Truckload conglomerate Celadon Group, Inc. of Indianapolis, IN reported a fourth-quarter loss of about $300,000. With charges related to the sale of Celadon’s Cheetah flatbed division this year and the Truckers B2B loss last year, the net loss for the company’s fiscal fourth quarter of 2001totaled $2.7 million, compared with a net loss of $1.8 million in the same period last year.
Revenue for Celadon’s fiscal fourth quarter of 2001 was $88.1 million compared with $91.8 million during the fiscal 2000 fourth quarter. Although revenue from trucking line-haul operations was up slightly, direct billing to Celadon’s largest customer of pass-through expenses of Mexican transportation resulted in overall lower revenue, the company said.
Celadon also reported that its TruckersB2B subsidiary, which provides discounted purchases for members, recorded its first full quarter of profitable operations. TruckersB2B reported $91,000 operating income in the June 2001 quarter compared with an operating loss of $4.0 million in the June 2000 quarter.
For Celadon’s fiscal 2001 year, which ended June 30, 2001, the net loss was $5.3 million, compared with a net loss of $2.0 million last year. Annual revenue increase slightly to $351.8 million from $351.6 million.
“Barring any dramatic increases in fuel prices or a substantial downturn in the economy, we believe the steps we have been taking to improve operations and reduce costs will lead to a profitable first quarter in the new fiscal year,” said Stephen Russell, the company’s chairman & CEO.