Celadon Group Reports September Quarter Earnings.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--Oct. 23, 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(Nasdaq:CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ): -- Operating earnings of 18 cents per diluted share vs. 2 cents last year -- Non-cash charge of 7 cents related to termination of previous bank facility -- TruckersB2B revenues up 53%, profits up significantly Celadon Group, Inc. (Nasdaq: CLDN) today announced financial results for the first quarter of fiscal 2003 ended September September: see month. 30, 2002 in line with its guidance issued earlier this month. First-quarter net income was $1.4 million, or 18 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, on 8.1 million diluted shares outstanding, before a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge associated with the refinancing Refinancing An extension and/or increase in amount of existing debt. of the Company's line of credit. This result compares with income of $142,000, or 2 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. , based on 7.6 million diluted shares outstanding in the prior year's comparable period. As previously announced, the one-time, 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 $500,000, after tax, or 7 cents per diluted share after taxes, was recognized for 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 unamortized debt issuance costs related to the company's previous financing arrangement. Net income, including the one-time charge, was $891,000, or 11 cents per diluted share. On September 26, 2002, the company completed a $55 million, three-year senior secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, the proceeds from which were used to repay the then existing credit facility and to provide for ongoing working capital needs. 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 stated, "Our new long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. revolving credit facility enhances our liquidity, reduces our borrowing costs and, with the new three-year term, improves our overall capital structure. Further, in the September quarter, we reduced debt and capital lease obligations by an additional $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: revenues for the three months ended September 30, 2002 were $93.6 million, a 13 percent increase over revenues of $82.9 million in the September 2001 quarter. 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. increased to $3.9 million in the September 2002 quarter from $2.5 million in the September 2001 quarter. "Improved yield management increased revenue per mile and the continued impact of our expense reduction efforts offset the effect of the softness in the economy," said Stephen Russell
Stephen Russell is a voice actor, most known for his voice acting in the Thief game series as the protagonist Garrett. , Chairman and Chief Executive Officer. "The percent of our business dependent on new car production also dropped measurably meas·ur·a·ble adj. 1. Possible to be measured: measurable depths. 2. Of distinguished importance; significant: a measurable figure in literature. , with a positive shift to consumer non-durables." "Although significant progress has been made by U.S. Department of Transportation to facilitate the opening of the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum border, that date will be determined by President Bush. We are hopeful that this will occur shortly," 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. concluded. TruckersB2B generated operating income of $321,000 in the first quarter compared with $111,000 in the prior year's comparable period. TruckersB2B revenue was $1.9 million in the September 2002 quarter, an increase of 53 percent over prior year's comparable period. Revenue reflects fees and rebates only, not the value of the goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. related to these transactions. Conference Call Information An investor conference call is scheduled for Thursday Thursday: see week. , October October: see month. 24, at 10:00 a.m. (Eastern). Stephen Russell and management will discuss the results of the quarter and year end, as well as the outlook for the remainder of fiscal 2003. 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/detailpage.asp?sid=1697 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 13,000 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.
Key Financial and Operating Statistics
(Dollars in thousands, except share amounts)
For the three months ended
Sept 30,
2002 2001
---- ----
($000s)
Trucking............................ $91,630 $81,609
TruckersB2B......................... 1,930 1,261
------- -------
Total Revenue..................... $93,560 $82,870
Operating expenses:
Salaries, wages and
employee benefits................ 28,478 24,224
Fuel.............................. 10,687 9,507
Operating costs and supplies...... 7,964 7,113
Insurance and claims.............. 3,469 2,979
Depreciation and amortization..... 3,534 3,289
Rent and purchased transportation. 28,840 27,702
Cost of products
and services sold................ 1,237 733
Professional and consulting fees.. 550 364
Communications and utilities...... 1,063 1,023
Permits, licenses and taxes....... 1,939 1,575
General, administrative
and selling...................... 1,863 1,874
------- -------
Total operating expenses............ 89,624 80,383
Operating income
Truckload......................... $3,615 $2,376
TruckersB2B....................... 321 111
------- -------
Total operating income.............. $3,936 $2,487
Other (income) expense:
Interest income..................... (24) (30)
Interest expense.................... 2,480 (a) 2,109
Other (income) expense, net......... (40) 7
------- -------
Income before income taxes.......... 1,520 401
Provision for income taxes ......... 629 260
------- -------
Net income ....................... $891 $141
======= =======
Earnings per Common Share:
Diluted earnings Per Share........ $0.11 $0.02
Basic earnings Per Share.......... $0.12 $0.02
Average Shares Outstanding:
Diluted........................... 8,067,982 7,563,519
Basic ............................ 7,679,592 7,539,642
(a) Includes approximately $0.9 million for a non-cash charge
related to the write-off of unamortized debt issuance costs related to
the company's previous financing arrangement.
For the three For the three
months ended months ended
September 30, September 30,
2002 2001
---- ----
Operating Statistics (U.S./Canada)
Average revenue per
loaded mile(a)................... $1.298 $1.268
Average revenue per
total mile(a).................... $1.191 $1.171
Avg. revenue per tractor
per week (a)..................... $2,493 $2,528
Average miles per
tractor per week................. 2,162 2,196
Average tractors.................. 2,345 2,089
Tractors at end of period (b)..... 2,518 2,355
Trailers at end of period (b)..... 7,041 6,858
Operating ratio................... 95.8% 97.0%
(a) Includes fuel surcharge
(b) Includes Mexico
CELADON GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
September 30 June 30,
2002 2002
---- ----
ASSETS (unaudited)
Current assets:
Cash and cash equivalents......... $1,238 $299
Trade receivables,
net of allowance................. 50,322 54,796
Accounts receivable - other....... 4,881 5,728
Prepaid expenses and
other current assets............. 9,683 6,222
Tires in service.................. 4,359 4,181
Deferred income taxes............. 1,788 1,808
------- -------
Total current assets.......... 72,271 73,034
Property and equipment.............. 136,211 140,142
Less accumulated depreciation
and amortization................. 47,414 45,164
------- -------
Net property and equipment.... 88,797 94,978
Tires in service.................... 2,271 1,982
Goodwill............................ 16,702 16,702
Other assets........................ 3,583 3,335
------- -------
Total assets...................... $183,624 $190,031
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable.................. $2,948 $4,184
Accrued expenses.................. 27,754 27,243
Bank borrowings and current
maturities of long-term debt..... 5,084 7,531
Current maturities of capital
lease obligations................ 23,004 21,120
Income tax payable................ 187 51
------- -------
Total current liabilities..... 58,977 60,129
Long-term debt, net of
current maturities................. 43,539 44,178
Capital lease obligations,
net of current maturities.......... 18,315 24,193
Deferred income taxes............... 7,970 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........ 60,050 60,044
Retained deficit.................. (3,458) (4,349)
Accumulated other
comprehensive loss............... (1,617) (1,581)
Treasury stock, at cost, 106,989 and
112,156 shares at September 30, 2002
and June 30, 2002, respectively.. (434) (455)
------- -------
Total stockholders' equity.... 54,798 53,916
------- -------
Total liabilities and
stockholders' equity............. $183,624 $190,031
======== ========
See accompanying notes to condensed consolidated financial statements.
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