-----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, RUxRrUuGMTNW1peUdmxOa+0RhfQrySInzVYY/3GdBUM7Zl87cFIooPNnvE5BWVrs yRe6l4fHbQs4VLED4YCdtg== 0001008886-09-000068.txt : 20090811 0001008886-09-000068.hdr.sgml : 20090811 20090811172409 ACCESSION NUMBER: 0001008886-09-000068 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090811 DATE AS OF CHANGE: 20090811 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: 091004676 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 FISCAL YEAR END 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 11, 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 Tuesday, August 11, 2009, Celadon Group, Inc. (the "Company") issued a press release after the close of the market announcing its financial and operating results for the three months and fiscal year ended June 30, 2009, the fourth fiscal quarter of the Company's fiscal year ending June 30, 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 three months and fiscal year ended June 30, 2009, the fourth fiscal quarter of the Company's fiscal year ending June 30, 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: August 11, 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 three months and fiscal year ended June 30, 2009, the fourth fiscal quarter of the Company's fiscal year ending June 30, 2009.


 GRAPHIC 2 cldn3.jpg CELADON LOGO begin 644 cldn3.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH MK(\0>)=,\,V!NM2G"`\1QKR\A]%'?^5.,7)V6XFU%79KURFO_$7P[H#-%+=_ M:;E?^6%M\[`^YZ#\37D7BGXDZSXB9X(':PL#P(8F^9Q_MMW^@XKC.E>K0RR^ MM5_(\ZKC^E-'IFJ_&?5K@LFEV%O:)V>7,C_T'\ZY2\\=>*;YB9=HKT88:C#:*.&5>K+>18GO[RZ)-Q>7$Q/4R2LV?S--AN[FW_U%Q-%C MG]VY7^50T5M96L97>YN6GC/Q-9$>1KE]@?PO*7'Y-FNHTSXQZ_:$+?P6M]'W M.WRW_,5M/N&XV7.`I/L_3\\ M5VRLKJ&5@RD9!!R#7R+72>&?'.M>%Y%6VG,UGGYK68DI_P`![J?I7GULL6]) M_)G;2Q[VJ(^EZ*YOPKXUTKQ7;YM7\J[49DM9#\Z^X]1[BNDKR9PE!\LE9GHQ MDI*\7H%%%%24%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1161XE\0VOAG1)M1NCG;\L<8/,CGHH_P`],TXQ M_VF]%%?/.KZQ?Z[J,E]J,[33OZ M]%'HH["C6-7O-=U2;4;Z3?/*<^RCLH]`*HU]%A,+&A&[^(\3$8AU7Y!114MM M:SWDZP6T32R-T51764)Z?5O\`"NFM-'TZQ`%O M9PH1_$5R?S-82Q$5MJ0Y(\H2WGD&4@E;_=0FE>UN4&7MIEQZQD?TKV,$@8'` MIBO7[G3K*\4BYM(9<]V09_/K7.:CX'MI07T^9H'_P"> M&XB.Y)$."IKW_X>^.3XLLY+>ZA*:A;*#*RJ=D@[,/0^WY5XKX7\+7_ M`(JU06EFNV)<&>=A\L2_U/H*^C-`T"P\-Z7'86$6U%Y=S]Z1N[,>YKRLRG2L MHOXOR/1P,*E^9?":E%%%>,>H%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!7SM\2/%)\1^(GA@DS861,<(!X= MOXG_`!/`]A7KOQ&U\Z!X0N9(GVW-S_H\)'4%NI_`9_2OG"O6RVA>]5_(\W'U M=J:"BBI;6VEO+J*VA7=)(VU17L'F%K2-(N-8O!!`,*.9)".$'^/M7IFF:5:: M3;>3;)@G[\A^\Y]S1I6F0Z38);0C)'+OW=NYJ[7!5JN;LMC*3N%%%2P6T]U) MY<$3R-Z*,XK!NVXDFW9$5%;<7A749!ES#%[,V3^E/D\)WZ#*202>P8C^E9^V MI]S?ZK6M?E9@T58NK"ZLFQ

M$T]48N+B[-$%Y96]_;-;W42R1 MMV/;W![&N3M/AQJ6HZ\MG:-_H)^9[IA_JU]".[>@[UZ!IFFS:G%=5\TOA*F@Z#8>'=+CL-/BV1 MKRS'[SMW9CW-:=%(2`,G@5Y;;;NSW$DE9`S*BEF("@9))X`KB]7^*?AG2I6A M2XDO95X(M5W*#_O'`_*O./B)X^GUZ]ETS3IF32HF*L4./M##J3_L^@[]:X%$ M:1PD:,S'@*HR3^%>KA\N3CS5?N/.K8YI\M,]O@^-6AO(%FT^_B3^]M1L?@#7 M(;+[7IETD\8.&`X9#Z,#R#7RN05)!!!'!!'2NK^'&K7&E^-K!8F/E M7<@MYDSPP;I^1P:O$9?34'*GNB*.-FYI3V9]'T445XQZH449HH`:[K'&SN0% M4$DGL*X__A:?A#_H*'_OP_\`A5OX@ZI_9/@C4IE;;)+'Y$?U?C^1)_"OFNO1 MP>#C7BY2.'%8J5*2C$^F-(\=>'M=U!;#3KUIKAE+!?*=>!UY(Q71UXW\%-+W MW>IZJZ\1JMO&?<_,W\E_.O9*YL53C2J.$.AOAZDJE-2D%%&:*YS<****`"L/ M7?%^B>&YXH-4O/)DE4NBB-FR`<9X%;E?.?Q-U3^T_'-Z%;,=KBW3_@/7_P`> M)KJPF'5>IRO8Y\36=*%UN>M?\+3\(?\`03;_`+\/_A75V=W#?V4-W;L6AF02 M1L01E2,@X-?*NF6+ZGJMI81_?N)EB'XG%?5L$*6]O'!&,1QJ$4>@`P*TQN&I MT+*+=V9X6O.M=R)****X3L"BBB@`HHHH`****`/#_C-JIN/$%GIBM\EI#YC# M_;?_`.L!^=>:5T'CB\-]XXUB8G(%RT:_1?E_I7/U]/AH<^5%G_P`>/]/SKBZ]:T:T%EHUI;XP5C!;ZGD_J:,1*T;=SGD] M"]114EO"]S<1P1_>D8**X7H0DV[(T=%T5]4E+N2ENA^9AU)]!7<6UK!9PB*" M-40=@*+2UCL[6."(81!@>_O4U>75JNH_(^BPV&C1CYA11161TC)(TEC,(;-PD#GYPQ^Y]/6NJHJX5)0^$QJT(55::*]E90V%LL$"X4 M=3W)]35BBBH;OJS5)15D%"KQXW*SW.+>,@\@MU/_?.:ZVO&?C7J MGF:AINE(W$4;3N/=C@?H#^==.$I^TK11CB9\E)L\JKU7X-Z7$C:GK]PHVVZ^ M5&Q'W>-SG\L#\37E5>R_\BM\#<_Z8N,K"S3-[;5)'ZXKE;V]!WKP_5O%FO:W*SWVJ7#*3Q$CE$'T4<55UK5I]\>&2^N)+=!'`TK&-!T523@?E79_".%I/'<;K MG$5O(S?D!_6KQE.$Z+DUJB<-4E&JDGN=+\;-4Q%IFDHWWBUQ(/I\J_S:O(*Z MOXD:I_:GCG4&5LQVY%NG_`>O_CV:YW3[)]1U*UL8AE[B58A^)Q5X2'LZ"OZD MXB7M*KL>\>`UM?"WPU@O[^00QNK74K'_`&C\H]SC;Q7G'BCXHZSK4[Q:=*^G M6.<*L9Q(X]6;M]!6Q\7M6$+:?X:M6VV]M$LDJCN<80?@`3^(KS.SM9+Z]M[2 M$9DGD6-?J3BN;"T(RO7J+5ZF^(K2C:C#9`]W78DX) M]^/UKB<$\`9)Z5V0Y*U--K1G-+GI3M?5'U3-KEE;^'CK/UKN/B9=-I'@30]`5L/(B>:/] MF-1_[,1^5>0UQ9?AXJ+J-7['5C*\FU!?,UM%\2:KH%_'=V-Y*"IRT;.2D@]& M%9MQ.]UF?4^U8/PV:/PWX!UCQ).HR['8#_`!!!A1^+$BO) M[R[GO[R:[N9#)/,Y>1CW)KC]BL1B)2E\,=#J]JZ%!1CN]2YJ7B'6-7F,M_J= MU,2VU._LI1+:WUU#(.0T:A MZ,1Z@\'\*Y7XM>)KZW\1VVG:??7%L+>#=+Y,A3+,>,X]@/SJM\%H7/B/4)^D M<=IM8]LEAC^1KB_%&I_VQXHU*_SE99VV?[HX7]`*X:6'@L7*RT2_,ZZE>3PR MON_T&?\`"2Z]_P!!O4?_``)?_&KVJ>-=;U*PM[`W]Q':PQA"JRG=*>[.W4DG MMT%0>$=%'B#Q38:I17MG=S*R,"R%R5<=U8=P:*CT2 MQ;4]>T^Q49,]PB'Z9Y_3-%88IX>,E[1:FN'59I\CT(+Z?[3J-U<%MQEF>3/K MEB:KU->0_9KVX@P1Y4K)@]1@D5#7=&UM#D>^I)`N^XB0]&<#]:]DQC@=!7C< M#!+F)CT5U/ZU[)G/(KEQ/0B85L^%XA)K2L1_JT9OQZ?UK&K:\+2!-9"G^.-E M'\_Z5PU?X;+PUO;1OW.YHHHKRCZ4\*^(GCW5+G7;K2M.NI;2RM7,3&%MK2L. MI)'.,\8]JQ?"WC[6-`U.%IKV>ZL68":"9R_R]RI/((J_\1_!^HZ7XAN]2AMY M)M/NY#*)(U+>6QY*MCISG%8GA?PCJ?B75(H(;:5+4,//N'0A47OR>I]!7T%. M.'^KK:UOZ^9XLW6]MUO<]N_X69X/_P"@S'_WZ?\`^)I?^%F>#_\`H,Q_]^G_ M`/B:M#P'X5``_L&R_P"_='_"!^%?^@#9?]^Z\C_9O[WX'I_O_+\2K_PLSP?_ M`-!F/_OT_P#\34]G\0/"^H7L-G:ZJDEQ,X2-!&XW,>@Y%/\`^$#\*_\`0!L? M^_=2VW@SPW9W45S;:-:13Q,'1UCP5([BD_J]M+_@"]O?6WXF[7S+XYU3^U_& MFIW0;=&)3%&?]E/E'\L_C7T-XCU(:/XQA?UQ7RP26)9CECR M3ZFN[*Z>LI_(Y,PGHH%S2K!]4U>SL$'S7$R1_F<']*^H;K1].OK**SO+.&XM MXL;(Y4#`8&!P?:O#_A'I?V[QF+IES'90M+_P(_*/YG\JT/%'Q1U^S\3:A:Z9 M<0)9P2F)`T(8G;P3GZYJ\7"=>LJ=/[*N1AI0HTG.?5GJ7_"&>&O^@%I__@.O M^%/9<5PVG_$SQCJ.I6ME%=VWF7$J MQ+_HR]2<5>^,^IF;6K#2U?<+:$R/_OO_`/6'ZUC3PU6->,:COUW[&LZ].5*4 MH*W3[SS*MK1?%&H:#8:A:6*P!;]/+E=TRX&"/E.>.IK%^@R:]-O?A[X8T.QL M9->\0W5G<7,8;8(P1NP-P&`>`3WKU*]2G&T9J]^FYY]*$W>4=+'F5>I?"B-- M+TCQ!XCF&$MX?+0GOM!#3 M=+N9)XM2F#++(-K2*?G)Q@=@HKFQ%958JDD_>:W5C>C2=-NHVM%W/(Y97GFD MFD.9)&+L?4DY-=K\*-,_M#QO#.RYCLHVF/\`O?=7]3G\*X>O8/A6+?0/"&K^ M)+T[8F;&>Y5!T'U9L5MC))OA?K^O^([[5/MU@J3R M9179\J@&%!X]`*YFTTRP\#>([6_U/5[&_>U8N+2Q+.Y?!VY)`"\XZGM5/Q-\ M0-;\22R(T[6EB3\MM"V!C_:/5C^E8VG:%=ZAIU]J$:B.RLDW2S-TSV4>K$D5 MG3IU53M6E9;67^9Q;D_^.J?SK:O M)4J+Y>BT,J2=2JKF=\6-4_M#QM+`K9CLHEA'^]]YOU./PKC;2UDO;V"TB&9) MY%C4>Y.*?J%[)J.I75]*Z3H-N?W-A:@D#U/`_1?UKS?D]!D]A6UXNU3^V?%N MIWP;*/.5C/\`L+\J_H*?X,TO^V/&&F697;]*\IKN/BQJG]H>-I8%;, M=E$L(_WOO-^IQ^%<9:VTE[>06L0S)-(L:CW)P*G"1Y:*E+=ZOYCQ#YJC2Z:' MHDO_`!(/@G$GW;C6;C'._M-L,1I/E730]5\''_A'?A1K>N'Y9KLM'$?I\B_^ M/,WY5Y5VKU/XBD:%X%\/>&T.'*B64#_9'/YLQ_*O+*G">\I5/YG^"V'B?=<8 M=D>E_":&.QCUSQ'.!Y=E;%%)]<;C^BC\Z\XGG>YN);B4YDE'[MQJ\P9AWVDY_]!4?G7F%/#^_.=3SM]P5O=C&'E?[SO\`X0Z7]M\8 MF[9N M_+0]/!PY:2\]3RGQI:&Q\;:S!C`^U,ZCV;YA_.L*O1_C)I9M?$]MJ*K^[O(` M"?\`;3@_H5KSBOC&7D>37CRU)(*] M!M2#03:<[?,A\R//<'J/SY_&EB(WC?L<\EH=A4MK<-:W44Z?>C8-]:BHK@:O MH0FT[H].M[B.ZMTGB.4<9!J6N%T/6SIK^3-EK9CDXZH?4>U=M#-'<1+)$ZNC M=&4Y%>95I.F_(^CPV(C6C?KU)****R.@**1F"J68@`=2>U_"G M+2XX/L/:KA3E-V1C6KPHQO(ZNBLC1]E*+B[,NG4C4C MS1>AY]\8;XVW@U+93@W5RB'W498_R%>"U[9\:[>5]"TVX528HKDAR.VY>/Y5 MXG7O9X084?BQ(KR%W:61I'.7_Y&52ISQC"/3\SN/A+HYU'Q@MXZYAL(S*3VWGA1_,_A7/\`C+43 MJGC'5;K=E3<,B?[J_*/Y5[KX!\*_\(KX>6";:;V=O-N&7G![*#Z`?KFOGO6; M66QUR_M9@1)%<.K9_P!XUSX>K&MB)R7161M6ING1C%]=67_!VE_VQXOTRR*[ MD:8/(/\`97YC^@KH/BYJGV[QH;96S'90K%Q_>/S-_,#\*Y?P_K]YX:U0:C8K M"TXC:,>:NX`'O]:HW=W-?7D]WIBJB5+D6[ M9/H^G2:OK-GIT8):YF6/Z`GD_@,FNY^,-^CZ]8Z3!Q#8VP^4=F;_`.Q"_G6Y M\)_!LEKCQ)J,9C9D(M(V&"%/5S]1P/;)KS/Q-J9UGQ/J6H9RLT[;/]T<+^@% M91FJN)TVBOQ9HXNG0UWE^2,FO4O')_X1_P"&V@>'E.V6<"6<#V&XY_X$P_*N M&\)Z9_;'BO3+$KE))U+_`.XOS-^@-=1\8KEY?&<<)^Y!:(%'U))JJKYZ\(=M M?\B::Y:,I]]#S[H*]0\4QKX<^$NC:.H"W%^ZSS`=3QO.?Q*C\*\OK8\0^)M0 M\3W,$U^8AY$0BC2)=JJ._P")K2K3E.<.R=W^A%.:C&7=Z&/7J5I_Q3GP0GG^ M[<:M(5'KM8[?_05)_&O,;>"2ZN8K:(9DE=8U'N3@5ZI\7HQINB>'=)AX@B5A M[':JJ/YG\ZSQ+YIPI]W?[C2@N6$Y]E;[SR>O3/`9_L+P#XC\1,-LCK]G@/N! MCC_@3#\J\SK7E\27\OAF#P_F-;&&4RX5<,[$D_,?;-:5Z;J145M=7]#.C-0D MY/MH9%>G?!O3U_M#4]9E'[NU@\M2>Q;D_HOZUYC7N_@;1I;7X57`C7%S?P32 MCCD[E*K^@'YUCCY\M&W?0UP<+U+]M3Q+4KU]1U2[OI#EKB9Y3^)S74?"_3/[ M1\<6KL,Q6BM<-]1POZD?E7&@$#!&".U:VB>([_P^E\+`QJUY#Y+NRY95]5]# M715@W2<(>AC3DE44I"^*M3_MCQ3J5^#E)9VV'_8'"_H!5OP+HYUOQCI]J5S$ MDGG2_P"XG/ZG`_&N=`Z`9/8"O<_AUX9/A/P]=ZYJB>7=S0F1D;K%$HW8/N>I M_"L<345"CRK?9&M"#JU;O;=G`?%/5/[2\<7,:MF.S1;=?J.6_4G\JY.PLY-0 MU&VLHAF2XE6)?J3BFWEU)?7L]W*B(_C5O5FA\7KR--5TS1(#B'3[4?*.Q;@?^.J/SKSC!/`& M2>@K8\5:G_;/BK4K\'*23L$_W!\J_H!4_@G3/[7\9:7:%=T?G"20?[*?,?Y8 M_&BDO8T%?HK_`*A4?M:KMU9]#^&M,&C>&M.T_&&A@4-_O8RWZDT5JT5\U)N3 MNSWDK*R.-^)N@G6_!\[1)NN;,_:(\#D@#YA^6?R%?.U?71`8$$9![&OG#X@> M%V\,^))$B0BQN29;8]@,\K^!_3%>MEE?>D_D>;CZ6U1'*58LKR6PO8KJ`XDC M;(]_457HKUVKZ'FGKVG:A!J=C'=0'Y6'([J>X-6J\KT36Y]%NMZ9>!^)(L\, M/4>]>EV&H6VI6JW%K('0]1W4^A'8UY]6DX/R,I*Q9JQ:7]U8ONMIFC]0.A^H MJO16+2>C",G%W1T,/BZ[0`2V\4GN"5ITGC"Y(Q':Q*?5F)KG**S]A3['1](Y-7E\F#='9H%BO6Y*^S^H_VOSKV2.1)8UD MC971AE64Y!'J#7$W7PDN5.WY,]E*CB8W:/'+7X)79E'VS6H5C[^3"2Q_,BO0 MO#7@G1O"R;K*`OG3=XH*Y#Q7\.]) M\53?:I&DM+[&#/$`=P[;@>O\ZZ^BLH5)4YI45E3KU*5^1V M-*E&%3XE/;C\:L>,OA_8>+FCN&G M>UOHUV+,B[@R]<,._6NOHI_6*O/[2^HO8T^7DMH>3Z;\$X([@/J>K//$#GRH M(MFX>[$G'X5>O_@WIE[?37"ZE<0([?+#'&NV->@4?05Z516CQE=N_,0L+12M MRGG>C?"/3='UFTU$:CXK>HK.5>I*2FWJBXT:<8N*6C/(;7X(@7'^EZX6A!Z1088CZDD"MK4 MOA!HUZT"VUU/9Q0Q[`D:JQ6_\`"D=- M_P"@S>?]^TKTNSM8[&Q@M(1B*"-8T'L!@5/16=2O4JVYW^EO;*[DL)96+.BH'C+'J0."/SK!C^"%QYG[S78Q'ZK;'/\`Z%7L=%:Q MQM>*LI&>OKTK1HK&56"7',;]C].QK>HJHR<6I1W0 MI14E9GR=J.GW6E:A/8WL1BN(6VNI_F/4'J#56OHOQUX%MO%EEYT.V'5(5_=3 M'HX_N-[>_:OGV_L+O2[Z6ROH'@N(CAD<<_7W'O7T6%Q4:\?,\/$8>5*7D5JL MV-_=:;<">TF:-^^.C#T([U6HKJ:OHSG.\TWQQ;3!8]0B,$G>1!N0_AU%=+;7 MEK>(&MKB*4'^XP->/4JDJVY25/J#@USRP\7MH0XH]GP?2C%>1QZMJ4.!'?W* M@?\`34TY]9U27[^H7)_[:&L_JS[BY#U::>&V0O/+'$H[NP%<]J/C33[4%;0& MZE[$<(/Q[_A7GSN\K;I'9SZL';F+3Y4EO=.D<*(%Y>,D_\L_\`XFN+BBDGF2&&-I)7 M(5$09+'T`KW+X>?#I="":MJR*VIL/W<746X/\V]^U_0ZL+"I* M=X:'HJGN:%\']%T]EEU.6 M349ASL8;(@?]T EX-99 3 exhibit99.htm EXHIBIT 99 (FOURTH FISCAL QUARTER AND FISCAL YEAR END EARNINGS RELEASE) exhibit99.htm  

 
Exhibit 99
 

celadon logo
 
 
 
 
 
9503 East 33rd Street
Indianapolis, IN  46235-4207
(800) CELADON
(317) 972-7000
 
 
 
 
 
 
For more information:                                                                                                                                  FOR IMMEDIATE RELEASE
Paul A. Will                                                                                                                             August 11, 2009
Investor Relations
(800) CELADON Ext. 7014
(317) 972-7014 Direct
pwill@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, 2009, the fourth fiscal quarter of the company's fiscal year ending June 30, 2009.

Revenue for the quarter decreased 24.4% to $116.9 million in the 2009 quarter from $154.6 million in the 2008 quarter. Freight revenue, which excludes fuel surcharges, was down 10.7% to $104.2 million in the 2009 quarter from $116.7 million in the 2008 quarter. Net income decreased to $0.2 million in the 2009 quarter from $2.2 million for the same quarter last year. Earnings per diluted share decreased to $0.01 in the 2009 quarter from $0.10 for the same quarter last year.

For the fiscal year ended June 30, 2009, revenue decreased 13.4% to $490.3 million in 2009 from $565.9 million for the same period last year. Freight revenue was down 10.8% to $408.2 million in 2009 from $457.5 million for the same period last year. Net income decreased 60% to $2.6 million in 2009 from $6.5 million for the same period last year. Earnings per diluted share decreased to $0.12 from $0.29 the same period last year.

Chairman and CEO Steve Russell commented, "Although the freight environment continued to reflect the weakness of the U.S. economy, we did achieve more than a seasonal pickup in shipments progressively through the June quarter.  The growth in business with customers added in the past year helped drive the improvement.   The rate environment has continued to be quite difficult, with many fleets struggling and willing to accept non-compensatory pricing.  Our average rate per loaded mile continued to decline, and for the June quarter was down 6.5% from the June 2008 quarter.  The financial impact of this decline was partly offset by cost reductions achieved throughout the company, as well as the benefit of lower fuel costs.

"Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At June 30, 2009, we had $143.7 million of stockholders' equity and $49.0 million of total balance sheet borrowing.


 
 
 

"Our bank borrowings outstanding at June 30, 2009 were $5.5 million, along with $5.5 million in outstanding letters of credit.  We amended our revolving credit agreement today to reduce the maximum available borrowing to $40 million and adjust financial covenants.  The reduction in maximum borrowing will reduce unused borrowing fees.  We reduced the maximum available borrowing in light of our low revolving credit balances as well as anticipated ongoing cash flow from operations and equipment sales exceeding required net capital expenditures through the remainder of the calendar year 2009.  We don't have any equipment on order after 2009 and don't expect to order any equipment in calendar year 2010.  We are in compliance with our Credit Agreement covenants."

Conference Call Information

An investor conference call is scheduled for Wednesday, August 12, 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 800-706-7748 (international calls 617-614-3473) pin number 64379218 a few minutes prior to the start time. A replay will be available through October 12 by dialing 888-286-8010 (international calls 617-801-6888) and entering call back code 37052894.

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, 2009 and 2008
(Dollars in thousands)
(Unaudited)

ASSETS
  
2009
    
2008
  
             
Current assets:
            
Cash and cash equivalents
   $ 863     $ 2,325  
Trade receivables, net of allowance for doubtful accounts of $1,059 and $1,194 in 2009 and 2008, respectively
     55,291       69,513  
Prepaid expenses and other current assets
     10,044       16,697  
Tires in service
     4,336       3,765  
Equipment held for resale
     8,012       ---  
Income tax receivable
     232       5,846  
Deferred income taxes
     2,780       3,035  
Total current assets
     81,558       101,181  
Property and equipment
     237,167       270,832  
Less accumulated depreciation and amortization
     70,025       64,633  
Net property and equipment
     167,142       206,199  
Tires in service
     1,581       1,483  
Goodwill
     19,137       19,137  
Other assets
     1,581       1,335  
Total assets
   $ 270,999     $ 329,335  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities:
                
Accounts payable
   $ 5,461     $ 6,910  
Accrued salaries and benefits
     10,084       11,358  
Accrued insurance and claims
     8,508       9,086  
Accrued fuel expense
     8,592       12,170  
Other accrued expenses
     11,547       11,916  
Current maturities of long-term debt
     1,109       8,290  
Current maturities of capital lease obligations
     6,693       6,454  
Total current liabilities
     51,994       66,184  
Long-term debt, net of current maturities
     5,870       45,645  
Capital lease obligations, net of current maturities
     35,311       42,117  
Deferred income taxes
     34,132       31,512  
Minority interest
     25       25  
Stockholders' equity:
                
Common stock, $0.033 par value, authorized 40,000,000 shares; issued and outstanding 23,840,677 and 23,704,046 shares at June 30, 2009 and 2008, respectively
     787       782  
        Treasury stock at cost;  1,744,245 and 1,832,386 shares at June 30, 2009 and 2008, respectively
     (12,025 )     (12,633 )
Additional paid-in capital
     97,030       95,173  
Retained earnings
     63,437       60,881  
Accumulated other comprehensive loss
     (5,562 )     (351 )
Total stockholders' equity
     143,667       143,852  
Total liabilities and stockholders' equity
   $ 270,999     $ 329,335  




 
 
 


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,
  
   
2009
    
2008
    
2009
    
2008
  
Revenue:
                        
Freight revenue
   $ 104,177     $ 116,704     $ 408,156     $ 457,482  
Fuel surcharges
     12,770       37,914       82,182       108,413  
      116,947       154,618       490,338       565,895  
                                 
Operating expenses:
                                
Salaries, wages, and employee benefits
     39,410       42,463       155,554       159,859  
Fuel
     25,829       50,645       125,922       163,111  
Operations and maintenance
     8,539       9,780       35,483       37,213  
Insurance and claims
     3,455       3,823       13,828       15,527  
Depreciation and amortization
     8,419       9,431       35,221       33,264  
Revenue equipment rentals
     8,324       5,571       29,138       25,596  
Purchased transportation
     14,800       19,278       55,789       82,205  
Costs of products and services sold
     1,198       1,544       5,818       6,406  
Communications and utilities
     1,195       1,332       4,929       5,117  
Operating taxes and licenses
     2,552       2,394       9,700       9,112  
General and other operating
     1,772       2,686       8,066       9,687  
Total operating expenses
     115,493       148,947       479,448       547,097  
                                 
Operating income
     1,454       5,671       10,890       18,798  
                                 
Other (income) expense:
                                
Interest income
     (9 )     (4 )     (35 )     (106 )
Interest expense
     688       1,251       3,589       5,028  
Other (income) expense, net
     (274 )     41       (227 )     193  
Income before income taxes
     1,049       4,383       7,563       13,683  
Provision for income taxes
     882       2,220       5,007       7,147  
Net income
   $ 167     $ 2,163     $ 2,556     $ 6,536  
                                 
Earnings per common share:
                                
Diluted earnings per share
   $ 0.01     $ 0.10     $ 0.12     $ 0.29  
Basic earnings per share
   $ 0.01     $ 0.10     $ 0.12     $ 0.29  
Average shares outstanding:
                                
Diluted
     22,171       21,913       22,134       22,617  
Basic
     21,788       21,689       21,727       22,378  

 
 
 

 
Key Operating Statistics

   
For the three months ended
    
For the three months ended
  
   
June 30,
2009
    
June 30,
2008
  
Operating Statistics (U.S./Canada Truckload)
  
Average revenue per loaded mile (*)
   $ 1.407     $ 1.506  
Average revenue per total mile (*)
   $ 1.266     $ 1.360  
Average revenue per tractor per week (*)
   $ 2,344     $ 2,805  
Average miles per tractor per week
     1,852       2,063  
Average tractors (**)
     2,878       2,675  
Tractors at end of period (***)
     3,168       2,929  
Trailers at end of period (***)
     10,015       8,932  
Operating Ratio (*)
     98.6 %     95.1 %
 
*
  
Excluding fuel surcharges.
**
  
Excludes tractors operated by our Mexican subsidiary, Jaguar.
***
  
Total fleet, including equipment operated by independent contractors and our Mexican subsidiary, Jaguar.

 -----END PRIVACY-ENHANCED MESSAGE-----