Celadon Group Reports September Quarter Results and Declares Dividend
PR Newswire Association LLC |
Revenue for the quarter increased 10.5% to
Paul Will, President and Chief Executive Officer, made the following comments: "We are pleased with our overall improvement in our operating statistics. The increase in average seated tractor count of 231, or 7.6%, to 3,255 in the
"We continue to work on driver recruitment and retention as the market remains challenging for qualified drivers. As a result, our costs related to driver training, advertising for experienced drivers, and other recruitment and retention efforts have continued to increase. This, along with economic and safety regulatory issues, has resulted in more constrained truckload capacity for shippers. Their understanding and willingness to adjust rates upward reflects the collective capacity and service challenges currently facing the industry. In addition to initiating and implementing sustainable rate increases, we are continuing to work on cost reduction initiatives as we strive to improve our operating results.
"The average age of the Company's tractor fleet was 1.7 years as of
"Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At
On
Conference Call Information
Participants can pre-register for the conference call by navigating to Celadon's Investor Relations Website, http://investors.celadontrucking.com, under the report center menu option. For those without internet access or unable to pre-register may join the conference by dialing 1-412-317-6060 or 1-866-652-5200. A replay of the webcast will be available through
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in forward-looking statements: the risk that our perception of additional capacity due to seating trucks and perceived benefits thereof are inaccurate; the risk that our perception of changes in our customer base and perceived benefits thereto are inaccurate; the risk that managing our tractor fleet age does not result in greater flexibility and lower operating expenses; excess tractor and trailer capacity in the trucking industry; decreased demand for our services or loss of one or more of our major customers; surplus inventories; recessionary economic cycles and downturns in customers' business cycles; strikes, work slow downs, or work stoppages at our facilities, or at customer, port, border crossing, or other shipping related facilities; increases in compensation for and difficulty in attracting and retaining qualified drivers and independent contractors; increases in insurance premiums and deductible amounts; elevated experience in the frequency or severity of claims relating to accident, cargo, workers' compensation, health, and other matters; fluctuations in claims expenses that result from high self-insured retention amounts and differences between estimates used in establishing and adjusting claims reserves and actual results over time; increases or rapid fluctuations in fuel prices, as well as fluctuations in hedging activities and surcharge collection, the volume and terms of diesel purchase commitment, interest rates, fuel taxes, tolls, and license and registration fees; fluctuations in foreign currency exchange rates; increases in the prices paid for new revenue equipment and changes in the resale value of our used equipment; increases in interest rates or decreased availability of capital or other sources of financing for revenue equipment; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors; regulatory requirements that increase costs or decrease efficiency, including revised hours-of-service requirements for drivers and new emissions control regulations; our ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; the timing of, and any rules relating to, the opening of the border to Mexican drivers; challenges associated with doing business internationally; our ability to retain key employees; and the effects of actual or threatened military action or terrorist attacks or responses, including security measures that may impede shipping efficiency, especially at border crossings.
Readers should review and consider these factors along with the various disclosures by the company in its press releases, stockholder reports, and filings with the
- tables follow -
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars and shares in thousands except per share amounts) (Unaudited) |
||||
For the three months ended |
||||
|
||||
2014 |
2013 |
|||
REVENUE: |
||||
Revenue, before fuel surcharge |
|
|
||
Fuel surcharge revenue |
35,712 |
33,146 |
||
Total revenue |
193,416 |
175,102 |
||
OPERATING EXPENSES: |
||||
Salaries, wages, and employee benefits |
57,222 |
46,654 |
||
Fuel |
39,985 |
36,843 |
||
Purchased transportation |
|
41,744 |
||
Revenue equipment rentals |
2,590 |
1,652 |
||
Operations and maintenance |
11,240 |
11,274 |
||
Insurance and claims |
5,676 |
4,140 |
||
Depreciation and amortization |
15,556 |
16,086 |
||
Communications and utilities |
1,830 |
1,364 |
||
Operating taxes and licenses |
3,315 |
2,832 |
||
General and other operating |
3,455 |
2,139 |
||
Gain on disposition of equipment |
(4,558) |
(1,158) |
||
Total operating expenses |
179,948 |
163,570 |
||
Operating income |
13,468 |
11,532 |
||
Interest expense |
1,169 |
1,224 |
||
Interest income |
0 |
0 |
||
Other (income) expense, net |
(78) |
(241) |
||
Income before income taxes |
12,377 |
10,549 |
||
Income tax expense |
4,329 |
3,983 |
||
Net income |
|
|
||
Income per common share: |
||||
Diluted |
|
|
||
Basic |
|
|
||
Diluted weighted average shares outstanding |
23,934 |
23,662 |
||
Basic weighted average shares outstanding |
23,240 |
22,930 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars and shares in thousands except par value amounts) |
|||
(unaudited) |
|||
|
|
||
ASSETS |
2014 |
2014 |
|
Current assets: |
|||
Cash and cash equivalents |
|
|
|
Trade receivables, net of allowance for doubtful accounts of |
99,922 |
105,968 |
|
Prepaid expenses and other current assets |
36,234 |
26,288 |
|
Tires in service |
1,952 |
2,227 |
|
Equipment held for resale |
3,054 |
3,148 |
|
Income Tax Receivable |
4,704 |
6,395 |
|
Deferred income taxes |
7,243 |
7,651 |
|
Total current assets |
163,206 |
167,185 |
|
Property and equipment |
701,331 |
643,888 |
|
Less accumulated depreciation and amortization |
151,875 |
151,059 |
|
Net property and equipment |
549,456 |
492,829 |
|
Tires in service |
2,426 |
2,720 |
|
Goodwill |
22,800 |
22,810 |
|
Other assets |
5,156 |
5,271 |
|
Total assets |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
|
|
|
Accrued salaries and benefits |
11,572 |
13,902 |
|
Accrued insurance and claims |
10,882 |
11,568 |
|
Accrued fuel expense |
9,043 |
11,306 |
|
Other accrued expenses |
37,755 |
33,453 |
|
Current maturities of long term debt |
3,040 |
3,690 |
|
Current maturities of capital lease obligations |
60,310 |
67,439 |
|
Total current liabilities |
141,965 |
152,375 |
|
Capital lease obligations, net of current maturities |
141,840 |
119,665 |
|
Long term debt, net of current maturities |
116,249 |
83,497 |
|
Deferred income taxes |
78,719 |
76,275 |
|
Stockholders' equity: |
|||
Common stock, |
797 |
794 |
|
Treasury stock at cost; 500 and 500 shares at and |
(3,453) |
(3,453) |
|
Additional paid-in capital |
109,148 |
107,579 |
|
Retained earnings |
167,651 |
160,068 |
|
Accumulated other comprehensive loss |
(9,872) |
(5,985) |
|
Total stockholders' equity |
264,271 |
259,003 |
|
Total liabilities and stockholders' equity |
|
690,815 |
Key Operating Statistics |
||||
For the three months ended |
||||
|
||||
2014 |
2013 |
|||
Average revenue per loaded mile (*) |
|
|
||
Average revenue per total mile (*) |
|
|
||
Average revenue per tractor per week (*) |
|
|
||
Average miles per seated tractor per week(**) |
2,063 |
|||
Average seated line-haul tractors (**) |
3,255 |
3,024 |
||
*Freight revenue excluding fuel surcharge. |
||||
**Total seated fleet, including equipment operated by independent contractors and our Mexican subsidiary, Jaguar. |
||||
Adjusted Trucking Revenue(^) |
|
|
||
Asset Light Revenue |
16,547 |
13,218 |
||
Intermodal Revenue |
9,240 |
7,524 |
||
Other Revenue |
5,979 |
6,702 |
||
Total Revenue |
|
|
||
^Trucking Revenue for US, |
For more information:
Joe Weigel
Director of Marketing & Communications
(800) CELADON Ext. 27006
(317) 972-7006 Direct
[email protected]
SOURCE
Wordcount: | 1786 |
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News