MINNEAPOLIS, MINNESOTA, May 28, 2004 Transport Corporation of America, Inc.
(NASDAQ: TCAM), today announced the election of Charles M. Osborne to its Board of Directors.
Mr. Osborne, who has more than 25 years of finance and operations experience, is the Chief Financial
Officer for Fair Isaac & Company, the preeminent provider of creative analytics that unlock value for
people, businesses and industries. As part of his election to Transport Americas board of directors,
Osborne will also serve as chairman of the audit committee.
"We are delighted to welcome Chuck to Transport Americas board," said Michael Paxton, Chairman,
President and Chief Executive Officer. "Chuck brings a wealth of experience, insight and business
acumen; his extensive experience in finance and operations will benefit the Board greatly as we move
toward achieving operational excellence for Transport America."
Prior to joining Fair Isaac & Company in 2004, Osborne served as CFO and vice president of finance
for the University of Minnesota Foundation. Prior to the University of Minnesota Foundation,
Osborne served as vice president of corporate human resources, vice president and general manager
and CFO for McLeod USA / Ovation Communications, Inc., an Iowa-based provider of business and
residential telecommunications services.
Prior to joining McLeodUSA, Osborne served as president and chief operating officer for Graco, Inc.,
a Minneapolis-based manufacturer of fluid distribution systems for industrial and commercial applications. Osborne also spent 17 years in executive leadership with Deluxe Corporation, the largest printer of personal checks in the U.S., serving as CFO for 13 years.
Before joining Deluxe, Osborne began his corporate finance career at Deloitte & Touche LLP. He has also served as a professor of accounting and finance at the University of Minnesota, University of St. Thomas and William Mitchell College of Law. He holds a BS degree in business and a Master of Business Taxation degree from the University of Minnesota.
Share Repurchase Program
Transport America also announced that its Board of Directors has approved an additional common stock repurchase program to acquire up to 500,000 shares of its outstanding common stock. The Company has substantially utilized the previous stock repurchase authorization, which was approved
on March 11, 2004. The Companys Board of Directors continues to believe that the Companys stock
is an appropriate investment given current market prices.
The program authorizes the Company to purchase the shares on the open market or privately negotiated transactions from time to time in compliance with the SEC's Rule 10b-18, subject to market conditions, applicable legal requirements, the requirements of the Company's credit facility and other
factors. This program does not obligate the Company to acquire any particular amount of common stock.