Celadon’s 1Q Income Drops; Will Trade Shares on NYSE
Truckload carrier Celadon Group said late Wednesday its fiscal first-quarter income declined from a year ago and that it will begin trading its shares on the New York Stock Exchange in November.
Net income fell to $600,000, or 3 cents per share, from $2.8 million, or 13 cents, a year ago, Celadon said in a statement.
Revenue fell 13% to $127.8 million for the quarter ended Sept. 30. Freight revenue excluding fuel surcharges gained 1.3% to $110.7 million
The company also said it would begin trading its common shares on the New York Stock Exchange on Nov. 10, under the symbol “CGI.” Its shares in the meantime will continue to trade on the Nasdaq Stock Market under the “CLDN” symbol.
Chief Executive Officer Steve Russell said in a statement that “although the freight environment continued to reflect the weakness of the U.S. and Mexico economies, [Celadon] did achieve more than a seasonal pickup in shipments progressively through the September quarter.”
Celadon Group is ranked No. 45 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
