HOUSTON, Dec. 21 /PRNewswire-FirstCall/ -- EGL, Inc.'s (Nasdaq: EAGL)
announced today that, following the exercise of its redemption option on
December 20, 2004, virtually all of its outstanding 5% convertible
subordinated notes due December 15, 2006 (the "Notes") have been converted,
with approximately 5.7 million shares issued to the holders of the Notes.
"As we expected, the Note holders preferred the conversion to EGL shares
over their redemption for cash, and we appreciate the vote of confidence in
EGL," said James R. Crane, Chairman and Chief Executive Officer. "As a result
of the conversion, EGL has eliminated substantially all of its long-term debt
and increased its shareholder equity. This conversion does not affect EGL's
fully diluted EPS, which has reflected the dilutive effect of the Notes since
the second quarter of 2004 when the Notes first became dilutive."
Houston-based EGL, Inc. operates under the name EGL Eagle Global
Logistics. EGL is a leading global transportation, supply chain management
and information services company dedicated to providing superior flexibility
and fewer shipping restrictions on a price competitive basis. With 2003
revenues exceeding $2.17 billion, EGL's services include air and ocean freight
forwarding, customs brokerage, local pickup and delivery service, materials
management, warehousing, trade facilitation and procurement, and integrated
logistics and supply chain management services. The Company's shares are
traded on the Nasdaq National Market under the symbol "EAGL".
FORWARDING LOOKING STATEMENTS
The statements in this press release regarding the Company's intentions to
redeem the Company's 5% convertible subordinated notes, the Company's ability
to fund such redemption, and other statements which are not historical facts,
are forward looking statements. Such statements involve risks and
uncertainties, including, but not limited to, general economic conditions,
changes in the market price of the Company's shares, the Company's cash needs,
and other factors detailed in the Company's most recent Form 10-K, and other
filings with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize (or the consequences of such a
development worsen), or should underlying assumptions prove incorrect, actual
outcomes may vary materially from those forecasted or expected. The Company
disclaims any intention or obligation to update publicly or revise such
statements.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
Elijio Serrano, Chief Financial Officer of
EGL, Inc., +1-281-618-3665
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