Central Freight Lines, Inc. Closes Initial Public Offering of Common Stock
December 17 2003 - 3:24PM
PR Newswire (US)
Central Freight Lines, Inc. Closes Initial Public Offering of
Common Stock WACO, Texas, Dec. 17 /PRNewswire-FirstCall/ -- Central
Freight Lines, Inc. announced today the completion of its initial
public offering of common stock. The Company sold 5,700,000 shares
in the offering and the selling stockholders, Jerry Moyes and
certain trusts for the benefit of Mr. Moyes and his family, sold an
additional 4,075,000 shares. Mr. Moyes is the Company's principal
stockholder and non-employee Chairman of the Board. The 4,075,000
shares sold by the selling stockholders included 1,275,000 shares
sold following exercise of the underwriters' over-allotment option.
The Company intends to use its estimated $77.9 million net proceeds
of the offering to repay debt and for general corporate purposes.
The Company did not receive any of the proceeds from the sale of
shares by the selling stockholders. Bear, Stearns & Co. Inc.
led the underwriting group that included 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 the
Company's common stock 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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