Celadon Group reports 1996 third quarter results.INDIANAPOLIS--(BUSINESS WIRE)--May 6, 1996--Celadon Group, Inc. (Nasdaq:CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ) today reported results for the fiscal third quarter and nine months ended March 31, 1996. For the fiscal third quarter ended March 31, 1996, revenues increased to $48.4 million from $30.6 million in the March 1995 quarter. The company reported 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 of $.8 million or $.11 per share in the March 1996 quarter compared to $.6 million or $.08 per share in the 1995 fiscal third quarter. In the fiscal 1995 third quarter, there was also a net loss 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. of $.6 million or $.08 per share. Truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno revenue in the March 1996 quarter increased 38% over the March 1995 quarter on a 25% increase in average tractor tractor, in agriculture, vehicle used to pull such equipment as plows, cultivators, and mowers; to power stationary devices such as saws and winches; and to push snowplows and earth-moving implements. count. While revenue per loaded mile declined, net revenue per mile was essentially flat reflecting improved efficiency in terms of a lower percentage of deadhead dead·head Informal n. 1. A person who uses a free ticket for admittance, accommodation, or entertainment. 2. A vehicle, such as an aircraft, that transports no passengers or freight during a trip. 3. miles. Additionally, utilization per tractor improved in terms of both loads and revenue. Offsetting this improvement was an increase in fuel costs late in the March 1996 quarter. In the current quarter, fuel as a percentage of revenue increased 2.2% ($.9 million) which after tax is approximately $.07 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. . This increase was caused by higher pump prices and increased fuel consumption due to the severe winter weather conditions. The company has recently implemented fuel surcharges. The 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 from 90% in the March 1995 quarter to 94% in the March 1996 quarter. In the March 1996 quarter, flatbed operations acquired in the last quarter of fiscal year 1995 added $4.6 million to revenue and $.2 million to 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. . Higher operating income from the Logistics operations in the March 1996 quarter over the prior year reflect the growth in the operations in Brazil and Argentina. The company continues the wind-down of its freight forwarding business which was discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: in the December 1995 quarter. In February 1996, the company sold substantially all its U.S. freight forwarding operations to the Harper Group. Proceeds from the sale were used principally to reduce debt. For the nine months ended March 31, 1995, revenues increased to $133.3 million from $91.1 million in the nine months ended March 1995. Net income from continuing operations of $2.8 million or $.36 per share on 7.9 million shares compared to $2.8 million or $.39 per share on 7.0 million shares in the comparable prior year period. The current year nine month period also included a net loss on discontinued operations of $9.4 million, or $1.18 per share compared to a loss of $.8 million or $.11 per share in the nine months ended March 31, 1995. A company spokesman indicated that there will be a conference call 12:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy on May 8, 1996. Those interested in participating, should call 1-800-403-2034, access number 645 608, reference 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 . Celadon Group, Inc. is an international transportation company offering long-haul, full truckload transportation and international logistics The negotiating, planning, and implementation of supporting logistic arrangements between nations, their forces, and agencies. It includes furnishing logistic support (major end items, materiel, and/or services) to, or receiving logistic support from, one or more friendly foreign services. -0-
Celadon Group Inc.
Consolidated Operating Results
(Unaudited)
(Amounts in thousands except per share amounts)
Three Months Nine Months
Ended Ended
3/31/96 3/31/95 3/31/96 3/31/95
Revenue:
Trucking - Truckload $39,517 $28,619 $110,143 $85,570
- Flatbed 4,621 --- 13,509 ---
Logistics 4,310 1,993 9,640 5,563
Total revenue $48,448 $30,612 $133,292 $91,133
Operating income (loss):
Trucking - Truckload $ 2,423 $ 2,757 $ 8,879 $ 9,828
- Flatbed 231 --- 571 ---
Logistics 475 271 1,063 836
Corporate (792) (829) (2,455) (2,362)
Operating income from
continuing operations 2,337 2,199 8,058 8,302
Interest expense (926) (680) (2,728) (2,457) Other income (loss) (34) 24 (77) --- Profit before tax from continuing operations 1,377 1,543 5,253 5,845 Provision for income taxes 545 937 2,437 3,093 Net income from continuing operations 832 606 2,816 2,752 Discontinued operations: Loss from operations of freight forwarding (net of tax) --- (634) (1,137) (788) Loss on disposal of freight forwarding (net of tax) --- --- (8,214) --- Loss from discontinued operations --- (634) (9,351) (788) Net income (loss) $ 832 $ (28) $(6,535) $1,964 Earnings (loss) per share: Continuing operations $ 0.11 $ 0.08 $ 0.36 $ 0.39 Discontinued operations --- (0.08) (1.18) (0.11) Net income (loss) per share $ .11 $ --- $(0.82) $ 0.28 Primary shares outstanding 7,884,100 7,672,781 7,921,627 7,048,941 CONTACT: Celadon Group Inc. Len Bennett, 800/347-2398 or Don S. Snyder, 800/839-4227 |
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