Celadon Stock in Danger of Being Delisted from NYSE

Celadon Group announced on May 8 that it has been notified by the New York Stock Exchange that it has failed to meet the exchange's listing standard, which could result in the company's stock being delisted.

The notification came as a result of the company's auditor, BKD, withdrawing its reports on previously issued financial statements. The action constituted a filing delinquency under NYSE's rules for a listed company.

Celadon made the auditor's withdrawal public on May 1 and said in a news release that the NYSE's filing delinquency notification was expected.

Celadon now has a minimum of six months from the date of the filing delinquency to fix the issue and is subject to the NYSE's ongoing oversight and review. NYSE may extend the deadline an additional six months.

To be traded on an exchange, a company must comply with and meet its requirements. Being involuntarily delisted from an exchange can be a sign of poor financial health, according to Investopedia.

The audit committee of Celadon's board of directors is reviewing this development, according to the company. The audit committee is comprised of all independent directors of the company and will be assisted by an independent law firm and a leading, international auditing, tax, and advisory firm.

Celadon can regain compliance during the six-month review period by obtaining reissued reports from its auditor and refiling its Form 10K and Form 10-Qs for the delinquent periods. If the company cannot file these reports by the NYSE deadline, then Celadon runs the risk of being delisted.

Celadon indicated in its release that it believes that it will continue to be listed on the NYSE, but did not guarantee that it would be able to file the new reports within the initial six-month period or any extended period.

NYSE has the right to delist the company at any ...Read the rest of this story

USA Truck Appoints Werner Hugo SVP of Trucking Operations

USA Truck has announced that Werner Hugo has joined its senior leadership team as senior vice president, trucking operations.

Hugo joins USA Truck from 7 Hills Transport where he had served as chief operating office. He joins president and CEO James Reed, Jason Bates, executive vice president and chief financial officer, Jim Craig, chief commercial officer and President of USAT Logistics, and Cheryl Stone, senior vice president of human resources, as recently appointed members of USA Truck's revamped leadership team.

“Werner is an outstanding operational executive with a proven track record of enhancing enterprise value at a variety of trucking companies over the past 17 years,” said Reed. “He is known for his hands-on leadership style and willingness to work side-by-side in the field with his teams.”

Prior to his most recent role at 7 Hills Transport, Hugo served as vice president of operations and driver retention at CRST International. Additionally, he has nearly 15 years of experience as president and chief operating officer of three other trucking companies.

“Werner possesses a passion for teamwork, a focus on personnel development and a commitment to cross-functional collaboration,” said Reed. “This makes him a perfect fit with our strategy of adding leaders who embrace the intensity and accountability needed to continue enhancing our financial performance.”

Related: USA Truck Names James Reed President and CEO

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Here's how much Nvidia will make off the Nintendo Switch

The Nintendo Switch will likely add hundreds of millions of dollars to Nintendo's top line this year, according to RBC Capital Markets. Graphics chip powerhouse Nvidia (NVDA) is poised to make hundreds of millions of dollars in additional revenues in fiscal 2018 thanks to the Nintendo Switch, according to a new report. RBC Capital Markets analyst Mitch Steves predicts Nvidia's top line may see a boost of $300 million-$400 million in fiscal 2018 just from sales of the Nintendo Switch, which is powered by Nvdia technology.

SAF-Holland Unveils More Intuitive Website

Screenshot of SAF-Holland.us

SAF-Holland has announced the launch of its new website, SAFHolland.us, featuring a more intuitive and easier-to-navigate design.

The new website offers user-friendly functionality through the Create My Vehicle tab on the home page, which allows users to select from nine vehicle applications, including van, reefer, flatbed, tanker, grain, container, livestock, gravel, and heavy haul. After selecting an application, specific tractor and trailer components are identified. Users can view the components and select products based on the specific application.

Users can view and select optional features and variations for the application and add them to the cart. Once a vehicle is created, the product specifics can be emailed, downloaded, printed for future reference, or shared as a starting point with a dealer.

The website provides all essential information on SAF, Holland, and Neway brand tractor and trailer products. This includes detailed product information, including standard and optional features as well as variations.

A new download center provides for a quick search of all literature through a filter check box function. The website also features a video page with access to the archive of SAF-Holland service and operation videos.

In addition, the website has been optimized for use on smartphones and tablet devices.

“The new website will ensure a highly productive experience for our visitors. For the first time, they'll be able to build their SAF-Holland specs by easily viewing and selecting from the list of products that are available for their specific vehicle application,” said Steffen Schewerda, president Americas.

Related: SAF-Holland and ACOFAS Team up for Tech Training Program

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Federal Signal to Buy Truck Bodies and Equipment International

Federal Signal Corporation has announced that it signed a definitive agreement to acquire Truck Bodies and Equipment International, a manufacturer of dump truck bodies and trailers.

The acquisition will cost $270 million and is aimed at strengthening Federal Signal's position as a specialty vehicle manufacturer in the maintenance and infrastructure markets.

The transaction will also allow the company to leverage its experience building chassis-based vehicles and expand its exposure to higher growth industrial markets.

TBEI brands include Travis Trailer & Body Company, Crysteel, Ox Bodies, Rugby Manufacturing, DuraClass, and J-Craft.

TBEI will be combined with the businesses in Federal Signal's Environmental Solutions Group to create a single platform to offer municipal and industrial customers with a suite of maintenance and infrastructure equipment and support.

“The TBEI business is a strong strategic fit with our ESG businesses and allows us to broaden our focus on maintenance and infrastructure markets,” said Jennifer L. Sherman, president and CEO of Federal Signal. “With its large industrial customer base, TBEI will accelerate the achievement of our long-standing objective of balancing the mix of revenue streams between municipal and industrial.”

As part of the deal, TBEI's president and CEO Robert Fines will be joining Federal Signal's management team. He has over 35 years of industry experience, including management positions held within General Electric and Avery Dennison.

“We are excited to join the Federal Signal family and add TBEI's six established brands to Federal Signal's portfolio of market-leading businesses,” said Fines. “There are many similarities between TBEI's operations and those of Federal Signal and we are confident in our ability to cross-pollinate manufacturing practices.”

Related: 6 Steps to Better Work Truck Body Upfits

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VC says 'Tesla is tracking close to Apple' and could be worth 'hundreds of billions' in a decade

High-profile venture capitalist Chamath Palihapitiya, the CEO and founder of Social Capital LP, lays out a way to play Tesla with 'limited downside.'

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