Celadon Group’s Income, Revenue Decline
Celadon Group’s fiscal third-quarter net income declined, due in part to fewer business days and bad weather in the quarter, the company said late Thursday.
Net income fell 23% to $4.4 million, or 19 cents a share, from $5.7 million, or 25 cents, a year ago.
Revenue for the quarter ended March 31 slipped 2.4% to $149.6 million, while freight revenue fell 1.9% to $118.7 million.
The reduced number of business days was due to a leap year in 2012 and an early Easter and Good Friday in 2013, CEO Paul Will said in a statement.
“We believe we have put in place a lean cost structure, upgraded and expanded the fleet to one of the newest in the industry, broadened service offerings to customers, and positioned the company to allow it to expand margins and profitability,” Will said.
Celadon Group, Indianapolis, is ranked No. 44 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
