SOURCE: Swift Transportation

May 24, 2007 18:15 ET

Swift Receives Awards for New Intermodal Business; Orders Additional Intermodal Equipment for Fleet Expansion

PHOENIX, AZ -- (MARKET WIRE) -- May 24, 2007 -- In the month of May, Swift Transportation Co., Inc. received several new awards from key customers for intermodal business that are anticipated to provide over $70 million in revenue on an annual basis. Jerry Moyes, Chairman, President, and Chief Executive Officer of Saint Corporation (name change to Swift Corporation pending), the holding company of Swift Transportation Co., Inc., stated, "We are pleased with these new awards and believe that intermodal is an exciting growth opportunity for us." Swift entered the intermodal container-on-flat-car business in 2005 and is starting to see the momentum build. Intermodal, which involves transporting freight using the combination of rail and truck, allows Swift to offer a full suite of services to its customers including traditional line-haul, dedicated, brokerage, and cross-border services into Canada and Mexico. Moyes continued, "Our customers' positive response to our comprehensive transportation portfolio is contributing to this growth."

Given these new awards, Swift has placed orders for 750 additional 53' state-of-the-art steel intermodal containers. Delivery is expected to be in time for the peak shipping season and will supplement its existing modern fleet of 5,000 containers. Swift maintains an option to purchase an additional 2,000 containers this year. Each of the containers in its fleet is being equipped with satellite tracking, a unique feature in the industry allowing for better utilization while improving security and service to its customers.

Saint Corporation is the holding company for Swift Transportation Co., Inc., a truckload carrier headquartered in Phoenix, Arizona. Swift's trucking subsidiary operates the largest fleet of truckload carrier equipment in the United States consisting of 18,000 tractors, 49,000 trailers and 5,000 intermodal containers. Operating out of 31 major terminals in 26 states and Mexico, Swift provides strong regional operations, an expanding intermodal operation and various specialty and dedicated services to its customers while focusing on safety and service, through its 25,000 employees and independent contractors.

This press release contains statements that may constitute forward-looking statements, usually identified by words such as "anticipates," "believes," "estimates," "plans," "projects," "expects," "intends," or similar expressions which speak only as of the date the statement was made. Such statements are based upon the current beliefs and expectations of Swift's management and are subject to significant risks and uncertainties. Actual events may differ materially from those set forth in the forward-looking statements. Swift undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

As to Swift's business and financial performance, the following factors, among others, could cause actual results to differ materially from those in forward-looking statements: prevailing market conditions relating to our determination of the fair value of assets held for sale and related impairment charges; the impact of our new owner-operator fuel surcharge reimbursement program and recent changes in our driver pay structure on operating results; excess capacity in the trucking industry or changes in demand of our customers; significant increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, license and registration fees, insurance premiums, and driver compensation, to the extent not offset by increases in freight rates or fuel surcharges; recessionary economic cycles and downturns in customers' business cycles, particularly in market segments and industries (such as retail and manufacturing) in which Swift has a significant concentration of customers or changes in our customers' transportation purchasing patterns; seasonal factors, such as harsh weather conditions, that increase operating costs; continuing difficulties in driver recruitment or retention issues involving Swift drivers and/or owner-operators; increases in driver compensation to the extent not offset by increases in freight rates; the inability of Swift to continue to secure acceptable financing arrangements; an adverse determination by the FMSCA with respect to Swift's safety rating and any resulting loss of customers or potential customers or a material increase in insurance costs; an unanticipated increase in the number or dollar amount of claims for which Swift is self insured; fluctuations in workers' compensation claims, which have benefited recent operating results due to improved claims management, but are not expected to continue at such levels in future periods; competition from trucking, rail, and intermodal competitors; our ability to sell assets held for sale at or above their net book value; the potential impact of current litigation, regulatory issues, or other governmental actions; and a significant reduction in or termination of Swift's trucking services by a key customer.