3PL/Logistics

Celadon Group has reported its financial and operating results for the three and six months ended December 31, 2011, the second fiscal quarter of the company's fiscal year ending June 30, 2012.

Revenue for the quarter increased 6.3% to $141.5m from $133.1m in the same period of 2010. Freight revenue, which excludes fuel surcharges, increased to $112.4m from $111.6m in the 2010 quarter. Net income increased 86.2% to $5.4m from $2.9m for the same quarter last year.

For the six months ended December 31, 2011, revenue increased 3.5% to $283.0m in 2011 from $273.4m in 2010. Freight revenue, which excludes fuel surcharges, decreased 2.7% to $224.7m in 2011 from $231.0m for the same period last year. Net income increased 47.9% to $10.8m in 2011 from $7.3m for the same period last year.

Discussing the December quarter, Chairman and CEO Steve Russell said: "The truckload industry has been experiencing a significant driver shortage. To address this situation, we completed two asset acquisitions in the December 2011 quarter, American Eagle, the non-refrigerated division of Frozen Food Express and USF Glen Moore, Inc. As a consequence, average seated count increased to 2,633 in the December 2011 quarter, up from 2,529 in the September 2011 quarter. We expect our seated count to increase in the March 2012 quarter as the USF Glen Moore, Inc. acquisition was completed at the end of December.

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