- Covenant Logistics ( NASDAQ: CVLG ) said Wednesday it will sell a California terminal for ~$44M.
- The buyer paid a $2M non-refundable deposit on the property.
- CVLG expects to record a pretax gain of ~$37.5M on sale of property.
- The firm expects to relocate staff and equipment to other locations and lower operating costs associated with Southern California by ~$500K annually with no disruption in service.
- The sale is expected to close by the end of Q3.
- CVLG also raised its quarterly dividend 28% to $0.08/share.
For further details see:
Covenant Logistics to sell California terminal for $44M