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Celadon Group, Inc.
Type
Public
Traded as NYSE: CGI
Industry Transport and Logistics
Founded May 1985
Founders Stephen Russell
Lee Bennett
Headquarters Indianapolis, Indiana, United States
Area served
North America
Key people
Paul Svindland (CEO)
Jon Russell (COO
Thom Albrecht (CFO)
Revenue Increase US$1.065 billion (2016)
Net income
Decrease US$24.844 million (2016)
Total assets Decrease US$1.103 billion (2016)
Total equity Increase US$381.015 million (2016)
Website www.celadontrucking.com

Celadon Group, Inc. is a truckload shipping company located in Indianapolis, Indiana, USA. It is one of the ten largest truckload carriers in North America. Celadon was founded in 1985 and employs over 4,000 individuals. Through its subsidiaries, Celadon provides long-haul and regional freight service across Canada, Mexico, and the United States.

Celadon cofounders Stephen Russell and Leonard Bennett had neither employees nor equipment when they started the Indiana-based company, but they did have one major contract to transport automotive parts to a new Chrysler plant in Mexico. Russell and Bennett named their new company Celadon after reading about celadon pottery, an ancient green-glazed stoneware dating back to the Koryo dynasty (918-1392 A.D.). They hoped their company would be distinctive like the pottery. Celadon did $8 million in business during its first year and was considered a pioneer of the commerce trail between the United States and Mexico.

The passing of the National American Free Trade Act in 1995 was a major break for Celadon, which was in a position to capitalize on the explosion in trade between the United States and Mexico. According to the original NAFTA, trucks from Mexico could enter the United States and move freely within the states bordering Mexico, and even as far north as the California-Oregon border. However, the United States blocked NAFTA just as it was about to go into effect. While the United States contended it had "safety concerns," critics claimed the move was politically connected to the powerful Teamsters Union, which worried that allowing low-paid Mexican truck drivers into the country would threaten U.S. jobs. NAFTA was eventually passed, but drivers were prohibited from hauling their loads to their Mexican destinations. Instead, they had to hand off their loads at border-town interchange points, and Mexican truck drivers took over for the final leg of the run.

Celadon quickly adapted to NAFTA's provisions. It cultivated its relationships with over 15 Mexican trucking companies and allowed these companies to drive its trucks to their destinations within Mexico. Many in the industry feared Celadon's trucks would be confiscated in Mexico, but Celadon hauled shipment after shipment without incident. It credited its solid relationships with the Mexican trucking companies for its success. Celadon became known as the primary NAFTA carrier. The company later acquired the Mexican trucking company Transportacion de Jaguar to assist with cargo transfer at the Mexican border.

After several years of answering to the public, Russell considered the IPO a mistake for Celadon. "Being a private company, you can focus on the long term without worrying about specific quarterly earnings," he explained in the Indiana Business Journal in 1998. Russell also felt Celadon's stock was "unappreciated" on Wall Street. In 1998, Larendo Acquisition Company, a subsidiary of the New York Investment firm Odyssey, planned to acquire Celadon for $259 million, but backed out because it was unable to secure financing. News of the deal falling through caused a 32 percent drop in Celadon's stock.

On May 1st 2017 the company announced that COO Eric Meek had resigned after auditor BKD had determined that the financial statements for the 2016 fiscal year “should not be relied upon.” On May 8th, the New York Stock Exchange informed the company that it had failed to meet the exchange's listing standard and the company’s stock could be delisted in six months. The noncompliant financials put Celadon into default with its lenders. The company reached a new credit deal with Bank of America on July 3rd after agreeing to a host of operating and reporting restrictions. CEO Paul Will announced his retirement on July 13th.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2016-06-24 Downgrade Stifel Nicolaus Buy to Hold
2016-06-22 Reiterated Rating RBC Capital Outperform
2016-06-22 Reiterated Rating Royal Bank Of Canada Outperform
2016-05-27 Upgrade Desjardins Hold to Buy
2016-05-01 Reiterated Rating TD Securities Buy
2016-05-01 Reiterated Rating Goldman Sachs Neutral
2016-05-01 Reiterated Rating Deutsche Bank Sell
2016-05-01 Reiterated Rating Credit Suisse Outperform
2016-05-01 Reiterated Rating BMO Capital Markets Outperform
2016-05-01 Reiterated Rating Goldman Sachs Group Inc. Neutral
2016-05-01 Reiterated Rating Deutsche Bank AG Sell
2016-05-01 Reiterated Rating Credit Suisse Group AG Outperform
2016-04-29 Boost Price Target Cowen and Company Outperform $15.00 to $17.00
2016-04-15 Reiterated Rating Desjardins Hold
2016-04-04 Reiterated Rating TD Securities Buy
2016-03-31 Reiterated Rating Scotiabank Outperform $64.00
2016-01-30 Reiterated Rating Scotiabank Outperform $62.00 to $64.00
2016-01-29 Lower Price Target Stifel Nicolaus $20.00 to $14.00
2016-01-29 Boost Price Target Raymond James Strong-Buy $20.00 to $22.00
2016-01-29 Boost Price Target Raymond James Financial Inc. Strong-Buy $20.00 to $22.00
2016-01-12 Lower Price Target KeyBanc Overweight $20.00 to $15.00
2016-01-12 Lower Price Target KeyCorp Overweight $20.00 to $15.00
2015-12-18 Lower Price Target BB&T Corp. Buy $26.00
2015-11-13 Upgrade Societe Generale Hold to Buy
2015-11-13 Reiterated Rating RBC Capital Outperform $60.00 to $65.00
2015-11-05 Upgrade Desjardins Hold to Buy
2015-10-30 Reiterated Rating Cowen and Company Outperform $30.00 to $27.00
2015-08-02 Reiterated Rating Cowen and Company Buy
2015-07-31 Boost Price Target Cowen and Company Outperform $27.00 to $30.00
2015-07-30 Boost Price Target Stifel Nicolaus Buy $27.00 to $28.00
2015-07-13 Upgrade Raymond James Market Perform to Strong-Buy $26.00
2015-07-10 Reiterated Rating KeyBanc Buy $30.00 to $27.00
2015-06-05 Downgrade GMP Securities Buy to Hold
2015-06-01 Reiterated Rating Cowen and Company Outperform $30.00 to $27.00
2015-05-02 Downgrade Societe Generale Buy to Hold $49.00 to $62.00
2015-04-29 Upgrade Stephens Equal Weight to Overweight $32.00
2015-04-27 Downgrade Wolfe Research Outperform to Peer Perform
2015-03-23 Upgrade BB&T Corp. Hold to Buy $37.00 to $37.00
2014-11-14 Boost Price Target Deutsche Bank Sell $24.00 to $27.00
2014-10-31 Upgrade Wolfe Research Market Perform to Outperform $24.00
2014-08-13 Downgrade Stephens Overweight to Equal Weight $27.00 to $24.00
2014-07-08 Upgrade Stifel Hold to Buy $26
2014-07-08 Upgrade Stifel Nicolaus Hold to Buy $26.00
2014-05-01 Reiterated Rating Buckingham Research Buy $27.00
2014-05-01 Boost Price Target Cowen and Company Outperform $24.00 to $27.00
2014-02-26 Boost Price Target KeyBanc $24.00 to $25.00
2014-02-19 Boost Price Target Wunderlich Buy $23.00 to $26.00
2014-02-10 Reiterated Rating Aegis Buy
2014-01-24 Downgrade Sidoti Buy to Neutral
2014-01-14 Downgrade Stifel Nicolaus Buy to Hold $22.00 to $19.00
2013-11-19 Reiterated Rating Wunderlich Buy $23.00
2013-11-19 Reiterated Rating Stifel Nicolaus Buy $21.00 to $22.00
2013-10-30 Lower Price Target Cowen and Company Outperform $23.00 to $21.00
2010-01-08 Initiated Dahlman Rose Buy $13
2016-06-24 Downgrade Stifel Nicolaus Buy to Hold
2016-06-22 Reiterated Rating RBC Capital Outperform
2016-06-22 Reiterated Rating Royal Bank Of Canada Outperform
2016-05-27 Upgrade Desjardins Hold to Buy
2016-05-01 Reiterated Rating TD Securities Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
Svindland Paul C CEO 2.56%  (600000) CGI / PACR /
Russell Jonathan Scott President of Subsidiary 2.46%  (575988) CGI /
RUSSELL STEPHEN Chairman and CEO 1.74%  (408985) CGI / SGU /
WILL PAUL President, COO, & Asst. Sec. 0.90%  (211500) CGI /
Albrecht Thomas S EVP, CFO, and CSO 0.75%  (175000) CGI /
Meek William E VP/Treas/Prin. Fin. Officer 0.61%  (142000) CGI /
MILLER MICHAEL 0.58%  (134901) CGI / JAKK /
HEYWORTH ANTHONY 0.34%  (79921) CGI /
DONARGO VINCENT VP and CAO 0.32%  (75000) CGI /
Core Kenneth Vice President and Secretary 0.30%  (70572) CGI /
LANGHAM CATHERINE A 0.23%  (55001) CGI / FINL / HGG /
Long Robert Douglas 0.13%  (29762) CGI /
Peavler Bobby L VP & PAO 0.11%  (25375) CGI /
Buck Kenneth L Jr 0.09%  (20534) CGI /
Middleton Bart T VP & Prin. Accounting Officer 0.09%  (20083) CGI /
Ross Kathleen L 0.06%  (14099) CGI /
Tarble Leslie A VP, Treasurer, & PFO 0.05%  (11150) CGI /