Truckload conglomerate Celadon Group said net income for its third fiscal quarter increased to $278,000, compared with a loss of $1.58 million in the same period last year. Consolidated revenue for Celadon's third fiscal quarter increased 2.5% to $78.7 million, up from $76.7 million in the same quarter in 2001.
Celadon noted that those 2001 numbers exclude revenues from its flatbed division – which it sold last year – higher pass-through revenue related to U.S. border-crossing costs and fuel surcharges. Including these revenues, its revenues in the third fiscal quarter of 2001 totaled $88.2 million.
Indianapolis-based Celadon believes its numbers will improve as the year progresses.
"We believe that the transaction to take over a portion of Burlington Motor Carriers' business and equipment should have an immediate positive impact on the company's earnings," said chairman & CEO Steve Russell. "Our fleet loaded miles and overall equipment utilization were up significantly in April."
Celadon's Internet venture, TruckersB2B, generated operating income of $279,000 in the company's third fiscal quarter, compared with a loss of $1.04 million in the same period of 2001. That loss last year included a one-time charge of $800,000 to postpone a stock offering.