[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Nevada
|
88-0320154
|
|
(State
or other jurisdiction of incorporation
|
(I.R.S.
Employer Identification No.)
|
|
or
organization)
|
||
400
Birmingham Hwy.
|
||
Chattanooga,
TN
|
37419
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Yes
[X]
|
No
[ ]
|
Large
accelerated filer [ ]
|
Accelerated
filer [ X ]
|
Non-accelerated
filer [ ]
|
Yes
[ ]
|
No
[ X
]
|
PART
I
FINANCIAL
INFORMATION
|
||
Page
Number
|
||
Item
1.
|
Financial
Statements
|
|
Consolidated
Condensed Balance Sheets as of March 31, 2007 (Unaudited) and December
31,
2006
|
||
Consolidated
Condensed Statements of Operations for the three months ended March
31,
2007 and 2006 (Unaudited)
|
||
Consolidated
Condensed Statements of Equity and Comprehensive Loss for the three
months
ended March 31, 2007 (Unaudited)
|
||
Consolidated
Condensed Statements of Cash Flows for the three months ended March
31,
2007 and 2006 (Unaudited)
|
||
Notes
to Consolidated Condensed Financial Statements (Unaudited)
|
||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
|
Item
4.
|
Controls
and Procedures
|
|
PART
II
OTHER
INFORMATION
|
||
Page
Number
|
||
Item
1.
|
Legal
Proceedings
|
|
Item
1A.
|
Risk
Factors
|
|
Item
6.
|
Exhibits
|
|
CONSOLIDATED CONDENSED
BALANCE SHEETS
(In
thousands, except share data)
|
|||||||
ASSETS
|
March
31, 2007
(unaudited)
|
December
31, 2006
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
4,305
|
$
|
5,407
|
|||
Accounts
receivable, net of allowance of $1,395 in 2007 and $1,491 in
2006
|
71,092
|
72,581
|
|||||
Drivers'
advances and other receivables, net of allowance of $2,631 in
2007
and $2,598 in 2006
|
5,568
|
4,259
|
|||||
Inventory
and supplies
|
4,774
|
4,985
|
|||||
Prepaid
expenses
|
13,717
|
11,162
|
|||||
Assets
held for sale
|
26,487
|
22,581
|
|||||
Deferred
income taxes
|
19,836
|
16,021
|
|||||
Income
taxes receivable
|
7,198
|
6.371
|
|||||
Total
current assets
|
152,977
|
143,367
|
|||||
Property
and equipment, at cost
|
349,491
|
349,663
|
|||||
Less
accumulated depreciation and amortization
|
(78,149
|
)
|
(74,689
|
)
|
|||
Net
property and equipment
|
271,342
|
274,974
|
|||||
Goodwill
|
36,210
|
36,210
|
|||||
Other
assets, net
|
20,337
|
20,543
|
|||||
Total
assets
|
$
|
480,866
|
$
|
475,094
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Securitization
facility
|
$
|
49,981
|
$
|
54,981
|
|||
Checks
outstanding in excess of bank balances
|
8,597
|
4,280
|
|||||
Current
maturities of acquisition obligation
|
333
|
333
|
|||||
Accounts
payable and accrued expenses
|
30,425
|
30,521
|
|||||
Current
portion of insurance and claims accrual
|
16,715
|
20,097
|
|||||
Total
current liabilities
|
106,051
|
110,212
|
|||||
Long-term
debt
|
114,500
|
104,900
|
|||||
Insurance
and claims accrual, net of current portion
|
15,469
|
18,002
|
|||||
Deferred
income taxes
|
55,920
|
50,685
|
|||||
Other
long-term liabilities
|
2,342
|
2,451
|
|||||
Total
liabilities
|
294,282
|
286,250
|
|||||
Commitments
and contingent liabilities
|
-
|
-
|
|||||
Stockholders'
equity:
|
|||||||
Class
A common stock, $.01 par value; 20,000,000 shares authorized;
13,469,090
and 13,469,090 shares issued; 11,662,420 and 11,650,690
shares
outstanding as of March 31, 2007 and December 31, 2006,
respectively
|
135
|
135
|
|||||
Class
B common stock, $.01 par value; 5,000,000 shares authorized;
2,350,000
shares issued and outstanding
|
24
|
24
|
|||||
Additional
paid-in-capital
|
92,065
|
92,053
|
|||||
Treasury
stock at cost; 1,806,670 shares and 1,818,400 shares as of March
31,
2007 and December
31, 2006, respectively
|
(21,443
|
)
|
(21,582
|
)
|
|||
Retained
earnings
|
115,803
|
118,214
|
|||||
Total
stockholders' equity
|
186,584
|
188,844
|
|||||
Total
liabilities and stockholders' equity
|
$
|
480,866
|
$
|
475,094
|
Three
months ended March 31,
(unaudited)
|
|||||||
2007
|
2006
|
||||||
Revenue:
|
|||||||
Freight
revenue
|
$
|
143,542
|
$
|
129,434
|
|||
Fuel
surcharge revenue
|
22,850
|
22,091
|
|||||
Total
revenue
|
$
|
166,392
|
$
|
151,525
|
|||
Operating
expenses:
|
|||||||
Salaries,
wages, and related expenses
|
67,422
|
58,642
|
|||||
Fuel
expense
|
45,990
|
41,915
|
|||||
Operations
and maintenance
|
9,598
|
8,497
|
|||||
Revenue
equipment rentals and purchased transportation
|
15,461
|
14,678
|
|||||
Operating
taxes and licenses
|
3,879
|
3,302
|
|||||
Insurance
and claims
|
6,255
|
8,226
|
|||||
Communications
and utilities
|
2,115
|
1,591
|
|||||
General
supplies and expenses
|
5,682
|
4,304
|
|||||
Depreciation
and amortization, including gains and losses on
disposition
of equipment
|
12,734
|
10,000
|
|||||
Total
operating expenses
|
169,136
|
151,155
|
|||||
Operating
income (loss)
|
(2,744
|
)
|
370
|
||||
Other
(income) expenses:
|
|||||||
Interest
expense
|
3,032
|
1,144
|
|||||
Interest
income
|
(115
|
)
|
(137
|
)
|
|||
Other
|
(82
|
)
|
(53
|
)
|
|||
Other
expenses, net
|
2,835
|
954
|
|||||
Loss
before income taxes
|
(5,579
|
)
|
(584
|
)
|
|||
Income
tax expense (benefit)
|
(3,509
|
)
|
300
|
||||
Net
loss
|
$
|
(2,070
|
)
|
$
|
(884
|
)
|
|
Loss
per share:
|
|||||||
Basic
and diluted loss per share:
|
$
|
(0.15
|
)
|
$
|
(0.06
|
)
|
|
Basic
and diluted weighted average common shares outstanding
|
14,005
|
13,985
|
Common
Stock
|
Additional
Paid-In
|
Treasury
|
Retained
|
Total
Stockholders'
|
Comprehensive
|
|||||||||||||||||
Class
A
|
Class
B
|
Capital
|
Stock
|
Earnings
|
Equity
|
Loss
|
||||||||||||||||
Balances
at December 31, 2006
|
$
|
135
|
$
|
24
|
$
|
92,053
|
$
|
(21,582
|
)
|
$
|
118,214
|
$
|
188,844
|
|||||||||
Issuance
of restricted stock to
non-employee
directors from
treasury
stock
|
-
|
-
|
12
|
139
|
-
|
151
|
||||||||||||||||
Cumulative
impact of change in
accounting
for uncertainties in
income
taxes (FIN 48 - see Note 6)
|
-
|
-
|
-
|
-
|
(341
|
)
|
(341
|
)
|
||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
(2,070
|
)
|
(2,070
|
)
|
(2,070
|
)
|
||||||||||||
Comprehensive
loss for three
months
ended March 31, 2007
|
$
|
(2,070
|
)
|
|||||||||||||||||||
Balances
at March 31, 2007
|
$
|
135
|
$
|
24
|
$
|
92,065
|
$
|
(21,443
|
)
|
$
|
115,803
|
$
|
186,584
|
Three
months ended March 31,
(unaudited)
|
|||||||
2007
|
2006
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
loss
|
$
|
(2,070
|
)
|
$
|
(884
|
)
|
|
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
|||||||
Provision
for losses on accounts receivable
|
165
|
158
|
|||||
Depreciation
and amortization
|
12,393
|
10,140
|
|||||
Amortization
of deferred financing fees
|
65
|
20
|
|||||
Deferred
income taxes (benefit)
|
1,079
|
(1,020
|
)
|
||||
Stock
based compensation expense
|
151
|
4
|
|||||
Loss
(gain) on disposition of property and equipment
|
341
|
(140
|
)
|
||||
Changes
in operating assets and liabilities:
|
|||||||
Receivables
and advances
|
30
|
15,965
|
|||||
Prepaid
expenses and other assets
|
(2,556
|
)
|
2,299
|
||||
Inventory
and supplies
|
239
|
(55
|
)
|
||||
Insurance
and claims accrual
|
(5,915
|
)
|
(3,455
|
)
|
|||
Accounts
payable and accrued expenses
|
(878
|
)
|
3,962
|
||||
Net
cash flows provided by operating activities
|
3,044
|
26,994
|
|||||
Cash
flows from investing activities:
|
|||||||
Acquisition
of property and equipment
|
(23,988
|
)
|
(44,227
|
)
|
|||
Proceeds
from disposition of property and equipment
|
11,269
|
14,542
|
|||||
Payment
of acquisition obligation
|
(83
|
)
|
-
|
||||
Net
cash flows used in investing activities
|
(12,802
|
)
|
(29,685
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Exercise
of stock options
|
-
|
192
|
|||||
Excess
tax benefits from exercise of stock options
|
-
|
16
|
|||||
Change
in checks outstanding in excess of bank balances
|
4,317
|
-
|
|||||
Proceeds
from issuance of debt
|
22,000
|
10,000
|
|||||
Repayments
of debt
|
(17,400
|
)
|
(10,000
|
)
|
|||
Debt
refinancing costs
|
(261
|
)
|
-
|
||||
Net
cash provided by financing activities
|
8,656
|
208
|
|||||
Net
change in cash and cash equivalents
|
(1,102
|
)
|
(2,483
|
)
|
|||
Cash
and cash equivalents at beginning of period
|
5,407
|
3,618
|
|||||
Cash
and cash equivalents at end of period
|
$
|
4,305
|
$
|
1,135
|
(in
thousands except per share data)
|
Three
months ended
March
31,
|
||||||
2007
|
2006
|
||||||
Numerator:
|
|||||||
Net
loss
|
$
|
(2,070
|
)
|
$
|
(884
|
)
|
|
Denominator:
|
|||||||
Denominator
for basic earnings per share - weighted-
average
shares
|
14,005
|
13,985
|
|||||
Effect
of dilutive securities:
|
|||||||
Employee
stock options
|
-
|
-
|
|||||
Denominator
for diluted earnings per share -
adjusted
weighted-average shares and assumed
conversions
|
14,005
|
13,985
|
|||||
Net
loss per share:
|
|||||||
Basic
and diluted loss per share:
|
$
|
(0.15
|
)
|
$
|
(0.06
|
)
|
Number
of
options
(in
thousands)
|
Weighted
average exercise price
|
Weighted
average remaining
contractual
term
|
Aggregate
intrinsic
value
(in
thousands)
|
||||||||||
|
|||||||||||||
Outstanding
at beginning of the
period
|
1,287
|
$
|
13.98
|
68
months
|
$
|
685
|
|||||||
Options
granted
|
-
|
-
|
|||||||||||
Options
exercised
|
-
|
-
|
|||||||||||
Options
forfeited
|
-
|
-
|
|||||||||||
Options
expired
|
(1
|
)
|
$
|
15.30
|
|||||||||
Outstanding
at end of period
|
1,286
|
$
|
13.98
|
65
months
|
$
|
599
|
|||||||
Exercisable
at end of period
|
1,178
|
$
|
14.07
|
61
months
|
$
|
599
|
Number
of
stock
awards
|
Weighted
average
grant
date
fair value
|
||||||
Unvested
at January 1, 2007
|
456,984
|
$
|
12.65
|
||||
Granted
|
-
|
-
|
|||||
Vested
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
Unvested
at December 31, 2006
|
456,984
|
$
|
12.65
|
(in
thousands)
|
March
31, 2007
|
December
31, 2006
|
|||||
|
|||||||
Securitization
Facility
|
$
|
49,981
|
$
|
54,981
|
|||
Borrowings
under Credit Facility
|
$
|
114,500
|
$
|
104,900
|
|||
Total
long-term debt
|
114,500
|
104,900
|
|||||
Less
current maturities
|
-
|
-
|
|||||
Long-term
debt, less current portion
|
$
|
114,500
|
$
|
104,900
|
(In thousands) | ||||
Current
assets
|
$
|
10,970
|
||
Property
and equipment
|
62,339
|
|||
Deferred
tax assets
|
275
|
|||
Other
assets -
Interest rate swap
|
252
|
|||
Identifiable
intangible assets:
|
||||
Tradename
(4-year estimated useful life)
|
920
|
|||
Noncompetition
agreement (7-year useful life)
|
1,000
|
|||
Customer
relationships
(20-year estimated useful life)
|
3,490
|
|||
Goodwill
|
24,655
|
|||
Total
assets
|
$
|
103,901
|
||
Current
liabilities
|
$
|
13,181
|
||
Long-term
debt, net of current maturities
|
36,298
|
|||
Deferred
tax liabilities
|
14,361
|
|||
Total
liabilities
|
$
|
63,840
|
||
Total
purchase price
|
$
|
40,061
|
(in
thousands, except per share data)
|
Three
months ended
March
31, 2006
|
|||
Pro
forma revenues
|
$
|
174,740
|
||
Pro
forma net income
|
$
|
436
|
||
Pro
forma basic and diluted earnings per share
|
$
|
0.03
|
•
|
Expedited
long haul service. We increased the fleet by approximately 13%, primarily
through the January 2007 assimilation of the former Covenant Refrigerated
service offering's team-driver trucks into this service offering.
We
expanded the length of haul to reflect a renewed focus on transcontinental
loads. Average freight revenue per total mile has remained basically
flat
with last year, although the length of haul has expanded about
5%.
|
•
|
Refrigerated
service. In January 2007, we assimilated the single-driver trucks
from our
former Covenant Refrigerated service offering into our Southern
Refrigerated Transport ("SRT") service offering. The addition of
the
unprofitable Covenant Refrigerated operations into SRT resulted in
a
deterioration of SRT's performance, primarily due to a significant
increase in freight from freight brokers to keep trucks loaded and
to
migrate the Covenant Refrigerated trucks to the SRT lanes. We expect
SRT
to gradually reduce its dependency on broker freight throughout the
year.
|
•
|
Dedicated
service. We increased the fleet by approximately 6% and kept the
average
length of haul and miles per truck relatively flat. Average freight
revenue per total mile increased almost 3%. As of March 31, 2007,
we have
renegotiated 83% of the Dedicated service offering's contracts with
more
favorable terms, and we expect to negotiate most of the remainder
during
the next few quarters. We also addressed a problem on one dedicated
fleet
that temporarily idled about 50 trucks, but we believe this has been
solved. Although we have expectations for meaningful improvement
for the
rest of the year, the soft freight environment has begun to impact
the
dedicated arena and more customers are attempting to take advantage
of the
soft freight market. On the other hand, the bid pipeline for dedicated
business continues to look very promising.
|
•
|
Covenant
regional solo-driver service. We decreased the fleet by approximately
500
trucks or 46%, decreased the length of haul by approximately 14%
to 512
miles, and increased miles per truck by almost 16% compared with
the first
quarter of 2006. Average freight revenue per total mile remained
flat. The
freight mix within our regional service offering changed substantially,
as
we have worked to reposition several hundred tractors around freight
centers and driver domiciles. We have reduced our dependence on brokered
freight and believe the network is beginning to stabilize, represented
by
an approximate 14% increase in average freight revenue per tractor
per
week compared with the first quarter of 2006. Substantial additional
improvements are needed for this service offering to become
profitable.
|
•
|
Star
regional solo-driver service. On
September 14, 2006, we acquired 100% of the outstanding stock of
Star, a
short-to-medium haul dry van regional truckload carrier based in
Nashville, Tennessee. Star's total revenue for the quarter ended
March 31,
2007 totaled approximately $23.6 million. Soft freight demand in
the
southeast affected Star, which had to rely on brokered freight to
keep its
trucks moving.
|
•
|
Brokerage
freight service. Late
in the first quarter of 2006, we initiated our freight brokerage
operation
and hired a Vice President and General Manager of this separate subsidiary
operating as Covenant Transport Solutions, Inc. The brokerage operation
has helped us continue to serve customers when we lacked capacity
in a
given area or when the load has not met the operating profile of
one of
our service offerings. This service has been useful as we continue
to
realign trucks between service offerings and subsidiaries and in
the
management of our freight mix toward preferred lanes. Since inception,
the
loads and revenues provided by this operation have grown each
quarter.
|
Three
Months Ended
March
31,
|
Three
Months Ended
March
31,
|
|||||||||
2007
|
2006
|
2007
|
2006
|
|||||||
Total
revenue
|
100.0%
|
100.0%
|
Freight
revenue (1)
|
100.0%
|
100.0%
|
|||||
Operating
expenses:
|
Operating
expenses:
|
|||||||||
Salaries,
wages, and related
expenses
|
40.5
|
38.7
|
Salaries,
wages, and related
expenses
|
47.0
|
45.3
|
|||||
Fuel
expense
|
27.6
|
27.7
|
Fuel
expense (1)
|
16.1
|
15.3
|
|||||
Operations
and maintenance
|
5.8
|
5.6
|
Operations
and maintenance
|
6.7
|
6.6
|
|||||
Revenue
equipment rentals and
purchased
transportation
|
9.3
|
9.7
|
Revenue
equipment rentals and
purchased
transportation
|
10.8
|
11.3
|
|||||
Operating
taxes and licenses
|
2.3
|
2.2
|
Operating
taxes and licenses
|
2.7
|
2.6
|
|||||
Insurance
and claims
|
3.8
|
5.4
|
Insurance
and claims
|
4.4
|
6.4
|
|||||
Communications
and utilities
|
1.3
|
1.0
|
Communications
and utilities
|
1.5
|
1.2
|
|||||
General
supplies and expenses
|
3.4
|
2.8
|
General
supplies and expenses
|
4.0
|
3.3
|
|||||
Depreciation
and amortization
|
7.7
|
6.6
|
Depreciation
and amortization
|
8.9
|
7.7
|
|||||
Total
operating expenses
|
101.6
|
99.8
|
Total
operating expenses
|
101.9
|
99.7
|
|||||
Operating
income (loss)
|
(1.6)
|
0.2
|
Operating
income (loss)
|
(1.9)
|
0.3
|
|||||
Other
expense, net
|
1.7
|
0.6
|
Other
expense, net
|
2.0
|
0.7
|
|||||
Loss
before income taxes
|
(3.4)
|
(0.4)
|
Loss
before income taxes
|
(3.9)
|
(0.5)
|
|||||
Income
tax expense (benefit)
|
(2.1)
|
0.2
|
Income
tax expense (benefit)
|
(2.4)
|
0.2
|
|||||
Net
loss
|
(1.2)%
|
(0.6)%
|
Net
loss
|
(1.4)%
|
(0.7)%
|
(1)
|
Freight
revenue is total revenue less fuel surcharge revenue. Fuel surcharge
revenue is shown netted against the fuel expense category ($22.9
million
and $22.1 million in the three months ended March 31, 2007 and 2006,
respectively).
|
PART
II
OTHER
INFORMATION
|
|
ITEM
1.
|
LEGAL
PROCEEDINGS
From
time to time we are a party to routine litigation arising in the
ordinary
course of business, most of which involves claims for personal injury
and
property damage incurred in connection with the transportation of
freight.
We maintain insurance to cover liabilities arising from the transportation
of freight for amounts in excess of certain self-insured
retentions.
|
ITEM
1A.
|
RISK
FACTORS
While
we attempt to identify, manage, and mitigate risks and uncertainties
associated with our business, some level of risk and uncertainty
will
always be present. Our Form 10-K for the year ended December 31,
2006, in
the section entitled Item
1A. Risk Factors,
describes some of the risks and uncertainties associated with our
business. These risks and uncertainties have the potential to materially
affect our business, financial condition, results of operations,
cash
flows, projected results, and future prospects. In addition to the
risk
factors set forth on our Form 10-K, we believe that the following
additional issues, uncertainties, and risks, should be considered
in
evaluating our business and growth outlook:
We
may not be able to renew Dedicated service offering contracts on
the terms
and schedule we expect.
As
part of the plan to improve profitability and increase the average
freight
revenue per tractor per week in our Dedicated service offering, we
are
attempting to renew and negotiate contracts covering the Dedicated
fleet.
The current freight environment has resulted in increased competition
for
these contracts, which has in turn placed more pressure on rates.
If
contract renewals do not proceed on an acceptable basis, we may not
be
successful in executing this plan on the terms and schedule we expect.
We
may not be able to cause the performance of Star Transportation,
Inc. to
return to historical levels.
The
profitability of our Star Transportation subsidiary has declined
substantially since we acquired Star in September 2006. We believe
the
primary factor has been lack of freight demand in the southeast U.S.,
where Star's operations are concentrated. However, other factors
may be
contributing, as well. We may not be able to cause Star to operate
at its
former level of profitability. If we do not, our financial results
may
suffer and we could be forced to write-down all or a portion of the
goodwill associated with the Star acquisition.
We
may not be able to successfully integrate the former operations of
our
Covenant Refrigerated service offering into our SRT and Expedited
Long-Haul operations.
In
the first quarter of 2007, we reallocated the assets formerly operated
by
our Covenant Refrigerated service offering to our SRT and Expedited
long
haul service offerings. The Covenant Refrigerated service offering
had
produced significant losses, and absorbing these operations adversely
affected the results in our SRT and Expedited long haul service offerings.
Particularly in the SRT service offering, we were forced to rely
on
freight from freight brokers to haul adequate loads and to move the
trucks
to lanes where SRT operates. Improving SRT's results will require
reducing
the percentage of freight derived from freight brokers. We may not
be
successful in reducing our dependency on broker freight or in returning
our SRT and Expedited long haul service offerings to their historical
levels of profitability.
|
ITEM
6.
|
EXHIBITS
|
|
Exhibit
Number
|
Reference
|
Description
|
3.1
|
(1)
|
Restated
Articles of Incorporation
|
3.2
|
(1)
|
Amended
Bylaws dated September 27, 1994
|
4.1
|
(1)
|
Restated
Articles of Incorporation
|
4.2
|
(1)
|
Amended
Bylaws dated September 27, 1994
|
#
|
Covenant
Transport, Inc. 2007 Named Executive Bonus Program, dated February
28,
2007
|
|
#
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002, by David R. Parker,
the
Company's Chief Executive Officer
|
|
#
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002, by Joey B. Hogan,
the
Company's Chief Financial Officer
|
|
#
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002, by David R. Parker, the Company's
Chief
Executive Officer
|
|
#
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002, by Joey B. Hogan, the Company's Chief
Financial Officer
|
References:
|
|
(1)
|
Incorporated
by reference from Form S-1, Registration No. 33-82978, effective
October
28, 1994.
|
#
|
Filed
herewith.
|
COVENANT
TRANSPORT, INC.
|
||
Date:
May 9, 2007
|
By:
|
/s/
Joey B. Hogan
|
Joey
B. Hogan
|
||
Executive
Vice President and Chief Financial Officer,
|
||
in
his capacity as such and on behalf of the
issuer.
|