and management will discuss the results of the quarter and year end. To listen and participate in a questions-and-answers exchange, simply dial (973) 935-8513 at least five minutes prior to the start time. Otherwise, you may listen to the call via website: http://www.viavid.net/detailpage.aspx?sid=00001669 . A replay will be available through August 28, 2003, by dialing (973) 341-3080 and entering playback Playback could mean:
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 more than 15,000 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. - tables follow -
Key Financial and Operating Statistics
For the three For the fiscal
months ended year ended
June 30, June 30,
2003 2002 2003 2002
----------------------------------
($000s)
Truckload $90,089 $94,030 $359,883 $330,321
TruckersB2B 1,943 2,013 7,222 6,678
----------------------------------
Total Revenue $92,032 $96,043 $367,105 $336,999
Operating expenses:
Salaries, wages and employee
benefits 27,774 29,773 111,588 100,373
Fuel 11,900 10,491 47,592 36,047
Operating costs and supplies 7,993 6,982 31,703 28,088
Insurance and claims 4,139 3,742 14,100 12,032
Depreciation and amortization 3,465 4,038 13,818 13,690
Rent and purchased transportation 26,726 30,450 110,061 112,144
Cost of products and services sold 1,202 1,273 4,545 4,062
Professional and consulting fees 645 497 2,515 1,663
Communications and utilities 1,091 1,055 4,160 3,903
Permits, licenses and taxes 1,846 1,946 7,484 6,821
General, administrative and selling 1,621 2,149 6,805 7,631
----------------------------------
Total operating expenses 88,402 92,396 354,371 326,454
Operating income
Truckload $3,263 $3,374 $11,522 $9,659
TruckersB2B 367 273 1,212 886
----------------------------------
Total operating income $3,630 $3,647 $12,734 $10,545
Other interest expense, net 1,143 1,923 6,198 7,621
----------------------------------
Income before income taxes 2,487 1,724 6,536 2,924
Provision for income taxes 1,272 633 2,948 1,215
----------------------------------
Net income $1,215 $1,091 $3,588 $1,709
==================================
Earnings per Common Share:
Diluted earnings Per Share $0.15 $0.14 $0.45 $0.22
Basic earnings Per Share $0.16 $0.14 $0.47 $0.22
Average Shares Outstanding:
Diluted 7,994 8,000 8,035 7,753
Basic 7,694 7,652 7,688 7,611
For the three For the fiscal
months ended year ended
June 30, June 30,
2003 2002 2003 2002
Operating Statistics (U.S./Canada)
Average revenue per loaded mile $1.275 $1.233 $1.266 $1.232
Average revenue per total mile $1.183 $1.133 $1.169 $1.134
Avg. revenue per tractor
per week (a) $2,715 $2,674 $2,678 $2,626
Average miles per tractor
per week 2,173 2,289 2,179 2,246
Average tractors for period 2,170 2,239 2,172 2,008
Tractors at end of period (b) 2,491 2,568 2,491 2,568
Trailers at end of period (b) 7,139 6,758 7,139 6,758
(a) Includes fuel surcharge
(b) Includes Mexico
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS 2003 2002
------------------
Current assets:
Cash and cash equivalents $1,088 $299
Trade receivables, net of allowance for doubtful
accounts of
$1,065 and $940 in 2003 and 2002, respectively 44,182 54,796
Accounts receivable -other 3,432 5,728
Prepaid expenses and other current assets 7,101 6,222
Tires in service 4,714 4,181
Deferred income taxes 2,296 1,808
------------------
Total current assets 62,813 73,034
Property and equipment 129,319 140,142
Less accumulated depreciation and amortization 52,352 45,164
------------------
Net property and equipment 76,967 94,978
Tires in service 2,207 1,982
Goodwill 16,702 16,702
Other assets 3,384 3,335
------------------
Total assets $162,073 $190,031
==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,204 $4,184
Accrued expenses 11,074 9,460
Accrued salaries and benefits 6,748 7,087
Accrued insurance and claims 5,163 4,274
Accrued owner-operator expense 2,728 3,599
Accrued fuel expense 3,138 2,823
Bank borrowings and current maturities of long-
term debt 6,156 7,531
Current maturities of capital lease obligations 13,684 21,120
Income tax payable 299 51
------------------
Total current liabilities 53,194 60,129
Long-term debt, net of current maturities 26,406 44,178
Capital lease obligations, net of current maturities 14,548 24,193
Deferred income taxes 10,648 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 in 2003 and 2002 257 257
Additional paid-in capital 60,092 60,044
Retained deficit (761) (4,349)
Accumulated other comprehensive loss (1,947) (1,581)
Treasury stock, at cost, 96,001 shares and 112,156
shares at
June 30, 2003, and 2002, respectively (389) (455)
------------------
Total stockholders' equity 57, 252 53,916
------------------
Total liabilities and stockholders' equity $162,073 $190,031
==================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion