Brief: U.S. Xpress Enterprises Announces Disposition Of Investment In U.S. - Mexico Operations And Impact On Financial Results

US Xpress Enterprises

18/01/2019 14:25

Jan 18 (Reuters) - US Xpress Enterprises Inc  USX.N :
    * U.S. XPRESS ENTERPRISES, INC. ANNOUNCES DISPOSITION OF
INVESTMENT IN U.S. - MEXICO OPERATIONS AND IMPACT ON FINANCIAL
RESULTS
    * US XPRESS ENTERPRISES INC - AFTER FULL IMPLEMENTATION
TRANSACTION IS EXPECTED TO IMPROVE OPERATING INCOME BY
APPROXIMATELY $10 MILLION ANNUALLY
    * US XPRESS ENTERPRISES INC - PLAN IS EXPECTED TO REDUCE
CURRENT
AND PLANNED INVESTED CAPITAL BY APPROXIMATELY $40.0 MILLION
    * US XPRESS ENTERPRISES INC - EXPECTS TO RECORD AN ABOUT
$12.3
MILLION NON-CASH, PRE-TAX LOSS ON EQUITY INVESTMENTS FOR Q4 OF
2018
    * US XPRESS ENTERPRISES INC - PLAN WILL BE EXECUTED IN
STAGES OVER
NEXT SEVERAL MONTHS.
    * US XPRESS ENTERPRISES INC - SALE OF COMPANY'S 95% EQUITY
OWNERSHIP OF XPRESS INTERNACIONAL S.A DE C.V.
    * US XPRESS - OWNERSHIP SALE IN XPRESS INTERNACIONAL S.A DE
C.V.,
FOR AN ESTIMATED $4.5 MILLION IN CASH, ADDITIONAL $8.5 MILLION
IN CASH OVER 8.5 YEARS
    * US XPRESS ENTERPRISES INC - EXIT OF U.S.-MEXICO CROSS
BORDER
INVESTMENT HAS CLOSING,SALE OF CO'S TRUCKING TERMINAL IN LAREDO,
TEXAS
    * US XPRESS ENTERPRISES INC - COMPANY EXPECTS TO REPAY DEBT
WITH
CASH PROCEEDS GENERATED FROM EXIT.
    * US XPRESS - EXPECTS TO INCUR EXPENSES NOT EXPECTED TO
EXCEED $4
MILLION ON PRE-TAX BASIS DURING Q1 OF 2019 RELATED TO DOMESTIC
INFRASTRUCTURE SHUT DOWN
    * US XPRESS ENTERPRISES-EXIT OF U.S.-MEXICO CROSS BORDER
INVESTMENT ALSO HAS DISPOSITION OF ABOUT 700 DRY VAN TRAILERS
ALLOCATED TOWARD MEXICO BUSINESS

Source text for Eikon:  ID:nBw4GVPPha 
Further company coverage:  USX.N 

 ((Reuters.Briefs@thomsonreuters.com;))