Celadon Authorizes Share Repurchase Program
24 November 2000
Celadon Authorizes Share Repurchase Program
INDIANAPOLIS--Nov. 22, 2000--The Board of Directors of Celadon Group, Inc. today voted to authorize management to repurchase up to 200,000 shares of the Company's outstanding common stock in a buy back program. The Company has approximately 7,788,242 common shares outstanding.It is anticipated that the Company will purchase these shares in a systematic program of open market or privately negotiated purchases, subject to market conditions, from time to time prior to June 30, 2001. The repurchased shares will become treasury shares and will be used for general corporate purposes, including reissuance in connection with employee benefit plans.
Stephen Russell, the Chairman and Chief Executive Officer of Celadon Group, indicated that the Board of Directors approved the repurchase in view of the current price level of the Company's common stock, and that the adoption of the stock repurchase program reflects the confidence of the Board and the Company's management in the results of the Company's operations and financial performance to date, as well as its future prospects. Russell stated, "We believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the Company and our stockholders."
Celadon Group, Inc., is a trucking and e-commerce company headquartered in Indianapolis, IN. The Company operates approximately 2,600 line haul tractors and 6,900 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; change 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.