Celadon Group Announces Third Quarter Outlook and Investor Presentation

    INDIANAPOLIS--March 19, 2001--Celadon Group, Inc. announced that it expects third quarter results to be at the low end of published analysts' expectations, excluding the loss associated with the operations of TruckersB2B, Inc., its majority owned e-commerce division. In addition to the loss from operations of TruckersB2B, Inc., there will also be a one-time charge related to the previously announced postponed IPO in the amount of $825,000, or a loss of seven cents per share.
    The company also announced that on March 20, 2001, Chairman and Chief Executive Officer Stephen Russell, Chief Financial Officer Paul Will and Executive Vice President of Operations David Shatto will make a presentation to the investment community at the ING Barings 3rd Annual Global Transportation & Logistics Conference in New York City.
    "TruckersB2B continues to add new vendors and new members while expanding the usage levels of existing members," said Stephen Russell, Chairman and Chief Executive Officer. "In fact, TruckersB2B is expected to be cash positive from operations in the month of May."
    "On the trucking side, all economic signals continue to point to a difficult operating environment," Russell continued. "The main factor is a softness in the freight markets we serve which is limiting our revenue per unit through lower equipment utilization and a greater percentage of non-revenue miles. Although freight demand at the end of February and early March has increased, it's not improving enough to overcome a very soft January and early February."
    "Looking ahead, Celadon has been awarded several significant pieces of new business that are scheduled to begin early in the April quarter," Russell said. "We expect this new business to help our fleet utilization, assuming general freight levels of our existing business do not deteriorate. Driver availability is also improving throughout the industry."
    Interested investors unable to attend this conference being held in New York City may listen to the archived presentation webcast at: http://www.ingbarings.com. The webcast will be available beginning approximately one week after the conference, and will be maintained on the site for one month.

    TruckersB2B is an Internet-based "Business-to-Business" provider of pre-negotiated savings to its members on fuel, tires, freight finding, insurance, and other products and services purchased by small and medium-sized trucking companies and private fleets. TruckersB2B aggregates the volume purchasing capability of its members to achieve a lower cost of goods and services than could usually be obtained by its members individually. The discounts and rebates are provided to TruckersB2B members by leading vendors who are seeking to increase their sales volume and market share by utilizing the TruckersB2B "eMember Marketing" program to complement their traditional marketing methods.

    Celadon Group Inc., is a trucking and e-commerce company headquartered in Indianapolis, IN. The Company specializes in providing long-haul service (van truckload carriage and flatbed carriage) from the United States and Canada to and from locations in Mexico. The company operates approximately 2,600 line haul tractors and 7,000 trailers. Please visit the company's websites at: www.celadontrucking.com and www.truckersb2b.com.

    The discussion set forth above as well as oral statements made by officers of the company relating thereto, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such comments are based upon information currently available to management and management's perception thereof as of the date of this press release. Actual results of the company's operations could materially differ from those forward looking statements. Such differences could be caused by a number of factors including, but not limited to, potential adverse affects of regulation; changes in competition and the effects of such changes; increased competition; change in fuel prices; changes in economic, political or regulatory environments; changes in the availability of a stable labor force; ability of the company to hire drivers meeting company standards; changes in management strategies; environmental or tax matters; and risks described from time to time in reports filed by the company with the Securities and Exchange Commission. Readers should take these factors into account in evaluating any such forward looking statements.

    For additional information on Celadon Group, Inc. free of charge
    via the Internet, please go to
    http://www.tirc.com/invest/celadon/index.htm