This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Knight Transportation Announces Special Cash Dividend

Stocks in this article: KNX

Knight Transportation, Inc. (NYSE: KNX) announced today that its Board of Directors has declared a special cash dividend of $0.50 per share of common stock. The company’s special dividend is payable to shareholders of record on December 7, 2012, and is expected to be paid on December 28, 2012.

The special dividend will pay approximately $39.9 million on Knight’s 79.7 million outstanding shares. This special dividend is in addition to the regular quarterly dividend of $0.06 per share previously announced on November 8, 2012. After this dividend, Knight will have returned approximately $324.3 million to its shareholders through a combination of dividends and stock repurchases since January 2008.

Chairman and CEO, Kevin Knight, commented: ''During 2012, we have expanded the capacity of each of our business units while continuing to re-invest in maintaining one of the industry's youngest tractor and trailer fleets, based on equipment age. At September 30, 2012, we had $45.0 million of outstanding borrowing under our unsecured revolving credit facility and $517.1 million of shareholders' equity. Our operating income for the last trailing 12 months was $108.9 million. Given the effect of the special dividend, we expect to finish 2012 with approximately $70 to $80 million in outstanding borrowings under our revolving credit facility. Our revolving credit facility bears interest at approximately 0.9% per annum, which caused us to consider paying the special dividend as a sound method of generating additional returns for our investors. We believe we have adequate cash flows and borrowing capacity to grow internally and pursue strategic acquisitions, and the special dividend has no impact on our growth plans.''

Knight Transportation, Inc. is a provider of multiple truckload transportation services using a nationwide network of service centers in the U.S. to serve customers throughout North America. In addition to operating one of the country’s largest tractor fleets, Knight also partners with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for owner-operators.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs