-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DxufWPqRRBL3ufP48kP1ktMhk0e2j1ukN/h6vU4rX8v/tvHefUm6WSRJOibNR8Jb cumPLFxLkY4LvawiUc+dqw== 0001008886-08-000063.txt : 20080805 0001008886-08-000063.hdr.sgml : 20080805 20080805094347 ACCESSION NUMBER: 0001008886-08-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080805 DATE AS OF CHANGE: 20080805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CELADON GROUP INC CENTRAL INDEX KEY: 0000865941 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 133361050 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23192 FILM NUMBER: 08989895 BUSINESS ADDRESS: STREET 1: ONE CELADON DR CITY: INDIANAPOLIS STATE: IN ZIP: 46236-4207 BUSINESS PHONE: 2129774447 MAIL ADDRESS: STREET 1: ONE CELADON DRIVE CITY: INDIIANAPOLIS STATE: IN ZIP: 46236-4207 8-K 1 form8k.htm FORM 8-K (FOURTH FISCAL QUARTER AND YE EARNINGS RELEASE) form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

__________________________________________________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
August 4, 2008

__________________________________________________________________

 
Celadon Logo

 
CELADON GROUP, INC.
(Exact name of registrant as specified in its charter)


Delaware
000-23192
13-3361050
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)


9503 East 33rd Street
One Celadon Drive, Indianapolis, IN
46235
(Address of principal executive offices)
(Zip Code)


(317) 972-7000
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[    ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[    ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[    ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 
 


Item 2.02    Results of Operations and Financial Condition.

On Monday, August 4, 2008, Celadon Group, Inc., a Delaware corporation (the "Company"), issued a press release after the close of the market announcing its financial and operating results for the fourth fiscal quarter and year ended June 30, 2008. A copy of the press release is attached to this report as Exhibit 99.

Item 9.01    Financial Statements and Exhibits.

 
(d)
Exhibits.
    
         
   
EXHIBIT
    
   
NUMBER
  
EXHIBIT DESCRIPTION
     
Celadon Group, Inc. press release announcing financial and operating results for the fourth fiscal quarter and year ended June 30, 2008

The information contained in this report (Items 2.02 and 9.01) and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information in this report and the exhibit hereto may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements are made based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the second-to-last paragraph of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.


 
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
CELADON GROUP, INC.
     
     
Date: August 4, 2008
By:
  /s/ Stephen Russell
   
Stephen Russell
   
Chairman and Chief Executive Officer


 
 
 

EXHIBIT INDEX

EXHIBIT
NUMBER
  
EXHIBIT DESCRIPTION
 
Celadon Group, Inc. press release announcing financial and operating results for the fourth fiscal quarter and year ended June 30, 2008.
     


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Exhibit 99
 

  celadon logo
9503 East 33rd Street
Indianapolis, IN 46235-4207
(800) CELADON
(317) 972-7000
 

For more information:
FOR IMMEDIATE RELEASE
Craig M. Koven
August 4, 2008
Communications Manager
  
(800) CELADON Ext. 7041
  
(317) 972-7041 Direct
  
(317) 408-4859 Mobile
  
ckoven@celadongroup.com
  


CELADON GROUP REPORTS JUNE QUARTER AND FULL FISCAL YEAR RESULTS

INDIANAPOLIS – Celadon Group Inc. (Nasdaq: CLDN) today reported its financial and operating results for the three months and fiscal year ended June 30, 2008, the fourth fiscal quarter of the company’s fiscal year ending June 30, 2008.

For the quarter, revenue increased 17.4% to $154.6 million in the 2008 quarter from $131.7 million in the 2007 quarter. Freight revenue, which excludes fuel surcharges, was up 3.5% to $116.7 million in the 2008 quarter from $112.7 million in the 2007 quarter. Pre-tax income decreased to $4.4 million in the 2008 quarter from $8.3 million for the same quarter last year. Earnings per diluted share decreased to $0.10 in the 2008 quarter from $0.22 for the same quarter last year.

For the fiscal year ended June 30, 2008, revenue increased 12.6% to $565.9 million in 2008 from $502.7 million for the same period last year. Freight revenue was up 5.7% to $457.5 million in 2008 from $433.0 million for the same period last year. Net income decreased 70.4% to $6.6 million in 2008 from $22.3 million for the same period last year. Earnings per diluted share decreased to $0.29 from $0.94 the same period last year.

Chairman and CEO Steve Russell commented, "The June quarter results showed marked improvement in operating metrics. Average miles per week per tractor was the best since December 2006, and up about two percent from June 2007. Deadhead miles, at 9.7 percent of total miles, compared to 10.5 percent in the June 2007 quarter, and was the lowest since the September 2006 quarter. Although down by 2.1 cents from the comparable quarter last year, the average rate per loaded mile increased from the March 2007 quarter by close to one cent per mile. Revenue per tractor per week was the highest since the December 2006 quarter.

"We are clearly seeing the results of a meaningful reduction in capacity in the truckload industry. The shrinking of capacity is the result of a substantial number of fleet failures, reductions in the number of trucks run by many larger fleets, and the export of relatively young Class 8 tractors to eastern Europe and elsewhere, and fewer new tractors being built. Although overall freight demand is perhaps up slightly, the impact of the reduction in supply
 
 
 
 
has led to a firming of rates and volumes per available truck. Unless there is a meaningful decline in freight demand, we expect rate increase opportunities will continue.

“Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At June 30, 2008, we had $143.9 million of stockholders' equity and $102.5 million of total borrowing. Since June 30, 2007, borrowing increased only $7.8 million despite the purchase of 420 new tractors and repurchase of approximately two million shares of our stock.”

Conference Call Information

An investor conference call is scheduled for Tuesday, August 5, at 10:00 a.m. EDT. Steve Russell and other members of management will discuss the results of the quarter. To listen and participate in a questions-and-answers exchange, simply dial 866-383-8008 (international calls 617-597-3341) pin number 59904049 a few minutes prior to the start time. A replay will be available through October 5 by dialing 888-286-8010 (international calls 617-801-6888) and entering call back code 37096380.

This call is being Web cast by Thomson/CCBN and can be accessed via Celadon's Web site at www.celadongroup.com.

Celadon Group Inc. (www.celadongroup.com), through its subsidiaries, primarily provides long-haul, full-truckload freight service across the United States, Canada and Mexico. The company also owns TruckersB2B Inc. (www.truckersb2b.com) which provides cost savings to member fleets; Celadon Dedicated Services, which provides supply chain management solutions, such as warehousing and dedicated fleet services; and Celadon Brokerage Services.

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 Securities Exchange Commission.  We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
 


- tables follow -

 
 
 

 
CELADON GROUP, INC.
CONSOLIDATED BALANCE SHEETS
June 30, 2008 and 2007
(Dollars in thousands)

ASSETS
  
2008
    
2007 
  
             
Current assets:
            
Cash and cash equivalents
   $ 2,325     $ 1,190  
Trade receivables, net of allowance for doubtful accounts of $1,194 and $1,176 in 2008 and 2007, respectively
     69,513       59,387  
Prepaid expenses and other current assets
     16,697       10,616  
Tires in service
     3,765       3,012  
Equipment held for resale
     ---       11,154  
Income tax receivable
     5,846       1,526  
Deferred income taxes
     3,035       2,021  
Total current assets
     101,181       88,906  
Property and equipment
     270,832       240,898  
Less accumulated depreciation and amortization
     64,633       44,553  
Net property and equipment
     206,199       196,345  
Tires in service
     1,483       1,449  
Goodwill
     19,137       19,137  
Other assets
     1,335       1,076  
Total assets
   $ 329,335     $ 306,913  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
                 
Current liabilities:
                
Accounts payable
   $ 6,910     $ 7,959  
Accrued salaries and benefits
     11,358       11,779  
Accrued insurance and claims
     9,086       6,274  
Accrued fuel expense
     12,170       6,425  
Other accrued expenses
     11,916       12,157  
Current maturities of long-term debt
     8,290       10,736  
Current maturities of capital lease obligations
     6,454       6,228  
Total current liabilities
     66,184       61,558  
Long-term debt, net of current maturities
     45,645       28,886  
Capital lease obligations, net of current maturities
     42,117       48,792  
Deferred income taxes
     31,512       20,332  
Minority interest
     25       25  
Stockholders’ equity:
                
Common stock, $0.033 par value, authorized 40,000,000 shares; issued and outstanding 23,704,046 and 23,581,245 shares at June 30, 2008 and 2007, respectively
     782       778  
        Treasury stock at cost;  1,832,386 and 0 shares at June 30, 2008 and 2007, respectively
     (12,633 )     ---  
Additional paid-in capital
     95,173       93,582  
Retained earnings
     60,881       54,345  
Accumulated other comprehensive loss
     (351 )     (1,385 )
Total stockholders’ equity
     143,852       147,320  
Total liabilities and stockholders’ equity
   $ 329,335     $ 306,913  





 
CELADON GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share amounts)
(Unaudited)


   
For the three months ended
June 30,
    
For the fiscal year ended
June 30,
  
   
2008
    
2007
    
2008
    
2007
  
Revenue:
                        
Freight revenue
   $ 116,704     $ 112,731     $ 457,482     $ 433,012  
Fuel surcharges
     37,914       18,964       108,413       69,680  
      154,618       131,695       565,895       502,692  
                                 
Operating expenses:
                                
Salaries, wages, and employee benefits
     42,463       37,287       159,859       144,845  
Fuel
     50,645       31,331       163,111       116,251  
Operations and maintenance
     9,780       8,726       37,213       32,299  
Insurance and claims
     3,823       2,225       15,527       13,054  
Depreciation and amortization
     9,431       7,718       33,264       21,880  
Revenue equipment rentals
     5,571       6,600       25,596       31,900  
Purchased transportation
     19,278       20,640       82,205       73,699  
Costs of products and services sold
     1,544       1,619       6,406       6,961  
Communications and utilities
     1,332       1,288       5,117       4,838  
Operating taxes and licenses
     2,394       2,244       9,112       8,629  
General and other operating
     2,686       2,155       9,687       8,236  
Total operating expenses
     148,947       121,833       547,097       462,592  
                                 
Operating income
     5,671       9,862       18,798       40,100  
                                 
Other (income) expense:
                                
Interest income
     (4 )     (5 )     (106 )     (21 )
Interest expense
     1,251       1,474       5,028       3,532  
Other (income) expense, net
     41       70       193       109  
Income before income taxes
     4,383       8,323       13,683       36,480  
Provision for income taxes
     2,220       3,178       7,147       14,228  
Net income
   $ 2,163     $ 5,145     $ 6,536     $ 22,252  
                                 
Earnings per common share:
                                
Diluted earnings per share
   $ 0.10     $ 0.22     $ 0.29     $ 0.94  
Basic earnings per share
   $ 0.10     $ 0.22     $ 0.29     $ 0.96  
Average shares outstanding:
                                
Diluted
     21,913       23,820       22,617       23,697  
Basic
     21,689       23,407       22,378       23,252  

 
 
 
 


Key Operating Statistics

 
For the three months ended
June 30, 2008
For the three months ended
June 30, 2007
Operating Statistics (U.S./Canada Truckload)
Average revenue per loaded mile (*)
$1.506
$1.527
Average revenue per total mile (*)
$1.360
$1.367
Avg. revenue per tractor per week (*)
$2,805
$2,762
Average miles per tractor per week
2,063
  2,021
Average tractors (**)
2,675
2,624
Tractors at end of period (***)
2,929
3,016
Trailers at end of period (***)
8,932
7,843
Operating Ratio (*)
95.1%
91.3%

*
Excluding fuel surcharges.
**
Excludes tractors operated by our Mexican subsidiary, Jaguar.
***
Total fleet, including equipment operated by independent contractors and our Mexican subsidiary, Jaguar.

 
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