Central Freight Lines, Inc. Prices Initial Public Offering of Common Stock at $15.00 Per Share
December 12 2003 - 9:15AM
PR Newswire (US)
Central Freight Lines, Inc. Prices Initial Public Offering of
Common Stock at $15.00 Per Share WACO, Texas, Dec. 12
/PRNewswire-FirstCall/ -- Central Freight Lines, Inc. announced
that its initial public offering of 8,500,000 shares of common
stock has been priced at $15.00 per share. The shares of common
stock of Central Freight Lines, Inc. have been approved for listing
on the Nasdaq National Market under the symbol "CENF" and will
begin trading today. The Company is offering 5,700,000 of the
shares to be sold in the offering and the selling stockholders,
Jerry Moyes and certain trusts for the benefit of Mr. Moyes and his
family, are offering an additional 2,800,000 shares. Mr. Moyes is
the Company's principal stockholder and non-employee Chairman of
the Board. The selling stockholders have granted the underwriters a
30-day option to purchase up to an additional 1,275,000 shares from
them to cover over- allotments. The Company will not receive any of
the proceeds from the sale of the shares being sold by the selling
stockholders. Following the initial public offering, the Company
will have approximately 17,632,545 shares of stock outstanding. The
Company intends to use its estimated $77.9 million net proceeds of
the offering to repay debt and for general corporate purposes.
Bear, Stearns & Co. Inc. leads the underwriting group that
includes BB&T Capital Markets, a division of Scott &
Stringfellow, Inc., Legg Mason Wood Walker, Incorporated, Morgan
Keegan & Company, Inc., and Stephens Inc. A copy of the final
prospectus relating to the offering may be obtained by contacting
Bear, Stearns & Co. Inc. c/o Prospectus Department at 383
Madison Avenue, New York, New York 10179, (631) 254-7135. The
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and has become
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale
of these securities in any state in which such offer, solicitation
or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state. Central
Freight Lines, Inc. is a non-union, regional less-than-truckload,
or "LTL," carrier based in the southwestern United States. With
approximately $371.4 million in revenue in 2002, the Company is one
of the ten largest regional LTL carriers in the United States. The
Company's strategy is to operate multiple regional LTL fleets, each
of which focuses on next-day and second-day service in its region,
complemented by inter-regional freight delivery between regions.
This press release contains "forward-looking statements," which
include information relating to future events, future financial
performance, strategies, expectations, competitive environment,
regulation, and availability of resources. These forward-looking
statements include, without limitation, statements regarding:
expectations as to operational improvements; expectations as to
cost savings, revenue growth, and earnings; the time by which
certain objectives will be achieved; proposed new products and
services; expectations that claims, lawsuits, commitments,
contingent liabilities, labor negotiations, or agreements, or other
matters will not have a materially adverse effect on our
consolidated financial condition, results of operations, or
liquidity; statements concerning projections, predictions,
expectations, estimates, or forecasts as to our business,
financial, and operational results and future economic performance;
and statements of management's goals and objectives, and other
similar expressions concerning matters that are not historical
facts. Words such as "may," "will," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward- looking statements. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward- looking statements should not be read
as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which,
such performance or results will be achieved. Forward-looking
information is based on information available at the time and/or
management's good faith belief with respect to future events, and
is subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
the statements. Important factors that could cause such differences
include, but are not limited to: how successful we are in
implementing our financial and operational initiatives; industry
competition, conditions, performance, and consolidation;
legislative and/or regulatory developments; the effects of adverse
general economic conditions, both within the United States and
globally; any adverse economic or operational repercussions from
recent terrorist activities, any government response to such
activities, and any future terrorist activities, war, or other
armed conflicts; changes in fuel prices; changes in labor costs;
labor stoppages; the outcome of claims and litigation; and natural
events such as severe weather, floods, and earthquakes. Readers
should review and consider these factors along with the various
disclosures by the Company in its press releases, stockholder
reports, and filings with the Securities and Exchange Commission.
For further information contact: Jeff Hale, Senior Vice President
and Chief Financial Officer (480) 361-5295 DATASOURCE: Central
Freight Lines, Inc. CONTACT: Jeff Hale, Senior Vice President and
Chief Financial Officer, of Central Freight Lines, Inc.,
+1-480-361-5295, or Web site: http://www.centralfreight.com/
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