Celadon's flatbed division, which the carrier sold in June 2001, accounted for $2.2 million of those losses.
Celadon's Internet venture, TruckersB2B, generated operating income of $273,000 on revenue of $2 million in its fourth fiscal quarter, compared with $91,000 in operating income on $800,000 in revenue. Revenue reflects fees and rebates only, not the value of the goods and services related to these transactions, the carrier said.
For Celadon's fiscal 2002, the carrier posted net income of $1.7 million on revenues of $337 million, compared to a loss of $5.3 million on revenues of $314.8 million in fiscal 2001.
Chairman & CEO Stephen Russell said Celadon returned to profits after last year's losses because of higher revenue generated from customer contracts purchased from Burlington Motor Carriers (BMC), revenue that offset other declines, especially reduced fuel surcharges.
Celadon bought 300 tractors and trailers and other assets this year from BMC, which filed for Chapter 11 protection in July2001. Celadon bought equipment, customer contracts and lists, office equipment and other items from Foothill Corporation, a secured lender to Daleville, IN-based BMC, after the transaction was approved in bankruptcy court earlier this year.
