Central Freight Lines, Inc. Announces Closing of Real Estate Transactions and Second Quarter Earnings Release Date
July 14 2005 - 7:17PM
PR Newswire (US)
Central Freight Lines, Inc. Announces Closing of Real Estate
Transactions and Second Quarter Earnings Release Date WACO, Texas,
July 14 /PRNewswire-FirstCall/ -- Central Freight Lines, Inc.
(NASDAQ:CENF) announced today that it has closed on several real
estate transactions with net proceeds to the Company of
approximately $15 million. In announcing the completion of the
transactions, Central's President and Chief Executive Officer, Bob
Fasso, stated, "We believe that the receipt of proceeds from these
transactions will substantially improve our liquidity position
going forward, allowing us to continue to focus on our business and
results of operations." The real estate transactions, which were
previously announced on May 12, 2005, include the sale of
approximately 14 excess acres in Phoenix, the sale-leaseback of one
terminal, and the mortgage financing of three other properties. The
proceeds from the real estate transactions were used to repay
amounts drawn on the Company's revolving line of credit led by Bank
of America. Following this repayment, and subject to certain
requirements under the credit agreement, the Company estimates that
it had approximately $35 million of borrowing availability under
the Bank of America credit facility at such date. In addition,
Central currently has approximately $5 million of idle assets held
for sale that may be disposed of in 2005. Central also announced
today that it expects to release second-quarter results after the
market closes on Thursday, July 28, 2005. Central Freight Lines,
Inc. is a non-union less-than-truckload carrier specializing in
regional overnight and second day markets. One of the 10 largest
regional LTL carriers in the nation, Central provides regional,
interregional, and expedited services, as well as value-added
supply chain management, throughout the Midwest, Southwest, West
Coast and Pacific Northwest. Utilizing marketing alliances, Central
provides service solutions to the Great Lakes, Northeast,
Southeast, Mexico and Canada. This press release contains
forward-looking statements that involve risk, assumptions, and
uncertainties that are difficult to predict. Statements that
constitute forward-looking statements are usually identified by
words such as "anticipates," "believes," "estimates," "projects,"
"expects," "plans," "intends," or similar expressions. These
statements are made pursuant to the safe harbor provisions of
Section 21E of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended. Such
statements are based upon the current beliefs and expectations of
our management. Actual results may differ from those set forth in
the forward- looking statements. Risks and uncertainties that could
cause actual results to differ are detailed from time to time in
reports filed by the Company with the Securities and Exchange
Commission, including Forms 8-K, 10-Q, 10-K, and our registration
statement on Form S-1. Corporate Contact: Jeff Hale, Chief
Financial Officer (480) 361-5295
http://www.newscom.com/cgi-bin/prnh/20040205/DACENTRALLOGO
http://photoarchive.ap.org/ DATASOURCE: Central Freight Lines, Inc.
CONTACT: Jeff Hale, Chief Financial Officer of Central Freight
Lines, Inc., +1-480-361-5295, or Web site:
http://www.centralfreight.com/
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