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

Student Transportation Inc. Adds $10 Million Contract To California

Stocks in this article: STB

WALL, N.J., May 12, 2014 (GLOBE NEWSWIRE) -- Student Transportation Inc. ("STI") (TSX:STB) (Nasdaq:STB), North America's third largest provider of school bus transportation services announced that its subsidiary, Student Transportation of America, Inc. (STA), has been awarded a new five and a half year contract with San Bernardino County Superintendent of Schools (SBCSS) in California. The $10 million annual contract was recently awarded, but will begin service in January 2015 as per the agreement with the County. The company will receive roughly half that amount in its fiscal 2015 year, which begins this coming July.

The contract was recently awarded with the school district to change from the incumbent provider. STA will provide 133 new, ultra-low-emission vehicles and 31 propane autogas vehicles as well.

"This is a great addition to our rapidly expanding fleet in California," said Don Kissell, Regional Vice President of STA. "With the acquisition and integration of the Atlantic Express assets we acquired in February, we will have added almost 600 vehicles to our operations here for next year. We bid on the SBCSS operation over a year ago, but they couldn't end the contract with the current provider at that time. So they bid it again this year and we were awarded a multi-year agreement. The January start is unusual but gives us plenty of time to properly set up our facility, bring drivers in for safety testing, and perform a route optimization analysis before we take to the road following the winter break."

The company also said that all major contracts that were part of the previously announced acquisition of assets of Atlantic Express of California completed in February have been extended. That acquisition of 425 vehicles and approximately $26 million in annualized revenues expanded existing service contracts with the Los Angeles Unified School District and added new contracts with the Long Beach Unified School District as well as many private and charter schools in Southern California.

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