Swift Transportation Co. Inc. Announces Stock Repurchase Program
26 August 1998
Swift Transportation Co. Inc. Announces Stock Repurchase Program
PHOENIX--Aug. 26, 1998--Swift Transportation Co. Inc. Wednesday announced that its board of directors has authorized the company to repurchase up to 500,000 shares of its common stock.
The stock may be purchased on the open market at any time until Dec. 31, 1998, unless the period is extended by the board. The company stated that its board of directors believes that the company's stock is an appropriate investment in light of prevailing market prices.
Jerry C. Moyes, president of Swift, stated, "We do not believe the company's continued outstanding performance and growth are appropriately reflected in the stock price. We currently expect continued growth in 1998 and 1999."
The repurchased shares will be held as treasury stock and may be used for issuances under the company's employee stock option and purchase plans or for other general corporate purposes.
Swift is the holding company for Swift Transportation Co. Inc., a truckload carrier headquartered in Phoenix. Swift is the third largest publicly-held national truckload carrier in the United States with regional operations throughout the continental United States.
This press release contains certain forward-looking statements, which relate to an investment in the company as well as the company's anticipated continued growth. Such forward-looking statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. There can be no assurance that the price of the company stock will increase or that the company will continue to grow. These statements speak only of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Important factors currently known to management that could cause or contribute to such differences include, but are not limited to, (i) significant increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, license and registration fees and insurance premiums, (ii) recessionary economical cycles and downturns in customers' business cycles, particularly in market segments in industries (such as retail and paper products) in which the company has a significant concentration of customers, (iii) difficulty in attracting and retaining qualified drivers and owner operators, especially in light of the current shortage of qualified drivers and owner operators, and (iv) other factors as are detailed in the company's filings with Securities and Exchange Commission.