Nevada
|
000-24960
|
88-0320154
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
400 Birmingham Hwy., Chattanooga, TN
|
37419
|
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
|
On Monday, January 27, 2014, Covenant Transportation Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2013. A copy of the press release is attached to this report as Exhibit 99.
|
||
Item 9.01
|
Financial Statements and Exhibits.
|
|
(d)
|
Exhibits.
|
|
EXHIBIT
NUMBER
|
EXHIBIT DESCRIPTION
|
|
|
Covenant Transportation Group, Inc. press release announcing financial and operating results for the quarter and year ended December 31, 2013
|
|
The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
|
||
The information in Items 2.02 and 9.01 of this report and the exhibit hereto may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the italicized paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.
|
COVENANT TRANSPORTATION GROUP, INC.
|
||
Date: January 27, 2014
|
By:
|
/s/ Richard B. Cribbs
|
Richard B. Cribbs
|
||
Senior Vice President and Chief Financial Officer
|
EXHIBIT
NUMBER
|
EXHIBIT DESCRIPTION
|
|
Covenant Transportation Group, Inc. press release announcing financial and operating results for the quarter and year ended December 31, 2013
|
·
|
Total revenue of $176.5 million, a decrease of 0.6% compared with the fourth quarter of 2012;
|
·
|
Freight revenue of $140.4 million (excludes revenue from fuel surcharges), an increase of 0.8% compared with the fourth quarter of 2012;
|
·
|
Operating income of $8.9 million and an operating ratio of 93.7%, compared with operating income of $5.1 million and an operating ratio of 96.3% in the fourth quarter of 2012; and
|
·
|
Net income of $3.3 million, or $0.22 per share, compared with net income of $1.5 million, or $0.10 per share in the fourth quarter of 2012.
|
Covenant Transportation Group, Inc.
|
||||||||||||||||||||||||
Key Financial and Operating Statistics
|
||||||||||||||||||||||||
INCOME STATEMENT DATA | INCOME STATEMENT DATA | |||||||||||||||||||||||
Three Months Ended Dec 31, | Year Ended Ended Dec 31, | |||||||||||||||||||||||
$000s, except per share data) |
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||||||||||
Freight revenue
|
$ | 140,406 | $ | 139,259 | 0.8 | % | $ | 538,933 | $ | 527,435 | 2.2 | % | ||||||||||||
Fuel surcharge revenue
|
36,082 | 38,236 | 145,616 | 146,819 | ||||||||||||||||||||
Total revenue
|
$ | 176,488 | $ | 177,495 | -0.6 | % | $ | 684,549 | $ | 674,254 | 1.5 | % | ||||||||||||
Operating expenses:
|
||||||||||||||||||||||||
Salaries, wages, and related expenses
|
55,344 | 58,035 | 218,946 | 217,080 | ||||||||||||||||||||
Fuel expense
|
44,268 | 49,667 | 186,002 | 194,841 | ||||||||||||||||||||
Operations and maintenance
|
12,583 | 11,763 | 50,043 | 45,839 | ||||||||||||||||||||
Revenue equipment rentals and
|
||||||||||||||||||||||||
purchased transportation
|
27,286 | 23,190 | 102,954 | 85,010 | ||||||||||||||||||||
Operating taxes and licenses
|
2,754 | 2,746 | 10,969 | 11,043 | ||||||||||||||||||||
Insurance and claims
|
7,658 | 9,247 | 30,305 | 33,133 | ||||||||||||||||||||
Communications and utilities
|
1,341 | 1,234 | 5,240 | 4,809 | ||||||||||||||||||||
General supplies and expenses
|
3,820 | 4,493 | 16,002 | 16,068 | ||||||||||||||||||||
Depreciation and amortization, including gains and
|
||||||||||||||||||||||||
losses on disposition of property and equipment
|
12,557 | 11,971 | 43,694 | 43,222 | ||||||||||||||||||||
Total operating expenses
|
167,611 | 172,346 | 664,155 | 651,045 | ||||||||||||||||||||
Operating income
|
8,877 | 5,149 | 20,394 | 23,209 | ||||||||||||||||||||
Other (income) expenses:
|
||||||||||||||||||||||||
Interest expense
|
2,763 | 2,769 | 10,400 | 12,697 | ||||||||||||||||||||
Interest income
|
- | - | - | - | ||||||||||||||||||||
Other
|
- | 6 | (3 | ) | (13 | ) | ||||||||||||||||||
Other expenses, net
|
2,763 | 2,775 | 10,397 | 12,684 | ||||||||||||||||||||
Equity in income of affiliate
|
570 | 650 | 2,750 | 1,875 | ||||||||||||||||||||
Income before income taxes
|
6,684 | 3,024 | 12,747 | 12,400 | ||||||||||||||||||||
Income tax expense
|
3,345 | 1,571 | 7,503 | 6,335 | ||||||||||||||||||||
Net income
|
$ | 3,339 | $ | 1,453 | $ | 5,244 | $ | 6,065 | ||||||||||||||||
Basic and diluted earnings per share
|
$ | 0.22 | $ | 0.10 | $ | 0.35 | $ | 0.41 | ||||||||||||||||
Basic weighted average shares outstanding (000s)
|
14,866 | 14,758 | 14,837 | 14,742 | ||||||||||||||||||||
Diluted weighted average shares outstanding (000s)
|
15,084 | 14,915 | 15,039 | 14,808 | ||||||||||||||||||||
Three Months Ended Dec 31, | Year Ended Ended Dec 31, | |||||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 |
% Change
|
|||||||||||||||||||
($000s) | SEGMENT REVENUES | SEGMENT REVENUES | ||||||||||||||||||||||
Asset-based trucking revenues
|
$ | 128,810 | $ | 131,949 | -2.4 | % | $ | 498,787 | $ | 501,167 | -0.5 | % | ||||||||||||
Covenant Transport Solutions non-asset based
revenues
|
11,596 | 7,310 | 58.6 | % | 40,146 | 26,268 | 52.8 | % | ||||||||||||||||
Freight revenue
|
$ | 140,406 | $ | 139,259 | 0.8 | % | $ | 538,933 | $ | 527,435 | 2.2 | % | ||||||||||||
OPERATING STATISTICS | OPERATING STATISTICS | |||||||||||||||||||||||
Average freight revenue per loaded mile
|
$ | 1.743 | $ | 1.699 | 2.6 | % | $ | 1.656 | $ | 1.627 | 1.8 | % | ||||||||||||
Average freight revenue per total mile
|
$ | 1.564 | $ | 1.525 | 2.6 | % | $ | 1.490 | $ | 1.466 | 1.7 | % | ||||||||||||
Average freight revenue per tractor per week
|
$ | 3,568 | $ | 3,490 | 2.2 | % | $ | 3,411 | $ | 3,320 | 2.7 | % | ||||||||||||
Average miles per tractor per period
|
29,987 | 30,082 | -0.3 | % | 119,375 | 118,103 | 1.1 | % | ||||||||||||||||
Weighted avg. tractors for period
|
2,714 | 2,877 | -5.7 | % | 2,777 | 2,895 | -4.1 | % | ||||||||||||||||
Tractors at end of period
|
2,688 | 2,884 | -6.8 | % | 2,688 | 2,884 | -6.8 | % | ||||||||||||||||
Trailers at end of period
|
6,861 | 6,904 | -0.6 | % | 6,861 | 6,904 | -0.6 | % | ||||||||||||||||
SELECTED BALANCE SHEET DATA | ||||||||||||||||||||||||
($000s, except per share data)
|
12/31/2013
|
12/31/2012
|
||||||||||||||||||||||
Total assets
|
$ | 469,741 | $ | 400,232 | ||||||||||||||||||||
Total equity
|
$ | 100,360 | $ | 94,673 | ||||||||||||||||||||
Total balance sheet debt, net of cash
|
$ | 226,215 | $ | 168,098 | ||||||||||||||||||||
Net Debt to Capitalization Ratio
|
69.3 | % | 64.0 | % | ||||||||||||||||||||
Tangible book value per basic share
|
$ | 6.73 | $ | 6.38 | ||||||||||||||||||||