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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