New Century Transportation Plans IPO

New Century Transportation became the latest trucking company to plan an initial public offering, news services reported.

The truckload and less-than-truckload carrier said in a regulatory filing it hopes to raise up to $120 million in an IPO, Bloomberg reported.

The Westhampton, N.J., company was founded in July 2000 by Harry Muhlschlegel, according to its Web site.

New Century expects to trade on the Nasdaq market under the symbol NCTX, the Associated Press reported.

Last year, the company lost $5.1 million, compared with a 2008 loss of $1.2 million, AP said. Revenue fell to $203.1 million from $229, and the last time it posted a profit was in 2005.

The company had about 400 trucks and 800 trailers as of last year, according to American Trucking Associations fleet data.

Earlier this week, Panther Expedited Services said it planned an IPO, following Roadrunner Transportation, which went public in May, and Swift Corp., which filed for an IPO last month. (Click here for previous coverage.)