Covenant Announces Repurchase Program
June 6, 2000
Covenant Transport, Chattanooga, Tenn., has announced that its board of directors approved the company's first stock repurchase program. Covenant is now authorized to repurchase up to 1 million shares in open market or negotiated transactions. The repurchase program has no expiration date.
Covenant also announced that it expects to earn $.25 to $.30 per share for the second quarter. Revenue is expected to be up more than 20% for the quarter, however, earnings are expected to be less than expected, primarily due to slow freight.