CHATTANOOGA, Tenn. (May 24, 2004) - U.S. Xpress Enterprises, Inc. (NASDAQ/NM: XPRSA) announced today that its board of directors has authorized the Company to repurchase up to $10 million of its common stock, subject to criteria established by the board. The stock may be purchased on the open market or in privately negotiated transactions at any time until May 24, 2005, at which time the board may elect to extend the repurchase program.
The Company stated that its board of directors believes that the Company`s stock is an appropriate investment in light of prevailing market prices. Any purchases would be at management`s discretion based upon prevailing prices, liquidity and other factors. The repurchased shares will be held as treasury stock and may be used for issuances under the Company`s employee stock option plan or for other general corporate purposes as the board may determine.