Covenant Logistics Approves $50M Stock Buyback

TL;DR

CLGT just authorized a $50M stock buyback, signaling confidence.

AI Summary

Covenant Logistics Group, Inc. announced on May 15, 2024, that its Board of Directors approved a new stock repurchase program. The company is authorized to repurchase up to $50 million of its common stock through May 15, 2026. This move indicates management's confidence in the company's financial health and its stock's valuation.

Why It Matters

This stock repurchase program signals management's belief that the company's stock is undervalued, potentially leading to increased shareholder value.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is generally a positive signal and does not introduce new risks.

Key Numbers

• $50.0M — Stock Repurchase Authorization (The maximum amount the company can spend on repurchasing its own stock.)
• 2 years — Repurchase Program Duration (The period during which the company is authorized to conduct the buyback.)

Key Players & Entities

• Covenant Logistics Group, Inc. (company) — Registrant
• $50 million (dollar_amount) — Stock repurchase authorization
• May 15, 2024 (date) — Date of Board approval
• May 15, 2026 (date) — Expiration date of repurchase program

FAQ

Key Financial Figures

• $0.01 — e of each exchange on which registered $0.01 Par Value Class A Common stock CVLG
• $0.11 — d declared a quarterly cash dividend of $0.11 per share of Class A and Class B common

Filing Documents

• form8k.htm (8-K) — 48KB
• exhibit991.htm (EX-99.1 CHARTER) — 7KB
• cvlglogo.jpg (GRAPHIC) — 23KB
• 0001008886-24-000155.txt ( ) — 250KB
• cvlg-20240515.xsd (EX-101.SCH) — 4KB
• cvlg-20240515_lab.xml (EX-101.LAB) — 21KB
• cvlg-20240515_pre.xml (EX-101.PRE) — 16KB
• form8k_htm.xml (XML) — 4KB

07

Item 5.07 Submission of Matters to a Vote of Security Holders. The Annual Meeting of Stockholders (the "Annual Meeting") of Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), was held on Wednesday May 15, 2024. Three proposals were voted on at the Annual Meeting. The proposals are described in detail in the Proxy Statement. The final results for the votes regarding each proposal are set forth below. 1. The individuals listed below were elected to serve as directors of the Company until the next annual meeting of stockholders or until their successors are duly elected and qualified: Nominee For Withheld Broker Non-Votes Dr. Benjamin S. Carson, Sr. 11,008,954 2,319,039 795,171 Joey B. Hogan 12,996,098 331,895 795,171 D. Michael Kramer 13,229,357 98,636 795,171 Bradley A. Moline 9,127,030 4,200,963 795,171 David R. Parker 13,089,007 238,986 795,171 Rachel Parker-Hatchett 12,990,066 337,927 795,171 Tracy L. Rosser 11,192,665 2,135,328 795,171 Herbert J. Schmidt 13,235,022 92,971 795,171 W. Miller Welborn 13,255,414 72,579 795,171 2. The compensation of the Company's named executive officers was approved, on an advisory and non-binding basis, as follows: Votes For Votes Against Abstentions Broker Non-Votes 13,085,719 175,018 67,256 795,171 3. The appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified as follows: Votes For Votes Against Abstentions Broker Non-Votes 13,991,146 108,718 23,300 —

01

Item 8.01 Other Events. On May 15, 2024 the Board declared a quarterly cash dividend of $0.11 per share of Class A and Class B common stock. The quarterly cash dividend is pursuant to a quarterly cash dividend program previously approved by the Board. The dividend is payable to stockholders of record on June 7, 2024 and is expected to be paid on June 28, 2024. A copy of the press release announcing the declaration of dividends is attached to this report as Exhibit 99.1.

01

Item 9.01

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. EXHIBIT NUMBER EXHIBIT DESCRIPTION 99.1 Covenant Logistics Group, Inc. press release dated May 17, 2024, announcing the declaration of a quarterly cash dividend. 104 Cover Page Interactive Data File. The information Items 8.01 and 9.01 of this report and the exhibit hereto maybe considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including, without limitation, statements relating to our declaration of quarterly dividends. Forward-looking statements are based on the current beliefs, assumptions, and expectations of management and current market conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurance that future dividends will be declared. The declaration of future dividends is subject to approval of our board of directors and various risks and uncertainties, including, but not limited to: our cash flow and cash needs; compliance with applicable law; restrictions on the payment of dividends under existing or future financing arrangements; changes in tax laws relating to corporate dividends; deterioration in our financial condition or results; and those risks, uncertainties, and other factors identified from time-to-time in our filings with the Securities and Exchange Commission. Please refer to the italicized paragraph at the end of the attached press release and va