A.M. Executive Briefing - Oct. 28
This Morning's Headlines:
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Con-Way Web Site to Offer Customers Online Pickup Request Service
Con-Way Transportation Services' new Web Pickup Requests feature on its www.con-way.com site allows shippers to set up pickups online. Requests can be made from the section called QuickTools, which is open to all users, or the PowerTools section, which requires registration and offers certain advantages. Con-Way will make telephone or e-mail confirmation of pickups. Business Wire (10/27/99)NationsWay May Soon Pay Off Largest Creditor
NationsWay Transport lawyer Donald Gaffney informed a Phoenix bankruptcy court that the bankrupt trucking firm could possibly pay its debt to chief creditor Foothills Capital Corp. "in the next two to four weeks." NationsWay has eliminated thousands from its payroll and sold and auctioned assets since its May Chapter 11 filing. In addition, some others have paid what they owed to NationsWay, Gaffney told the court. Associated Press (10/27/99)
Heartland Express Makes Announcement
Heartland Express says it has bought back 3.5 million common shares, or 11.7% of outstanding shares. At $12.75 apiece, the deal came to $45.1 million. Business Wire (10/27/99)Rollins Truck Leasing Corp. Reports Record Earnings for Fourth Quarter and Full Year
Rollins Truck Leasing Corp. says it saw record earnings before income taxes of $26.4 million in the fourth fiscal quarter, up from $25.1 million in the year-earlier quarter, with $16.1 million in net earnings, up 5%, and $164.5 million in earnings, up $3.6 million. Fourth-quarter earnings came to 28 cents a diluted share, up 2 cents.The company set earnings before income taxes, net earnings, and revenue records for the fiscal year, which ended Sept. 30. Full-year earnings before income taxes were $92.7 million, up 9% from the previous fiscal year, with net earnings of $56.5 million, up $4.5 million, and revenues of $627.4 million, up $17.2 million.
With a reduced amount of outstanding shares because of the company's buyback of 1.8 million common shares during the year, full-year net earnings came to 97 cents a diluted share, up 12 cents. PR Newswire (10/27/99)
Knight Transportation Makes Announcement
The board of directors at Knight Transportation has okayed a maximum buyback of 1 million common shares. Management will predicate its repurchasing decisions on the dry-van TL carrier's liquidity and stock price. Business Wire (10/27/99)Mullen Transportation Reports Third Quarter Results
Mullen Transportation says it saw C$64.2 million in gross revenues for the third quarter, up 30.8% from the year-earlier quarter, with net income rising 11.8% to C$3.8 million and earnings per share up 11.5% to C$0.29. Earnings before interest, income taxes, depreciation, and amortization (EBITDA) in the third quarter, was C$10.6 million, up 37.7%.The third-quarter year-to-year growth is attributed in part to acquisitions and hefty trucking demand. Mullen's acquisition of the Mill Creek Group of Companies particularly contributed to the growth.
For 1999's first nine months, gross revenues were C$187.8 million, up 10.9% from the comparable 1998 period, while EBITDA fell 2% to C$30 million, net income fell 26.2% to C$10.4 million, and earnings per share fell 25.5% to C$0.79. The company anticipates a reduction in the Trucking Division's growth rate because of too few drivers and the rise in fuel costs, but this may allow further acquisitions. Canada NewsWire (10/27/99)
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