CHATTANOOGA, Tenn., Oct. 7, 2011 /PRNewswire/ -- Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) announced today its expectations regarding financial results for the third quarter of 2011, as well as an amendment to its revolving credit facility. Third Quarter Financial Expectations Chairman, President and Chief Executive Officer, David R. Parker, offered the following comments: "After reviewing preliminary financial and operating information through the end of September, we expect to report a net loss in the range of ($0.5 million) to ($1.7 million) for the third quarter of 2011. This compares to a reported net income of $1.9 million for the third quarter of 2010. The main differences compared with the third quarter of 2010 include an approximately 9%-10% decrease in revenue miles per truck, combined with increased costs per mile in the areas of salaries, wages and related expenses, net fuel expense, operations and maintenance, and insurance and claims. These factors are expected to more than offset an approximately 5%-6% increase in freight revenue per total mile (excluding fuel surcharge revenue)." Amendment of Revolving Credit Facility Mr. Parker continued: "We are also announcing an amendment of our $85 million revolving credit facility with Bank of America and J.P. Morgan. The amendment is retroactive to September 1, 2011, and adjusts the required fixed charge coverage ratio to 0.95 to 1.0 for the twelve months ended September 30, 2011. The required fixed charge coverage ratio previously had been 1.0 to 1.0. Based on the expected range of net loss discussed above, and the credit agreement's method of calculating certain revenue equipment transactions and fixed asset amortization, we became aware of the possibility of a covenant violation and worked cooperatively with our lenders to amend the requirement for the month of September. "We are presently working with our lenders on a longer term amendment to the financial covenant calculation that would address our operating and fixed asset expectations as well as the forecast of many economists of a U.S. economy with little or no growth for an extended period. Based on discussions with Bank of America, which has managed our revolving credit facility since 1998, we expect to complete a satisfactory longer term amendment during the next few weeks."