Celadon Group Inc., a truckload conglomerate based in Indianapolis, IN, reported an increase in both revenues and profits for the third quarter of 2001. Celadon said its net income jumped to $141,000 in the third quarter this year, compared with a loss of $470,000 in the third quarter of 2000. Revenue for the third quarter of 2001 climbed to $82.9 million, a 6% increase over its adjusted $78.3 million in revenue during the third quarter of last year.
Celadon noted that if the sale of its flatbed division and higher pass-through revenues related to U.S. border-crossing costs were included, last year’s quarterly revenue jumped up to $88.4 million.
Celadon added that it posted positive income from its Internet subsidiary, TruckersB2B, of $111,000 in the third quarter of 2001, compared with a loss of $686,000in the same quarter last year. Revenue at TruckersB2B increased by 39% to $1.3 million in the quarter, from $900,000 in the same period last year.
"Despite a more difficult economic climate in 2001, we were able to grow revenue miles by close to 4% and revenue on an adjusted basis by 6% for this quarter," said Steve Russell, Celadon’s chairman & CEO.
"We have continued to control costs and make positive changes in the business that have allowed us to pay down our debt by over $23 million in the past twelve months, while operating in a difficult economic environment," he said. "We feel that our reduced debt level, lower fuel and interest costs as well as decreased capacity in the marketplace, will allow us to continue to improve our profitability during the remaining part of our fiscal year."