Pacer International, Inc. (Nasdaq: PACR), today announced that it has entered into a new multi-year agreement with CSX Transportation, Inc., under which CSX will continue as Pacer’s primary rail carrier in the Eastern United States. Taken together with the existing agreements between Pacer and CSX, which remain in place, the new agreement provides terms of service for shipments in Pacer’s private container fleet of 18,000 plus containers over a multi-year term. “A key element of Pacer’s success is strong, collaborative relationships with our major rail carriers like CSX. We recognize that CSX’s intermodal business serves more major eastern U.S. markets than any other rail carrier, and we will be working closely with CSX to capitalize on favorable trends in the intermodal industry. We expect this new agreement will provide the foundation to increase our volumes on CSX, particularly east-to-east shipments, expand our services to existing customers, and win new customers with our seamless coordination and control of equipment, technology, and service delivery,” said Dan Avramovich, Pacer’s chief executive officer. “Since 1999, CSX has enjoyed a successful relationship with Pacer. The completion of this new agreement is further evidence of Pacer’s successful transition to a direct-to-customer intermodal model. CSX places a priority on customers and service reliability, consistent with Pacer’s commitment to moving freight faster, smarter and more reliably. We look forward to continuing to partner with Pacer in making their customers’ supply chains run more smoothly,” said Bill Clement, vice president – Intermodal, CSX Transportation. ABOUT PACER INTERNATIONAL ( www.pacer.com) Pacer International, a leading asset-light North American freight transportation and logistics services provider, offers a broad array of services to facilitate the movement of freight from origin to destination through its intermodal and logistics operating segments. The intermodal segment offers container capacity, integrated local transportation services, and door-to-door intermodal shipment management. The logistics segment provides truck brokerage, warehousing and distribution, international freight forwarding, and supply-chain management services. For more information on Pacer International visit www.pacer.com. CERTAIN FORWARD-LOOKING STATEMENTS--This press release may contain forward-looking statements, including earnings per share, and revenue guidance for fiscal year 2012, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the company's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are general economic and business conditions including the current U.S. and global economic environment and the timing and strength of economic recovery in the U.S. and internationally; industry trends, including changes in the costs of services from rail, motor, ocean and air transportation providers; and other risks discussed in the company’s Form 10-K and other filings with the Securities and Exchange Commission, which are incorporated herein by reference. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.
Shares of Pacer International (Nasdaq:PACR) were gapping up Thursday morning with an open price 14.6% higher than Wednesday's closing price. The stock closed at $4.80 yesterday and opened today's trading at $5.50.