<SEC-DOCUMENT>0001008886-19-000183.txt : 20191017
<SEC-HEADER>0001008886-19-000183.hdr.sgml : 20191017
<ACCEPTANCE-DATETIME>20191017171928
ACCESSION NUMBER:		0001008886-19-000183
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191017
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191017
DATE AS OF CHANGE:		20191017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COVENANT TRANSPORTATION GROUP INC
		CENTRAL INDEX KEY:			0000928658
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				880320154
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24960
		FILM NUMBER:		191155969

	BUSINESS ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419
		BUSINESS PHONE:		4238211212

	MAIL ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COVENANT TRANSPORT INC
		DATE OF NAME CHANGE:	19940818
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K (THIRD QUARTER 2019 PRE-RELEASE)
<TEXT>
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    <div style="text-align: center; line-height: 1.00; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.00; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 1; font-size: 14pt;">Washington, D.C.&#160;20549</div>
    <div style="text-align: center; line-height: 1.00; font-weight: bold;">_____________________________________________________________________________</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt;">Date of Report (Date of earliest event reported):</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt;">October 17, 2019</div>
    <div style="text-align: center; line-height: 1.00; font-weight: bold;">_______________________________________________________________________________</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 18pt; font-weight: bold;">COVENANT TRANSPORTATION GROUP, INC.</div>
    <div style="text-align: center; line-height: 1.00;">(Exact name of registrant as specified in its charter)</div>
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            <div style="text-align: center; line-height: 1.00;">(State or other jurisdiction</div>
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            <div style="text-align: center; line-height: 1.00;">(IRS Employer</div>
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            <div style="text-align: center; line-height: 1.00;">400 Birmingham Hwy., Chattanooga, TN</div>
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    <div style="line-height: 1.00;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
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              <div style="text-align: left; line-height: 1;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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              <div style="text-align: left; line-height: 1;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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              <div style="text-align: left; line-height: 1;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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              <td style="WIDTH: 33.33%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000000 1px solid">$0.01 Par Value Class A common stock</td>
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              <td style="BORDER-RIGHT: #000000 1px solid; WIDTH: 33.33%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000000 1px solid">The NASDAQ Global Select Market</td>
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      <div>Indicate by check mark whether that registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
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                <div style="text-align: justify; line-height: 1;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
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              <td style="width: 12.03%; vertical-align: top; font-size: 11pt;">&#160;</td>
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              <td style="width: 12.03%; vertical-align: top; font-size: 11pt;">&#160;</td>
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                <div style="text-align: justify; line-height: 1; font-size: 11pt;">On October 17, 2019, Covenant Transportation Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its expectations concerning financial
                  results for the third quarter ended September 30, 2019. A copy of the press release is attached to this report as Exhibit&#160;99.</div>
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              <td style="width: 12.03%; vertical-align: bottom; font-size: 11pt;">&#160;</td>
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                <div style="text-align: center; line-height: 1.00;"><u>NUMBER</u></div>
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                <div style="text-align: center; line-height: 1; font-size: 11pt;"><a href="exhibit99.htm">99</a></div>
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              <td style="width: 73.19%; vertical-align: top;">
                <div style="text-align: justify; line-height: 1; font-size: 11pt;">Covenant Transportation Group, Inc. press release announcing its expectations concerning financial results for the third quarter ended September 30, 2019.</div>
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              <td style="width: 12.03%; vertical-align: top; font-size: 11pt;">&#160;</td>
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                <div style="text-align: justify; line-height: 1; font-size: 11pt;">The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
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                <div style="text-align: justify; line-height: 1; font-style: italic; font-size: 11pt;">The information in Items 2.02 and 9.01 of this report and the exhibit hereto may contain "forward-looking statements" within the meaning of Section 27A
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          <div style="text-align: center; line-height: 1; font-weight: bold; font-size: 11pt;">SIGNATURE</div>
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          <div style="text-align: justify; text-indent: 24pt; line-height: 1; font-size: 11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
            hereunto duly authorized.</div>
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                  <div style="line-height: 1; font-weight: bold; font-size: 11pt;">COVENANT TRANSPORTATION GROUP, INC.</div>
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                <td style="width: 38.36%; vertical-align: bottom; font-size: 11pt;">&#160;</td>
                <td style="width: 4.7%; vertical-align: bottom; font-size: 11pt;">&#160;</td>
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                  <div style="line-height: 1; font-size: 11pt;">Date: October 17, 2019</div>
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                  <div style="line-height: 1; font-size: 11pt;">By:</div>
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                  <div style="line-height: 1; font-size: 11pt;">/s/ Richard B. Cribbs</div>
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                <td style="width: 38.36%; vertical-align: bottom; font-size: 11pt;">&#160;</td>
                <td style="width: 4.7%; vertical-align: bottom; font-size: 11pt;">&#160;</td>
                <td style="width: 56.94%; vertical-align: bottom;">
                  <div style="line-height: 1; font-size: 11pt;">Executive Vice President and Chief Financial Officer</div>
                </td>
              </tr>

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          <div style="text-align: center; line-height: 1; font-weight: bold; font-size: 11pt;">EXHIBIT INDEX</div>
          <font style="font-size: 11pt;"> </font>
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            </font> </div>
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                  <div style="text-align: center; line-height: 1.00; font-weight: bold;">EXHIBIT</div>
                  <div style="text-align: center; line-height: 1.00; font-weight: bold;"><u>NUMBER</u></div>
                </td>
                <td style="width: 86%; vertical-align: bottom;">
                  <div style="line-height: 1.00; font-weight: bold;"><u>EXHIBIT DESCRIPTION</u></div>
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                <td style="width: 14%; vertical-align: top; font-size: 11pt; text-align: center;" rowspan="1"><a href="exhibit99.htm">99</a><br>
                </td>
                <td style="width: 86%; vertical-align: bottom; font-size: 11pt;" rowspan="1">Covenant Transportation Group, Inc. press release announcing its expectations concerning financial results for the third quarter ended September 30, 2019.</td>
              </tr>
              <font style="font-size: 11pt;"> </font>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit99.htm
<DESCRIPTION>EXHIBIT 99 (PRESS RELEASE - THIRD QUARTER 2019 PRE-RELEASE)
<TEXT>
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    <div style="text-align: right; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <font style="font-weight: normal; font-size: 11pt;">Exhibit 99</font><br>
    </div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">COVENANT TRANSPORTATION GROUP ANNOUNCES UPDATED </div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">EXPECTATIONS CONCERNING THIRD QUARTER FINANCIAL RESULTS</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">CHATTANOOGA, TENNESSEE</font> &#8211; October 17, 2019 - Covenant Transportation Group, Inc.&#160; (NASDAQ/GS: CVTI) (&#8220;CTG&#8221;) announced today its expectations
      regarding financial results for the third quarter of 2019.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Chairman and Chief Executive Officer, David R. Parker, offered the following comments: &#8220;After reviewing preliminary operating and financial information through the end of September,
      we expect to report earnings (loss) per diluted share (&#8220;EPS&#8221;) in the range of ($0.17) to ($0.18) and adjusted earnings (loss) per diluted share (&#8220;Adjusted EPS&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> in the range of ($0.08) to ($0.09). This is an update from our previous
      statement that we expected third quarter 2019 Adjusted EPS to be fairly consistent with our reported second quarter 2019 Adjusted EPS of $0.35 based on an expectation of the freight market improving to some extent and a relatively level sequential
      cost structure outside of the expected return to a normal level of non-driver wages.&#160; The main income differences between the second and third quarters relate to the higher non-driver wage expense, along with unfavorable casualty, workers&#8217;
      compensation and group health insurance expense as compared to the second quarter of 2019.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1; margin-bottom: 12pt; font-size: 12pt; text-align: justify;">&#8220;The freight market remained relatively constant between the second quarter of 2019 and the third quarter of 2019, reflecting a negative environment in which
      available trucking capacity continues to exceed freight demand.&#160; Our average freight revenue per tractor per week, which excludes revenue from fuel surcharges, was approximately the same in both quarters. Within our truckload operations, operating
      expenses were not level as they increased 14.8 cents per total mile from the second quarter of 2019 to the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> quarter of 2019. The combination of the lack of benefit in the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> quarter that we experienced in the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      quarter to non-driver wages relating to the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> quarter reversal of previously accrued equity and cash incentive compensation and well above-average insurance expenses aggregated to a negative difference of approximately $10.9 million
      pre-tax, or $0.43 in diluted earnings per share between the quarters, as summarized in the table below:</div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1d4afe4b929d46dabf8087f539281ae1">

        <tr>
          <td style="width: 49.55%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Unfavorable Q2-19 to Q3-19 Cost Items</div>
          </td>
          <td style="width: 14.42%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Q2</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Op. Inc. </div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Impact</div>
          </td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Q2 </div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">EPS</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Impact</div>
          </td>
          <td style="width: 16.21%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Q3</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Op. Inc.</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Impact</div>
          </td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Q3</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">EPS</div>
            <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Impact</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.55%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="line-height: 1.00; font-size: 12pt;">Q2 non-driver wages (A)</div>
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          <td style="width: 14.42%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">$4.1 million</div>
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            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">.16</div>
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          <td style="width: 16.21%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
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          <td style="width: 49.55%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="line-height: 1.00; font-size: 12pt;">Q3 workers&#8217; comp insurance (B)</div>
          </td>
          <td style="width: 14.42%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 16.21%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">($1.8 million)</div>
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          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">(.07)</div>
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          <td style="width: 49.55%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="line-height: 1.00; font-size: 12pt;">Q3 group health insurance (C)</div>
          </td>
          <td style="width: 14.42%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 16.21%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">($1.4 million)</div>
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          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">(.06)</div>
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          <td style="width: 49.55%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="line-height: 1.00; font-size: 12pt;">Q3 casualty insurance (D)</div>
          </td>
          <td style="width: 14.42%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 16.21%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">($3.6 million)</div>
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          <td style="width: 9.91%; vertical-align: bottom; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-size: 12pt;">(.14)</div>
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    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div>
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              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">(A)</div>
            </td>
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              <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 9pt;">Non-driver wages increased $4.1 million on a pre-tax basis, or $0.16 per diluted share,
                primarily because the second quarter contained a benefit from reversing certain performance vesting equity and cash incentive accruals as it became apparent that certain performance objectives would not be achieved.&#160; The third quarter did
                not contain this benefit.</div>
            </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze220c4767352402498e5609bd30f32b0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">(B)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 9pt;">Workers compensation expense increased $1.8 million on a pre-tax basis, or $0.07 per diluted
                share, reflecting an increase in frequency, as well as reserve increases and an increased loss development factor on prior period claims.</div>
            </td>
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              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">(C)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 9pt;">Group health insurance costs increased $1.4 million on a pre-tax basis, or $0.06 per diluted
                share, reflecting an above-average concentration of large claims and cost inflation incurred during the third quarter.</div>
            </td>
          </tr>

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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46d9cc9497f642c0be9c6e6c7ee50b0d">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">(D)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 9pt;">Casualty insurance and claims expense increased $3.6 million on a pre-tax basis, or $0.14 per
                diluted share, reflecting an increase in frequency, as well as reserve increases and an increased loss development factor on prior period claims.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div>
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              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 1px; line-height: 1; font-size: 12pt; text-align: justify;"><a name="z_Hlk14250272"></a>In addition to EPS, we use Adjusted EPS, a non-GAAP measure, as a key measure of profitability. Adjusted EPS is not a
                substitute for EPS measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. We believe our presentation of this non-GAAP financial measure is useful because it provides investors and securities analysts
                supplemental information that we use internally for purposes of assessing profitability. Further, our Board and management use non-GAAP EPS on a supplemental basis to remove items that may not be an indicator of performance from
                period-to-period. Although we believe that Adjusted EPS improves comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry, if those companies define such measures
                differently. Because of these limitations, Adjusted EPS should not be considered a measure of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these
                limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis. Our calculation of Adjusted EPS starts with U.S. GAAP EPS and adds back the after-tax impact of non-cash intangible asset
                amortization, as well as items we deem to be generally non-recurring reconciled as follows:</div>
              <div style="margin: 0px 0px 1px; line-height: 1; font-size: 12pt; text-align: justify;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcc40792ba69c4d7996dc1581528e3467">

        <tr>
          <td style="width: 66.41%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 3.98%; vertical-align: bottom;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td colspan="5" style="width: 29.61%; vertical-align: bottom; border-bottom: #000000 1px solid;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Three Months Ended Sep. 30, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.41%; vertical-align: bottom;">
            <div style="line-height: 1.00; font-weight: bold;">EPS</div>
          </td>
          <td style="width: 3.98%; vertical-align: bottom;">
            <div style="line-height: 1.00; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom;">
            <div style="line-height: 1.00; font-weight: bold;">($</div>
          </td>
          <td style="width: 9.84%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.00; font-weight: bold;">0.17)</div>
          </td>
          <td style="width: 5.94%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">-</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom;">
            <div style="line-height: 1.00; font-weight: bold;">($</div>
          </td>
          <td style="width: 9.86%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.00; font-weight: bold;">0.18)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.41%; vertical-align: bottom;">
            <div style="text-indent: 19.5pt; line-height: 1.00;">Add back: Impact of non-cash intangible asset amortization</div>
          </td>
          <td style="width: 3.98%; vertical-align: bottom;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; text-align: right;">
            <div style="line-height: 1; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.04</div>
          </td>
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            <div style="line-height: 1.00;">&#160;</div>
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            <div style="text-align: center; line-height: 1.00;">-</div>
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            <div style="line-height: 1.00;">($</div>
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          <td style="width: 9.86%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 4px double;">
            <div style="text-align: right; line-height: 1.00;">0.09)</div>
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        <tr>
          <td style="width: 66.41%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.98%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; border-top: #000000 4px double;">&#160;</td>
          <td style="width: 9.84%; vertical-align: bottom; border-top: #000000 4px double;">&#160;</td>
          <td style="width: 5.94%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; border-top: #000000 4px double;">&#160;</td>
          <td style="width: 9.86%; vertical-align: bottom; border-top: #000000 4px double;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Covenant Transportation Group, Inc. is the holding company for several transportation providers that offer premium transportation services for customers throughout the United States.
      The consolidated group includes operations from Covenant Transport and Covenant Transport Solutions of Chattanooga, Tennessee; Southern Refrigerated Transport of Texarkana, Arkansas; Landair Transport and Landair Logistics of Greeneville, Tennessee;
      and Star Transportation of Nashville, Tennessee.&#160; In addition, Transport Enterprise Leasing, of Chattanooga, Tennessee is an integral affiliated company providing revenue equipment sales and leasing services to the trucking industry. The Company's
      Class A common stock is traded on the NASDAQ Global Select market under the symbol, &#8220;CVTI&#8221;.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1; font-style: italic; font-size: 12pt;">This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
      amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended.&#160; Such statements may be
      identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," &#8220;outlook,&#8221; and similar terms and phrases.&#160; Forward-looking statements are based upon the current beliefs and
      expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by,
      or underlying the forward-looking statements.&#160; In this press release, the statements relating to the estimated range of EPS and Adjusted EPS and other expected financial and operating measures and accruals are forward-looking statements. Such items
      have not been subjected to all the review procedures associated with the release of actual financial results and are premised on certain assumptions.&#160; The following factors, among others, could cause actual results to differ materially from those in
      the forward-looking statements: estimates and adjusting entries made during the review process; the completion of all review procedures and preparation of financial statements in accordance with generally accepted accounting principles; the rates and
      volumes realized during the remainder of 2019, elevated experience in the frequency and severity of claims relating to accident, cargo, workers' compensation, health, and other claims, increased insurance premiums, fluctuations in claims expenses
      that result from our self-insured retention amounts, including in our excess layers and in respect of claims for which we commute policy coverage, and the requirement that we pay additional premiums if there are claims in certain of those layers,
      differences between estimates used in establishing and adjusting claims reserves and actual results over time, adverse changes in claims experience and loss development factors, or additional changes in management's estimates of liability based upon
      such experience and development factors that cause our expectations of insurance and claims expense to be inaccurate or otherwise impacts our results; government regulations imposed on our captive insurance companies; changes in the market condition
      for used revenue equipment and real estate that impact our capital expenditures and our ability to dispose of revenue equipment and real estate on the schedule and for the prices we expect; increases in the prices paid for new revenue equipment that
      impact our capital expenditures and our results generally; changes in management&#8217;s estimates of the need for new tractors and trailers; the effect of any reduction in tractor purchases on the number of tractors that will be accepted by manufacturers
      under tradeback arrangements; our inability to generate sufficient cash from operations and obtain financing on favorable terms to meet our significant ongoing capital requirements; our ability to respond to changes in our industry or business in
      light of our substantial indebtedness and lease obligations; our ability to sustain or increase profitability in the future; the risks related to our receivables factoring arrangements; our ability to maintain compliance with the provisions of our
      credit agreements, particularly financial covenants in our revolving credit facility; excess tractor or trailer capacity in the trucking industry;&#160; decreased demand for our services or loss of one or more of our major customers; our ability to renew
      dedicated service offering contracts on the terms and schedule we expect; surplus inventories, recessionary economic cycles, and downturns in customers' business cycles; strikes, work slowdowns, or work stoppages at the Company, customers, ports, or
      other shipping related facilities; increases or rapid fluctuations in fuel prices, as well as fluctuations in hedging activities and surcharge collection, including, but not limited to, changes in customer fuel surcharge policies and increases in
      fuel surcharge bases by customers; the volume and terms of diesel purchase commitments and hedging contracts;&#160; interest rates, fuel taxes, tolls, and license and registration fees; increases in compensation for and difficulty in attracting and
      retaining qualified drivers and independent contractors; our ability to retain our key employees; the risks associated with engaging independent contractors to provide a portion of our capacity; seasonal factors such as harsh weather conditions that
      increase operating costs; competition from trucking, rail, and intermodal competitors; our dependence on third-party providers, particularly in our Managed Freight segment; regulatory requirements that increase costs, decrease efficiency, or impact
      the availability or effective driving time of our drivers and other drivers in the industry, including the terms and exemptions from hours-of-service and electronic log requirements for drivers and the Federal Motor Carrier Safety Administration&#8217;s
      Compliance, Safety, Accountability program applicable to driver standards and the methodology for determining a carrier&#8217;s Department of Transportation safety rating; the proper functioning and availability of our management information and
      communication systems and other information technology assets; volatility of our stock price; remediation of a material weakness in our internal controls, including our ability to remediate the material weakness by December 31, 2019; our ability to
      implement internal controls at Landair, including the our implement internal controls by December 31, 2019; impairment of goodwill and other intangible assets; our ability to effectively manage the challenges associated with doing business
      internationally; future outcomes of litigation; uncertainties in the interpretation of the 2017 Tax Cuts and Jobs Act and other tax laws; the ability to reduce, or control increases in, operating costs; changes in the Company&#8217;s business strategy that
      require the acquisition of new businesses, and the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations (including our acquisition of Landair); our ability to achieve our strategic plan;
      fluctuations in the results of Transport Enterprise Leasing, which are included as equity in income (loss) of affiliate in our financial statements; our Chairman of the Board and Chief Executive Officer and his wife control a large portion of our
      stock and have substantial control over us, which could limit other stockholders' ability to influence the outcome of key transactions, including changes of control; and future share repurchases, if any.&#160; Readers should review and consider these
      factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect
      actual results or changes in the factors affecting the forward-looking information.</div>
    <font style="font-size: 12pt;"> </font>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">For further information contact:</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Richard B. Cribbs, Executive Vice President and Chief Financial Officer</div>
    <div style="text-align: justify; line-height: 1.00;"><font style="font-size: 12pt;">RCribbs@covenanttransport.com</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">For copies of Company information contact:</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Theresa Ives, Executive Administrative Assistant</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">TIves@covenanttransport.com</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"> <a href="form8k.htm"><br>
      </a></div>
    <div style="text-align: center; line-height: 1; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><a href="form8k.htm">Back to Form 8-K</a><br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
