Celadon Group announces fiscal second quarter and six months results.INDIANAPOLIS--(BUSINESS WIRE)--Jan. 27, 1997--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 second quarter and six months ended Dec. 31, 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 $1,274,000, or $0.17 per share, compared with net income of $971,000, or $0.12 per share from continuing operations in fiscal 1996 second quarter. The prior year results included a gain on sale of $359,000, or $0.02 per share. Consolidated revenue from continuing operations of $46.7 million in the December 1996 quarter compares with $40.7 million in the December 1995 quarter, a 15% increase. For the truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno division, revenue increased to $41.1 million from $36.5 million principally attributable to an increase in net rate per mile as well as an increase in the tractor fleet. These gains were partially offset by the timing of the holiday season. Late December volume was significantly below prior year due to the effect of Christmas and New Year's day New Year's Day, among ancient peoples the first day of the year frequently corresponded to the vernal or autumnal equinox, or to the summer or winter solstice. In the Middle Ages it was celebrated among Christians usually on Mar. 25. falling on Wednesday. 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) improved to 90.9% from 91.3% in the December 1995 quarter. The December 1995 quarter operating ratio was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted due to the gain on sale of equipment. The reduction in corporate expense is associated primarily with the senior management changes implemented at the end of the June 1996 quarter. Net income from continuing operations for the six months ended Dec. 31, 1996 was $2,171,000 or $.28 per share, compared with net income of $1,537,000, or $0.19 per share in the fiscal 1996 six months ended Dec. 31, 1995. Consolidated revenue from continuing operations for the six months ended Dec. 31, 1996, totaled $92.9 million, an increase of 17% over revenues of $79.5 million reported in the corresponding six months of 1995. 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. for the six month period ended Dec. 31, 1996 increased to $5.9 million from $5.1 million in the six months ended Dec. 31, 1995. The fiscal year to date effective tax rate declined to 40% in 1996 from 53% in 1995 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
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 Celadon Trucking Celadon Trucking Services, Inc. is a truckload carrier located in Indianapolis, Indiana. It is one of the 10 largest truckload carriers in North America and is bonded in the United States, Mexico, and Canada. has approximately 1,200 operating line haul tractors and 4,300 trailers and the flatbed division, Cheetah Transportation, has a network of approximately 270 owner-operated tractors. -0-
Celadon Group Inc. (NASDAQ: CLDN)
Consolidated Operating Results
(Unaudited)
(Amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
12/31/96 12/31/95 12/31/96 12/31/95
Revenue:
Trucking
- Truckload $ 41,069 $ 36,482 $ 82,274 $ 70,626
- Flatbed 5,674 4,212 10,661 8,888
Total revenue $ 46,743 $ 40,694 $ 92,935 $ 79,514
Operating income:
Trucking
- Truckload $ 3,736 $ 3,177 $ 6,508 $ 6,457
- Flatbed 324 203 515 340
Corporate
expense (595) (734) (1,092) (1,663)
Operating income
from continuing
operations 3,465 2,646 5,931 5,134
Other income
(expense) 37 (22) 46 (35)
Interest expense: (1,378) (951) (2,358) (1,811)
Profit before tax
from continuing
operations 2,124 1,673 3,619 3,288
Provision for income
taxes (850) (702) (1,448) (1,751)
Net income from
continuing
operations 1,274 971 2,171 1,537
Discontinued
operations:
Loss from operations
of freight
forwarding (net
of tax) -- (950) -- (1,137)
Loss on disposal
of freight-
forwarding division
(net of tax) -- (8,214) -- (8,214)
Income from
operations of
logistics (net
of tax) -- 210 -- 447
Income (loss) from
discontinued
operations (net of
tax) -- (8,954) -- (8,904)
Net income (loss) $ 1,274 $(7,983) $ 2,171 $(7,367)
Earnings (loss)
per share:
Continuing
operations $0.17 $ 0.12 $ 0.28 $ 0.19
Discontinued
operations -- (1.12) -- (1.12)
Net income (loss)
per share $0.17 $(1.00) $ 0.28 $(0.93)
Weighted average
number of common
shares and
equivalents
outstanding 7,651 7,951 7,648 7,950
CONTACT: The Celadon Group Inc. Stephen Russell/Don Snyder 317/972-7034 / 317/972-7033 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 Joseph A. Mansi/Adam I. Friedman 212/682-6300 ext. 205/215 |
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