UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )
Celadon Group, Inc.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
150838100
(CUSIP Number)
December 31, 2017
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:
/X/ RULE 13D-1(B)
/_/ RULE 13D-1(C)
/_/ RULE 13D-1(D)
CUSIP NO. 150838100
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1 NAME OF REPORTING PERSON
PENN Capital Management
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
22-2796848
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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5 SOLE VOTING POWER
700,565 SHARES
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 700,565 SHARES
WITH -----------------------------------------------------
8 SHARED DISPOSITIVE POWER
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,565 SHARES
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.48%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
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ITEM 1.
(A) NAME OF ISSUER Celadon Group, Inc.
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE
9503 East 33rd Street
Indianapolis, IN 46235
ITEM 2.
(A) NAME OF PERSONS FILING PENN Capital Management
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE
NAVY YARD CORPORATE CENTER
1200 INTREPID AVENUE, SUITE 400
PHILADELPHIA, PA 19112
(C) CITIZENSHIP DELAWARE
(D) TITLE OF CLASS OF SECURITIES
COMMON STOCK
(E) CUSIP NUMBER
150838100
ITEM 3.
IF THIS STATEMENT IS FILED PURSUANT TO RULE 240.13D- 1(B), OR 240.13D-2(B) OR
(C), CHECK WHETHER THE PERSON FILING IS A:
(A) ___ BROKER OR DEALER REGISTERED UNDER SECTION 15 OF THE ACT (15 U.S.C. 78O).
(B) ___ BANK AS DEFINED IN SECTION 3(A)(6) OF THE ACT (15 U.S.C. 78C).
(C) ___ INSURANCE COMPANY AS DEFINED IN SECTION 3(A)(19) OF THE ACT (15
U.S.C. 78C).
(D) ___ INVESTMENT COMPANY REGISTERED UNDER SECTION 8 OF THE INVESTMENT
COMPANY ACT OF 1940 (15 U.S.C. 80A-8).
(E) _X_ AN INVESTMENT ADVISER IN ACCORDANCE WITH 240.13D- 1(B)(1)(II)(E).
(F) ___ AN EMPLOYEE BENEFIT PLAN OR ENDOWMENT FUND IN ACCORDANCE WITH
240.13D-1(B)(1)(II)(F).
(G) ___ A PARENT HOLDING COMPANY OR CONTROL PERSON IN ACCORDANCE WITH
240.13D-1(B)(1)(II)(G)
(H) ___ A SAVINGS ASSOCIATION AS DEFINED IN SECTION 3(B) OF THE FEDERAL
DEPOSIT INSURANCE ACT (12 U.S.C. 1813).
(I) ___ A CHURCH PLAN THAT IS EXCLUDED FROM THE DEFINITION OF AN INVESTMENT
COMPANY UNDER SECTION 3(C)(14) OF THE INVESTMENT COMPANY ACT
OF 1940 (15 U.S.C. 80A-3).
(J) ___ GROUP, IN ACCORDANCE WITH SECTION 240.13D-1(B)(1)(II)(J).
ITEM 4. OWNERSHIP.
PROVIDE THE FOLLOWING INFORMATION REGARDING THE AGGREGATE NUMBER AND
PERCENTAGE OF THE CLASS OF SECURITIES OF THE ISSUER IDENTIFIED IN ITEM 1.
(A) AMOUNT BENEFICIALLY OWNED: 700,565
(B) PERCENT OF CLASS: 2.48%
(C) NUMBER OF SHARES AS TO WHICH THE PERSON HAS:
(I) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: 700,565 shares
(II) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
(III) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: 700,565
(IV) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE DATE
HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL OWNER OF MORE
THAN FIVE PERCENT OF THE CLASS OF SECURITIES, CHECK THE FOLLOWING /___/.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
NOT APPLICABLE
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
NOT APPLICABLE
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NOT APPLICABLE
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE
ITEM 10. CERTIFICATION.
BY SIGNING BELOW I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF,
THE SECURITIES REFERRED TO ABOVE WERE NOT ACQUIRED AND ARE NOT HELD FOR
THE PURPOSE OF OR WITH THE EFFECT OF CHANGING OR INFLUENCING THE CONTROL OF
THE ISSUER OF THE SECURITIES AND WERE NOT ACQUIRED AND ARE NOT HELD IN
CONNECTION WITH OR AS A PARTICIPANT IN ANY TRANSACTION HAVING THAT PURPOSE
OR EFFECT.
AFTER REASONABLE INQUIRY AND TO THE BEST OF MY KNOWLEDGE AND BELIEF, I
CERTIFY THAT THE INFORMATION SET FORTH IN THIS STATEMENT IS TRUE, COMPLETE
AND CORRECT.
DATED: July 30, 2018
BY: /S/ Eric J. Green
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NAME: Eric J. Green
BY: DIRECTOR OF RESEARCH