Good Time To Sell At Covenant

Two of the largest shareholders of Chattanooga, TN-based truckload carrier Covenant Transport think the time is right to sell over two million shares of stock – largely because Covenant’s financial position has markedly improved this year. The offering, priced at $19.50 a share, involves one million shares owned by David and Jacqueline Parker and another million owned by Clyde Fuller. David Parker

Sean Kilcarr

Nov. 10, 2003

The offering, priced at $19.50 a share, involves one million shares owned by David and Jacqueline Parker and another million owned by Clyde Fuller. David Parker is Covenant’s chairman, president, and CEO, and Fuller is his stepfather. The sale is being underwritten by Bear, Stearns & Co., Stephens Inc., and BB&T Capital Markets.

The stock sale comes at time of improving fiscal health for Covenant. Its third quarter earnings jumped 12.1% to $4.1 million and revenue increased 3.7% to $146.5 million compared to the third quarter in 2002. For the first nine months of 2003, Covenant’s net income rose 63.5% to $8.1 million and revenue increased 3% to $430.3 million compared to the same period last year.

About the Author

Sean Kilcarr

Editor in Chief

Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.