The Westampton, N.J.-based company filed plans for a $120 million initial public offering (IPO) with the federal Securities and Exchange Commission this week. The number of shares to be offered and the price range for those shares ahve not yet been determined.
This follows similar recent moves by Panther Expedited Services, Seville, Ohio, and Swift Transportation, Phoenix. The Journal of Commerce notes that "almost a billion dollars in new trucking securities are being offered to investors in those three IPOs -- the biggest wave of transportation offerings in a decade."
New Century was founded in 2000 by Harry Muhlschlegel, who previously had founded and headed up Jevic. It offers an innovative hybrid of less-than-truckload and truckload services and has been recognized for its innovation in equipment, technology and maintenance issues as well. Muhlschlegel was honored as a Heavy Duty Trucking Truck Fleet Innovator in 2006.
Like many companies, New Century's profits suffered during the recent recession. The company lost $5.1 million on $203.1 million in revenue in 2009. It reported an $8.5 million net loss on $53.2 million in revenue in the first quarter of this year. The company said in its filing it plans to use the proceeds to pay off debt.