Current Market, Stock Buybacks Go Together

October 20, 1998 12:00 AM, EDT

Publicly owned transportation and logistics companies are taking advantage of the current stock market downturn to repurchase their stock at bargain prices.

The buybacks also improve the companies’ per-share earnings figures by decreasing the number of shares outstanding.

Some of the latest announcements include:

Swift Transportation Co., Phoenix, repurchased 500,000 shares at an average $17.44

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share and pledged to buy another 500,000 shares before March 31, 1999.

U.S. Xpress Enterprises, Chattanooga, Tenn., has acquired 694,000 shares at an average $11.43 a share since it started a buyback program Aug. 28. It also repurchased 184,289 shares at $11.25 a share in a private transaction with a nonaffiliated stockholder, and will consider additional repurchases through Dec. 31.

Consolidated Freightways Corp., Menlo Park, Calif., had bought 1.45 million shares, or 6.3% of its total stock, for $12.6 million as of Sept. 30. Its board earlier authorized repurchase of up to $25 million worth, and the program will continue.

Directors of Fritz Cos., San Francisco, authorized the purchase of up to $5 million of its common stock

Eagle USA Airfreight, Houston, will repurchase up to 500,000 shares in private and open market transactions.

Amertranz Worldwide Holding Corp., Baltimore, started a program to buy back up to $1 million worth of its stock.

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