Celadon's 4Q, year-end net income grows

Celadon Group Inc. said today that its fourth-quarter net income increased to $1.2 million compared with net income of $1.1 million in the same period last year. Net income for the fiscal year ended June 30, 2003, more than doubled to $3.6 million, including a non-cash charge of $0.9 million, compared with net income of $1.7 million, last fiscal year, the company reported. Income before income taxes for the quarter was $2.5 million, a 47% increase from the prior year's level of $1.7 million. Consolidated revenue for the three months was $92.0 million, a 4% decrease from the $96.0 million reported for the same period a year earlier. The decrease in revenue related to planned reductions in certain dedicated operations and business from its largest customer, chairman & CEO Steve Russell said. Celadon reduced its total balance sheet debt by 37% to $60.8 million from $97.0 million at the end of the last fiscal year. Celadon is one of the ten largest truckload carriers in the U.S., with operations in Canada and Mexico. It operates over 2,600 tractors and 7,000 trailers.