Coach USA Announces Ten Acquisitions Totalling $125 Million In Annualized Revenues.HOUSTON--(BUSINESS WIRE)--June 22, 1998-- --Transactions include Gray Line New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and the ShortLine group of companies-- Coach USA Coach USA is an American transportation service provider that offers scheduled bus service, city sightseeing, tour and charter bus service. Its main focus is in the New York Metropolitan Area. , Inc., (NYSE NYSE See: New York Stock Exchange : CUI (Character-based User Interface) A user interface that uses the character, or text, mode of the computer, such as DOS and Unix. In order to instruct the computer, commands are typed in. Contrast with GUI. ), announced today that it has entered into agreements to acquire ten additional motorcoach and passenger ground transportation companies having total annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of $125 million. These acquisitions include Gray Line New York and the ShortLine group of companies based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Mahwah, NJ; Olympia Trails, Elizabeth, NJ; Syracuse/Oswego Coach Lines of Syracuse, NY; Tippett Travel of Lake Worth, FL; The Airport Connection of Atlanta, GA; Tucker Transportation of Pensacola, FL; Gray Lines Tours Memphis, TN; Piedmont Coach Lines of Charlotte and Winston-Salem, NC; Valen Transportation of Orange, CA; and Mini Coach of Boston, MA. With these acquisitions, Coach USA is now the largest motorcoach company 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 acquisitions bring the total revenues acquired during 1998 to approximately $165 million and increase the Company s annualized revenue run rate to $790 million. Terms of the transactions were not disclosed. Gray Line New York and the ShortLine group of companies consist of the Gray Line New York Tours sightseeing operation, the Gray Line Air Shuttle An air shuttle is a shuttle service operated with aircraft. Although many airlines employ "shuttle" in their name, a true air shuttle is typically characterized by
The operations of Olympia Trails includes motorcoach commuter service from the Newark, New Jersey airport to several key destination points in New York City. Richard Kristinik, Chairman and Chief Executive Officer commented, "We are extremely excited about this group of acquisitions. These transactions compliment our existing operations in the important New York City metropolitan area while further strengthening our presence in several other key markets." Coach USA, Inc., is the largest provider of motorcoach tour, charter services, and motorcoach commuter and transit services in the United States. -0- Note: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on the current plans and expectations of Coach USA, Inc., and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, risks associated with acquisitions, fluctuations in operating results because of acquisitions and variations in stock prices, changes in government regulations, competition, risks of operations, growth of the newly acquired businesses and risks associated with expanding new advertising opportunities.
CONTACT: Coach USA, Inc.
Dick Kristinik
Larry King
1(888) COACH-US
or
Alan Kaiser/Jonathan Schaffer
Investor Relations
Media: Stan Froelich/Eileen King
Morgen-Walke Associates, Inc.
(212) 850-5600
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