Hub Group, Inc. Announces 2 for 1 Stock Split
DOWNERS GROVE, Ill., May 11, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Hub Group, Inc. (Nasdaq: HUBG) announced today that its Board of Directors has approved a 2 for 1 split of the Company's Class A Common Stock. The stock split will be in the form of a stock dividend of one share of Class A Common Stock for each outstanding share of Class A Common Stock on the record date and will be tax-free to stockholders. The Board of Directors has set a record time and date of 5:00 p.m. Central Daylight Time on May 22, 2006 and a payment time and date of 5:00 p.m. Central Daylight Time on June 6, 2006 for the stock dividend. Holders of Class B Common Stock will also receive a dividend of one share of Class A Common Stock for each share of Class B Common Stock outstanding on the record date. Upon the effectiveness of the stock split, the number of votes per share to which the holders of shares of Class B Common Stock were entitled immediately prior to the stock split will be adjusted to represent the same proportionate voting power after the stock split.
The stock split is intended to place the market price of the Class A Common Stock in a range more attractive to investors, particularly individuals. The closing price of the Class A Common Stock on the NASDAQ Stock Market on May 10, 2006 was $51.00.
The Company paid a similar 100 percent stock dividend on May 11, 2005 to holders of record as of May 4, 2005.
ABOUT HUB GROUP: Hub Group, Inc. is a leading asset light freight transportation management company providing comprehensive intermodal, truckload brokerage, logistics and distribution services. The Company operates through a network of over 30 offices throughout the United States, Canada and Mexico.
CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical, including statements about Hub Group's or management's earnings guidance, intentions, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and subject to risks. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Factors that could cause actual results to differ materially include the factors listed from time to time in Hub Group's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended December 31, 2005 and the report on Form 10-Q for the period ended March 31, 2006. Hub Group assumes no liability to update any such forward-looking statements.
SOURCE Hub Group, Inc.
Amy Lisek of Hub Group, Inc., +1-630-795-2214