P.M. Executive Briefing - Nov. 8
This Afternoon's Headlines:
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White House Project Aims to Make Trucks More Fuel-Efficient
The Twenty-First Century Truck Initiative, being assembled by the White House and representatives from the office of the vice president, intends to put together research by industry and the federal government in order to find ways to bring about hefty gains in heavy trucks' fuel efficiency.The Partnership for a New Generation of Vehicles, begun in 1993 by Vice President Gore with the goal of making cars have three times the fuel efficiency, is the model for the new initiative. The Clinton Administration is now attempting to find partners among manufacturers of trucks and engines. Wall Street Journal (11/08/99) P. B4
Professional Transportation Group Ltd., Inc. Reports Results for Quarter Ending September 30, 1999
Professional Transportation Group, whose subsidiaries are Timely Transportation and Truck-Net, says it saw $11.5 million in revenues for the third quarter, up from $11.3 million in the year-earlier quarter, with EBITDA up to $702,000 from $578,000 and net income up to $194,000 (4 cents a share) from $36,000 (1 cent a share).The company saw $33.2 million in revenues for the first nine months, down from $45.1 million in the comparable 1998 period due, among other things, to ending less-than-truckload operations. Also in the first nine months, the company saw $1.9 million in EBITDA, compared to ($75,000), and $403,000 in net income (10 cents a basic share, 8 cents a diluted share), compared to a $1.7 million net loss. PR Newswire (11/08/99)
Pricing Range of United Parcel's IPO Is Increased to $47-$49 From $36-42
The anticipated amount United Parcel Service of America's IPO will raise has gone up over $5.6 billion thanks to an increase in the pricing range from between $36 and $42 to between $47 and $49 by Morgan Stanley Dean Witter, according to unnamed sources. When UPS stock begins being traded on the New York Stock Exchange Wednesday, the price will probably go up but not as much as has been seen after IPOs of Internet companies, say money managers.UPS stock should not be valued similarly to that of FDX, since UPS has a higher operating-profit margin, a better debt rating, and more cash on hand, possible investors have been informed. However, if UPS' share value is high, those of FDX and Airborne Freight could get a boost as well, certain money managers believe. Wall Street Journal (11/08/99) P. B14; Blackmon, Douglas A.; Brooks, Rick
Detroit Diesel Announces Stock Repurchase Program
The board of directors of Detroit Diesel has okayed a maximum 10 percent buyback of outstanding stock, with a buyback period to last two years. "We strongly believe in the continued growth potential of Detroit Diesel, and therefore believe our stock remains an outstanding value," said Chairman Roger S. Penske. PR Newswire (11/08/99)DOT IG Report on Mexican Trucks Affirms Need for Motor-Carrier Bill
Staffers for Rep. James L. Oberstar (D-Minn.) on Friday put on the Internet the Transportation Department Inspector General's report on Mexican motor carriers in the United States. The report found operations outside the border states by roughly 130 of the carriers, and operations beyond commercial zones by up to 505. All such operations were unlawful. Many Mexican vehicles and drivers have been taken out of service for breaking safety rules as well.The report recommended various "controls ... and safeguards" that could be used to keep Mexican carriers in line with U.S. law. Oberstar, who asked for the audit of the carriers' oversight by the Federal Highway Administration, said the report shows that legislation like the Motor Carrier Safety Act of 1999 is necessary. Land Line Magazine Online (11/08/99) [Editor's note: Click here for the full text of the report.]
Brenner Announces New Memphis Parts Center
The first Brenner Tank facility dedicated solely to parts, a Memphis distribution center featuring a $350,000 start-up inventory, has made its debut. The company intends to grow its parts business before next year ends.Brenner Tank Services President Bill Stone notes Memphis's central location and says the company believes "the wave of the future lies with providing many locations."
To stay at the forefront of customer service, the company hooked up the new distribution center to a new company-wide computer system that features e-mail, a Web site, and programs to handle accounting, estimating, and inventory. The new distribution center adds to Brenner Tank's three earlier service/parts locations. Modern Bulk Transporter (10/99) Vol. 62, No. 4; P. 56
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