-----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, DW+hx4wvbJg9QlS9+IkiXWCau8AdEDqRyy2TVQxJnHvKAZ7BkHF5WeivaG2Cr0eX ST+f9zNQoGlA+VfhBB0Fzg== 0001008886-10-000102.txt : 20101027 0001008886-10-000102.hdr.sgml : 20101027 20101027104419 ACCESSION NUMBER: 0001008886-10-000102 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20101026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101027 DATE AS OF CHANGE: 20101027 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: 001-34533 FILM NUMBER: 101143935 BUSINESS ADDRESS: STREET 1: ONE CELADON DRIVE STREET 2: 9503 E 33RD STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46235-4207 BUSINESS PHONE: (317) 972-7000 MAIL ADDRESS: STREET 1: ONE CELADON DRIVE STREET 2: 9503 E 33RD STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46235-4207 8-K 1 form8k.htm FORM 8-K (FIRST QUARTER FISCAL 2011 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):
October 26, 2010

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


Delaware
001-34533
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, October 26, 2010, 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 three months ended September 30, 2010, the first fiscal quarter of the Company's fiscal year ending June 30, 2011.  A copy of the press release is attached to this report as Exhibit 99.1.

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 ended September 30, 2010, the first fiscal quarter of the Company's fiscal year ending June 30, 2011.

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: October 26, 2010
By:
  /s/ Paul Will
   
Paul Will
   
Chief Financial Officer, Executive Vice President, Treasurer,
and Assistant Secretary


 
 
 

EXHIBIT INDEX

EXHIBIT
NUMBER
  
EXHIBIT DESCRIPTION
 
Celadon Group, Inc. press release announcing financial and operating results for the three months ended September 30, 2010, the first fiscal quarter of the Company's fiscal year ending June 30, 2011.

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

For more information:                                                                                                           FOR IMMEDIATE RELEASE
Jeryl Desjarlais                                                                                                                                October 26, 2010
Communications Manager
(800) CELADON Ext. 7070
(317) 972-7070 Direct
jdesjarlais@celadongroup.com


CELADON GROUP REPORTS FIRST FISCAL QUARTER FINANCIAL RESULTS


INDIANAPOLIS – Celadon Group Inc. (NYSE : CGI) today reported its financial and operating results for the three months ended September 30, 2010, the first fiscal quarter of the Company’s fiscal year ending June 30, 2011.

Revenue for the quarter increased 9.8% to $140.3 million in the 2010 quarter from $127.8 million in the 2009 quarter. Revenue before fuel surcharge increased 8.0% to $119.5 million in the 2010 quarter from $110.7 million in the 2009 quarter. Net income increased to $4.4 million in the 2010 quarter from $0.6 million for the same quarter last year. Earnings per diluted share increased to $0.20 in the 2010 quarter from $0.03 for the same quarter last year.

Chairman and CEO Steve Russell commented on the results of the September 2010 quarter. "Earnings per share of twenty cents in the quarter compared with three cents in the September 2009 quarter. Our average rate per mile improved to $1.47, up about six cents per mile from the September 2009 level, or 4.5%, and about eight cents below the peak level of December 2006. Cost controls also continued to positively impact results. We have continued to improve our operating efficiency which has resulted in the reduction of 455 trailers and 159 tractors in our quarter end numbers, while maintaining approximately the same number of total miles for both quarters.  As we continue to focus on expanding our margins and improving our returns on invested capital, we have also incre ased our non-asset based business revenues over 20% in the current quarter, compared with the prior year.  These improvements and enhancements to our operating model resulted in a reduction in our operating ratio to 93.2, or 430 basis points compared with the 97.5 level achieved in the September 2009 quarter."

“Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At September 30, 2010, we had $159.6 million of stockholders' equity, $10.9 million in cash and $27.7 million of total balance sheet borrowing with no outstanding bank borrowings.”


 
 
 
Conference Call Information

An investor conference call is scheduled for Wednesday, October 27, at 11:00 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 866-804-6926 (international calls 857-350-1672) pin number 42835261 a few minutes prior to the start time. A replay will be available through November 3 by dialing 888-286-8010 (international calls 617-801-6888) and entering call back code 37645634.

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 i ntermodal 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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands except per share amounts)
(Unaudited)

   
Three months ended
  
   
September 30,
  
   
2010
    
2009
  
             
REVENUE:
            
Revenue, before fuel surcharge
   $ 119,470     $ 110,686  
Fuel surcharge revenue
     20,819       17,151  
Total revenue
     140,289       127,837  
                 
OPERATING EXPENSES:
                
Salaries, wages, and employee benefits
     38,127       40,005  
Fuel
     32,271       29,737  
Purchased transportation
     25,875       18,128  
Revenue equipment rentals
     7,453       9,376  
Operations and maintenance
     10,190       8,682  
Insurance and claims
     4,125       3,945  
Depreciation and amortization
     7,527       7,997  
Cost of products and services sold
     1,398       1,632  
Communications and utilities
     1,108       1,238  
Operating taxes and licenses
     2,393       2,362  
General and other operating
     1,741       2,018  
Total operating expenses
     132,208       125,120  
                 
Operating Income
     8,081       2,717  
                 
Interest expense
     463       663  
Interest income
     (16 )     (21 )
Other (income) expense, net
     (67 )     91  
Income before income taxes
     7,701       1,984  
Income tax expense
     3,280       1,419  
Net income
   $ 4,421     $ 565  
                 
Income per common share:
                
Diluted
   $ 0.20     $ 0.03  
Basic
   $ 0.20     $ 0.03  
                 
Diluted weighted average shares outstanding
     22,556       22,190  
Basic  weighted average shares outstanding
     22,056       21,847  












 
 
 

Key Operating Statistics
 
 
   
For the three months ended
    
For the three months ended
   
September 30,
    
September 30,
   
2010
    
2009
Operating Statistics (U.S./Canada Truckload)
          
Average revenue per loaded miles (*)
   $ 1.471     $ 1.407
Average revenue per total mile (*)
   $ 1.322     $ 1.266
Avg. revenue per tractor per week (*)
   $ 2,637     $ 2,495
Average miles per tractor per week
     1,996       1,971
Average tractors (**)
     2,802       2,865
Tractors at end of period (***)
     3,062       3,221
Trailers at end of period (***)
     9,528       9,983
Operating Ratio (*)
     93.2       97.5
*Excluding fuel surcharges
              
**Excludes tractors operated by our Mexican subsidiary, Jaguar
***Total fleet, including equipment operated by independent contractors and our Mexican subsidiary, Jaguar

 
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2010 and June 30, 2010
(Dollars in thousands except par value amounts)

   
(unaudited)
        
   
September 30,
    
June 30,
  
ASSETS
  
2010
    
2010
  
             
Current assets:
            
Cash and cash equivalents
   $ 10,937     $ 18,844  
Trade receivables, net of allowance for doubtful accounts of $1,133 and $1,307 at September 30, 2010 and June 30, 2010, respectively
     62,470       63,468  
Prepaid expenses and other current assets
     18,624       12,310  
Tires in service
     5,612       5,010  
Deferred income taxes
     3,443       3,593  
Total current assets
     101,086       103,225  
Property and equipment
     229,859       226,169  
Less accumulated depreciation and amortization
     77,505       74,852  
Net property and equipment
     152,354       151,317  
Tires in service
     2,295       1,843  
Goodwill
     19,137       19,137  
Other assets
     1,704       1,578  
Total assets
   $ 276,576     $ 277,100  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities:
                
Accounts payable
   $ 6,579     $ 7,733  
Accrued salaries and benefits
     11,245       11,472  
Accrued insurance and claims
     11,170       10,967  
Accrued fuel expense
     8,394       11,263  
Other accrued expenses
     15,064       12,209  
Current maturities of long-term debt
     257       336  
Current maturities of capital lease obligations
     12,913       15,350  
       Provision for income taxes
     4,730       2,950  
Total current liabilities
     70,352       72,280  
Long-term debt, net of current maturities
     ---       44  
Capital lease obligations, net of current maturities
     14,522       19,861  
Deferred income taxes
     32,113       32,742  
Total liabilities
     116,987       124,927  
Stockholders' equity:
                
Common stock, $0.033 par value, authorized 40,000 shares; issued 23,799 and 23,872 shares at September 30, 2010 and June 30, 2010, respectively
     785       788  
Treasury stock at cost; 1,495 and 1,604 shares at September 30, 2010 and June 30, 2010, respectively
     (10,307 )     (11,064 )
Additional paid-in capital
     98,581       98,640  
Retained earnings
     72,055       67,635  
Accumulated other comprehensive loss
     (1,525 )     (3,826 )
Total stockholders' equity
     159,589       152,173  
Total liabilities and stockholders' equity
   $ 276,576     $ 277,100  

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