Celadon Group Inc. said today that its fourth-quarter net income increased to $1.2 million compared with net income of $1.1 million in the same period last year.
Net income for the fiscal year ended June 30, 2003, more than doubled to $3.6 million, including a non-cash charge of $0.9 million, compared with net income of $1.7 million, last fiscal year, the company reported.
Income before income taxes for the quarter was $2.5 million, a 47% increase from the prior year's level of $1.7 million. Consolidated revenue for the three months was $92.0 million, a 4% decrease from the $96.0 million reported for the same period a year earlier.
The decrease in revenue related to planned reductions in certain dedicated operations and business from its largest customer, chairman & CEO Steve Russell said.
Celadon reduced its total balance sheet debt by 37% to $60.8 million from $97.0 million at the end of the last fiscal year.
