Celadon Group announces fiscal first quarter results.INDIANAPOLIS--(BUSINESS WIRE)--Nov. 4, 1996--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 financial results for the fiscal first quarter ended Sept. 30, 1996. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $900,000, or $0.12 per share, compared with net income of $600,000, or $0.07 per share from continuing operations in fiscal 1996 first quarter. In the September 1995 quarter earnings from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $0.01 per share. Consolidated revenue from continuing operations of $46.2 million in the September 1996 quarter compares with $38.8 million in the September 1995 quarter, a 19 percent increase. For the truckload division, revenues increased to $41.2 million from $34.1 million, reflecting a 15 percent increase in the average number of tractors and 6 percent increase in average revenue per tractor for the September 1995 quarter. The percentage of empty miles to total miles (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. ) dropped 8 percent from 9.8 percent in the September 1995 quarter. The truckload division operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: (operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. as a percentage of revenue) increased to 93.3 percent from 90.4 percent in the September 1995 quarter. Major reasons for this change were a $546,000 gain on sale of equipment in 1995 and a reduction in profitability of the Mexican trucking company associated with organization changes which have now been completed. The reduction in corporate expense is associated primarily with the senior management changes implemented at the end of the June 1996 quarter. The effective tax rate declined to 40 percent from 65 percent due to a change in the method of paying driver per diem per diem adj. or n. Latin for "per day," it is short for payment of daily expenses and/or fees of an employee or an agent. which in 1995 reduced operating expense, but increased non-deductible expenses for income tax purposes. Steve Russell, chairman and chief executive officer, commented: "We are pleased with September's results, particularly in view of performance in the June 1996 quarter, and further improvements are being achieved. The company has enjoyed the benefits of substantial growth in trade between the United States and Mexico following the devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the Mexican peso. Because we are making significant strides in cost reduction and asset utilization, we are well positioned to participate profitably in the future growth in the markets we serve." 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. is a truckload company specializing in the transport of goods to and from Mexico. Celadon Trucking has 1,187 operating line haul tractors and 4,300 trailers and the flatbed division, Cheetah Transportation, has a network of approximately 230 owner-operated tractors. -0-
Celadon Group Inc. (NASDAQ: CLDN)
Consolidated Operating Results
(Unaudited)
(Amounts in millions, except shares and per share amounts)
Three Months Ended
9/30/96 9/30/95
Revenue:
Trucking - Truckload $41.2 $34.1
- Flatbed 5.0 4.7
Total revenue $46.2 $38.8
Operating income:
Trucking - Truckload $2.7 $3.3
- Flatbed .2 .1
Corporate expense (.4) (.9)
Operating income from continuing operations 2.5 2.5
Interest expense (1.0) (.9)
Profit before tax from continuing operations 1.5 1.6
Provision for income taxes (.6) (1.0)
Net income from continuing operations .9 .6
Discontinued operations:
Loss from operations of freight forwarding
(net of tax) -- (.2)
Income from operations of logistics
(net of tax) -- .2
Income (loss) from discontinued operations
(net of tax) -- --
Net income $0.9 $0.6
Earnings per share:
Continuing operations $0.12 $0.07
Discontinued operations -- 0.01
Net income per share $0.12 $0.08
Primary shares outstanding 7,643 8,037
CONTACT: Celadon Group, Indianapolis Stephen Russell/Don Snyder, 317/972-7034/7033 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association , 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 Joseph A. Mansi/Adam I. Friedman 212/682-6300, ext. 205/215 |
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