-----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, PGg94Z/uQamNY1J6d5JwvziqbPFttEQIe3sGKYo4sKm5H7jbqvr0znROtBzIXTP6 CIc8336kNACidxTtW7r5Fw== 0001008886-09-000038.txt : 20090428 0001008886-09-000038.hdr.sgml : 20090428 20090427180158 ACCESSION NUMBER: 0001008886-09-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090428 DATE AS OF CHANGE: 20090427 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: 09773577 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 form8-k.htm FORM 8-K (THIRD QUARTER FISCAL 2009 EARNINGS RELEASE) form8-k.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):
April 27, 2009

__________________________________________________________________

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, April 27, 2009, 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 quarter ended March 31, 2009, its third quarter of fiscal 2009. 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 quarter ended March 31, 2009, its third quarter of fiscal 2009.
 
    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: April 27, 2009
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 quarter ended March 31, 2009, its third quarter of fiscal 2009.
     


 
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For More Information:
FOR RELEASE 
Craig M. Koven
April 27, 2009 
Communications Manager
4:01 p.m. ET 
(800) CELADON Ext. 7041
  
317-972-7041 Direct
  
317-408-4859 Mobile
  
ckoven@celadongroup.com
  
   
 
CELADON GROUP REPORTS THIRD FISCAL QUARTER FINANCIAL RESULTS

INDIANAPOLIS – Celadon Group, Inc. (NASDAQ:CLDN) today reported its financial and operating results for the three and nine months ended March 31, 2009, the third fiscal quarter of the Company's fiscal year ending June 30, 2009.

Revenue for the quarter decreased 23.0% to $106.9 million in the 2009 quarter from $138.9 million in the 2008 quarter. Freight revenue, which excludes fuel surcharges, was down 14.4% to $96.2 million in the 2009 quarter from $112.4 million in the 2008 quarter. Net income decreased to a loss of $2.1 million in the 2009 quarter from income of $0.1 million in the 2008 quarter. Earnings per diluted share decreased to a loss of $0.10 in the 2009 quarter from income of $0.01 in the 2008 quarter.

For the nine months ended March 31, 2009 revenue decreased 9.2% to $373.4 million from $411.3 million for the same period last year. Freight revenue, which excludes fuel surcharges, was down 10.8% to $304.0 million in 2009 from $340.8 million for the same period last year. Net income decreased 45.5% to $2.4 million in 2009 from $4.4 million for the same period last year. Earnings per diluted share decreased by 42.1% to $0.11 in 2009 from $0.19 for the same period last year.

Celadon Chairman and CEO Steve Russell commented on the March 2009 quarter, "The 10 cents per share loss was the first loss in over seven years. The losses were sustained in January and February, with a profit earned in the month of March. Although the March quarter is traditionally the slowest from a seasonal perspective, January and February 2009 financial results were heavily impacted by major declines in freight volumes between the U.S. and Mexico and Canada. U.S. government surface transportation statistics indicate a decline of 27% for the month of January 2009 versus January 2008. A decline in U.S. imports, relating to the weakness of the U.S. economy, we believe was a principal factor. Secondly, the decline in the value of the Mexican peso, from 10 pesos to the U.S. dollar to 14 pesos to the dollar, adversely impacted U.S. exports to Mexico. This dramatic decline in the peso's value hurt Mexican imports in the period, but we believe will have a positive impact on its exports in the future. At the current exchange rate, Mexico has become much more competitive with China.

In total, billed miles in the quarter for the Company declined by about 11%, when compared with prior year, with billed miles for movements between the U.S. and Mexico and Canada having declined by 26%, while domestic U.S. billed miles improved by 2.4%. The 26% decline in international freight had an adverse impact on earnings per share of approximately 15 cents between the March 2009 and March 2008 quarters.

Rates per loaded mile declined about 2% between the two quarters relating to the overall freight environment, where supply has continued to exceed demand.

On the positive side, our efforts related to fuel conservation continues to make progress, with improvements in miles per gallon resulting from these efforts. Our efforts in the fuel efficiency area allowed us to achieve the highest possible score, and an Excellence Award from the EPA SmartWay Partnership. Further, reductions in staff, freezing of salaries, and implementation of a 'hiring frost' have contributed to a lower cost structure for the company.

We are pleased with the results of the acquisition of certain assets of Continental Express in early December 2008. The addition of some excellent customers has contributed to our domestic U.S. miles in the quarter being up about 2% from the March 2008 quarter despite a meaningful decline in total industry truckload moves compared with last year. We have retained the intermodal business of Continental Express, and now, for the first time in Celadon's history, we are providing intermodal service to our customers. We have opened a Little Rock facility, and have succeeded in disposing of a meaningful group of the tractors acquired in the transaction.

From a financial standpoint, our balance sheet remains strong with balance sheet debt of only $59.3 million at March 31, 2009. With $50.4 million available on our bank revolving credit line at March 31, 2009, coupled with our current cash flow from operations, we are comfortable with our liquidity position."

 
Conference Call Information
 
An investor conference call is scheduled for Tuesday at 10:00 a.m. ET. Steve Russell and other members of management will discuss the results of the quarter. To listen and participate in the question-and-answer exchange, dial 866-700-7173 (international calls 617-213-8838) pin number 44626432 a few minutes prior to the starting time. A replay will be available through June 28 by dialing 888-286-8010 (international calls 617-801-6888) and entering call back code 49426916.

This call is being webcast by CCBN and can be accessed on Celadon's web site at http://www.celadongroup.com.  Any statistical and financial information that is discussed during the conference call also will be available at http://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, and Celadon Dedicated Services, which provides supply chain management solutions, such as warehousing and dedicated fleet services.

This press release and statements made by Celadon in its stockholder reports and public filings, as well as oral public statements by Celadon representatives, contain certain forward-looking information, usually identified by words such as "anticipates," "believes," "estimates," "projects,"  “intends,” expects," “plans,” or similar expressions.  These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements are based upon the current beliefs and expectations of Celadon's management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in forward-looking statements.  In this press release, the statements relating to our liquidity position are forward-looking statements.  Such items have not been subject to all of the review procedures associated with the release of actual financial results and are premised on certain assumptions.  The following factors, among others, could cause actual results to differ materially from those in forward-looking statements: 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; our ability to execute our strategic plan; 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 commitments, 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; increases in interest rates or decreased availability of capital or other sources of financing for revenue equipment; decreases in the resale value of our used 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; 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 the various disclosures made by Celadon in this press release, stockholder reports, and in its Forms 10-K, 10-Q, and other public filings.  Celadon disclaims any such obligation to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

For a more detailed discussion of these factors, please refer to the various disclosures made by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission.
- tables follow -

 
 
 

Consolidated Balance Sheets
(Dollars in thousands, except par value)

 
   
March 31,
2009
    
June 30,
2008
  
ASSETS
  
(unaudited)
        
             
Current assets:
            
Cash and cash equivalents
   $ 2,781     $ 2,325  
Trade receivables, net of allowance for doubtful accounts of $1,079 and $1,194 at March 31, 2009 and June 30, 2008, respectively
     48,471       69,513  
Prepaid expenses and other current assets
     12,590       16,697  
Tires in service
     4,047       3,765  
Income tax receivable
     874       5,846  
Deferred income taxes
     3,734       3,035  
Total current assets
     72,497       101,181  
Property and equipment
     252,414       270,832  
Less accumulated depreciation and amortization
     69,091       64,633  
Net property and equipment
     183,323       206,199  
Tires in service
     1,374       1,483  
Goodwill
     19,137       19,137  
Other assets
     1,292       1,335  
Total assets
   $ 277,623     $ 329,335  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities:
                
Accounts payable
   $ 6,858     $ 6,910  
Accrued salaries and benefits
     10,272       11,358  
Accrued insurance and claims
     9,504       9,086  
Accrued fuel expense
     6,017       12,170  
Other accrued expenses
     11,360       11,916  
Current maturities of long-term debt
     1,048       8,290  
Current maturities of capital lease obligations
     6,608       6,454  
Total current liabilities
     51,667       66,184  
Long-term debt, net of current maturities
     14,661       45,645  
Capital lease obligations, net of current maturities
     37,019       42,117  
Deferred income taxes
     33,202       31,512  
Minority interest
     25       25  
Stockholders' equity:
                
Common stock, $0.033 par value, authorized 40,000,000 shares; issued 23,842,177 and 23,704,046 shares at March 31, 2009 and
June 30, 2008, respectively
     787       782  
Treasury stock at cost; 1,744,245 and 1,832,386 shares at March 31, 2009 and June 30, 2008, respectively
     (12,025 )     (12,633 )
Additional paid-in capital
     96,369       95,173  
Retained earnings
     63,270       60,881  
Accumulated other comprehensive loss
     (7,352 )     (351 )
Total stockholders' equity
     141,049       143,852  
Total liabilities and stockholders' equity
   $ 277,623     $ 329,335  
                 
                 
                 
                 
                 
                 
                 




 
 
 

Key Operating Statistics

   
For the three months ended
    
For the nine months ended
  
   
March 31,
    
March 31,
  
   
2009
    
2008
    
2009
    
2008
  
Average revenue per loaded mile (*)                                                                       
   $ 1.455     $ 1.501     $ 1.484     $ 1.502  
Average revenue per total mile (*)
   $ 1.293     $ 1.341     $ 1.322     $ 1.344  
Average revenue per tractor per week (*)
   $ 2,136     $ 2,661     $ 2,365     $ 2,688  
Average miles per tractor per week
     1,652       1,984       1,789       2,000  
Average line-haul tractors
     2,888       2,713       2,757       2,701  
Tractors at end of period (**)
     3,169       3,010       3,169       3,010  
Trailers at end of period (**)
     10,041       8,927       10,041       8,927  
Operating Ratio (*)
     101.9 %     97.9 %     96.9 %     96.1 %

*Freight revenue excluding fuel surcharge.
** Total fleet, including equipment operated by independent contractors and our Mexican subsidiary, Jaguar.


 
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)

   
For the three months ended
March 31,
    
For the nine months ended
March 31,
  
   
2009
    
2008
    
2009
    
2008
  
Revenue:
                        
Freight revenue
   $ 96,152     $ 112,401     $ 303,979     $ 340,779  
Fuel surcharges
      10,725       26,489        69,412       70,499  
      106,877       138,890       373,391       411,278  
                                 
Operating expenses:
                                
Salaries, wages, and employee benefits
     36,990       40,231       116,144       117,396  
Fuel
     22,146       41,421       100,093       112,466  
Operations and maintenance
     8,711       9,832       26,944       27,434  
Insurance and claims
     3,505       3,656       10,374       11,704  
Depreciation and amortization
     10,123       8,408       26,802       23,833  
Revenue equipment rentals
     7,774       6,376       20,814       20,025  
Purchased transportation
     12,469       19,362       40,989       62,927  
Costs of products and services sold
     1,486       1,426       4,620       4,862  
Communications and utilities
     1,386       1,302       3,734       3,785  
Operating taxes and licenses
     2,424       2,318       7,148       6,718  
General and other operating
     1,733       2,232       6,293       7,001  
Total operating expenses
     108,747       136,564       363,955       398,151  
                                 
Operating income (loss)
     (1,870 )     2,326       9,436       13,127  
                                 
Other (income) expense:
                                
Interest income
     (15 )     (77 )     (26 )     (102 )
Interest expense
     776       1,266       2,901       3,777  
Other expense, net
     60       42       47       152  
Income (loss) before income taxes
     (2,691 )     1,095       6,514       9,300  
Provision (benefit) for income taxes
     (613 )     946       4,124       4,927  
Net income (loss)
   $ (2,078 )   $ 149     $ 2,390     $ 4,373  
                                 
Earnings (loss) per common share:
                                
Diluted earnings per share
   $ (0.10 )   $ 0.01     $ 0.11     $ 0.19  
Basic earnings per share
   $ (0.10 )   $ 0.01     $ 0.11     $ 0.19  
Average shares outstanding:
                                
Diluted
     21,792       21,910       21,955       22,852  
Basic
     21,792       21,722       21,706       22,607  
                                 


 
 
 
 
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