Celadon Group Inc. said today that its first-quarter net income was $1.4 million before a one-time charge associated with the refinancing of the company's line of credit, up from last year's net income of $142,000.
Consolidated revenues for the quarter were $93.6 million, a 13% increase over revenues of $82.9 million in the same period last year. Consolidated operating income increased to $3.9 million from $2.5 million last year.
Last month, the company completed a $55 million, three-year senior secured revolving credit facility, the proceeds from which were used to repay the then existing credit facility and to provide for ongoing working capital needs.
CEO Stephen Russell said improved yield management increased revenue per mile and the continued impact of its expense reduction efforts offset the effect of the softness in the economy.
Celadon's TruckersB2B subsidiary generated operating income of $321,000 in the first quarter compared with $111,000 in the prior year's comparable period. Its revenue was $1.9 million for the quarter, an increase of 53% over the prior year's comparable period.