Pacer International Obtains Credit Agreement Amendment to Support Annual Cash Dividend Policy
September 21 2005 - 8:00AM
Business Wire
Pacer International, Inc. (Nasdaq:PACR), the non-asset based North
American third-party logistics and freight transportation provider,
announced that it has successfully completed an amendment to its
credit agreement to permit the ongoing payment of ordinary cash
dividends. The company announced on September 7, 2005, the
declaration of its first-ever quarterly dividend and adoption of a
dividend policy that anticipates an annual dividend of $0.60 per
share of common stock, subject to completion of the amendment to
the credit agreement and ongoing Board approval of any dividend
declaration. "We are pleased that our lenders share our confidence
in the company and have approved this amendment," said Don Orris,
Pacer's chairman and chief executive officer. "Consistent cash flow
generation has enabled us to reduce outstanding debt and now be in
a position to return a portion of our profits to our shareholders
through dividends." ABOUT PACER INTERNATIONAL -- Pacer
International, a leading non-asset based North American third-party
logistics and freight transportation provider, offers a broad array
of logistics and other services through its subsidiaries and
divisions to facilitate the movement of freight from origin to
destination. Its wholesale services include Stacktrain
(cost-efficient, two-tiered rail transportation for containerized
shipments) and cartage (local trucking) services, and its retail
services include intermodal marketing, truck brokerage, truck
services, warehousing and distribution, international freight
forwarding, and supply-chain management services. Pacer
International is headquartered in Concord, California. Its business
units Pacer Stacktrain and Pacer Global Logistics are headquartered
in Concord, California, and in Dublin, Ohio, respectively. Web
sites: www.pacer-international.com, www.pacerstack.com, and
www.pacerglobal.com. CERTAIN FORWARD-LOOKING STATEMENTS -- This
press release contains or may contain forward-looking statements
(as such term is defined in the Private Securities Litigation
Reform Act of 1995). These forward-looking statements are based on
the company's current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions. Among the important
factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements are
general economic and business conditions; congestion, work
stoppages, capacity shortages or weather related issues and service
disruptions affecting our rail and motor transportation providers;
industry trends, including changes in the costs of services from
rail and motor transportation providers; changes in our business
strategy, development plans or cost savings plans; the loss of one
or more of our major customers; competition; availability of
qualified personnel; the frequency or severity of accidents,
particularly involving our trucking operations; changes in, or the
failure to comply with, government regulations; changes in interest
rates; difficulties in maintaining or enhancing our information
technology systems; our ability to integrate acquired businesses;
terrorism and acts of war; and increases in our leverage.
Additional information about these and other factors that could
affect the company's business is set forth in the company's various
filings with the Securities and Exchange Commission, including
those set forth in the company's annual report on Form 10-K for the
year ended December 31, 2004 filed with the SEC on March 14, 2005.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions or estimates prove incorrect, actual
results may vary materially from those described herein as
anticipated, believed, expected or intended. Except as otherwise
required by federal securities laws, the company does not undertake
any obligation to update such forward-looking statements whether as
a result of new information, future events or otherwise. Note to
editors: Issued by Steve Potash and Company, tel. 510/865-0800, or
steve@potashco.com
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