Boyd Buys Stock, Cancels Acquisition

Boyd Bros. Transportation repurchased 500,000 shares of the company’s common stock from former chairman Donald G. Johnston for an undisclosed amount.

Separately, the company terminated negotiations to buy Ruel Smith Transportation Services, a flatbed carrier based in Houston.

The two companies were unable to reach mutually acceptable terms, Boyd Bros. said.

Acting Chief Executive Officer Miller Welborn said the repurchase of shares is expected to add to earnings per share and "will help us achieve a more appropriate level of leverage relative to the company’s invested capital."

The repurchased stock represent about 12% of Boyd Bros.’ outstanding shares. The deal was funded by available cash and the company’s bank line of credit.

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