CHATTANOOGA, Tenn. (December 15, 2004) U.S. Xpress Enterprises, Inc. (NASDAQ/NM: XPRSA) announced today completion of the public offering of 4,000,000 shares of its Class A common stock ("Common Stock") at $25.25 per share. Of these shares, the Company sold 2,000,000 shares; Patrick E. Quinn, the Company`s Co-Chairman, President, and Treasurer and Max L. Fuller, the Company`s Co-Chairman, Chief Executive Officer, and Secretary sold 900,000 shares each; and related family partnerships sold 200,000 shares.
The offering generated net proceeds to the Company of approximately $47.7 million. Certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Common Stock to cover over-allotments.
The offering was made through an underwriting syndicate comprised of Legg Mason Wood Walker, Incorporated; Morgan Keegan & Company, Inc.; BB&T Capital Markets, a division of Scott & Stringfellow, Inc.; and Stephens Inc.U.S.
Xpress Enterprises, Inc. is the fifth largest publicly owned truckload carrier in the United States, measured by revenue. The Company provides dedicated, regional, and expedited team truckload services throughout North America, with regional capabilities in the West, Midwest, and Southeastern United States. The Company is one of the largest providers of expedited and time-definite services in the truckload industry and is a leader in providing expedited intermodal rail services. Xpress Global Systems, Inc., a wholly owned subsidiary, is a provider of transportation, warehousing, and distribution services to the floorcovering industry and provides airport-to-airport transportation services to the airfreight and airfreight forwarding industries through a network of 81 locations in North America. The Company also participates in logistics services through its joint ownership of Transplace, an Internet-based global transportation logistics company, and additional regional, dedicated, and medium length of haul services through its 49% ownership of Arnold Transportation Services.