This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Covenant Transportation Group Announces Expectations Concerning Second Quarter Financial Results

CHATTANOOGA, Tenn., July 1 /PRNewswire-FirstCall/ -- Covenant Transportation Group, Inc. (Nasdaq: CVTI) announced today its expectations regarding financial results for the second fiscal quarter of 2010.

Financial and Operating Results

Chairman, President and Chief Executive Officer, David R. Parker, offered the following comments:  "After reviewing preliminary financial and operating information through the third week of June, we expect to report consolidated results of operations in a range of $0.12 to $0.20 diluted earnings per share for the second quarter of 2010. Our expectations for the second quarter of 2010 compare to a reported net loss of ($0.22) per diluted share for the second quarter of 2009."

"The expected improvement versus our previous breakeven outlook is attributable to further improvements in freight rates, miles per truck, internal revenue generation initiatives and cost control efforts.  Based on the quarter to date results, we expect an improvement in average miles per tractor of approximately 7%-8% and in average revenue per total mile (excluding fuel surcharges) of approximately 3% compared to the second quarter of 2009. In addition, our cost control efforts are expected to provide positive results, primarily in the areas of net fuel, compensation, and general expenses, offset somewhat by higher claims expense. The expected higher claims expense relates primarily to adverse developments regarding the damages in connection with a few casualty claims incurred prior to the beginning of this quarter. Based on our financial and operating results to date, we will be in compliance with our financial debt covenant at the quarter ended June 30, 2010."

The Company also announced the rollout of its new investor website for Covenant Transportation Group located at www.ctginvestor.com . This new website shows that the Company is making continuous efforts to promote its brand and better communicate with investors and the analyst community. The new investor website offers improved functionality and features that allow users to obtain a better understanding of the Company's strategic vision while granting easy access to detailed financial information about the Company.

The Company will announce the second quarter earnings release dates and investor call information at a later date.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CVTI $23.80 -0.38%
AAPL $122.37 -0.50%
FB $95.21 -1.84%
GOOG $632.59 0.10%
TSLA $266.79 1.13%

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs