News Briefs - Nov. 11
The Latest Headlines:
- Survey: OPEC's Production Increased in October
- EGL Earns 12 Cents in 3Q
- Marten Declares Stock Split
- Cannon Express to Delist From AMEX
- Celadon Names New COO
- Forward's Secondary Offering Prices at $28
- Target Logistics Reports Net Income in Latest Quarter
- EGL Earns 12 Cents in 3Q
Survey: OPEC's Production Increased in October
OPEC's daily oil production rose 230,000 barrels to 27.51 million in October, according to a Platts survey of industry officials.Excluding Iraq, the oil cartel's 10 members with production quotas reduced output by 40,000 barrels to 25.81 million, Platts said in a release.
However, Iraq's output rose 270,000 barrels, or 19%, to 1.7 million barrels a day. It had produced 2.5 million barrels daily in February, the month before the U.S.-led invasion. Transport Topics
EGL Earns 12 Cents in 3Q
EGL Eagle Global Logistics said Tuesday its net income for the third quarter was $5.6 million or 12 cents per share, compared with $5.7 million or 12 cents a year earlier.The current results include a 4-cent charge related a previously announced settlement with Kitty Hawk Inc., the Houston-based company said in a release.
Although net revenues increased 7% to $184 million, North America priority ground volumes and deferred ground shipments each declined 9%. Transport Topics
Marten Declares Stock Split
Refrigerated truckload carrier Marten Transport Ltd. said Tuesday its board of directors declared a three-for-two stock split.The split would be effected in the form of a stock dividend distributed Dec. 5 to stockholders of record as of Nov. 21. It increases the number of outstanding shares of common stock to about 13.7 million.
Marten is ranked No. 58 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Cannon Express to Delist From AMEX
Truckload carrier Cannon Express Inc. said late Monday it had commenced proceedings to voluntarily delist its stock from the American Stock Exchange.The company said in a release that on Oct. 14, AMEX had halted the stock because it had not been able to meet certain continued listing standards.
Cannon said it expected to file its annual report on Form 10-K and its quarterly report on Form 10-Q with the Securities and Exchange Commission in mid-November. Transport Topics
Celadon Names New COO
Celadon Group Inc. said that it had named Thomas Glaser as chief operating officer.The truckload carrier said in a release Glaser joined the company in April 2001 as executive vice president of operations. Prior to joining Celadon, Glaser spent 13 years in executive roles with truckload carrier Contract Freighters Inc.
Celadon is ranked No. 49 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Forward's Secondary Offering Prices at $28
Forward Air Corp., a contractor to the air cargo industry, said late Monday its secondary offering of 2.2 million shares of common stock was priced at $28.The shares are being offered by Chairman Scott Niswonger and was made through an underwriting syndicate led by Bear, Stearns & Co. and Deutsche Bank Securities. The underwriters have an option to purchase additional 330,000 shares to cover over-allotments.
Forward is ranked No. 70 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Target Logistics Reports Net Income in Latest Quarter
Target Logistics Inc. said Tuesday its net income for its fiscal 2004 first quarter ended Sept. 30 was $48,361 or 0.2 cent per share, compared with a net loss of $452,709 or 4 cents a year earlier.Operating revenues rose 9.6% to $28.6 million, the company said in a release.
"We are pleased with our continued strong revenue growth and the improvement in operating income," said Chief Executive Officer Stuart Hettleman. Transport Topics
