Boyd Bros. Repurchases Shares; Company Terminates Ruel Smith Acquisition Negotiations.CLAYTON, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Jan. 8, 1999--Boyd Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Transportation Inc. (Nasdaq/NM:BOYD) today announced that it has repurchased 500,000 shares of the company's common stock from the company's former Chief Executive Officer, Donald G. Johnston. The repurchase of the shares, representing about 12% of Boyd Bros.' outstanding common stock, was funded by available cash and the company's bank line of credit. Commenting on the announcement, Miller Welborn, Acting Chief Executive Officer, said, "We believe this transaction, which is expected to be accretive to earnings per share going forward, will help us achieve a more appropriate level of leverage relative to the Company's invested capital. More important, it does so in a way which has no meaningful effect on Boyd Bros.' real public float." Separately, Boyd Bros. announced that it and Ruel Smith Transportation Services, Inc., a privately held flatbed trucking A flatbed truck is a type of truck which can be either articulated or rigid. It has an entirely flat, level body with absolutely no sides or roof. This allows for quick and easy loading of goods, and consequently they are used to transport heavy loads that are not delicate or company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , have been unable to reach mutually acceptable terms with respect to the proposed acquisition of Ruel Smith by Boyd Bros. Accordingly, these negotiations have terminated. Comments in this news release regarding the Company's business which are not historical facts are forward looking statements that involve risks and uncertainties. These risks include those customarily associated with the acquisition of new operations, including the successful integration of those operations with the Company's existing operations, as well as the risks associated with the Company's implementation of an owner/operator strategy. In a highly competitive business environment, there can be no assurance that these strategies will successfully improve Boyd Bros. future operating profitability or that the Company will consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. additional acquisitions if and when appropriate acquisition candidates are identified. Boyd Bros. Transportation Inc. is one of the largest flatbed trucking companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . industries, and operates throughout the eastern two-thirds of the United States. For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com. |
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