New Century Transport to raise up to $120M in IPO
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Trucking company New Century Transportation Inc. hopes to raise up to $120 million in an initial public offering of its common stock.
The number of shares to be offered and the price range for the offering have not yet been determined.
The company said in a regulatory filing late Wednesday that it plans to use the proceeds to pay off bebt.
New Century expects to trade on the Nasdaq Global Market under the symbol "NCTX."
The company moves freight throughout the continental United States and parts of Canada, but its main focus is moving less-than-truckload shipments originating in and out of the Northeast. Its biggest shipments are industrial goods and food, but it also ships chemicals, consumer and retail stock and pharmaceutical supplies.
Less-than-truckload, or LTL, shipments are consolidated into one truck from several shippers.
For the full-year 2009, the company lost $5.1 million compared with a 2008 loss of $1.2 million. The last time it posted a net profit was 2005.
Revenue fell to $203.1 million from $229 million in 2008