Covenant Transportation Group, Inc. Announces Participation in Cowen and Company 9th Annual Global Transportation Conference
07 September 2016 - 5:55AM
Covenant Transportation Group, Inc. (Nasdaq:CVTI) announced today
that on Thursday, September 8, 2016, Chairman & CEO, David R.
Parker, and EVP & CFO, Richard B. Cribbs will present at the
Cowen and Company 9th Annual Global Transportation Conference in
Boston at 8:00 a.m. ET and will hold one-on-one meetings at the
conference throughout the day.
Covenant Transportation Group, Inc. is the holding company for
several transportation providers that offer premium transportation
services for customers throughout the United States. The
consolidated group includes operations from Covenant Transport and
Covenant Transport Solutions of Chattanooga, Tennessee; Southern
Refrigerated Transport of Texarkana, Arkansas; and Star
Transportation of Nashville, Tennessee. In addition,
Transport Enterprise Leasing, of Chattanooga, Tennessee is an
integral affiliated company providing revenue equipment sales and
leasing services to the trucking industry. The Company's Class A
common stock is traded on the NASDAQ Global Select under the
symbol, “CVTI”.
The conference may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, and such statements are subject to the safe
harbor created by those sections and the Private Securities
Litigation Reform Act of 1995, as amended. Such statements
may be identified by their use of terms or phrases such as
"expects," "estimates," "projects," "believes," "anticipates,"
"plans," "intends," “outlook,” and similar terms and phrases.
Forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified, which could cause future events and actual results to
differ materially from those set forth in, contemplated by, or
underlying the forward-looking statements. The following factors,
among others, could cause actual results to differ materially from
those in the forward-looking statements: the rates and volumes
realized during our peak business during the fourth quarter,
elevated experience in the frequency and severity of claims
relating to accident, cargo, workers' compensation, health, and
other claims, increased insurance premiums, fluctuations in
claims expenses that result from our self-insured retention
amounts, including in our excess layers and in respect of claims
for which we commute policy coverage, and the requirement that we
pay additional premiums if there are claims in certain of those
layers, differences between estimates used in establishing and
adjusting claims reserves and actual results over time (including
with respect to the adverse judgment on the 2008 cargo claim
announced in the third quarter of 2014), adverse changes in claims
experience and loss development factors, or additional changes in
management's estimates of liability based upon such experience and
development factors that cause our expectations of insurance and
claims expense to be inaccurate or otherwise impacts our results;
changes in the market condition for used revenue equipment and real
estate that impact our capital expenditures and our ability to
dispose of revenue equipment and real estate on the schedule and
for the prices we expect; increases in the prices paid for new
revenue equipment that impact our capital expenditures and our
results generally; changes in management’s estimates of the need
for new tractors and trailers; the effect of any reduction in
tractor purchases on the number of tractors that will be accepted
by manufacturers under tradeback arrangements; our inability to
generate sufficient cash from operations and obtain financing on
favorable terms to meet our significant ongoing capital
requirements; our ability to maintain compliance with the
provisions of our credit agreements, particularly financial
covenants in our revolving credit facility; excess tractor or
trailer capacity in the trucking industry; decreased demand for our
services or loss of one or more of our major customers; our ability
to renew dedicated service offering contracts on the terms and
schedule we expect; surplus inventories, recessionary economic
cycles, and downturns in customers' business cycles; strikes, work
slowdowns, or work stoppages at the Company, customers, ports, or
other shipping related facilities; increases or rapid fluctuations
in fuel prices, as well as fluctuations in hedging activities and
surcharge collection, including, but not limited to, changes in
customer fuel surcharge policies and increases in fuel surcharge
bases by customers; the volume and terms of diesel purchase
commitments and hedging contracts; interest rates, fuel taxes,
tolls, and license and registration fees; increases in compensation
for and difficulty in attracting and retaining qualified drivers
and independent contractors; seasonal factors such as harsh weather
conditions that increase operating costs; competition from
trucking, rail, and intermodal competitors; regulatory requirements
that increase costs, decrease efficiency, or reduce the
availability of drivers, including revised hours-of-service
requirements for drivers and the Federal Motor Carrier Safety
Administration’s Compliance, Safety, Accountability program that
implemented new driver standards and modified the methodology for
determining a carrier’s DOT safety rating; the ability to reduce,
or control increases in, operating costs; changes in the Company’s
business strategy that require the acquisition of new businesses,
and the ability to identify acceptable acquisition candidates,
consummate acquisitions, and integrate acquired operations;
fluctuations in the results of Transport Enterprise Leasing, which
are included as equity in income (loss) of affiliate in our
financial statements; the number of shares repurchased, if any; the
effects of repurchasing the shares on debt, equity, and liquidity;
the effects of repurchasing no or a nominal number of shares; and
the ultimate uses of repurchased shares, if any. Conference
attendees and listeners 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
Exchange Commission. We disclaim any obligation to update or revise
any forward-looking statements to reflect actual results or changes
in the factors affecting the forward-looking information.
For further information contact:
Richard B. Cribbs, EVP and Chief Financial Officer (423) 463-3331
Richard.cribbs@ctgcompanies.com
For copies of Company information contact:
Kimberly Perry, Administrative Assistant (423) 463-3357
Kimberly.perry@ctgcompanies.com
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