<SUBMISSION>
<ACCESSION-NUMBER>0000950137-03-004902
<TYPE>S-1
<PUBLIC-DOCUMENT-COUNT>50
<FILING-DATE>20030924
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CENTRAL FREIGHT LINES INC/TX
<CIK>0001085636
<ASSIGNED-SIC>4213
<IRS-NUMBER>742914331
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-1
<ACT>33
<FILE-NUMBER>333-109068
<FILM-NUMBER>03907101
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>5601 WEST WACO DRIVE
<CITY>WACO
<STATE>TX
<ZIP>767022638
<PHONE>2547722120
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>5601 WEST WACO DRIVE
<CITY>WACO
<STATE>TX
<ZIP>767022638
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>c72067sv1.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>sv1</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="4">UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="5">Form S-1</FONT></B>

<DIV align="center">
<B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<B><FONT size="6">Central Freight Lines, Inc.</FONT></B>

<DIV align="center">
<I><FONT size="2">(Exact name of registrant as specified in its
charter)</FONT></I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Nevada</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">4213</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">74-2914331</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or other jurisdiction of<BR>
    incorporation or organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2"> 5601 West Waco Drive</FONT></B>

<DIV align="center">
<B><FONT size="2">Waco, Texas 76710</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(254)&nbsp;772-2120</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address, including zip code, and telephone
number, including area code, of registrant&#146;s principal
executive offices)</FONT></I>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2"> Robert V. Fasso</FONT></B>

<DIV align="center">
<B><FONT size="2">Chief Executive Officer and
President</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Central Freight Lines, Inc.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">5601 West Waco Drive</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Waco, Texas 76710</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(254)&nbsp;772-2120</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Name, address, including zip code, and
telephone number, including area code, of agent for
service)</FONT></I>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Mark A. Scudder<BR>
    Heidi Hornung-Scherr<BR>
    David J. Routh<BR>
    Scudder Law Firm, P.C., L.L.O.<BR>
    411 South 13th Street, Suite&nbsp;200<BR>
    Lincoln, Nebraska 68508<BR>
    (402) 435-3223</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Seth R. Molay, P.C.<BR>
    Gemma L. Descoteaux<BR>
    Akin Gump Strauss Hauer &#38; Feld LLP<BR>
    1700 Pacific Avenue, Suite&nbsp;4100<BR>
    Dallas, Texas 75201-4675<BR>
    (214) 969-2800</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2"> Approximate date of commencement of proposed
sale to the public:</FONT></B><FONT size="2"> as soon as
practical after this registration statement becomes effective.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant
to Rule&nbsp;415 under the Securities Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under
the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is a post-effective amendment filed
pursuant to Rule&nbsp;462(c) under the Securities Act, check the
following box and list the Securities Act registration statement
number of the earlier effective registration statement for the
same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is a post-effective amendment filed
pursuant to Rule&nbsp;462(d) under the Securities Act, check the
following box and list the Securities Act registration statement
number of the earlier effective registration statement for the
same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If delivery of the prospectus is expected to be
made pursuant to Rule&nbsp;434, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fee(2)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock, $0.001 par value per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$138,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$11,165
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for the purpose of calculating
    the registration fee pursuant to Rule 457(o).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A registration fee of $20,781 was previously paid
    in connection with the Registration Statement on Form&nbsp;S-1
    (No.&nbsp;333-77947) filed by the Registrant on May&nbsp;6,
    1999, and withdrawn on February&nbsp;5, 2003. Pursuant to
    Rule&nbsp;457(p) under the Securities Act, the previously paid
    fee of $20,781 is offset against the filing fee of $11,165 due
    herewith.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its
effective date until the registrant shall file a further
amendment which specifically states that this registration
statement shall thereafter become effective in accordance with
section&nbsp;8(a) of the Securities Act of 1933 or until this
registration statement shall become effective on such date as
the Securities and Exchange Commission acting pursuant to said
section&nbsp;8(a), may determine.</FONT></B>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT size="2" color="#913338">The information in this
prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.</FONT></B>
</TD></TR></TABLE>

<P align="center">
<FONT size="2"> <B><FONT color="#913338">SUBJECT TO COMPLETION,
DATED &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003</FONT></B>
</FONT>

<DIV align="left">
<B><FONT size="2">Prospectus</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</FONT></B>
</DIV>

<P align="center">
<IMG src="c72067c7206700.gif" alt="(CENTRAL FREIGHT LINES LOGO)">

<P align="center">
<B><FONT size="5">Common Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This is the initial public offering of Central
Freight Lines, Inc. No public market currently exists for our
common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently anticipate the initial public
offering price of our common stock to be between
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. We intend to apply to list our common stock on The Nasdaq
National Market under the symbol &#147;CENF&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are selling shares of common stock and the
selling stockholders are selling shares of common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Investing in our common stock involves risks.
See &#147;Risk Factors&#148; beginning on page&nbsp;8.</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Per Share</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Public Offering Price
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting Discount
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds, Before Expenses, to Central Freight
    Lines, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds to the Selling Stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The selling stockholders have granted the
underwriters a 30-day option to purchase up
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
shares to cover any over-allotments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Delivery of the shares of common stock will be
made on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved
of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a
criminal offense.</FONT></B>

<P align="left">
<B><FONT size="5">Bear, Stearns &#38; Co. Inc.</FONT></B>

<DIV align="left">
<B><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB&#38;T
Capital Markets</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="center">
    <B><FONT size="5">Legg Mason Wood Walker &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
     </FONT></B><FONT size="2">Incorporated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size="5">Morgan
Keegan &#38; Company, Inc.</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="5">Stephens Inc.</FONT></B>
</DIV>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<center>

<IMG SRC="c72067c7206701.gif" alt="map of America"></center>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PROSPECTUS SUMMARY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">DIVIDEND POLICY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">DILUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">CAPITALIZATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">ACQUISITION AND DISPOSITION OF OPERATIONS OF CENTRAL REFRIGERATED</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SELECTED FINANCIAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">OUR INDUSTRY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">BUSINESS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">PRINCIPAL AND SELLING STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">DESCRIPTION OF CAPITAL STOCK</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">SHARES ELIGIBLE FOR FUTURE SALE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">UNDERWRITING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">NOTICE TO CANADIAN RESIDENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#021">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv2w1.txt">Amended and Restated Asset Purchase Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv2w2xay.txt">Separation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv2w2xby.txt">Amendment Number One to Separation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv2w3.txt">Agreement and Plan of Merger</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv3w1xay.txt">Articles of Incorporation</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv3w2.txt">Bylaws of Central Freight Lines, Inc.</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv4w4.txt">Stockholders' Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w1xay.txt">Central Freight Lines, Inc. 401(k) Savings Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w1xby.txt">First Amendment to 401(k) Savings Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w2xay.txt">Central Freight Lines, Inc. Incentive Stock Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w2xby.txt">Form of Stock Option Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w3.txt">Form of Outside Director Stock Option Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xay.txt">Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xby.txt">1st Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xcy.txt">2nd Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xdy.txt">3rd Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xey.txt">4th Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xfy.txt">5th Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xgy.txt">6th Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xhy.txt">7th Amendment to Revolving Credit Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xiy.txt">3rd Amendment to Revolving Credit Note</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w4xjy.txt">3rd Amendment to Revolving Credit Note</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w5.txt">Guaranty dated April 30, 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w6.txt">Security Agreement dated April 30, 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w7.txt">Note dated April 30, 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w8xay.txt">Loan Agreement dated April 30, 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w8xby.txt">First Amendment to Loan Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w9.txt">Receivables Purchase Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w10.txt">Second Amended and Restated Master Lease - Group A</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w11.txt">Second Amended and Restated Master Lease - Group B</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w12.txt">Amended and Restated Lease</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w13.txt">Amended and Restated Lease</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w14.txt">Amended and Restated Lease</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w15.txt">Employment Agreement - Fasso</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w16.txt">Employment Offer Letter - Slay</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w17.txt">Equity Advancement Letter - Slay</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w18.txt">Employment Offer Letter - Conard</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w19.txt">Employment Offer Letter - Hale</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w20.txt">Employment Separation Agreement and Release-Gentry</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w21.txt">Consulting Agreement - Gentry</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w22.txt">Contract for Sale of Land</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv10w23.txt">Indemnification Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv21.txt">Subsidiaries of Central Freight Lines, Inc.</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv23w2.txt">Consent of KPMG LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv23w3.txt">Consent of Duane W. Acklie</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv23w4.txt">Consent of Porter J. Hall</A></TD></TR>
<TR><TD colspan="9"><A HREF="c72067exv23w5.txt">Notice Regarding Consent of Arthur Ansersen</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">ABOUT THIS PROSPECTUS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information contained
in this document or to which we have referred you. We have not,
and the underwriters have not, authorized anyone to provide you
with information that is different. If anyone provides you with
different or inconsistent information, you should not rely on
it. We are not, and the underwriters are not, making an offer to
sell these securities in any jurisdiction where the offer or
sale is not permitted. You should assume that the information
appearing in this prospectus is accurate only as of the date on
the front cover of this prospectus. Our business, financial
condition, results of operations, and prospects may have changed
since that date.
</FONT>

<P align="center">
<B><FONT size="2">DEALER PROSPECTUS DELIVERY
OBLIGATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25&nbsp;days
after the commencement of this offering), all dealers that
effect transactions in these securities, whether or not
participating in this offering, may be required to deliver a
prospectus. This is in addition to the dealer&#146;s obligation
to deliver a prospectus when acting as an underwriter and with
respect to unsold allotments or subscriptions.
</FONT>

<P align="center"><FONT size="2">i
</FONT>
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<DIV align="center">
<FONT size="2">(This page intentionally left blank)
</FONT>
</DIV>

<P align="center"><FONT size="2">ii
</FONT>

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<!-- link1 "PROSPECTUS SUMMARY" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B><FONT size="2">PROSPECTUS SUMMARY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">This summary highlights information contained
elsewhere in the prospectus. It does not contain all information
you should consider before deciding to purchase shares of common
stock in this offering. You should read the entire prospectus
carefully, including the financial statements and the notes to
those financial statements, and the information under &#147;Risk
Factors,&#148; before making an investment decision. Unless the
context requires otherwise, references in the prospectus to
&#147;Central,&#148; &#147;we,&#148; &#147;us,&#148;
&#147;our,&#148; and the &#147;company&#148; refer to Central
Freight Lines, Inc. and its consolidated subsidiaries.</FONT></I>

<P align="center">
<B><FONT size="2">Our Company</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a non-union, regional less-than-truckload
carrier based in the southwestern United States. We generated
approximately $371.4&nbsp;million in revenue in 2002, which made
us one of the ten largest regional LTL carriers in the nation.
Over the past eighteen months, we have assembled a new senior
management team and implemented a strategic plan designed to
increase the efficiency of our operations and expand our
geographic territory. Based on improving results and customer
demand for broader service, in December 2002, we expanded
service in a seven-state, Midwest region, establishing
all-points coverage in six of these states. We expect to
initiate all-points service in a five-state, Northwest region in
the second half of 2004. We believe that our operating model
will support future profitable growth for the following reasons:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our eight-state, core region in the Southwest is
    anchored by Texas and California, two of the nation&#146;s three
    largest state economies, which produce significant freight
    volumes and are well positioned on major traffic lanes to
    support our expansion into contiguous regions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We have a 75-year history and significant
    terminal density in our core region, which we believe contribute
    to strong customer relationships and efficient asset utilization.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We believe that our size allows us to capitalize
    on industry trends that favor sizable, well-capitalized,
    non-union, regional LTL carriers.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We have an experienced management team led by our
    Chief Executive Officer, Robert V. Fasso, who joined us after
    serving as president of USF Corporation&#146;s (Nasdaq: USFC)
    regional LTL carrier group from 1997 to 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Over the past eighteen months, our profitability,
as measured by operating ratio, has recovered from a negative
trend that resulted in an operating ratio of 100.6% for the
first quarter of 2002. Since then, our profitability has
improved substantially, and we achieved an operating ratio of
96.4% for the twenty-six weeks ended July&nbsp;5, 2003, compared
with 98.0% for the twenty-four weeks ended June&nbsp;15, 2002.
We believe additional improvements are possible as we continue
to implement our strategy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe the improvement in our operations is
primarily attributable to the strategic plan being implemented
by our new senior management team. The three key elements of the
plan are as follows:
</FONT>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Simplifying Our Terminal Network.
    </FONT></I><FONT size="2">During the first nine months of 2002,
    we closed approximately 25% of our then-existing terminals and
    more than half of our breakbulk operations. The reduction in
    intermediate handling and in required personnel reduced delays,
    damage, and per-shipment expenses. In 2002, we delivered over
    90% of the freight within our network within two days,
    transported approximately 73% of the freight that originates and
    terminates within our network directly from an origin terminal
    to a destination terminal, and delivered approximately 97% of
    our freight on time.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Increasing Our Revenue Yield.
    </FONT></I><FONT size="2">We instituted a comprehensive yield
    management process that focuses on selectively raising our
    freight rates based on a lane-by-lane analysis of costs and
    competitive factors, improving our freight mix by marketing to
    more service-sensitive customers, and using our assets in more
    profitable areas. Our yield management efforts helped us improve
    our LTL revenue per hundredweight by 10.3%, from $10.05 for the
    twenty-four weeks ended June&nbsp;15, 2002, to $11.09 for the
    twenty-six weeks ended July&nbsp;5, 2003. We believe we have
    additional opportunities to gain future improvements through
    more efficient use of our assets.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">1
</FONT>

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<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Implementing Dynamic Resource Planning.
    </FONT></I><FONT size="2">We initiated a continuous improvement
    process that we call dynamic resource planning to enhance our
    operating efficiency. Through this process we seek to
    communicate critical information at the earliest possible time
    in a freight move, empower managers to optimize each operation,
    and continually analyze and re-engineer each step in the freight
    movement process. Our efficiency and cost structure have
    improved significantly even though to date the principles of
    dynamic resource planning have been implemented in only one of
    four basic steps of our freight movement process. Accordingly,
    we expect additional efficiencies as we implement dynamic
    resource planning throughout the remaining three steps of our
    freight movement process.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Our Growth Strategy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our strategy is to use our size, customer
relationships, operating model, and industry dynamics to achieve
profitable growth. Our goal is to operate multiple regional LTL
fleets, each of which focuses on next-day and second-day
services in its region, complemented by inter-regional freight
delivery between our regions. The key elements of our growth
strategy include:
</FONT>
<P>

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    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Increasing Business and Service Offerings in
    Our Core Region. </FONT></I><FONT size="2">We believe there are
    opportunities to increase the density of our operations and
    service offerings in our core region. The efficiencies resulting
    from our ongoing management initiatives have created substantial
    excess equipment and terminal capacity. We intend to use this
    excess capacity to further increase freight volumes in our core
    region, as well as offer our customers a broader portfolio of
    shipping options and specialized services such as expedited and
    time-definite deliveries, inventory warehousing, and logistics.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Building Density in Our Midwest Region.
    </FONT></I><FONT size="2">Our December 2002 expansion in the
    Midwest increased our presence from 13&nbsp;states to
    17&nbsp;states overall, and also contributed to an increase in
    the number of states in which we offer all-points coverage from
    11 to 15. We selected the Midwest region after conducting an
    extensive evaluation of our customers&#146; needs, analyzing
    competitive factors, and evaluating the freight patterns to and
    from Texas on the Interstate&nbsp;35 corridor. Our focus
    initially has been on providing next-day and second-day service
    for existing customers that have committed freight in major
    traffic lanes and expanding into selected areas using low-cost
    leased facilities and minimal staffing. We believe that
    additional opportunities exist for long-term growth as we
    increase the density of our operations in the Midwest region.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Expanding to Additional Regions.
    </FONT></I><FONT size="2">We believe that our operating model
    can be replicated in additional regions. As we did in our recent
    Midwest expansion, we intend to use our strong market position
    in our existing regions to expand selectively into new regions.
    We intend to identify regions with large freight volumes to or
    from our existing operations, obtain freight commitments from
    our existing customers, and prioritize regions with a favorable
    competitive landscape. In the second half of 2004, we expect to
    initiate all-points service in a five-state region in the
    northwestern United States. We intend to build on our presence
    in California to pursue traffic along the Interstate&nbsp;5
    corridor and then use our presence in the Southwest and Midwest
    to further support and expand our operations in the Northwest
    region. As we establish and expand our LTL operations in
    multiple regions, we will be in a position to offer shippers
    inter-regional service with a single point of contact,
    consistent pricing, and shipment visibility across regions. We
    believe there is significant customer demand for this type of
    inter-regional service.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Pursuing Strategic Acquisitions.
    </FONT></I><FONT size="2">We believe that acquisitions can
    complement internal growth as an efficient means of increasing
    freight density in existing areas and expanding into new
    geographic territories. We acquired two small regional LTL
    companies in 1999 and continue to selectively evaluate similar
    acquisitions that may expand our customer or geographic base or
    provide other strategic benefits.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

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<P align="center">
<B><FONT size="2">Our Industry</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our market is large, fragmented, and highly
competitive. LTL carriers transport freight for multiple
customers to multiple destinations on each trailer. This service
requires networks of local pick-up and delivery terminals,
breakbulk facilities, and driver fleets. The LTL business is
capital intensive, and achieving significant density of
operations in a given region can afford a competitive advantage
since greater freight volumes are better able to support fixed
costs. We believe that the regional LTL market is the most
attractive segment of the LTL trucking industry and that the
regional LTL market offers substantial growth opportunities for
the following reasons:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The trend among shippers toward minimal
    inventories, deferred air freight, and regional distribution has
    increased the demand for next-day and second-day delivery
    service.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Regional carriers with sufficient scale and
    freight density to support local terminal networks can offer
    greater service reliability and minimize the costs associated
    with intermediate handling.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Regional carriers are predominantly non-union,
    which offers cost savings, greater flexibility, and a lower
    likelihood of service disruptions compared with unionized
    carriers.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">There has been a reduction of capacity as weaker
    competitors exit the business.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Company History and Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our company was formed in 1997 when our Chairman,
Jerry Moyes, who is also Chairman and Chief Executive Officer of
Swift Transportation Co., Inc. (Nasdaq: SWFT), led the buyout of
our name, terminal network, and physical assets. Between 1997
and 2001, we concentrated on growing our regional LTL operation
in Texas and surrounding states and acquired LTL operations in
Arizona and California to expand our western presence. In 2002,
we assembled a new senior management team to guide the next
stage of our growth.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From April&nbsp;22, 2002, until December&nbsp;31,
2002, we owned and operated Central Refrigerated Service, Inc.
(&#147;Central Refrigerated&#148;), a temperature-controlled
truckload carrier. In preparing for this offering, we determined
that it was advisable to divest Central Refrigerated in order to
focus on our LTL growth strategy and devote our capital
resources to our LTL operations. We no longer own Central
Refrigerated, and the results of Central Refrigerated are
considered discontinued operations for accounting purposes. We
are required by applicable accounting rules to include in this
prospectus the financial statements of Simon Transportation
Services Inc. and its subsidiaries (&#147;Simon
Transportation&#148;), the sellers from which Central
Refrigerated purchased its operations. However, we do not
believe the financial statements of Simon Transportation or the
financial results of Central Refrigerated in 2002 are relevant
to our business. Please refer to &#147;Acquisition and
Disposition of Central Refrigerated,&#148;
&#147;Management&nbsp;&#151; Compensation Committee Interlocks
and Insider Participation,&#148; &#147;Certain Relationships and
Related Transactions,&#148; and our consolidated financial
statements and related notes for additional information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are incorporated in Nevada. Our executive
offices are located at 5601&nbsp;West Waco Drive, Waco, Texas
76710. Our telephone number is (254)&nbsp;772-2120. Our website
address is <I>www.centralfreight.com</I>. Information contained
on our website does not constitute part of this prospectus.
</FONT>

<P align="center">
<B><FONT size="2">Risk Factors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An investment in our common stock involves a high
degree of risk. Potential investors should carefully consider
the risk factors set forth under &#147;Risk Factors&#148;
beginning on page 8 and the other information contained in this
prospectus prior to making an investment decision regarding our
common stock.
</FONT>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">The Offering</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Common stock offered by us
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Common stock offered by the selling stockholders
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Common stock to be outstanding after this offering
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Use of proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We estimate that our net proceeds from this
    offering will be approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.
    We intend to use these net proceeds for:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;the
    repayment of approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
    of debt;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;the
    payment of a distribution to our pre-offering stockholders,
    estimated to be approximately $4.2&nbsp;million at the time of
    this offering, which represents an amount equal to our estimated
    S&nbsp;corporation accumulated adjustments account;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;the
    payment of an $8.3&nbsp;million obligation due to Central
    Refrigerated; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;the
    remainder for general corporate purposes, including working
    capital.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will not receive any proceeds from the sale of
    our common stock by the selling stockholders. See &#147;Use of
    Proceeds.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Proposed Nasdaq National Market symbol
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#147;CENF&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The number of shares of common stock to be
outstanding after this offering is based on our common stock
outstanding as of July&nbsp;5, 2003. The number of shares to be
outstanding after the offering excludes 5,000,000 shares of
common stock reserved for issuance under our incentive stock
plan. Options to purchase 2,921,065 shares of common stock were
outstanding under the plan as of July&nbsp;5, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the completion of this offering, we
intend to reclassify our outstanding common stock, which is
currently divided into Class&nbsp;A and Class&nbsp;B shares,
into a single class of common stock and increase the number of
shares of common stock we are authorized to issue. Accordingly,
except for the audited annual financial statements, interim
unaudited financial statements, and &#147;Capitalization&#148;
section included in this prospectus, all share and per share
information in this prospectus gives effect to the amendment to
our existing articles of incorporation to reclassify shares as a
single class, increase the number of authorized shares of common
stock to 100,000,000 shares, and increase the number of
authorized shares of undesignated preferred stock to 10,000,000
shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise indicated in this prospectus,
we have presented the information in this prospectus on the
assumption that the underwriters do not exercise their
over-allotment option. If the over-allotment option is exercised
in full, the selling stockholders will sell an
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
in this offering.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">Summary Financial Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table presents summary historical
and pro forma consolidated financial and operating data. The
summary historical statements of operations data for the years
ended December&nbsp;31, 2000, 2001, and 2002, and the summary
balance sheet data at December&nbsp;31, 2002, have been derived
from our audited consolidated financial statements. The
consolidated financial statements as of December&nbsp;31, 2001,
and 2002, and for each of the years in the three-year period
ended December&nbsp;31, 2002, and the report relating to such
financial statements, are included elsewhere in this prospectus.
The summary historical statements of operations data for the
twenty-four weeks ended June&nbsp;15, 2002, and the twenty-six
weeks ended July&nbsp;5, 2003, and the summary balance sheet
data at July&nbsp;5, 2003, have been derived from our unaudited
consolidated financial statements, which are included elsewhere
in this prospectus. In our opinion, our unaudited consolidated
financial statements and data include all adjustments
(consisting only of normal recurring adjustments) necessary to
present the information fairly. The results for partial years
are not necessarily indicative of results we would achieve for a
full year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, we both formed and disposed of Central
Refrigerated, a refrigerated truckload carrier. The financial
results of Central Refrigerated are considered discontinued
operations for accounting purposes. You should read the
information below together with &#147;Acquisition and
Disposition of Operations of Central Refrigerated,&#148;
&#147;Selected Financial Information,&#148;
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations,&#148; and our consolidated
financial statements and related notes.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(in thousands, except per share amounts and operating data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Statements of Operations Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">362,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">395,702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">170,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">198,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax (expense)&nbsp;benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(402</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(129</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of tax
    expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Pro Forma C&nbsp;Corporation
    Data:(2)</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Historical earnings (loss)&nbsp;from continuing
    operations before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma (provision)&nbsp;benefit for income
    taxes attributable to continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,781</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,029</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,603</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;from continuing
    operations per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(in thousands, except per share amounts and operating data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Other Financial Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EBITDA(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital expenditures(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Operating Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LTL revenue per hundredweight(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total tons hauled
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,392,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,388,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,120,080</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,017,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,032,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating ratio(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Number of working days
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As of December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">As of July 5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma as</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma(7)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Adjusted(8)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Balance Sheet Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">192,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt, capital leases, and related party
    financing, including current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,374</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"> (1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our fiscal year end is December&nbsp;31. From
    inception through December&nbsp;31, 2002, our first three fiscal
    quarters consisted of 12&nbsp;weeks each, and our fourth fiscal
    quarter consisted of 16&nbsp;weeks. Commencing January&nbsp;1,
    2003, our fiscal year consists of four quarters, each with
    13&nbsp;weeks. As a result, the twenty-four weeks ended
    June&nbsp;15, 2002, had 117 working days, while the twenty-six
    weeks ended July&nbsp;5, 2003, had 130&nbsp;working days.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In 1998, we elected to be treated as an
    S&nbsp;corporation for federal income tax purposes. An S
    corporation passes through essentially all taxable earnings and
    losses to its stockholders and does not pay federal income taxes
    at the corporate level. Historical income taxes consist mainly
    of state income taxes. Contemporaneously with the closing of
    this offering, we will convert into a C&nbsp;corporation. For
    comparative purposes, we have included a pro forma (provision)
    benefit for income taxes assuming we had been taxed as a
    C&nbsp;corporation in all periods when our S&nbsp;corporation
    election was in effect. In June 2002, we reversed approximately
    $1.8&nbsp;million of tax reserves which were originally recorded
    in 1998 when we elected to be treated as an S corporation. The
    $1.8&nbsp;million tax benefit has been excluded for purposes of
    presenting pro forma C corporation income taxes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">EBITDA represents earnings from continuing
    operations before interest, taxes, depreciation, and
    amortization. EBITDA is presented because we believe it is
    frequently used by investors, securities analysts, and other
    interested parties in the evaluation of companies in our
    industry. Specifically, we believe that these parties use EBITDA
    to analyze and compare the operating performance of companies
    operating within the same industry or to compare the operating
    performance of companies with that of their competitors. Other
    companies in our industry may calculate EBITDA differently than
    we do. Therefore, EBITDA is not necessarily comparable to
    similarly titled measures of these companies. EBITDA is not a
    measurement of financial performance under accounting principles
    generally accepted in the United States of America and should
    not be considered as an alternative to cash flows from operating
    activities as a measure of liquidity or an alternative to
    operating earnings as indicators of our operating performance or
    any other measures of performance derived in accordance with
    accounting principles
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT size="2">generally accepted in the United States of
    America. EBITDA is calculated in the following manner for each
    of the periods presented:
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add (subtract)&nbsp;income taxes (benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(119</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,815</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EBITDA
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $0.8&nbsp;million of capital
    expenditures in 2002 attributable to the operations of Central
    Refrigerated which we divested on December&nbsp;31, 2002. See
    &#147;Acquisition and Disposition of Operations of Central
    Refrigerated.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Average revenue we receive for transporting 100
    pounds of freight.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Operating expenses as a percentage of operating
    revenues.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Adjusted to reflect: (a)&nbsp;the payment of a
    distribution to our pre-offering stockholders, estimated to be
    approximately $4.2&nbsp;million at the time of this offering,
    which represents an amount equal to our estimated
    S&nbsp;corporation accumulated adjustments account; (b)&nbsp;the
    reclassification of remaining retained earnings to additional
    paid-in capital upon conversion from an S&nbsp;corporation to a
    C&nbsp;corporation contemporaneously with this offering;
    (c)&nbsp;the establishment of net current deferred tax assets of
    approximately $4.1&nbsp;million and net long-term deferred tax
    liabilities of approximately $12.4&nbsp;million upon our
    conversion to a C&nbsp;corporation; and (d)&nbsp;an
    $8.3&nbsp;million charge to earnings related to a payment of
    $8.3&nbsp;million due to Central Refrigerated upon consummation
    of this offering, which will be more than offset by receipt of
    an approximately $8.6&nbsp;million receivable due from Jerry
    Moyes, our chairman and principal stockholder and the owner of
    Central Refrigerated.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Adjusted to reflect: (a)&nbsp;the pro forma
    adjustments listed in note&nbsp;7 above; (b)&nbsp;the sale by us
    in this offering
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock at an assumed public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share; and (c)&nbsp;the application of a portion of our net
    proceeds to repay outstanding indebtedness as set forth in
    &#147;Use of Proceeds.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "RISK FACTORS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">The value of your investment will be subject
to the significant risks inherent in our business. You should
carefully consider the risks and uncertainties described below
and other information included in this prospectus before
purchasing our common stock. Although the risks described below
are the risks that we believe are material, they are not the
only risks relating to our business and our common stock.
Additional risks and uncertainties, including those that are not
yet identified or that we currently believe are immaterial, may
also adversely affect our business, financial condition, or
results of operations. If any of the events described below
occur, our business and financial results could be adversely
affected in a material way. This could cause the trading price
of our common stock to decline, perhaps significantly, and you
therefore may lose all or part of your investment.</FONT></I>

<P align="center">
<B><FONT size="2">Risks Related to Our Business</FONT></B>

<P align="left">
<B><FONT size="2">We operate in a highly competitive and
fragmented industry and our business will suffer if we are
unable to adequately address potential downward pricing
pressures and other factors that may adversely affect our
operations and profitability.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Numerous competitive factors could impair our
ability to maintain and improve our profitability. These factors
include the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We compete with many other transportation service
    providers of varying sizes, some of which have more equipment, a
    broader coverage network, a wider range of services, and greater
    capital resources than we do or have other competitive
    advantages.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Some of our competitors periodically reduce their
    prices to gain business, especially during times of reduced
    growth rates in the economy, which may limit our ability to
    maintain or increase prices or maintain significant growth in
    our business.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Some of our competitors have begun offering
    customers a money back guarantee if certain shipments are
    delivered late, and we have not yet evaluated the effect of such
    product offerings on the marketplace or the possible effects on
    our financial condition.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Many customers reduce the number of carriers they
    use by selecting so-called &#147;core carriers&#148; as approved
    transportation service providers, and in some instances we may
    not be selected.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Many customers periodically accept bids from
    multiple carriers for their shipping needs, and this process may
    depress prices or result in the loss of some business to
    competitors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The trend towards consolidation in the ground
    transportation industry may create other large carriers with
    greater financial resources than us and other competitive
    advantages relating to their size.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Advances in technology require increased
    investments to remain competitive, and our customers may not be
    willing to accept higher prices to cover the cost of these
    investments.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Competition from non-asset-based logistics and
    freight brokerage companies may adversely affect our customer
    relationships and prices.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">We have a limited operating history as an
independent company and experienced a net loss during
2001.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We began our operations on June&nbsp;30, 1997,
after acquiring the name &#147;Central Freight Lines&#148; and
substantially all of the operating assets of the Southwestern
Division of Viking Freight System. In 2001, we experienced a net
loss of $3.6&nbsp;million, and over the past eighteen months, we
have assembled a new senior management team. Thus, our operating
history is brief and provides a limited basis for evaluating our
performance. If we are unable to sustain or improve our level of
profitability, the value of your investment may suffer.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<P align="left">
<B><FONT size="2">Our business is subject to general economic
and business factors over which we have little or no
control.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business is affected by a number of factors
that may have a materially adverse effect on the results of our
operations, many of which are beyond our control. These factors
include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Significant increases or rapid fluctuations in
    fuel prices.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Excess capacity in the trucking industry.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Decline in the resale value of used equipment.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Fluctuations in interest rates.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Rising healthcare costs.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Higher fuel taxes and license and registration
    fees.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Increases in insurance costs or liability claims.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Difficulty in attracting and retaining qualified
    drivers.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also are affected by recessionary economic
cycles and downturns in customers&#146; business cycles,
particularly in market segments and industries, such as retail,
where we have a significant concentration of customers. Economic
conditions may adversely affect our customers and their ability
to pay for our services. Customers encountering adverse economic
conditions represent a greater potential for loss and we may be
required to increase our allowance for doubtful accounts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A significant amount of our freight is
concentrated in Texas and California. Accordingly, we also are
directly impacted by economic conditions in and affecting Texas
and California over which we have no control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, it is not possible to predict the
effects of actual or threatened terrorist attacks, efforts to
combat terrorism, military action against any foreign state,
heightened security requirements, or other related events. Such
events, however, could negatively impact the economy and
consumer confidence in the United States and materially impact
our future results of operations.
</FONT>

<P align="left">
<B><FONT size="2">If we are unable to successfully execute our
growth strategy, our business and future results of operations
may suffer.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our strategy is to grow our business by
increasing service offerings in our current markets and by
expanding into additional geographic markets. In December 2002,
we expanded our LTL service in a seven-state region in the
Midwest. In the second half of 2004, we intend to expand our
business further to serve a five-state region in the Northwest.
We cannot assure you that our Midwest expansion will be
successful or that our Northwest expansion will be implemented
in a timely and effective manner. Further, in connection with
our growth strategy generally, we may need to purchase
additional equipment, add new terminals, hire additional
personnel, and increase our marketing efforts. Our growth
strategy exposes us to a number of risks, including the
following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Geographic expansion will require start-up costs,
    may require lower rates to generate initial business, and may
    disrupt existing transportation alliances with carriers in those
    regions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Rapid growth may strain our management, capital
    resources, and computer and other systems.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Hiring many new employees will increase training
    costs and may result in temporary inefficiencies as the new
    employees learn their jobs.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">If demand for our services weakens, we may be
    forced to reduce our rates.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you that we will overcome the
risks associated with the growth of our company.
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<P align="left">
<B><FONT size="2">Implementation of our dynamic resource
planning process and our expansion efforts involve costs, and we
cannot assure you that these costs will yield improved operating
results in the future.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our implementation of dynamic resource planning
throughout our operations, our Midwest expansion, and our
planned Northwest expansion all involve significant additional
expenses, such as the costs of added employees, relocation costs
for existing employees, increased building and equipment
rentals, and increased purchased transportation expense. We
cannot assure you that our restructuring and expansion efforts
will be successful. Thus, we cannot assure you that these costs
will result in improvements to our profitability.
</FONT>

<P align="left">
<B><FONT size="2">We have significant ongoing capital
requirements that could adversely affect our profitability if we
are unable to generate sufficient cash from
operations.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The LTL industry is capital intensive.
Historically, we have depended on cash from operations, proceeds
from our accounts receivable securitization, borrowing from
banks and finance companies, and leases to expand the size of
our terminal network and maintain and expand our fleet of
revenue equipment. We are projecting increased expenditures
compared to recent historical levels for tractors and trailers
in 2003 and 2004, primarily due to the need to upgrade older
equipment in the fleet and increased costs of new tractors
following the October 2002 implementation of new emissions
control regulations. If we are unable to generate sufficient
cash from operations and obtain financing on favorable terms in
the future, we may have to limit our growth, enter into less
favorable financing arrangements, or operate our revenue
equipment for longer periods, any of which could have a
materially adverse effect on our profitability.
</FONT>

<P align="left">
<B><FONT size="2">If we are unable to retain our key employees,
our business, financial condition, and results of operations
could be harmed.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are highly dependent upon the services of the
following key employees: Robert&nbsp;V. Fasso, our Chief
Executive Officer and President; Patrick&nbsp;J. Curry, our
Executive Vice President; Jeffrey&nbsp;A. Hale, our Senior Vice
President and Chief Financial Officer; and Doak Slay, our Senior
Vice President-Sales and Marketing. The loss of any of their
services could have a materially adverse effect on our
operations and future profitability. We must continue to develop
and retain a core group of managers if we are to realize our
goal of expanding our operations and continuing our growth. We
cannot assure you that we will be able to do so.
</FONT>

<P align="left">
<B><FONT size="2">Our ability to compete would be substantially
impaired if our employees were to unionize.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">None of our employees are represented under a
collective bargaining agreement by a labor union. In 2001, the
International Brotherhood of Teamsters filed a petition with the
National Labor Relations Board seeking an election among the
employees at our Dallas, Texas facility. Our employees voted not
to form a union when that election was conducted in April 2002.
In October 2002, after we requested an election, the Teamsters
withdrew from representing our employees in Las Vegas, our only
remaining facility where employees had at one time requested
union representation. While we believe our current relationship
with our employees is good, we cannot assure you that further
unionization efforts will not occur in the future. Our non-union
status is a critical factor in our ability to compete. If our
employees vote to join a union and we sign a collective
bargaining agreement, the results probably would be adverse for
several reasons:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Some shippers have indicated that they intend to
    limit their use of unionized trucking companies because of the
    threat of strikes and other work stoppages. A loss of customers
    would impair our revenue base.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Restrictive work rules could hamper our efforts
    to improve and sustain operating efficiency, for example by
    inhibiting our ability to implement dynamic resource planning
    within our workplace.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A strike or work stoppage would hurt our
    profitability and could damage customer and other relationships.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">An election and bargaining process would distract
    management&#146;s time and attention and impose significant
    expenses.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">These results, and unionization of our workforce
generally, could have a materially adverse effect on our
business, financial condition, and results of operations.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<P align="left">
<B><FONT size="2">Ongoing insurance and claims expenses could
significantly reduce our earnings and constrain our borrowing
capacity.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our future insurance and claims expenses might
exceed historical levels, which could reduce our earnings. We
currently carry $30.0&nbsp;million of insurance coverage, with a
self-insured retention of $1.0&nbsp;million per occurrence for
claims resulting from cargo theft or loss, personal injury,
property damage, and physical damage to our equipment. We also
self-insure for workers&#146; compensation up to
$1.0&nbsp;million per occurrence, and for all health claims up
to $250,000. Insurance carriers have raised premiums for most
trucking companies, and the premiums for the policy we purchased
in October 2002 contained a significant increase over the cost
of our prior policy. Additional increases could further increase
our insurance and claims expense as current coverages expire or
cause us to raise our self-insured retention. If the number or
severity of claims for which we are self-insured increases, we
suffer adverse development in claims compared with our reserves,
or any claim exceeds the limits of our insurance coverage, our
financial results could be materially and adversely affected.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to claims arising in connection with
our LTL operations, we have exposure to certain claims related
to the operations of Central Refrigerated for the period from
April&nbsp;22, 2002, through December&nbsp;31, 2002, for all
coverages except workers&#146; compensation, and through
June&nbsp;28, 2003, for workers&#146; compensation. During those
periods, the operations of Central Refrigerated were covered
under our insurance policies. Thereafter, Central Refrigerated
obtained separate insurance policies. For such periods of common
coverage, Central Refrigerated has posted letters of credit with
respect to its self-insured retentions and has agreed to
indemnify us for any losses arising from those retentions.
Nevertheless, the risk remains that we could be held liable
under the group policy for claims attributable to Central
Refrigerated during the specified periods.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our large self-insured retentions require us to
make estimates of ultimate loss amounts and accrue such
estimates as expenses. Changes in estimates may materially and
adversely affect our financial results. In the twenty-six weeks
ended July&nbsp;5, 2003, we recorded an aggregate of
$3.8&nbsp;million in increases to our reserves for accident,
workers&#146; compensation, and other liabilities arising in
prior periods. Such accrual included $1.8&nbsp;million for two
accidents that occurred in 2002. This compared to an accrual of
$0.3&nbsp;million in additional expense in the twenty-four weeks
ended June&nbsp;15, 2002, relating to claims that arose in prior
periods. The large accrual in the 2003 period caused our
financial results to suffer. We may be required to accrue such
additional expenses in the future.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In October 2002, we were forced to seek
replacement excess insurance coverage after our insurance agent
failed to produce proof of insurance on policies for which we
had obtained binders as of July&nbsp;15, 2002. We are not aware
of any claims during the period between July and October 2002
that are expected to exceed the self-insured retention level we
had at the time. For any claims arising during such period that
exceed that level, we intend to pursue our legal rights against
the insurance agent and its errors and omissions policy but we
cannot assure you that such coverage will be available, in which
case our financial results could be materially and adversely
affected.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ability to incur additional indebtedness
could be adversely affected by an increase in requirements that
we post letters of credit in support of our insurance policies.
We have a $19.0&nbsp;million credit agreement which expires on
October&nbsp;31, 2004, substantially all of which is used to
fund outstanding letters of credit with insurance companies. As
of July&nbsp;5, 2003, $2.4&nbsp;million in borrowings and
$13.7&nbsp;million in letters of credit were outstanding, and
available borrowings were $2.9&nbsp;million. The face amount of
letters of credit we are required to post is expected to
increase in the future because of our larger self-insured
retention. Increases in letters of credit outstanding will
reduce our borrowing capacity under the credit agreement,
thereby adversely affecting our liquidity.
</FONT>

<P align="left">
<B><FONT size="2">Difficulty in attracting qualified drivers
could adversely affect our profitability and ability to
grow.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Periodically, the trucking industry experiences
substantial difficulty in attracting and retaining qualified
drivers, including independent contractors. If we are unable to
attract drivers and contract with independent contractors, we
could be required to adjust our compensation package, let trucks
sit idle, or operate with
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<FONT size="2">fewer independent contractors and face difficulty
meeting shipper demands, all of which could adversely affect our
growth and profitability.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Fluctuations in the price or availability of
fuel and our ability to collect fuel surcharges may affect our
costs of operation.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We require large amounts of diesel fuel to
operate our tractors. To address fluctuations in fuel prices, we
seek to impose fuel surcharges on our accounts. These
arrangements will not fully protect us from fuel price
increases. In addition, any shortage or interruption in the
supply of fuel would negatively affect us. Accordingly,
fluctuations in fuel prices, or a shortage of diesel fuel, could
materially and adversely affect our results of operations. We
base our fuel surcharge rates on the weekly national average
price of diesel fuel. Because our operations are concentrated in
the southwestern United States, there is some risk that the
national average will not fully reflect regional fuel prices,
particularly in California. Historically, we have not engaged in
hedging transactions to protect us from fluctuations in fuel
prices.
</FONT>

<P align="left">
<B><FONT size="2">We rely on transportation alliances with other
LTL operators, and a breakdown of these alliances could
adversely affect our revenues.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In our regional LTL operations, we primarily pick
up and deliver freight within our own operating regions. Freight
originating outside our territory for delivery inside our
territory is brought to us by several other trucking companies
with which we have formed transportation alliances. In return,
we deliver to them freight that originates in our territory for
delivery in their territories. In 2002, transportation alliances
generated approximately 12.9% of our revenue. These alliances
subject us to certain risks, including:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Expanding our own operations into an alliance
    company&#146;s territory may cause that company to stop using
    our alliance.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may not control the customer relationship on
    freight moving into our territory.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our alliance companies can end their
    relationships with us at any time and could choose to form an
    alliance with one of our competitors in our territory.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">The reduction or termination of our alliances
could negatively impact our business and results of operations.
</FONT>

<P align="left">
<B><FONT size="2">We engage in transactions with other
businesses controlled by our officers and directors, and the
interests of our officers and directors could conflict with the
interests of our other stockholders.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We engage in multiple transactions with related
parties. These transactions include the lease of 27 active
terminals, nine dormant terminals, and a salvage facility from
Southwest Premier Properties, L.L.C. Southwest Premier is owned
by some of our existing stockholders, including Jerry Moyes, our
Chairman of the Board, Robert&nbsp;V. Fasso, our Chief Executive
Officer, and Patrick J. Curry, our Executive Vice President.
These related party transactions also include the lease of two
active terminals and one dormant terminal from Jerry Moyes, the
lease of two terminals from Swift, the lease of independent
contractor drivers and their tractors from Interstate Equipment
Leasing, Inc., and freight transportation transactions with
Swift Transportation and Central Refrigerated, companies for
which Jerry Moyes serves as Chairman. See
&#147;Management&nbsp;&#151; Compensation Committee Interlocks
and Insider Participation&#148; and &#147;Certain Relationships
and Related Transactions.&#148; As a result, our directors and
executive officers may have interests that conflict with yours.
Although we have adopted a policy requiring that all future
transactions with affiliated parties be approved by our audit
committee or another committee of disinterested directors, we
cannot assure you that the policy will be successful in
eliminating conflicts of interests.
</FONT>

<P align="left">
<B><FONT size="2">The loss of one or more of our five largest
customers could significantly and adversely affect our cash
flow, market share, and profits.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, our largest customer, Dell Computer,
accounted for approximately 8.1% of our total revenues, and our
five largest customers accounted for approximately 15.4% of our
total revenues. Our largest customers are under no firm
obligation to ship with us and the contracts are generally
terminable upon 30 or 60&nbsp;days&#146; notice. In addition, we
have significant exposure to the retail sector and to the
economies in Texas
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<DIV align="left">
<FONT size="2">and California. If we lose one or more of our
large customers, or if there is a decline in the amount of
services those customers purchase from us, our cash flow, market
share, and profits could be adversely affected.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">We may not be able to successfully execute our
acquisition strategy, which could cause our business and future
growth prospects to suffer.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One component of our growth strategy is to pursue
strategic acquisitions of regional LTL carriers and other
transportation companies that meet our acquisition criteria.
However, suitable acquisition candidates may not be available on
terms and conditions we find acceptable. In pursuing
acquisitions, we compete with other companies, many of which
have greater financial and other resources than we do. If we
succeed in consummating strategic acquisitions, our business,
financial condition, and results of operations may be negatively
affected because:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Some of the acquired businesses may not achieve
    anticipated revenues, earnings, or cash flows.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may assume liabilities that were not disclosed
    to us or exceed our estimates.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may be unable to integrate acquired businesses
    successfully and realize anticipated economic, operational, and
    other benefits in a timely manner, which could result in
    substantial costs and delays or other operational, technical, or
    financial problems.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquisitions could disrupt our ongoing business,
    distract our management, and divert our resources.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may experience difficulties in operating in
    markets in which we have had no or only limited direct
    experience.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">There is the potential for loss of customers, key
    employees, and drivers of the acquired company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may finance future acquisitions by issuing
    common stock for some or all of the purchase price, which could
    dilute the ownership interests of our stockholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We may incur additional debt related to future
    acquisitions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Our results of operations may be affected by
seasonal factors and harsh weather conditions.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operations are subject to seasonal trends
common in the trucking industry, particularly as customers tend
to reduce shipments after the winter holiday. Harsh weather can
also adversely affect our performance by reducing demand,
impeding our ability to transport freight, and increasing
operating expenses.
</FONT>

<P align="left">
<B><FONT size="2">Our industry is subject to numerous laws and
regulations, exposing us to potential claims and compliance
costs that could adversely affect our business.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The U.S. Department of Transportation
(&#147;DOT&#148;) and various state agencies exercise broad
powers over our business, generally governing such activities as
authorization to engage in motor carrier operations, operations,
safety, and financial reporting. We also may become subject to
new or more restrictive regulations relating to fuel emissions,
drivers&#146; hours in service, ergonomics, or limits on vehicle
weight and size. For example, new emissions control regulations
became effective in October 2002. The new regulations decrease
the amount of emissions that can be released by truck engines
and apply to tractors produced after the effective date of the
regulations. Compliance with such regulations will increase the
cost of our tractors and could substantially impair equipment
productivity, lower fuel mileage, and increase our operating
expenses. Additional changes in the laws and regulations
governing our industry could affect the economics of the
industry by requiring changes in operating practices or by
influencing the demand for, and the costs of providing, services
to shippers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From time to time, various legislative proposals
are introduced, including proposals to increase federal, state,
or local taxes, including taxes on motor fuels. We cannot
predict whether, or in what form, any increase in such taxes
applicable to us will be enacted. Increased taxes could
adversely affect our profitability.
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our employees and independent contractor drivers
also must comply with the safety and fitness regulations
promulgated by the DOT, including those relating to drug and
alcohol testing and hours of service. The DOT has rated us
&#147;satisfactory,&#148; which is the highest safety and
fitness rating.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the aftermath of the September&nbsp;11, 2001,
terrorist attacks on the United States, federal, state, and
municipal authorities have implemented and are continuing to
implement various security measures, including checkpoints and
travel restrictions on large trucks. If new security measures
disrupt or impede the timing of our deliveries, we may fail to
meet the needs of our customers or may incur increased expenses
to do so. These security measures could have a materially
adverse effect on our operating results.
</FONT>

<P align="left">
<B><FONT size="2">Our operations are subject to various
environmental laws and regulations, the violation of which could
result in substantial fines or penalties.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are subject to various environmental laws and
regulations dealing with the hauling and handling of hazardous
materials, fuel storage tanks, air emissions from our vehicles
and facilities, and discharge and retention of stormwater. We
operate in industrial areas, where truck terminals and other
industrial activities are located, and where groundwater or
other forms of environmental contamination have occurred. Our
operations involve the risks of fuel spillage or seepage,
environmental damage, and hazardous waste disposal, among
others. We also maintain bulk fuel storage tanks and fueling
islands at nineteen of our facilities. A small percentage of our
freight consists of low-grade hazardous substances, such as
paint, which subjects us to a wide array of regulations. If we
are involved in a spill or other accident involving hazardous
substances, if there are releases of hazardous substances we
transport, or if we are found to be in violation of applicable
laws or regulations, we could be subject to liabilities that
could have a materially adverse effect on our business and
operating results. If we should fail to comply with applicable
environmental regulations, we could be subject to substantial
fines or penalties and to civil and criminal liability.
</FONT>

<P align="left">
<B><FONT size="2">The Internal Revenue Service (&#147;IRS&#148;)
is auditing our tax returns and we may be subject to increased
tax payments if our tax planning strategies are successfully
challenged.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Federal, state, and local taxes will comprise a
significant part of our expenses following completion of this
offering, and, as a subchapter&nbsp;S corporation prior to the
completion of this offering, they comprised a significant part
of our stockholders&#146; expenses. As such, we actively manage
these expenses when executing our business strategy. One method
we implemented in 2001 involved the creation of a contested
liability trust, through which certain deductions are
accelerated compared with their timing had we not used the
strategy. Because a contested liability trust is a transaction
that the IRS has deemed to be a tax avoidance transaction, we
have voluntarily disclosed the basic elements of our strategy to
the IRS. In December 2002, the IRS initiated an audit of our tax
returns for the year ended December&nbsp;31, 2001. If the IRS
challenges the contested liability trust deductions, as we
expect, we intend to defend the strategy vigorously. While our
pre-offering stockholders are liable for any federal income
taxes resulting from the denial of deductions taken while we
have S&nbsp;corporation status, we will be liable for any
federal income taxes resulting from the denial of deductions
taken following our conversion to a C&nbsp;corporation. The
liability consequences are similar with respect to state or
local income taxes that are imposed on the owners of an entity
rather than on the entity itself. However, with respect to
income-based taxes, such as the Texas franchise tax, that are
imposed on the entity rather than its owners, we would be liable
for all unpaid taxes (both those arising before and after the
conversion) as well as for any penalties and interest imposed
with respect to those taxes. Thus, if the IRS successfully
challenges the strategy, we would owe federal, state, and local
taxes on any contested liability trust deductions taken after
the conversion as well as for all underpaid income-based taxes
imposed at the entity level arising either before or after the
conversion. We would also owe interest, and possibly penalties,
on the underpaid taxes as well as any entity level penalties
imposed by the IRS or a state or local taxing authority with
respect to both pre-conversion and post-conversion underpaid
taxes and reporting requirements. Further, we may implement
other tax strategies designed to decrease overall liability in
the future, which could be challenged by the IRS.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the IRS does not successfully challenge the
contested liability trust strategy, we will recognize income to
the extent claims are settled for less than the declared value
of the claim when contributed. We have recorded a deferred tax
liability of $2.0&nbsp;million in our pro forma balance sheet
related to the temporary
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<DIV align="left">
<FONT size="2">differences between the claims recorded on our
books and the claims deducted on our tax returns. If the trust
is disallowed by the IRS, we could potentially owe an amount
equal to this recorded deferred tax liability.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Our prior S&nbsp;corporation status could
result in future tax liability.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, we elected to be treated as an
S&nbsp;corporation for federal income tax purposes. An
S&nbsp;corporation passes through essentially all taxable income
and losses to its stockholders and does not pay federal income
taxes at the corporate level. We believe that we have met all
requirements for an S&nbsp;corporation election. However, if we
failed to meet the requirements of such election we would be
taxable at the corporate level rather than at the stockholder
level for the periods in which we did not qualify as an
S&nbsp;corporation. Although the IRS provides a procedure for
restoring an S&nbsp;corporation election that has been
inadvertently terminated, we cannot guarantee that such a
procedure would be available to us in the event our
S&nbsp;corporation election was terminated prior to this
offering.
</FONT>

<P align="left">
<B><FONT size="2">The former independent public accountant of
Simon Transportation, Arthur Andersen LLP, has been found guilty
of a federal obstruction of justice charge, and you may be
unable to exercise effective remedies against it in any legal
action.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus includes the consolidated
financial statements of Simon Transportation Services Inc. for
fiscal years through September&nbsp;30, 2001, including an audit
report with respect to such financial statements issued by
Arthur Andersen LLP. Central Refrigerated was formed in 2002 to
acquire certain assets from Simon Transportation. We divested
Central Refrigerated effective as of January&nbsp;1, 2003. On
June&nbsp;15, 2002, a jury in Houston, Texas found Arthur
Andersen LLP guilty of a federal obstruction of justice charge
arising from the Federal Government&#146;s investigation of
Enron Corp. On August&nbsp;31, 2002, Arthur Andersen LLP ceased
practicing before the United States Securities and Exchange
Commission (the &#147;SEC&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Arthur Andersen LLP has not reissued its audit
report with respect to the Simon Transportation audited
financial statements set forth in this prospectus. Furthermore,
we are unable to obtain Arthur Andersen LLP&#146;s consent to
include such financial statements in this prospectus. Under
these circumstances, Rule&nbsp;437a under the Securities Act of
1933 (the &#147;Securities Act&#148;) permits us to dispense
with the requirement to file Arthur Andersen LLP&#146;s consent.
As a result, you may not have an effective remedy against Arthur
Andersen LLP in connection with a material misstatement or
omission with respect to the Simon Transportation audited
financial statements that are set forth in this prospectus. In
addition, even if you were able to assert such a claim, as a
result of its conviction and other lawsuits, Arthur Andersen LLP
may fail or otherwise have insufficient assets to satisfy claims
made by investors or by us that might arise under federal
securities laws or otherwise relating to any alleged material
misstatement or omission with respect to the Simon
Transportation audited financial statements included in this
prospectus.
</FONT>

<P align="center">
<B><FONT size="2">Risks Related to our Common Stock and the
Offering</FONT></B>

<P align="left">
<B><FONT size="2">Our Chairman, Jerry Moyes, his family, and
trusts for the benefit of his family will
own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our stock and will continue to have substantial control over
us following this offering.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Jerry Moyes and trusts for the benefit of his
family beneficially own approximately 90.4% of our outstanding
common stock before this offering. After this offering,
Mr.&nbsp;Moyes and the trusts will continue to beneficially own
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our outstanding common stock. In addition,
Mr.&nbsp;Moyes&#146; brother and sister-in-law, Ronald and
Krista Moyes, beneficially own approximately 6.8% of our
outstanding common stock before this offering and they will
continue to beneficially own
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our outstanding common stock after this offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After this offering, Mr.&nbsp;Jerry Moyes, his
family, and certain trusts for the benefit of his family will
hold &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our common stock and will be able to influence decisions
requiring stockholder approval, including election of our board
of directors, our management and policies, the adoption or
extension of anti-takeover provisions, mergers, and other
business combinations. This concentration of ownership may allow
Mr.&nbsp;Jerry Moyes to prevent or delay a change of control of
our company or an amendment to our certificate of incorporation
or our bylaws. In matters requiring stockholder approval, Mr.
Jerry Moyes&#146; interests may differ
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<DIV align="left">
<FONT size="2">from the interests of other holders of our common
stock and he may take actions affecting us with which you may
disagree.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Provisions of our charter documents and Nevada
law could discourage a takeover or change in control that you
may consider favorable or the removal of our current
management.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our articles of incorporation and bylaws contain
certain provisions that could discourage, delay, or prevent a
change in control of our company, even if such a change would be
beneficial to our stockholders. These provisions authorize the
issuance of preferred stock without stockholder approval and
place limitations on who can call a special meeting of
stockholders. In addition, provisions of Nevada law could delay
or make more difficult a merger or tender offer involving us.
These provisions of Nevada law include limitations on business
combinations with interested stockholders and the voting of
certain shares unless particular conditions are met.
</FONT>

<P align="left">
<B><FONT size="2">There has not been a prior public market for
our common stock. As a result, we cannot assure you that an
active public market will develop, and our stock price may be
volatile.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to this offering, there has been no public
market for shares of our common stock. An active trading market
may not develop or be sustained following this offering.
Moreover, even if an active market does develop, stockholders
may not be able to resell their shares at prices equal to or
greater than the initial public offering price.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The market price for our shares may be volatile
and could decrease substantially. If you decide to purchase our
shares, you may not be able to resell your shares at or above
the initial public offering price due to a number of factors,
including:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Actual or anticipated fluctuations in operating
    results.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The loss of significant customers.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Changes in earnings estimates by analysts.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">General conditions in the trucking and
    transportation industries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Future sales of our common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Investor perceptions of us and the transportation
    industry.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">General economic conditions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Other events or factors that negatively affect
    the stock market.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The stock market in general and the Nasdaq
National Market in particular, have experienced extreme price
and volume fluctuations that have affected the market price for
many companies and that have often been unrelated or
disproportionate to these companies&#146; operating
performances. These broad market fluctuations could materially
reduce the market price of our common stock, regardless of our
operating performance.
</FONT>

<P align="left">
<B><FONT size="2">Future sales of our common stock in the public
market may depress our stock price.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After this offering, we will have
outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock of
which &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
are held by existing officers, directors, and stockholders
owning 5% or more of our common stock. Sales of a substantial
number of these shares of common stock in the public market
following this offering, or the perception that these sales may
occur, could substantially decrease the market price of our
common stock. In addition, the sale of these shares could impair
our ability to raise capital through the sale of additional
common or preferred stock. All of the shares sold in this
offering will be freely tradeable, other than those shares sold
in this offering to any of our affiliates. Approximately 99.9%
of the 10,868,218&nbsp;shares held by existing holders of our
common stock are subject to the lock-up agreements described in
&#147;Underwriting.&#148;
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">
<B><FONT size="2">You will suffer an immediate and substantial
dilution in the net tangible book value of the common stock you
purchase.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The initial public offering price will be
substantially higher than the pro forma book value per share of
our common stock. Purchasers of common stock in this offering
will experience immediate and substantial dilution in the pro
forma net tangible book value of their stock of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, assuming an initial public offering price for our common
stock of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. This dilution is due in large part to the fact that prior
investors paid an average price of $1.35 per share when they
purchased their shares of common stock, which is substantially
less than the assumed initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share.
</FONT>

<P align="left">
<B><FONT size="2">We do not intend to declare dividends on our
stock after this offering.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently intend to retain our future
earnings, if any, to finance the growth and development of our
business. We do not anticipate paying cash dividends on our
common stock in the foreseeable future, after the distribution
of an amount equal to our estimated S&nbsp;corporation
accumulated adjustments account to pre-offering stockholders
contemporaneously with the closing of this offering. Any
payments of cash dividends in the future will be at the
discretion of our Board of Directors. In addition, our current
revolving credit agreement restricts our ability to pay
dividends. Therefore, you should not rely on dividend income
from shares of our common stock.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B><FONT size="2">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus contains &#147;forward-looking
statements,&#148; which include information relating to future
events, future financial performance, strategies, expectations,
competitive environment, regulation, and availability of
resources. These forward-looking statements include, without
limitation, statements regarding: expectations as to operational
improvements; expectations as to cost savings, revenue growth,
and earnings; the time by which certain objectives will be
achieved; proposed new products and services; expectations that
claims, lawsuits, commitments, contingent liabilities, labor
negotiations, or agreements, or other matters will not have a
material adverse effect on our consolidated financial condition,
results of operations, or liquidity; statements concerning
projections, predictions, expectations, estimates, or forecasts
as to our business, financial, and operational results and
future economic performance; and statements of management&#146;s
goals and objectives, and other similar expressions concerning
matters that are not historical facts. Words such as
&#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;could,&#148; &#147;would,&#148; &#147;predicts,&#148;
&#147;potential,&#148; &#147;continue,&#148;
&#147;expects,&#148; &#147;anticipates,&#148;
&#147;future,&#148; &#147;intends,&#148; &#147;plans,&#148;
&#147;believes,&#148; &#147;estimates,&#148; and similar
expressions, as well as statements in future tense, identify
forward-looking statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Forward-looking statements should not be read as
a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by
which, such performance or results will be achieved.
Forward-looking information is based on information available at
the time and/or management&#146;s good faith belief with respect
to future events, and is subject to risks and uncertainties that
could cause actual performance or results to differ materially
from those expressed in the statements. Important factors that
could cause such differences include, but are not limited to:
how successful we are in implementing our financial and
operational initiatives; industry competition, conditions,
performance, and consolidation; legislative and/or regulatory
developments; the effects of adverse general economic
conditions, both within the United States and globally; any
adverse economic or operational repercussions from recent
terrorist activities, any government response to such
activities, and any future terrorist activities, war or other
armed conflicts; changes in fuel prices; changes in labor costs;
labor stoppages; the outcome of claims and litigation; natural
events such as severe weather, floods, and earthquakes; and
other factors described under &#147;Risk Factors.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Forward-looking statements speak only as of the
date the statements are made. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws. If we do update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect thereto or with
respect to other forward-looking statements.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We estimate that our net proceeds of this
offering will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.
Our estimate is based on
selling &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
at an assumed public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, then deducting underwriting fees and our expenses. We
intend to use these net proceeds for:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the repayment of approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million of debt;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the payment of a distribution to our pre-offering
    stockholders, estimated to be approximately $4.2&nbsp;million at
    the time of this offering, which represents an amount equal to
    our estimated S&nbsp;corporation accumulated adjustments account;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the payment of an $8.3&nbsp;million obligation
    due to Central Refrigerated; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the remainder for general corporate purposes,
    including working capital.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debt we intend to repay includes:
(a)&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million under an
accounts receivable securitization facility, which had an
interest rate of 2.24% as of July&nbsp;5, 2003, and matures in
April 2005,
(b)&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million under a
revolving credit facility, which had an interest rate of 4.00%
as of July&nbsp;5, 2003, and matures in October 2004, and
(c)&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million under
secured equipment notes, which bear interest at 6.75% to 8.9%
and mature at various dates through July 2006.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to invest our net proceeds in
short-term U.S.&nbsp;government securities pending application
in the uses described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from the shares
sold by the selling stockholders.
</FONT>

<!-- link1 "DIVIDEND POLICY" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">DIVIDEND POLICY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will distribute approximately
$4.2&nbsp;million to our pre-offering stockholders
contemporaneously with this offering. This amount is equal to
our estimated S&nbsp;corporation accumulated adjustments
account. You will not receive any portion of this distribution.
We paid $1.7&nbsp;million in such dividends during 2000,
$1.5&nbsp;million during 2001, and $4.8&nbsp;million during the
twenty-six weeks ended July&nbsp;5, 2003. We did not make
distributions to our stockholders in 2002. Following this
offering, our revolving credit agreement will prohibit us from
paying dividends.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other than the dividend of pre-offering
S&nbsp;corporation earnings, we currently intend to retain all
of our earnings to finance the growth, development, and
expansion of our business, and we do not anticipate paying any
cash dividends on our common stock in the foreseeable future.
Any future dividends will be determined at the discretion of our
board of directors. The board may consider our financial
condition and results of operations, cash flows from operations,
current and anticipated capital requirements and expansion
plans, the income tax laws then in effect, any legal or
contractual requirements, and other factors our board deems
relevant.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "DILUTION" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B><FONT size="2">DILUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The public offering price of our common stock
will be higher than the tangible book value per share of our
common stock after this offering. Accordingly, you will
experience dilution from this offering. Our net tangible book
value at July&nbsp;5, 2003, was approximately
$23.9&nbsp;million, or $2.20 per share. Net tangible book value
is total tangible assets less total liabilities. Our pro forma
net tangible book value at July&nbsp;5, 2003, was approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, or
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share of common stock. Pro forma net tangible book value per
share is determined by dividing the total number of outstanding
shares of common stock into our pro forma net tangible book
value. Pro forma net tangible book value gives effect to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the payment of a distribution to our pre-offering
    stockholders, estimated to be $4.2&nbsp;million at the time of
    this offering, which represents an amount equal to our estimated
    S&nbsp;corporation accumulated adjustments account;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the establishment of net current deferred tax
    assets of approximately $4.1&nbsp;million and net long-term
    deferred tax liabilities of approximately $12.4&nbsp;million
    upon our conversion to a C&nbsp;corporation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an $8.3&nbsp;million charge to earnings related
    to a payment of $8.3&nbsp;million due to Central Refrigerated
    upon consummation of this offering, which will be more than
    offset by receipt of an approximately $8.6&nbsp;million
    receivable due from Jerry Moyes, our Chairman and principal
    stockholder and the owner of Central Refrigerated.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pro forma as adjusted net tangible book value
dilution per share represents the difference between the amount
per share you will pay in this offering and the pro forma net
tangible book value per share of common stock immediately after
completion of this offering. After giving effect to application
of our estimated net proceeds of this offering as set forth in
&#147;Use of Proceeds&#148; and the pro forma adjustments
described above, our net tangible book value at July&nbsp;5,
2003, would have been
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million or
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share of common stock. This represents an immediate increase in
pro forma net tangible book value of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to existing stockholders and an immediate dilution in net
tangible book value of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to new investors purchasing in this offering. The
following table illustrates this per share dilution at
July&nbsp;5, 2003:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Per Share</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assumed initial public offering price per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma tangible book value per share before
    this offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase per share attributable to new investors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma as adjusted net tangible book value per
    share after this offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dilution per share in pro forma net tangible book
    value to new investors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the difference between
existing stockholders and the purchasers in this offering (at an
assumed public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share) with respect to the number of shares purchased from
Central, the total consideration paid to us, and the average
price per share paid by existing stockholders and by new
investors purchasing shares of common stock from us in this
offering at the initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share and before deducting underwriting discounts and
commissions and estimated offering expenses:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Shares Purchased(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Total Consideration</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average Price</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Per Share</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Existing stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,672,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New investors(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The information above does not reflect dilution
    from the options to purchase 2,921,065 shares of common stock
    that were outstanding as of July&nbsp;5, 2003. The options have
    exercise prices ranging from $1.35 to $6.50 per share, with a
    weighted average price per share of $1.96. As of July&nbsp;5,
    2003, 1,589,256 of these options were exercisable and the
    remainder become exercisable at various dates through 2008. An
    additional 2,078,935&nbsp;shares of common stock are reserved
    for issuance under our incentive stock plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">If the underwriters&#146; over-allotment option
    is exercised in full, the selling stockholders will sell an
    additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "CAPITALIZATION" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B><FONT size="2">CAPITALIZATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table displays our actual, pro
forma, and pro forma as adjusted capitalization as of
July&nbsp;5, 2003. Capitalization consists of long-term debt,
including the current portion, related party financing, and
stockholders&#146; equity. Our pro forma capitalization gives
effect to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the payment of a distribution to our pre-offering
    stockholders, estimated to be $4.2&nbsp;million at the time of
    this offering, which represents an amount equal to our estimated
    S&nbsp;corporation accumulated adjustments account;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the reclassification of remaining retained
    earnings to additional paid-in capital upon conversion from an
    S&nbsp;corporation to a C&nbsp;corporation contemporaneously
    with this offering;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the establishment of net current deferred tax
    assets of approximately $4.1&nbsp;million and net long-term
    deferred tax liabilities of approximately $12.4&nbsp;million
    upon our conversion to a C&nbsp;corporation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an $8.3&nbsp;million charge to earnings related
    to a payment of $8.3&nbsp;million due to Central Refrigerated
    upon consummation of this offering, which will be more than
    offset by receipt of an approximately $8.6&nbsp;million
    receivable due from Jerry Moyes, our Chairman and principal
    stockholder and the owner of Central Refrigerated.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Our pro forma as adjusted capitalization reflects
the pro forma adjustments listed above and:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the sale
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock at an assumed public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share by us in this offering; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the application of a portion of our net proceeds
    to repay outstanding indebtedness as set forth in &#147;Use of
    Proceeds.&#148;
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">July 5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As Adjusted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt, including current portion:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securitization facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment notes payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,970</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,970</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payable to stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Related party financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock, $.001 par value;
    5,000,000&nbsp;shares authorized; none issued and outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock, $.001 par value;
    60,000,000&nbsp;shares authorized; 10,868,218&nbsp;shares issued
    and outstanding as of July&nbsp;5,
    2003; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    issued and outstanding pro forma and pro forma as adjusted,
    respectively
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(941</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(941</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes receivable from stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings (deficit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123,392</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Excludes 5,000,000 shares of common stock
    reserved for issuance under our incentive stock plan. Options to
    purchase 2,921,065&nbsp;shares of common stock were outstanding
    as of July&nbsp;5, 2003.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "ACQUISITION AND DISPOSITION OF OPERATIONS OF CENTRAL REFRIGERATED" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">ACQUISITION AND DISPOSITION OF OPERATIONS OF
CENTRAL REFRIGERATED</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, Central Refrigerated, a refrigerated
truckload carrier, was formed to acquire certain assets from the
bankruptcy estate of Simon Transportation. Simon Transportation
had filed for bankruptcy under Chapter&nbsp;11 of the United
States Bankruptcy Code on February&nbsp;25, 2002. Jerry Moyes,
our Chairman and principal stockholder, was the Chairman of the
Board of Simon Transportation and its majority stockholder
commencing in September 2000 and continuing until our
acquisition of these assets. Central Refrigerated was
established as our subsidiary with the goal of obtaining certain
efficiencies for the refrigerated business, such as decreased
insurance costs, in the period immediately following the
acquisition. The acquisition closed, and the operations of
Central Refrigerated began, on April&nbsp;22, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the acquisition, we assumed approximately
$11.4&nbsp;million owed by Simon Transportation to Jerry Moyes
and his affiliates. We also borrowed $3.3&nbsp;million from
Mr.&nbsp;Moyes to pay $2.6&nbsp;million in cash to the
bankruptcy estate, and $0.7&nbsp;million in transaction costs.
The approximately $14.7&nbsp;million we owed to Mr.&nbsp;Moyes
and his affiliates was secured solely by all of the outstanding
stock of Central Refrigerated. In addition, at the closing of
the acquisition Central Refrigerated assumed leases for
approximately 1,360 tractors and 1,920 trailers, indebtedness of
approximately $13.0&nbsp;million for construction of Central
Refrigerated&#146;s headquarters, and other liabilities of
approximately $56.1&nbsp;million. We did not guarantee or
otherwise become obligated for any of these amounts. The
operations and finances of Central Refrigerated were maintained
separate from ours except for insurance coverage.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In preparing for this offering, we determined
that it was advisable to divest Central Refrigerated in order to
focus on our LTL growth strategy and devote our capital
resources to our LTL operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The disposition of Central Refrigerated was
accomplished by transferring the shares of Central Refrigerated
to Jerry Moyes and one of his affiliates in exchange for the
cancellation of the approximately $14.7&nbsp;million debt owed
by us to them. The divestiture became effective as of
December&nbsp;31, 2002. As part of this disposition, we also
agreed to pay approximately $8.3&nbsp;million to Central
Refrigerated upon the closing of this offering.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SELECTED FINANCIAL INFORMATION" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><FONT size="2">SELECTED FINANCIAL INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table presents selected
consolidated financial and operating data. The selected
historical statements of operations and balance sheet data for
the years ended December&nbsp;31, 1998, 1999, 2000, 2001, and
2002, have been derived from our audited consolidated financial
statements. The consolidated financial statements as of
December&nbsp;31, 2001 and 2002, and for each of the years in
the three-year period ended December&nbsp;31, 2002, and the
report relating to such financial statements, are included
elsewhere in this prospectus. The selected historical statements
of operations and balance sheet data for the twenty-four week
period ended June&nbsp;15, 2002, and the twenty-six week period
ended July&nbsp;5, 2003, have been derived from our unaudited
consolidated financial statements, which are included elsewhere
in this prospectus. In our opinion, our unaudited consolidated
financial statements and data include all adjustments
(consisting only of normal recurring adjustments) necessary to
present the information fairly. The results for partial years
are not necessarily indicative of results we would achieve for a
full year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, we both formed and disposed of Central
Refrigerated, a refrigerated truckload carrier. The financial
results of Central Refrigerated are considered as discontinued
operations for accounting purposes. You should read the
information below together with &#147;Acquisition and
Disposition of Operations of Central Refrigerated&#148; and
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and our consolidated
financial statements and related notes appearing elsewhere in
this prospectus.
</FONT>

<P align="center"><FONT size="2">24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC.</FONT></B>

<P align="center">
<B><FONT size="2">SELECTED FINANCIAL INFORMATION</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June 15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(in thousands, except per share amounts and operating data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Statements of Operations Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">276,268</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">316,504</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">362,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">395,702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">170,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">198,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaries, wages, and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">176,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">195,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">211,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">232,714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">208,754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchased transportation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,663</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,713</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating and general supplies and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,672</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and claims
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,602</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,209</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Building and equipment rentals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,066</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">257,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">345,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">391,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">356,340</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">191,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,991</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax (expense)&nbsp;benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,483</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(402</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(129</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,934</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of tax
    expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,934</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Pro Forma C Corporation Data:(2)</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Historical earnings (loss)&nbsp;from continuing
    operations before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma (provision)&nbsp;benefit for income
    taxes attributable to continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,145</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,475</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,781</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,029</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,603</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;from continuing
    operations per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average shares outstanding:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,051</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,030</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Other Financial Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EBITDA(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital expenditures(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,905</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Operating Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LTL revenue per hundredweight(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total tons hauled
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,984,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,216,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,392,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,388,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,120,080</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,017,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,032,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating ratio(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Number of working days
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="23"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">Historical</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pro Forma</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">as Adjusted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(7)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(8)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">Balance Sheet Data (at period end):</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,212</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">76,010</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">124,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,954</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">126,751</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,580</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">177,013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">195,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">196,401</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">192,301</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">196,426</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Long-term debt, capital leases, and related party
    financing, including current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,276</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,727</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,054</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">107,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,692</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,302</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our fiscal year end is December&nbsp;31. From
    inception through December 31, 2002, our first three fiscal
    quarters consisted of 12&nbsp;weeks each, and our fourth fiscal
    quarter consisted of 16&nbsp;weeks. Commencing January&nbsp;1,
    2003, our fiscal year consists of four quarters, each with
    13&nbsp;weeks. As a result, the twenty-four weeks ended
    June&nbsp;15, 2002, had 117 working days, while the twenty-six
    weeks ended July&nbsp;5, 2003, had 130 working days.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In 1998, we elected to be treated as an
    S&nbsp;corporation for federal income tax purposes. An
    S&nbsp;corporation passes through essentially all taxable
    earnings and losses to its stockholders and does not pay federal
    income taxes at the corporate level. Historical income taxes
    consist mainly of state income taxes. Contemporaneously with the
    closing of this offering, we will convert into a
    C&nbsp;corporation. For comparative purposes, we have included a
    pro forma (provision) benefit for income taxes assuming we had
    been taxed as a C&nbsp;corporation in all periods when our S
    corporation election was in effect. In June 2002, we reversed
    approximately $1.8&nbsp;million of tax reserves which were
    originally recorded in 1998 when we elected to be treated as an
    S&nbsp;corporation. The $1.8&nbsp;million tax benefit has been
    excluded for purposes of presenting pro forma C&nbsp;corporation
    income taxes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">EBITDA represents earnings from continuing
    operations before interest, taxes, depreciation, and
    amortization. EBITDA is presented because we believe it is
    frequently used by investors, securities analysts, and other
    interested parties in the evaluation of companies in our
    industry. Specifically, we believe that these parties use EBITDA
    to analyze and compare the operating performance of companies
    operating within the same industry or to compare the operating
    performance of companies with that of their competitors. Other
    companies in our industry may calculate EBITDA differently than
    we do. Therefore, EBITDA is not necessarily comparable to
    similarly titled measures of these companies. EBITDA is not a
    measurement of financial performance under accounting principles
    generally accepted in the United States of America and should
    not be considered as an alternative to cash flows from operating
    activities as a measure of liquidity or an alternative to
    operating earnings as indicators of our operating performance or
    any other measures of performance derived in accordance with
    accounting principles generally accepted in the United States of
    America.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">EBITDA is calculated in the following manner for
each of the periods presented:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June 15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,934</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add (subtract) income taxes (benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,483</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">421</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(119</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,815</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June 15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EBITDA
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $0.8&nbsp;million of capital
    expenditures in 2002 attributable to the operations of Central
    Refrigerated which we divested on December&nbsp;31, 2002. See
    &#147;Acquisition and Disposition of Operations of Central
    Refrigerated.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Average revenue we receive for transporting 100
    pounds of freight.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Operating expenses as a percentage of operating
    revenues.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Adjusted to reflect: (a)&nbsp;the payment of a
    distribution to our pre-offering stockholders, estimated to be
    approximately $4.2&nbsp;million at the time of this offering,
    which represents an amount equal to our estimated S corporation
    accumulated adjustments account; (b) the reclassification of
    remaining retained earnings to additional paid-in capital upon
    conversion from an S corporation to a C corporation
    contemporaneously with this offering; (c)&nbsp;the establishment
    of net current deferred tax assets of approximately
    $4.1&nbsp;million and net long-term deferred tax liabilities of
    approximately $12.4&nbsp;million upon our conversion to a C
    corporation; and (d) an $8.3&nbsp;million charge to earnings
    related to a payment of $8.3&nbsp;million due to Central
    Refrigerated upon consummation of this offering, which will be
    more than offset by receipt of an approximately
    $8.6&nbsp;million receivable due from Jerry Moyes, our Chairman
    and principal stockholder and the owner of Central Refrigerated.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Adjusted to reflect: (a)&nbsp;the pro forma
    adjustments listed in note&nbsp;7 above; (b)&nbsp;the sale
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock at an assumed public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share by us in this offering; and (c)&nbsp;the application of a
    portion of our net proceeds to repay outstanding indebtedness as
    set forth in &#147;Use of Proceeds.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">27
</FONT>
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<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B><FONT size="2">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
FINANCIAL</FONT></B>

<DIV align="center">
<B><FONT size="2">CONDITION AND RESULTS OF OPERATIONS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">You should read the following discussion and
analysis together with our financial statements, including the
notes and the other financial information appearing elsewhere in
this prospectus. The following discussion includes
forward-looking statements. For a discussion of important
factors that could cause actual results to differ from results
discussed in the forward-looking statements, see &#147;Special
Note Regarding Forward-Looking Statements.&#148;</FONT></I>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are one of the ten largest regional LTL
carriers in the United States based on revenues, generating
approximately $371.4&nbsp;million in revenue during 2002. In our
operations, we pick up and deliver multiple shipments for
multiple customers on each trailer. In 2002, most of our
business was concentrated in our core Southwest region, which is
anchored by Texas and California, two of the nation&#146;s three
largest state economies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The history of the name Central Freight Lines and
its franchise dates back to 1925, when Central Freight Lines was
founded in Waco, Texas and served the intrastate Texas LTL
market for decades. Our company began its operations effective
June&nbsp;30, 1997, when our Chairman of the Board, Jerry Moyes,
organized our company and acquired the Central Freight Lines
name, terminal network, and physical assets from the
Southwestern Division of Viking Freight Lines, whose corporate
group acquired our predecessor in 1993. We primarily compete
with regional LTL carriers and to a lesser extent with long haul
and truckload carriers, railroads, and overnight delivery
companies. Our major competitors within the regional LTL
industry include certain regional operating subsidiaries of CNF
Inc., USF Corporation, and SCS Transportation, Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We grew substantially between our first full year
of operation in 1998 and 2001, but our operating results were
less than we desired and we experienced an operating loss during
2001. Over the past eighteen months, we have assembled a new
senior management team and began executing a strategic plan
designed to increase the efficiency of our operations and expand
our geographic territory. We focused on streamlining our
terminal network, routing freight efficiently through that
network, improving our freight mix through a comprehensive yield
management program, and applying our dynamic resource planning
process to our operations. Our improved efficiency has helped to
free up hundreds of our existing tractors, trailers, and loading
doors, which are now available for additional freight without
further capital expenditure. Because our dynamic resource
planning process has only been partially applied in our freight
movement process, we believe that our strategic plan affords us
the opportunity for continued margin improvement and revenue
growth in the future.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our profitability, as measured by operating
ratio, has recovered from a negative trend that resulted in an
operating ratio of 100.4% for the fourth quarter of 2001 and
100.6% for the first quarter of 2002. Since then, our
profitability has improved substantially, and we achieved an
operating ratio of 96.4% for the twenty-six weeks ended
July&nbsp;5, 2003. Our results for the twenty-six weeks ended
July&nbsp;5, 2003, included several items that we consider to be
unusual. During the 2003 period, we recorded an aggregate of
$3.8&nbsp;million in increases to our insurance reserves for
accident, workers&#146; compensation, and other liabilities
arising prior to 2003 ($1.8&nbsp;million of which related to two
accidents that occurred in 2002). This compared to an accrual of
$0.3&nbsp;million relating to claims that arose in prior periods
in that we accrued in the twenty-four weeks ended June&nbsp;15,
2002. We recorded the increased accruals despite improvements in
our rate of both accident claims and workers&#146; compensation
claims during the 2003 period. We also amended a benefit plan to
reduce our future obligations. As a result of this amendment, we
recorded a curtailment gain of approximately $2.5&nbsp;million
in the 2003 period. In the aggregate, these items had a negative
effect of approximately $1.0&nbsp;million on our operating
income in the twenty-six weeks ended July&nbsp;5, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, we expanded service in a
seven-state, Midwest region, establishing all-points coverage in
six of these states. Our expenses for the twenty-six weeks ended
July&nbsp;5, 2003, reflect the costs of this Midwest expansion,
primarily consisting of purchased transportation, employee
training, and relocation expenses. We increased our use of
purchased transportation in the Midwest region as a more
efficient method of transporting freight in lanes where we do
not yet have sufficient freight
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<DIV align="left">
<FONT size="2">volume to profitably transport the freight in our
own trucks. As we continue to develop our operations in the
Midwest, we expect our purchased transportation costs to return
to historical levels.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect to initiate all-points service in a
five-state, Northwest region in the second half of 2004. We
believe the geographic breadth and lane characteristics of the
Midwest operations caused substantially greater use of purchased
transportation than we expect in our Northwest expansion. We
believe the increased density of lanes in the Northwest, as
compared to the Midwest, will allow us to use our own trucks to
transport a greater percentage of freight into and out of the
region, thus reducing our reliance on purchased transportation
in that anticipated expansion.
</FONT>

<P align="left">
<B><FONT size="2">Revenue</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operating revenues vary with the revenue per
hundredweight we charge to customers and the volume of freight
we transport. From our first full year of operation in 1998 to
2001, our revenue grew from approximately $276.3&nbsp;million to
approximately $395.7&nbsp;million, a compounded annual growth
rate of 13%. Our growth resulted from a combination of internal
growth, geographic expansion, and our acquisitions of two LTL
carriers that expanded our presence in California, Arizona, and
Nevada.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the arrival of our new management team
in early 2002, we closed approximately 25% of our then existing
terminals and implemented a yield management process intended to
eliminate freight that did not generate sufficient returns. As a
result of these efforts, our revenues decreased
$24.3&nbsp;million, or 6.1%, from $395.7&nbsp;million for 2001
to approximately $371.4&nbsp;million in 2002, but revenue
derived from the resulting improved freight portfolio began to
increase in the latter part of 2002 and in 2003. For the
twenty-six weeks ended July&nbsp;5, 2003, our revenue per day
increased to $1.53&nbsp;million, or 5.5%, from
$1.45&nbsp;million for the twenty-four week period in 2002.
While we will continue evaluating our freight mix and
eliminating less profitable freight, we expect that our revenue
growth will continue in 2003 and 2004 due to increased volume
and yield in our core region, our Midwest expansion, and our
planned Northwest expansion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenue per hundredweight measures the rates we
receive from customers and varies with the type of goods being
shipped and the distance these goods are transported. Although
our overall revenue decreased from 2001 to 2002, our LTL revenue
per hundredweight increased approximately 10.3% from $10.05 in
the twenty-four weeks ended June&nbsp;15, 2002, to $11.09 in the
twenty-six weeks ended July&nbsp;5, 2003, as we implemented our
yield management program. Volume depends on the number of
customers we have, the amount of freight those customers ship,
geographic coverage, and the general economy. Our total tonnage
decreased by 11.2% from 2001 to 2002, due in large part to
reductions resulting from our yield management program.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically, most of our revenue has been
generated from transporting LTL shipments from customers within
our operating region. In 2002, approximately 12.9% of our
revenue was derived from shipments that originated or terminated
in regions outside our network, where a portion of the freight
movement was handled by another carrier. Most of this revenue
was obtained from carriers with which we maintain transportation
alliances. Revenue from alliances may increase or decrease based
on a variety of factors, including our expansion into
territories now served by our alliance carriers. We do not
recognize the portion of revenue that relates to the portion of
shipments hauled by our alliance partners. In addition to
transportation revenue, we also recognize revenue from fuel
surcharges we receive from our customers when the national
average diesel fuel price published by the U.S. Department of
Energy exceeds prices listed in our contracts and tariffs.
</FONT>

<P align="left">
<B><FONT size="2">Operating Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our major expense categories can be summarized as
follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Salaries, wages, and benefits.
</FONT></I><FONT size="2">This category includes compensation
for our employees, health insurance, workers&#146; compensation,
401(k) plan contributions, and other fringe benefits. These
expenses will vary depending upon several factors, including our
efficiency, our experience with health and workers&#146;
compensation claims, and increases in health care costs.
Salaries, wages, and benefits also include the non-
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV align="left">
<FONT size="2">cash expense associated with stock options
granted to several of our executives that had exercise prices
that were determined to be below fair market value. This
non-cash compensation expense is expected to amount to
approximately $238,000 annually through June of 2007. During
2002, we reduced our administrative, management, dock, and
driver workforce substantially as a result of streamlining our
terminal network and re-routing freight patterns. This resulted
in a substantial reduction in salaries, wages, and benefits both
in dollar amount and as a percentage of revenue. We believe
additional efficiencies are possible as a percentage of revenue,
although we do not expect the same level of improvement in
future periods.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purchased transportation.
</FONT></I><FONT size="2">This category primarily consists of
the payments we make to third parties to handle a portion of a
freight movement for us. The largest category is outsourced
linehaul movements, where we contract with truckload carriers to
move our freight between origin and destination terminals. Swift
Transportation has been our largest provider of outsourced
linehaul service. See &#147;Management&nbsp;&#151; Compensation
Committee Interlocks and Insider Participation&#148; and
&#147;Certain Relationships and Related Transactions.&#148;
Purchased transportation also includes outsourced pick-up and
delivery service when we use alternative providers to service
areas where we lack the terminal density to provide economical
service.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating and general supplies and expenses.
</FONT></I><FONT size="2">This category includes fuel, repairs
and maintenance, tires, parts, general and administrative costs,
office supplies, operating taxes and licenses, communications
and utilities, and other general expenses. Repairs and
maintenance, fuel, tires, and parts expenses vary with the age
of equipment and the amount of usage. We have a fuel surcharge
program that enables us to recover a significant portion of fuel
price increases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance and claims.
</FONT></I><FONT size="2">This category includes the cost of
insurance premiums and the accruals we make for claims within
our self-insured retention amounts, primarily for personal
injury, property damage, physical damage to our equipment, and
cargo claims. These expenses will vary primarily based upon the
frequency and severity of our accident experience and the market
for insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Building and equipment rentals.
</FONT></I><FONT size="2">This category consists mainly of
payments to unrelated third parties under terminal leases and
payments to related parties for eight terminals leased under
operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Depreciation and amortization.
</FONT></I><FONT size="2">This category relates to owned assets,
assets under capitalized leases, and the 32 properties we lease
from Southwest Premier that are considered to be a financing
arrangement. Our total occupancy cost for these properties has
increased as a result of new leases. See
&#147;Management&nbsp;&#151; Compensation Committee Interlocks
and Insider Participation&#148; and &#147;Certain Relationships
and Related Transactions.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Discontinued Operations of Central
Refrigerated</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, Central Refrigerated, a refrigerated
truckload carrier, was formed to acquire certain assets from the
bankruptcy estate of Simon Transportation. The goal was to
obtain certain efficiencies for the refrigerated business, such
as decreased insurance costs, in the period immediately
following the acquisition. The acquisition closed, and the
operations of Central Refrigerated began, on April&nbsp;22,
2002. In preparing for this offering, we determined that it was
advisable to divest Central Refrigerated in order to focus on
our LTL growth strategy and devote our capital resources to our
LTL operations. Effective December&nbsp;31, 2002, ownership of
Central Refrigerated was transferred to Jerry Moyes and one of
his affiliates, and Central Refrigerated ceased to be our
subsidiary. See &#147;Acquisition and Disposition of Central
Refrigerated Operations.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Financial information for Central Refrigerated,
and its predecessor operations as part of Simon Transportation,
is presented in this prospectus as required under applicable
accounting rules. However, Central Refrigerated is no longer
part of our company, and we will not participate in any revenues
or operations of Central Refrigerated. In our consolidated
financial statements for the year ended December&nbsp;31, 2002,
and the twenty-four weeks ended June&nbsp;15, 2002, the
financial results of Central Refrigerated are considered as
discontinued operations for accounting purposes. As part of the
divestiture of Central Refrigerated we also agreed to make a
payment of $8.3&nbsp;million to Central Refrigerated upon
consummation of this offering. See &#147;Acquisition and
Disposition of Operations of Central Refrigerated.&#148;
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Related Party Terminal Leases</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We lease 31&nbsp;active terminals, ten dormant
terminals, and a salvage facility in Waco from related parties.
The aggregate rent for these properties was approximately
$4.7&nbsp;million in 2002, $4.5&nbsp;million in 2001, and
$4.4&nbsp;million in 2000. We believe the rent on certain of
these properties had been below fair market value and agreed to
increase the aggregate rent to an annual rate of approximately
$7.4&nbsp;million effective February&nbsp;20, 2003. We are
actively seeking to sublease or arrange for the sale of the
dormant terminals. See &#147;Management&nbsp;&#151; Compensation
Committee Interlocks and Insider Participation&#148; and
&#147;Certain Relationships and Related Transactions.&#148;
</FONT>

<P align="left">
<B><FONT size="2">S&nbsp;Corporation Status and
Dividend</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to this offering, we have operated as an
S&nbsp;corporation for federal income tax purposes. An
S&nbsp;corporation passes through essentially all taxable income
and losses to its stockholders and does not pay federal income
taxes at the corporate level. For comparative purposes, we have
included a pro forma provision for income taxes showing what
those taxes would have been had we been taxed as a
C&nbsp;corporation in all periods our S&nbsp;corporation
election was in effect. The pro forma provision for income taxes
does not reflect the approximately $8.3&nbsp;million non-cash
charge for recognition of deferred income taxes we will record
for financial reporting purposes when we convert from an
S&nbsp;corporation to a C&nbsp;corporation contemporaneously
with the closing of this offering. At such time, we expect to
pay an approximately $4.2&nbsp;million distribution to our
pre-offering stockholders, which represents an amount equal to
our estimated S corporation accumulated adjustments account. You
will not receive any part of this dividend.
</FONT>

<P align="left">
<B><FONT size="2">Change in Fiscal Quarters</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our fiscal year ends on December&nbsp;31. From
inception through December&nbsp;31, 2002, our first three fiscal
quarters consisted of 12&nbsp;weeks each, and our fourth fiscal
quarter consisted of 16&nbsp;weeks. Commencing January&nbsp;1,
2003, our fiscal year consists of four quarters, each with
13&nbsp;weeks. This change in accounting periods will not affect
the comparability of year end financial results included in this
prospectus. The change will, however, affect comparisons of
periods less than a full year, including the comparison of
results for the interim periods ended June&nbsp;15, 2002, and
July&nbsp;5, 2003. Each of our first three quarters in 2003 and
beyond includes one additional week, and our fourth quarter in
2003 and beyond will include three fewer weeks, as compared to
previous years.
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Results of Operations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The table below sets forth the percentage
relationship of the specified items to operating revenues for
the periods indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaries, wages, and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchased transportation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating and general supplies and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and claims
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Building and equipment rentals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax (expense)&nbsp;benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of tax
    expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Pro Forma C Corporation Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Historical earnings (loss)&nbsp;from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma (provision)&nbsp;benefit for income
    taxes attributable to continuing operations(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;from continuing
    operations(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Total operating expenses as a percentage of
    operating revenues, as presented in this table, is also referred
    to as operating ratio.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Benefit (provision)&nbsp;for federal income taxes
    and net earnings (loss) as if we were a C&nbsp;corporation for
    tax purposes for all periods.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Comparison of Twenty-Four Weeks Ended
June&nbsp;15, 2002, to Twenty-Six Weeks Ended July&nbsp;5,
2003</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Working days. </FONT></I><FONT size="2">The
twenty-four week period ended June&nbsp;15, 2002, contained
117&nbsp;working days and the twenty-six week period ended
July&nbsp;5, 2003, contained 130&nbsp;working days, an increase
of&nbsp;11.1%. The difference in working days directly affected
our revenue and expenses generally by increasing them in the
twenty-six week 2003 period in comparison to the twenty-four
week 2002 period. Accordingly, we recommend that you compare our
results of operations by changes in revenue per working day and
changes to expenses as a percentage of revenue.
</FONT>

<P align="center"><FONT size="2">32
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating revenues.
</FONT></I><FONT size="2">Operating revenues increased
$29.0&nbsp;million, or 17.1%, from $170.0&nbsp;million for the
2002 period to $199.0&nbsp;million for the 2003 period. The
increase in operating revenues was attributable to an increase
in working days, and a 5.5%&nbsp;increase in revenue per working
day from $1.45&nbsp;million in the 2002 period to
$1.53&nbsp;million in the 2003 period. The increase in revenue
per working day was attributable primarily to a
10.3%&nbsp;increase in LTL revenue per hundredweight
from&nbsp;$10.05 in the 2002 period to $11.09&nbsp;in the 2003
period and to an increase in fuel surcharge revenue per working
day. The overall increase in revenue per working day was
partially offset by an 8.7%&nbsp;decrease in total tonnage per
working day. As a result of our yield improvement efforts, we
eliminated less profitable freight and, where possible, replaced
it with more profitable loads. Total tonnage increased
14,760&nbsp;tons, or 1.5%, from 1,017,352&nbsp;tons in the 2002
period to 1,032,112&nbsp;tons in the 2003 period. Our Midwest
expansion contributed to our overall increase in revenues.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Salaries, wages, and benefits.
</FONT></I><FONT size="2">Salaries, wages, and benefits
increased $8.8&nbsp;million, or 8.9%, from $99.0&nbsp;million
for the 2002 period to $107.8&nbsp;million for the 2003 period.
The increase in salaries, wages, and benefits resulted primarily
from an increase in working days, rising medical costs, the
costs of additional sales personnel, and the costs of additional
employees and relocation expenses incurred in connection with
our Midwest expansion. We also implemented a general wage
increase at the end of July 2002, which increased payroll 2.4%
from July 2002 to August 2002. In addition to these factors,
salaries, wages, and benefits expense for the 2003 period also
included a $1.6&nbsp;million increase to our workers&#146;
compensation reserves for claims that arose prior to 2003,
compared with a $0.3&nbsp;million increase to such reserves for
prior period claims recorded in the 2002 period. These factors
partially offset a decrease in the total number of employees
resulting from our management initiatives and a
$2.5&nbsp;million gain relating to a reduction of our
obligations under a benefit plan. As a percentage of operating
revenues, salaries, wages, and benefits decreased from 58.2% for
the 2002 period, to 54.2% for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purchased transportation.
</FONT></I><FONT size="2">Purchased transportation increased
$6.6&nbsp;million, or 28.6%, from $23.1&nbsp;million for the
2002 period to $29.7&nbsp;million for the 2003 period. The
increase in purchased transportation resulted primarily from an
increase in working days and our Midwest expansion. Because of
the geographic breadth and lane characteristics of that
particular expansion effort, we used third party contractors for
a significant portion of our shipments. We expect our use of
contractors in the Midwest to decrease beginning in the third
quarter of 2003. As a percentage of operating revenues,
purchased transportation increased from 13.6% for the 2002
period to 14.9% for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating and general supplies and expenses.
</FONT></I><FONT size="2">Operating and general supplies and
expenses increased $7.2&nbsp;million, or 26.0%, from
$27.7&nbsp;million for the 2002 period, to $34.9&nbsp;million
for the 2003 period. The increase in operating and general
supplies and expenses resulted primarily from an increase in
working days. As a percentage of operating revenues, operating
and general supplies and expenses increased from 16.3% for the
2002 period to 17.6% for the 2003 period, primarily because the
average price per gallon of diesel fuel was 22.5% higher during
the 2003 period as compared to the 2002 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance and claims.
</FONT></I><FONT size="2">Insurance and claims increased
$2.4&nbsp;million, or 40.0%, from $6.0&nbsp;million for the 2002
period to $8.4&nbsp;million for the 2003 period. The increase in
insurance and claims expense resulted primarily from an increase
in working days and the accrual of $2.2&nbsp;million in
estimated liabilities for claims that arose prior to 2003
($1.8&nbsp;million of which related to two accidents in 2002),
compared with no increase in such reserves for prior period
claims recorded in the 2002 period. As a percentage of operating
revenues, insurance and claims increased from 3.6% for the 2002
period to 4.2% for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Building and equipment rentals.
</FONT></I><FONT size="2">Building and equipment rentals
remained essentially constant at $2.4&nbsp;million for the 2002
period and the 2003 period. As a percentage of operating
revenues, building and equipment rentals decreased slightly from
1.4% for the 2002 period to 1.2% for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Depreciation and amortization.
</FONT></I><FONT size="2">Depreciation and amortization expense
increased approximately $0.2&nbsp;million, or 2.4%, from
$8.4&nbsp;million for the 2002 period to $8.6&nbsp;million for
the 2003 period, as a result of increased working days, offset
in part by a change in the estimated useful lives of our revenue
equipment. In January 2003, we increased useful lives of
trailers from twelve to fifteen years and reduced salvage values
from 5% to 0%. We also increased useful lives of tractors from a
seven-to-ten year range to a uniform ten
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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<DIV align="left">
<FONT size="2">years and reduced salvage values from 5% to 0%.
As a percentage of operating revenues, depreciation and
amortization decreased from 4.9% for the 2002 period to 4.3% for
the 2003 period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating ratio.</FONT></I><FONT size="2"> As
a result of the foregoing, our operating ratio improved from
98.0% for the 2002 period to 96.4% for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest expense.</FONT></I><FONT size="2">
Interest expense increased $0.6&nbsp;million, or 15.0%, from
$4.0&nbsp;million for the 2002 period to $4.6&nbsp;million for
the 2003 period. As a percentage of operating revenues, interest
expense remained constant at 2.3% for both the 2002 and the 2003
periods. Our average debt balances decreased from
$109.5&nbsp;million in the 2002 period to $103.3&nbsp;million in
the 2003 period, and our average interest rates increased from
6.61% in the 2002 period to 7.13% in the 2003 period resulting
from a February&nbsp;20, 2003, adjustment to the rent payable
for 26 of our properties leased from related parties under a
financing arrangement. Our interest expense will increase as
this rent increase becomes effective for full periods.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the factors described above,
(loss) earnings&nbsp;from continuing operations before income
taxes were $(0.5)&nbsp;million for the 2002 period and
$2.6&nbsp;million for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the factors described above, pro
forma (loss) earnings&nbsp;from continuing operations, assuming
an effective tax rate of approximately 39% in each period,
improved from $(0.3)&nbsp;million for the 2002 period to
$1.6&nbsp;million for the 2003 period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our income tax expense (benefit)&nbsp;increased
from a net tax benefit of $1.8&nbsp;million for the 2002 period
to a net tax expense of $(0.1)&nbsp;million for the 2003 period
primarily due to the reversal of a $1.8&nbsp;million reserve for
the contingent expense that could have resulted from any tax
assessments related to our election of S&nbsp;corporation tax
status in 1998.
</FONT>

<P align="left">
<B><FONT size="2">Comparison of Year Ended December&nbsp;31,
2001 to Year Ended December&nbsp;31, 2002</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating revenues.
</FONT></I><FONT size="2">Operating revenues decreased
$24.3&nbsp;million, or 6.1%, from $395.7&nbsp;million for 2001
to $371.4&nbsp;million for 2002. The operating revenues decrease
was primarily attributable to an overall decrease in tonnage,
partially offset by an improvement in LTL revenue per
hundredweight. These results were generated by our yield
management efforts in 2002, which were designed to eliminate
less profitable freight and, where possible, replace it with
more profitable loads. Total tonnage decreased
268,736&nbsp;tons, or 11.2%, from 2,388,816&nbsp;tons in 2001 to
2,120,080&nbsp;tons in 2002. LTL revenue per hundredweight
increased 3.6%, from&nbsp;$10.06 in 2001 to&nbsp;$10.42 in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Salaries, wages, and benefits.
</FONT></I><FONT size="2">Salaries, wages, and benefits
decreased $23.9&nbsp;million, or 10.3%, from $232.7&nbsp;million
for 2001 to $208.8&nbsp;million for 2002, primarily because in
2002 we closed approximately 25% of our then-existing terminals
and reduced headcount by approximately 21% in the
administrative, management, dock, and driver workforce. As a
percentage of operating revenues, salaries, wages, and benefits
decreased from 58.8% for 2001 to 56.2% for 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purchased transportation.
</FONT></I><FONT size="2">Purchased transportation increased
$0.5&nbsp;million, or 1.0%, from $49.4&nbsp;million for 2001 to
$49.9&nbsp;million for 2002, primarily as the result of
increased outsourcing of line-haul movements to third party
carriers in an attempt to decrease the number of empty miles
being driven. As a percentage of operating revenues, purchased
transportation increased from 12.5% for 2001 to 13.4% for 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating and general supplies and expenses.
</FONT></I><FONT size="2">Operating and general supplies and
expenses decreased $7.8&nbsp;million, or 11.4%, from
$68.5&nbsp;million for 2001 to $60.7&nbsp;million for 2002. As a
percentage of operating revenues, operating and general supplies
and expenses decreased from 17.3% for 2001 period to 16.3% for
2002. The decrease in operating and general supplies and
expenses resulted in part from a reduction in general and
administrative expenses due to a smaller workforce in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance and claims.
</FONT></I><FONT size="2">Insurance and claims decreased
$0.2&nbsp;million, or 1.4%, from $14.2&nbsp;million for 2001 to
$14.0&nbsp;million for 2002, due primarily to a decrease in auto
liability claims expense. As a percentage of operating revenues,
insurance and claims increased slightly from 3.6% for 2001 to
3.8% for 2002, as a result of a decreased revenue base over
which these costs were spread.
</FONT>

<P align="center"><FONT size="2">34
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Building and equipment rentals.
</FONT></I><FONT size="2">Building and equipment rentals
decreased $0.1&nbsp;million, or 2.0%, from $5.1&nbsp;million for
2001 to $5.0&nbsp;million for 2002. As a percentage of operating
revenues, building and office equipment rentals remained
relatively constant at 1.3% and 1.4% for 2001 and 2002,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Depreciation and
amortization.</FONT></I><FONT size="2"> Depreciation and
amortization decreased $3.2&nbsp;million, or 15.1%, from
$21.2&nbsp;million for 2001 to $18.0&nbsp;million for 2002,
primarily as a result of a change in the estimated useful lives
of revenue equipment. In January 2002, we increased useful lives
on trailers from seven years to twelve years and reduced salvage
values from 10% to 5%. We also increased useful lives on pick-up
and delivery tractors from seven to ten years and reduced
salvage values on pick-up and delivery and line tractors from
10% to 5%. The effect of these actions on depreciation and
amortization were partially offset, however, by a reduction of
the useful lives of sleeper tractors from seven years to four
years later in 2002. As a percentage of operating revenues,
depreciation and amortization decreased from 5.4% for 2001 to
4.8% for 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating ratio.</FONT></I><FONT size="2"> As
a result of the foregoing, our operating ratio improved from
98.9% in 2001 to 95.9% in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest expense.
</FONT></I><FONT size="2">Interest expense decreased
$0.2&nbsp;million, or 2.4%, from $8.2&nbsp;million for 2001 to
$8.0&nbsp;million for 2002. As a percentage of operating
revenues, interest expense increased slightly from 2.0% for 2001
to 2.2% for 2002, as a result of a decreased revenue base over
which these costs were spread. Although our average debt
balances increased from $107.6&nbsp;million for 2001 to
$115.4&nbsp;million for 2002, our average interest rates
decreased from 7.21% in 2001, to 6.36% in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the factors described above,
(loss) earnings from continuing operations before income taxes
improved from $(3.7)&nbsp;million for 2001 to $7.1&nbsp;million
for 2002. Pro forma (loss) earnings, assuming an effective tax
rate of approximately 30% and 39% in 2001 and 2002,
respectively, improved from $(2.6)&nbsp;million for 2001 to
$4.3&nbsp;million for 2002.
</FONT>

<P align="left">
<B><FONT size="2">Comparison of Year Ended December&nbsp;31,
2000 to Year Ended December&nbsp;31, 2001</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating revenues.
</FONT></I><FONT size="2">Operating revenues increased
$33.1&nbsp;million, or 9.1%, from $362.6&nbsp;million for 2000
to $395.7&nbsp;million for 2001. Total tonnage increased
4,176&nbsp;tons, or 0.2%, from 2,392,992&nbsp;tons in 2000 to
2,388,816&nbsp;tons in 2001. One rate increase was effective as
of August&nbsp;21, 2000, while a second was effective as of
August&nbsp;6, 2001. LTL revenue per hundredweight increased
7.1% from&nbsp;$9.39 in 2000 to&nbsp;$10.06 in 2001
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Salaries, wages, and benefits.
</FONT></I><FONT size="2">Salaries, wages, and benefits
increased $20.9&nbsp;million, or 9.9%, from $211.8&nbsp;million
for 2000 to $232.7&nbsp;million for 2001. As a percentage of
operating revenues, salaries, wages, and benefits increased from
58.4% for 2000 to 58.8% for 2001. Salaries increased by
approximately $1.8&nbsp;million because we started paying
overtime to certain categories of employees: pick-up and
delivery drivers, dockworkers, and mechanics. We implemented a
general wage increase on April&nbsp;22, 2001, resulting in a
2.5% payroll increase from April 2001 to May 2001. In addition,
group health expense increased $6.2&nbsp;million due to a
significant number of large claims and the rising cost of
medical care. Workers compensation increased by
$3.5&nbsp;million due primarily to a higher level of claims
incurred in 2001. All of these increases more than offset the
$4.0&nbsp;million of additional compensation expense we recorded
in 2000 to reflect our purchases of stock from certain
executives at a price above fair value during that year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purchased transportation.
</FONT></I><FONT size="2">Purchased transportation increased
$13.9&nbsp;million, or 39.2%, from $35.5&nbsp;million for 2000
to $49.4&nbsp;million for 2001, as a result of increased
outsourcing of linehaul movements to third party carriers in an
attempt to decrease the number of empty miles being driven. As a
percentage of operating revenues, purchased transportation
increased from 9.8% for 2000 to 12.5% for 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating and general supplies and expenses.
</FONT></I><FONT size="2">Operating and general supplies and
expenses increased $3.4&nbsp;million, or 5.2%, from
$65.1&nbsp;million for 2000 to $68.5&nbsp;million for 2001. As a
percentage of operating revenues, operating and general supplies
and expenses decreased from 18.0% for 2000 to 17.3% for 2001.
The increase in operating and general supplies and expenses
resulted from increases in repair and other operating costs due
to the additional freight hauled to generate the additional
revenue. Further, communication expenses increased by
approximately $1.0&nbsp;million due to a change from radios to
an electronic paging system. General and administrative expenses
also increased as a result of $0.5&nbsp;million in
</FONT>

<P align="center"><FONT size="2">35
</FONT>

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<DIV align="left">
<FONT size="2">union avoidance costs, increased legal and
professional expenses, and increased travel and entertainment
costs.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance and claims.
</FONT></I><FONT size="2">Insurance and claims increased
$4.0&nbsp;million, or 39.2%, from $10.2&nbsp;million for 2000 to
$14.2&nbsp;million for 2001 due primarily to an increase in auto
and general liability expense. As a percentage of operating
revenues, insurance and claims increased from 2.8% for 2000 to
3.6% for 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Building and equipment
rentals.</FONT></I><FONT size="2"> Building and equipment
rentals increased $1.0&nbsp;million, or 24.4%, from
$4.1&nbsp;million for 2000 to $5.1&nbsp;million for 2001, due
primarily to increased rent expense on new terminals in New
Orleans and Kansas City, as well as a new computer lease. As a
percentage of operating revenues, building and office equipment
rents increased slightly from 1.1% in 2000 to 1.3% in 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Depreciation and amortization.
</FONT></I><FONT size="2">Depreciation and amortization
increased $2.2&nbsp;million, or 11.6%, from $19.0&nbsp;million
for 2000 to $21.2&nbsp;million for 2001. As a percentage of
operating revenues, depreciation and amortization increased
slightly from 5.2% for 2000 to 5.4% for 2001. The increase in
2001 resulted from a newer and larger fleet being depreciated as
the fleet upgrade continues.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Operating ratio.</FONT></I><FONT size="2"> As
a result of the foregoing, our operating ratio increased from
95.3% in 2000 to 98.9% in 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest expense.
</FONT></I><FONT size="2">Interest expense decreased
$0.6&nbsp;million or 6.8%, from $8.8&nbsp;million in 2000 to
$8.2&nbsp;million in 2001. As a percentage of operating
revenues, interest expense decreased from 2.4% in 2000 to 2.0%
in 2001. Our average debt balances increased slightly from
$106.0&nbsp;million in 2000 to $107.6&nbsp;million in 2001,
while our average interest rates decreased from 7.61% in 2000 to
7.21% in 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the factors described above,
earnings (loss)&nbsp;from continuing operations before income
taxes declined from $8.2&nbsp;million in 2000 to
$(3.7)&nbsp;million 2001. Pro forma earnings (loss), assuming an
effective tax rate of approximately 40% in 2000 and 30% in 2001,
decreased from $4.9&nbsp;million for 2000 to $(2.6)&nbsp;million
for 2001.
</FONT>

<P align="left">
<B><FONT size="2">Liquidity and Capital Resources</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business requires substantial, ongoing
capital investments, particularly to replace revenue equipment
such as tractors and trailers. In addition, our implementation
of dynamic resource planning throughout our operations and our
planned Northwest expansion are expected to involve additional
expenses, such as the costs of added employees, relocation costs
for existing employees and equipment, increased building and
equipment rentals, and increased purchased transportation
expense. Our primary sources of liquidity have been cash from
operations, secured borrowings, and a real estate financing
transaction with a related party.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe the net proceeds from this offering,
cash generated from operations, borrowings under credit
facilities, and capitalized lease arrangements on equipment will
be sufficient to fund our operations at least through the end of
2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net cash provided by operating activities was
approximately $15.3&nbsp;million and $0.3&nbsp;million for the
twenty-four weeks ended June&nbsp;15, 2002, and the twenty-six
weeks ended July&nbsp;5, 2003, and $20.2&nbsp;million,
$29.1&nbsp;million, and $35.2&nbsp;million for the years ended
December&nbsp;31, 2000, 2001, and 2002, respectively. Our
accounts receivable increased $4.0&nbsp;million during 2000,
$3.6&nbsp;million during 2001, and $4.0&nbsp;million during
2002, $1.8&nbsp;million during the twenty-four weeks ended
June&nbsp;15, 2002, and $8.1&nbsp;million during the twenty-six
weeks ended July&nbsp;5, 2003. The average age of our accounts
receivable was 48.3&nbsp;days for the year ended
December&nbsp;31, 2000, 44.9&nbsp;days for the year ended
December&nbsp;31, 2001, 46.9&nbsp;days for the year ended
December&nbsp;31, 2002, 43.8&nbsp;days for the twenty-four weeks
ended June&nbsp;15, 2002, and 50.5&nbsp;days for the twenty-six
weeks ended July&nbsp;5, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net cash used in investing activities was
approximately $5.8&nbsp;million and $1.6&nbsp;million for the
twenty-four weeks ended June&nbsp;15, 2002, and the twenty-six
weeks ended July&nbsp;5, 2003, and approximately
$16.3&nbsp;million, $16.5&nbsp;million, and $8.8&nbsp;million
for the years ended December&nbsp;31, 2000, 2001, and 2002,
respectively. These expenditures were financed with long-term
debt and cash flows from operations. Our capital expenditures
were approximately $6.0 million in 2002, and $1.9&nbsp;million
in the twenty-six weeks ended July&nbsp;5, 2003. Our
</FONT>

<P align="center"><FONT size="2">36
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">budget for capital expenditures, without giving
effect to any offset from sales or trades of equipment, is
approximately $15.1&nbsp;million in 2003, of which approximately
$1.9&nbsp;million has been expended as of July&nbsp;5, 2003, and
approximately $29.1&nbsp;million in 2004. We expect to increase
our capital expenditures from 2003 to 2004 as part of a plan to
replace a greater amount of revenue equipment and decrease the
average age of our fleet. We expect our capital expenditures to
consist primarily of the acquisition of new tractors and
trailers. We expect to pay for the projected capital
expenditures with a portion of the proceeds from this offering,
borrowings under our credit facilities, and cash flows from
operations. Our capital expenditure budget excludes the effect
of any acquisitions.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net cash used in financing activities was
approximately $1.6&nbsp;million and $4.4&nbsp;million for the
twenty-four weeks ended June&nbsp;15, 2002, and the twenty-six
weeks ended July&nbsp;5, 2003, and approximately
$4.1&nbsp;million, $12.6&nbsp;million, and $19.2&nbsp;million
for the years ended December&nbsp;31, 2000, 2001, and 2002,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At July&nbsp;5, 2003, we had outstanding
long-term obligations of approximately $103.5&nbsp;million. The
following chart reflects the outstanding amounts by category:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securitization facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30.5 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.4 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment notes payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.0 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.1 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80.0 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Related party financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.5 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103.5 million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;30, 2002, we entered into a
$40.0&nbsp;million revolving accounts receivable securitization
facility with Three Pillars Funding Corporation and a revolving
credit facility with SunTrust Bank. Under the securitization
facility, we can borrow up to $40.0&nbsp;million, subject to
eligible receivables. We pay commercial paper interest rates
plus an applicable margin on amounts borrowed. Interest is
generally payable monthly. The securitization facility includes
certain restrictions and financial covenants. As of July&nbsp;5,
2003, borrowings outstanding under the securitization facility
were $30.5&nbsp;million with a weighted average interest rate of
2.24%. Under the securitization facility, we pay a commitment
fee equal to 0.2%&nbsp;per year of 102% of the facility limit
minus the aggregate outstanding principal balance, as well as an
administrative fee equal to 0.15%&nbsp;per annum of the
uncommitted balance. At July&nbsp;5, 2003, we had
$1.7&nbsp;million available under the securitization facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our revolving facility, we can borrow up to
$19.0&nbsp;million, secured by certain revenue equipment. The
revolving facility accrues interest at either a variable base
rate equal to the bank&#146;s prime lending rate or at a
variable rate equal to LIBOR plus 175&nbsp;basis points.
Interest is payable in periods from one to three months at our
option. We are subject to certain financial and nonfinancial
covenants under this facility. As of July&nbsp;5, 2003, we had
$2.4&nbsp;million in borrowings and $13.7&nbsp;million in
letters of credit outstanding under the revolving facility. We
pay a commitment fee equal to 0.25%&nbsp;per annum on the daily
unused revolving facility as well as a letter of credit fee
equal to 1.75%&nbsp;per annum on the average daily amount of the
letters of credit. The maturity date of the revolving facility
is October&nbsp;31, 2004. At July&nbsp;5, 2003, we had
$2.9&nbsp;million available for borrowing under the revolving
facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our revolving credit facility contains certain
financial covenants including covenants regarding minimum
tangible net worth, EBITDA, and leverage ratio. We were in
compliance with these covenants at July&nbsp;5, 2003, and are in
compliance with these covenants as of the date of this
prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have entered into a number of note agreements
with a third party to acquire equipment for use in our
operations. The outstanding principal balance of these notes was
$18.0&nbsp;million at July&nbsp;5, 2003. These notes have fixed
interest rates ranging from 6.75% to 8.90% and mature at various
dates through July 2006. These notes require monthly principal
and interest payments through maturity and are secured by the
equipment acquired.
</FONT>

<P align="center"><FONT size="2">37
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, we entered into an agreement with
Southwest Premier Properties L.L.C., for the sale and leaseback
of the land, structures, and improvements of 36&nbsp;terminal
properties and one additional property in Waco, Texas. The sale
price for the properties was approximately $27.8&nbsp;million in
1998. For financial accounting purposes, the lease for these
properties is accounted for in our consolidated financial
statements as a financing arrangement. Consequently, the related
land, structures, and improvements remain on our consolidated
balance sheet. The annual lease payments are reflected as a cost
of the financing and recorded as interest expense. In February
2003, the lease covering these properties was extended. In
addition, the annual rental amount on active terminal properties
was adjusted to reflect agreed market values. The annual rental
amount was increased from $4.4&nbsp;million to
$7.2&nbsp;million. The rent will be adjusted upward after five
years to reflect any increase in interest rates between February
2003 and February 2008. See &#147;Management&nbsp;&#151;
Compensation Committee Interlocks and Insider
Participation&#148; and &#147;Certain Relationships and Related
Transactions.&#148; The following table summarizes our
significant contractual obligations and commercial commitments
as of December&nbsp;31, 2002.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Payments Due by Period (in thousands)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Less than</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">After 5</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1 Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1-3 Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">4-5 Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Years</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Contractual obligations</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,645</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,421</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Related party real estate financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">724</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,844</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Amount of Commitment Expiration per Period</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Less than</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">After 5</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1 Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1-3 Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">4-5 Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Years</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Other commercial commitments</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Standby letters of credit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From time to time we experience a working capital
deficit. This is common to many trucking companies that expand
by financing revenue equipment purchases. When we finance
revenue equipment through borrowing, a portion of the
indebtedness is categorized as a current liability, although the
revenue equipment is classified as a long-term asset.
Consequently, each purchase of financed revenue equipment
decreases working capital. We had a working capital (deficit)
surplus of $(1.7)&nbsp;million at December&nbsp;31, 2000,
$(4.9)&nbsp;million at December&nbsp;31, 2001, $4.2&nbsp;million
at December&nbsp;31, 2002, and $9.3&nbsp;million at July&nbsp;5,
2003. We believe our working capital deficits have had little
impact on our liquidity.
</FONT>

<P align="left">
<B><FONT size="2">Off-Balance Sheet Arrangements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain of our terminals and revenue equipment
are financed off-balance sheet through operating leases. As of
July&nbsp;5, 2003, 42 of our terminals, including eight owned by
related parties, were subject to operating leases. Our
contractual obligations under our operating leases are
summarized in the table above. Because our growth strategy
involves expanding into additional regions initially through the
operation of leased terminals, we expect that the size of these
off-balance sheet obligations will increase as we continue our
Midwest expansion and implement our anticipated Northwest
expansion in the second half of 2004.
</FONT>

<P align="left">
<B><FONT size="2">Quarterly Results of Operations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table presents our unaudited
operating results for the ten quarters ended July&nbsp;5, 2003.
In our opinion, all necessary adjustments (consisting only of
normal recurring adjustments) have been included in the amounts
stated below to present fairly the quarterly results when read
in conjunction with our consolidated financial statements and
notes, which are included elsewhere in this prospectus. Results
of
</FONT>

<P align="center"><FONT size="2">38
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">operations for any particular quarter are not
necessarily indicative of results of operations for a full year
or for future periods. For 2001 and 2002, our fiscal year is
divided into 13&nbsp;four-week periods. The first three quarters
consist of three periods each, and the fourth quarter consists
of four periods. Commencing January&nbsp;1, 2003, our fiscal
year consists of four quarters, each with 13&nbsp;weeks.
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Mar. 24,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June 16,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sept. 8,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec. 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Mar. 23,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June 15,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sept. 7,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec. 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Apr. 5,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002<SUP>(2)</SUP></FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002<SUP>(3)</SUP></FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003<SUP>(4)</SUP></FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003<SUP>(5)</SUP></FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(in thousands, except per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">96,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,361</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,058</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,802</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">100,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">824</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,034</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(525</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(501</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,989</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">(Loss) earnings from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,276</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,054</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(678</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,141</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,426</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,814</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,305</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">982</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(288</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(694</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net (loss) earnings(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,276</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,054</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(678</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,141</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,408</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,814</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,305</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pro forma data:(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pro forma income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(325</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">830</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,082</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,020</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,565</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,560</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pro forma net (loss) earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(924</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(491</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,386</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,694</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,440</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(831</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pro forma net (loss) earnings per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.07</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.04</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.18</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.07</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.04</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.18</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">0.20</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">(0.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
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</CENTER>

<P align="left">
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We have elected S&nbsp;corporation status under
    which federal income tax attributes flow directly to
    stockholders. Accordingly, income tax expenses recorded by us
    reflect state income taxes. Pro forma net (loss) earnings has
    been adjusted to reflect the application of federal income taxes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In the first quarter of 2002, we recorded
    restructuring expenses of approximately $725,000, which
    represents the costs to close 21&nbsp;terminals.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In the second quarter of 2002, we reversed
    approximately $1.8&nbsp;million of tax reserves related to the
    sale of certain property in 1998. This amount was reversed
    because the risk of a tax assessment had ended, and the reserve
    for the related expense was no longer required.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In the first quarter of 2003, we recorded a
    $2.5&nbsp;million gain as a result of amending our defined
    benefit health plan, which reduced the benefits provided to
    retirees.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In the second quarter of 2003, we recorded a
    $3.8&nbsp;million increase in our claims accrual related to
    accident, workers&#146; compensation, and other claims
    (including $1.8&nbsp;million related to two accidents that
    occurred in 2002) in which the underlying events occurred prior
    to 2003.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Critical Accounting Policies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that the following critical accounting
policies affect our more significant judgments and estimates
used in the preparation of our consolidated financials
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Revenue Recognition.
</FONT></I><FONT size="2">Operating revenue is recognized upon
delivery of the related freight, as is fuel surcharge revenue.
In 2002, approximately 12.9% of our revenue was derived from
shipments that originated
</FONT>

<P align="center"><FONT size="2">39
</FONT>

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<DIV align="left">
<FONT size="2">or terminated in other regions, where a portion
of freight movement was handled by another carrier. Most of this
revenue was with carriers with which we maintain transportation
alliances. We do not recognize revenue that relates to the
portion of the shipment transported by our alliance partners.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance and Claims
Accruals.</FONT></I><FONT size="2"> We record insurance and
claims accruals based upon our estimate of the ultimate total
cost of claims, not covered by insurance, for bodily injury and
property damage, cargo loss and damage, physical damage to our
equipment, workers&#146; compensation, long-term disability, and
group health, and post-retirement health benefits. Our estimates
are based on our evaluation of the nature and severity of the
claims and our past claims experience. We include an estimate
for incurred but not reported claims. The estimated costs for
bodily injury and property damage, cargo loss and damage, and
physical damage to our equipment are charged to insurance and
claims. The other estimated costs are charged to employee
benefits expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From June&nbsp;28, 2000 to June&nbsp;28, 2001,
our self-insured retention for bodily injury and property
damage, cargo loss and damage, and physical damage to our
equipment was an aggregate $500,000 per occurrence. Effective
June&nbsp;28, 2001, we increased our self-insured retention to
$1.0&nbsp;million per occurrence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our self-insured retention for workers&#146;
compensation has been $1.0&nbsp;million per occurrence since
October&nbsp;28, 2002. We also self-insure for all health claims
up to $250,000 per occurrence. We expect our claims reserves to
increase in future periods as a result of our higher
self-insured retention.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the twenty-six week period ended July&nbsp;5,
2003, we recorded an approximately $3.8&nbsp;million increase in
our claims accruals related to underlying events that occurred
prior to 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In October&nbsp;2002, we were forced to seek
replacement excess insurance coverage after our insurance agent
failed to produce proof of insurance on policies for which we
had obtained binders as of July&nbsp;15, 2002. We are not aware
of any claims during the period between July and
October&nbsp;2002 that are expected to exceed the self-insured
retention level we had at the time. For any claims arising
during such period, that would exceed that level, we intend to
pursue our legal rights against the insurance agent and its
errors and omissions policy but we cannot assure you that such
coverage will be available, in which case our financial results
could be materially and adversely affected.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Allowance for Doubtful Accounts.
</FONT></I><FONT size="2">We maintain allowances for doubtful
accounts and revenue adjustments. Such allowances represent our
estimate of accounts that will not ultimately be collected.
Estimates used in determining this allowance are based on our
historical collection experience, current trends, credit policy,
and a percentage of our accounts receivable by aging category.
If the financial condition of our customers were to deteriorate,
resulting in an impairment of their ability to make payments,
additional allowances may be required.
</FONT>

<P align="left">
<B><FONT size="2">Quantitative and Qualitative Disclosures About
Market Risk</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are exposed to a variety of market risks, most
importantly the effects of the price and availability of diesel
fuel and changes in interest rates. To address the risk of high
fuel prices, we maintain a fuel surcharge program. Fuel
surcharge programs are well established in the industry and are
broadly accepted by our customers. We believe our fuel surcharge
program is effective at mitigating the risk of high fuel prices.
Accordingly, we have not engaged in any fuel price hedging
activities. Because fuel surcharges are based on the weekly
national average price of diesel fuel and our operations are
concentrated in the Southwest, there is some risk that the
national average will not fully reflect regional fuel prices,
particularly in California. We are highly dependent on adequate
supplies of diesel fuel. If our supply were interrupted, for
example as a result of war or hostile action against the United
States or in fuel producing regions, we would be exposed to
significant risks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our market risk is also affected by changes in
interest rates. Historically, we have used a combination of
fixed rate and variable rate obligations to manage our interest
rate exposure. Fixed rate obligations expose us to the risk that
interest rates might fall. Variable rate obligations expose us
to the risk that interest rates might rise. We did not have any
interest rate swaps at July&nbsp;5, 2003, although we may enter
into such swaps in the future if we deem appropriate.
</FONT>

<P align="center"><FONT size="2">40
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our variable rate obligations consist of our
revolving line of credit and our accounts receivable
securitization facility. Our revolving line of credit, provided
there has been no default, carries a variable interest rate
based on either the prime rate or LIBOR. Assuming borrowings
equal to the $2.4&nbsp;million drawn on the revolving line of
credit at July&nbsp;5, 2003, a one percentage point increase in
the prime rate and LIBOR would increase our annual interest
expense by $24,000. Our securitization facility carries a
variable interest rate based on the commercial paper rate.
Assuming borrowings equal to the $30.5&nbsp;million drawn on the
securitization facility at July&nbsp;5, 2003, a one percentage
point increase in commercial paper rates would increase our
annual interest expense by $305,000.
</FONT>

<P align="left">
<B><FONT size="2">Inflation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Most of our expenses are affected by inflation,
which generally results in increased operating costs. In
response to fluctuations in the cost of petroleum products,
particularly diesel fuel, we have implemented a fuel surcharge
in our tariffs and contractual agreements. The fuel surcharge is
designed to offset the cost of fuel above a base price and
increases as fuel prices escalate over the base. We do not
expect the net effect of inflation on our results of operations
to be different from the effect on LTL carriers generally.
</FONT>

<P align="left">
<B><FONT size="2">Seasonality</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We experience some seasonal fluctuations in
freight volume. Historically, our shipments decrease during
winter months and our operating expenses have been higher in the
winter months due to decreased fuel efficiency and increased
maintenance costs for our tractors and trailers in colder
weather. Our southern operating region has lessened the seasonal
impact of colder weather to some extent. Our expansion into the
Midwest and planned expansion into the Northwest may increase
our exposure to seasonal fluctuations in operating expenses.
</FONT>

<P align="left">
<B><FONT size="2">Recent Accounting Pronouncements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May, 2003, the Financial Accounting Standards
Board (&#147;FASB&#148;) issued Statement of Financial
Accounting Standards (&#147;SFAS&#148;) No.&nbsp;150,
<I>Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equity</I>, which
requires that certain financial instruments be presented as
liabilities that were previously presented as equity or as
temporary equity. Such instruments include mandatory redeemable
preferred and common stock, and certain options and warrants.
SFAS&nbsp;150 is effective for financial instruments entered
into or modified after May&nbsp;31, 2003, and is generally
effective at the beginning of the first interim period beginning
after June&nbsp;15, 2003. At this time, management estimates
that the adoption of SFAS&nbsp;150 will not have any impact on
our consolidated financial statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December&nbsp;2002, the FASB issued SFAS
No.&nbsp;148, <I>Accounting for Stock-Based
Compensation&nbsp;&#151; Transition and Disclosure, an Amendment
of FASB Statement No.&nbsp;123</I>. SFAS No.&nbsp;148 provides
three alternative transition methods for companies that choose
to adopt the fair value measurement provisions of SFAS
No.&nbsp;123 with respect to stock-based compensation. SFAS
No.&nbsp;148 also amends the disclosure requirements in SFAS
No.&nbsp;123. Other than the additional disclosure requirements
that have been provided in the accompanying notes to the
consolidated financial statements, SFAS No.&nbsp;148 did not
affect us, as we did not adopt the fair value measurement
provisions of SFAS No.&nbsp;123.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November&nbsp;2002, the FASB issued
Interpretation No.&nbsp;45 (FIN&nbsp;45), Guarantor&#146;s
Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others, an interpretation
of FASB Statements No.&nbsp;5, 57, and 107 and rescission of
FASB Interpretation No.&nbsp;34. This interpretation addresses
the disclosures to be made by a guarantor and requires a
guarantor to recognize a liability for the fair value of a
guarantee. In January&nbsp;2003, FASB issued Interpretation
No.&nbsp;46 (FIN&nbsp;46), Consolidation of Variable Interest
Entities, an Interpretation of ARB No.&nbsp;51. The adoption of
FIN&nbsp;45 and 46 did not have a significant impact on our
consolidated financial statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We adopted SFAS No.&nbsp;142, <I>Goodwill and
Other Intangible Assets</I>, on January&nbsp;1, 2002. As of that
date, goodwill is no longer amortized but is tested annually for
impairment using a fair value approach. Pursuant to
SFAS&nbsp;142, Central has determined that, as of
January&nbsp;1, 2002, there has been no impairment to the
</FONT>

<P align="center"><FONT size="2">41
</FONT>

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<DIV align="left">
<FONT size="2">carrying value of goodwill. See
footnote&nbsp;2(e) to the December&nbsp;31, 2002, consolidated
financial statements for further discussion.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In August&nbsp;2001, the FASB issued SFAS
No.&nbsp;144, <I>Accounting for the Impairment or Disposal of
Long-Lived Assets,</I> that superseded SFAS No.&nbsp;121 and APB
Opinion No.&nbsp;30. SFAS No.&nbsp;144 provides guidance on
differentiating between assets held and used, held for sale, and
held for disposal other than by sale, and the required valuation
of such assets. SFAS No.&nbsp;144 is effective for fiscal years
beginning after December&nbsp;15, 2001. In June 2002, FASB
issued SFAS No.&nbsp;146, <I>Accounting for Costs Associated
with Exit or Disposal Activities,</I> which is effective for
exit or disposal activities initiated after December&nbsp;31,
2002. SFAS No.&nbsp;146 requires that a liability for a cost
associated with an exit or disposal activity be recognized when
the liability is incurred, whereas under EITF No.&nbsp;94-3 such
liabilities were recognized at the commitment date of an exit
plan. The adoption of SFAS No.&nbsp;144 and SFAS No.&nbsp;146 in
2002 did not have an impact on our consolidated financial
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June&nbsp;2001, the FASB issued SFAS
No.&nbsp;143, <I>Accounting for Asset Retirement
Obligations</I>. In April&nbsp;2002, the FASB issued
SFAS&nbsp;145, <I>Rescission of FASB Statements No.&nbsp;4, 44,
and 64, Amendment of FASB Statement No.&nbsp;13, and Technical
Corrections</I>. In April&nbsp;2003, the FASB issued SFAS
No.&nbsp;149, <I>Amendment of Statement&nbsp;133 on Derivative
Instruments and Hedging Activities</I>. These pronouncements did
not have a significant impact on our consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">42
</FONT>

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<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B><FONT size="2">OUR INDUSTRY</FONT></B>

<P align="left">
<B><FONT size="2">Overview of the Trucking Industry</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">According to estimates made by the American
Trucking Associations and Global Insight (formerly DRI-WEFA),
the trucking industry in 2002 accounted for approximately
$585&nbsp;billion, or approximately 87% of total domestic
freight transportation revenue. Trucks provide transportation
services to virtually every industry operating in the United
States and generally offer higher levels of reliability,
shipment integrity, and speed than other surface transportation
options. The trucking industry is highly competitive on the
basis of service and price.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trucking industry includes both private
fleets and &#147;for hire&#148; carriers. Private fleets consist
of trucks owned and operated by shippers that move their own
goods. &#147;For hire&#148; carriers include both truckload and
less-than-truckload operations. Truckload carriers dedicate an
entire trailer to one customer from origin to destination. LTL
carriers pick up multiple shipments from multiple carriers on a
single truck and then route the goods through terminals, or
service centers, where freight may be transferred to other
trucks with similar destinations for delivery. Truckload
carriers typically transport shipments weighing more than 10,000
pounds, and LTL carriers typically transport shipments weighing
less than 10,000 pounds.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Competition within the trucking industry is
increasingly affected by shipping patterns and consolidation.
Large shippers are attempting to cut costs and streamline their
transportation departments by concentrating their business with
a small group of &#147;core carriers.&#148; These shippers seek
large, financially stable companies that provide high quality
service and have sufficient available capacity. The preferences
and demands of large shippers make it increasingly difficult for
smaller carriers to compete effectively. Consequently, the
trucking industry has been consolidating over the past several
years.
</FONT>

<P align="left">
<B><FONT size="2">The LTL Industry</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">According to the American Trucking Associations
and Global Insight, the LTL industry generated approximately
$58&nbsp;billion of revenue in 2002, and LTL volume is
forecasted to grow at an average rate of 3.1% per year through
2008. We estimate that in 2002 the ten largest LTL carriers
generated approximately $17&nbsp;billion in revenues,
representing approximately 30% of the LTL industry.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">LTL carriers are generally categorized into three
groups: regional, inter-regional, and national. Regional
carriers typically have an average length of haul of 500 miles
or less and primarily provide next-day or two-day service. Many
regional carriers have non-union workforces. Inter-regional
carriers typically have an average length of haul of 500 to
1,000&nbsp;miles and primarily provide two- and three-day
service. National carriers typically have an average length of
haul greater than 1,000 miles and primarily provide three to
five-day service. Most of the national carriers have unionized
workforces.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, the more freight an LTL carrier
transports within a geographic area, the lower its per-shipment
operating expenses. This is particularly true with respect to
its pick-up and delivery operations, where increased freight
volumes typically result in more shipments per stop, referred to
as greater route density. As route density increases, an LTL
carrier is able to pick-up and deliver more freight in fewer
miles and with fewer stops, thereby improving customer service
and lowering costs per shipment. Similarly, the more freight an
LTL carrier hauls between two given terminals, referred to as
lane density, the greater the opportunity to increase revenue
per mile, minimize empty miles, improve customer service, and
reduce costs from intermediate handling and reconsolidation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A major characteristic specific to many regional
LTL carriers, including our company, is that their route density
enables them to minimize the time-consuming and costly process
of re-sorting freight at intermediate points. This re-sorting
more frequently occurs in non-regional LTL operations. In our
operations, for example, we transported approximately 73% of the
freight that originates and terminates within our network from
origin city to destination city without intermediate handling in
2002. Another key characteristic of many regional LTLs,
including our company, is speed of service. Our management team
believes that by delivering
</FONT>

<P align="center"><FONT size="2">43
</FONT>

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<DIV align="left">
<FONT size="2">over 90% of our freight by the second day
following pick-up, as we did in 2002, we gain a competitive
advantage over non-regional LTL carriers.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Inter-regional and national LTL carriers usually
employ a series of hub-and-spoke terminals, which entail
multiple cargo re-loadings and re-handlings. Although national
and inter-regional LTL carriers typically have more total
terminals than regional carriers, they may not, as is the case
with our operations in our core region, have as many terminals
in a given area as a leading regional carrier. We believe that
high terminal density in a given region provides us with service
and cost advantages and acts as a barrier to entry to
inter-regional and national LTL carriers.
</FONT>

<P align="left">
<B><FONT size="2">Growth Prospects in the Regional LTL
Market</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that the regional LTL market is the
most attractive segment of the LTL trucking industry and that
the regional LTL market offers substantial opportunities for
growth for the following reasons:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Shippers Seek Next Day and Second-Day Delivery
Service. </FONT></I><FONT size="2">The growth of just-in-time
inventory management has caused shippers to increase their
demand for next-day and second-day service to and from regional
distribution centers. This trend creates opportunities for
regional LTL carriers that can offer a service advantage over
non-regional LTL carriers and a cost advantage over air freight
companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Industry Trends Favor Regional Carriers with
Sufficient Scale and Freight Density.
</FONT></I><FONT size="2">We believe that major freight
distribution trends favor large regional LTL carriers. Due in
part to their reliance on next-day and second-day delivery
service, U.S.&nbsp;companies increasingly are adopting regional
distribution strategies to replace national distribution
strategies. Within regions the shippers look to carriers, like
our company, that have the terminal network and equipment
availability to provide a high level of service.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Reduction in Capacity within the Industry
Leads to Growth Opportunities.</FONT></I><FONT size="2"> In
recent years, the regional LTL industry has seen a reduction in
capacity as weaker and less profitable competitors have exited
the business. This reduction opens up opportunities for
successful regional LTL operations to take on additional
freight, thus improving their revenues.
</FONT>

<P align="center"><FONT size="2">44
</FONT>
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<DIV align="left"><A NAME="011"></A></DIV>

<P align="center">
<B><FONT size="2">BUSINESS</FONT></B>

<P align="left">
<B><FONT size="2">Overview</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are one of the ten largest regional
less-than-truckload motor carriers in the United States measured
by revenue, with approximately $371.4&nbsp;million in revenue in
2002. Our core region is located in the southwestern United
States. None of our employees are represented by a union.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Over the past eighteen months, we have assembled
a new senior management team and implemented a strategic plan
designed to increase the efficiency of our operations and expand
our geographic territory. In December 2002, based on improving
results and customer demand for broader service, we expanded
service in a seven-state, Midwest region, establishing
all-points coverage in six of these states. We expect to
initiate all-points service in a five-state, Northwest region in
the second half of 2004. We believe that our operating model
will support future profitable growth for the following reasons:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our eight-state, core region in the Southwest is
    anchored by Texas and California, two of the nation&#146;s three
    largest state economies, which produce significant freight
    volumes and are positioned on major traffic lanes to support our
    expansion into contiguous regions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We have a 75-year history and significant
    terminal density in our core region, which we believe contribute
    to strong customer relationships and efficient asset utilization.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We believe that our size allows us to capitalize
    on industry trends that favor sizable, well-capitalized,
    non-union, regional LTL carriers.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We have an experienced management team led by our
    Chief Executive Officer, Robert V. Fasso, who joined us after
    serving as president of USF Corporation&#146;s (Nasdaq: USFC)
    regional LTL carrier group from 1997 to 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">2002 Operating Improvements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the first half of 2002, our new senior
management team undertook an in-depth study of our business and
identified several significant opportunities to enhance our
customer service, improve our efficiency, and lower our costs.
These opportunities included:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Re-engineering our terminal network and
    re-routing freight more efficiently throughout our terminal
    network. In the process, we closed approximately 25% of our
    then-existing terminals and reduced company-wide staffing by
    approximately 13%. Our more efficient routing has allowed us to
    increase the percentage of our freight that is directly loaded
    from origin city to destination city, reduce intermediate
    freight handling, and improve transit times. Our on-time service
    has improved from 95.9% in the twenty-four weeks ended
    June&nbsp;15, 2002 to approximately 96.8% in the twenty-six
    weeks ended July&nbsp;5, 2003, and we also improved the safety
    of many aspects of our operations.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Implementing a disciplined yield management
    process that has improved LTL revenue per hundredweight by
    approximately 10.3% from $10.05 in the twenty-four weeks ended
    June&nbsp;15, 2002 to $11.09 in the twenty-six weeks ended
    July&nbsp;5, 2003. In this process, we regularly evaluate our
    freight mix and attempt to replace less profitable freight with
    more profitable lanes and loads.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Our Dynamic Resource Planning
Process</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">While implementing the changes discussed above,
our management team also began educating and training our
employees in the principles of a continuous improvement process
that we call dynamic resource planning. In this process we seek
to extract key information at the earliest possible time in a
freight move, provide the relevant information promptly to
managers, empower managers to make real-time adjustments to
optimize their operations, and continually analyze and
re-engineer each step in the freight movement process to achieve
these objectives. We believe that dynamic resource planning
helps us improve customer service and minimize costs by adapting
our personnel and capital resources to the volume, location,
destination, and timing of the freight we are asked to deliver.
Our non-union workforce affords us a significant advantage in
</FONT>

<P align="center"><FONT size="2">45
</FONT>

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<DIV align="left">
<FONT size="2">executing this process because our employees can
perform multiple tasks, work flexible hours, and adapt more
readily to changing conditions, all at a lower cost than the
workforce of most unionized LTL carriers. We believe this
process can be applied across our business functions.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We identified four basic steps in our freight
movement process for improvement through dynamic resource
planning:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Outbound movement</FONT></I><FONT size="2">,
    which involves receiving freight from local pick-up operations,
    and sorting and staging freight for linehaul delivery to
    destination city terminal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Linehaul movement</FONT></I><FONT size="2">,
    which involves transporting freight between the origin city
    terminal and the destination city terminal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Inbound movement</FONT></I><FONT size="2">,
    which involves receiving incoming freight from linehaul
    movement, and sorting and staging freight for local delivery.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Pick-up and
    delivery</FONT></I><FONT size="2">, which involves collection
    and delivery of freight at the customer locations.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the second quarter of 2002, we began by
streamlining and standardizing our outbound movement process.
Dynamic resource planning allows us to improve the accuracy of
our daily staffing plan by evaluating expected workloads and
then developing an appropriate staffing plan at each terminal.
We also re-engineered our trailer loading procedures to minimize
redundant handling.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We recently began to re-engineer our inbound
movement process through the roll-out of electronic, dynamic
planning software that manages inbound loading and sequencing.
By automatically aligning inbound routes, we believe we can
reduce both total miles driven by our inbound drivers and miles
between stops. We have begun the employee training required to
implement this software in 50 of our terminals, and expect to
complete the roll-out in all of our terminals by the end of the
second quarter in 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Concurrently with the continued roll-out of our
inbound improvements, we are beginning to re-engineer our
linehaul movement process. We plan to use our dynamic resource
planning process to more effectively determine the daily
outbound freight flow, fleet capacity, and driver availability
for the entire network. We have already begun a comprehensive
assessment of load patterns, cut times, linehaul runs, and
driver domiciles in our network. We expect that our analysis
will identify a wide range of opportunities to leverage existing
network capacity and improve the efficiency of our line haul
movements. We expect that the roll-out of linehaul improvements
will be completed by the end of the second quarter in 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently are analyzing and developing process
improvements for our pick-up and delivery operations. Through
this effort, we expect to create an interactive city dispatch
system to more effectively manage the pick-up and delivery
operation and enhance customer service. The inbound movement,
linehaul movement, and pick-up and delivery steps of our freight
movement process, in the aggregate, comprise a substantially
larger percentage of our operating costs than the outbound step.
Accordingly, we expect additional efficiencies as we implement
dynamic resource planning throughout these remaining steps of
our freight movement process.
</FONT>

<P align="left">
<B><FONT size="2">Growth Strategy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our strategy is to use our size, customer
relationships, operating model, and industry dynamics to achieve
profitable growth. The goal of our growth strategy is to
establish a series of regional LTL operations in multiple
regions, each of which focuses on next-day and second-day
services in its region, complemented by inter-regional freight
between our regions. The key elements of our growth strategy
include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Increasing Business and Service Offerings in
    Our Core Region. </FONT></I><FONT size="2">We believe there are
    opportunities to increase the density of our operations in our
    core region. The efficiencies resulting from our ongoing
    management initiatives have contributed to substantial excess
    equipment and terminal capacity. In an effort to use this excess
    capacity and further increase freight volumes in our core
    region, we intend to offer our customers a broader portfolio of
    shipping options and specialized services such as expedited and
    time-definite deliveries, inventory warehousing, and logistics.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">46
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Building Density in Our Midwest Region.
    </FONT></I><FONT size="2">Our December 2002 expansion in the
    Midwest increased our presence from 13&nbsp;states to
    17&nbsp;states overall, and also contributed to the increase in
    the number of states in which we offer all-points coverage from
    11 to 15. We selected the Midwest region after conducting an
    extensive evaluation of our customers&#146; needs, analyzing
    competitive factors, and evaluating the freight patterns to and
    from Texas on the Interstate&nbsp;35 corridor. Initially, we
    have focused on providing next-day and second-day service for
    existing customers that have committed freight in major traffic
    lanes and expanding into selected areas with low-cost leased
    facilities and minimal staffing. We believe additional
    opportunities exist for long-term growth as we increase our
    density of operations in the Midwest region.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Expanding to Additional Regions.
    </FONT></I><FONT size="2">We believe that our operating model
    can be replicated in additional regions. As we did in our recent
    Midwest expansion, we intend to use our market position in our
    existing regions to selectively expand into new regions. We
    intend to identify regions with substantial freight to or from
    our existing operations, obtain freight commitments from our
    existing customers, and prioritize regions with a favorable
    competitive landscape. For example, in the second half of 2004,
    we expect to initiate all-points service in a five-state region
    in the northwestern United States. We intend to build on our
    presence in California to pursue traffic along the
    Interstate&nbsp;5 corridor and then use our presence in the
    Southwest and Midwest to further support and expand our
    operations in our proposed Northwest region. As we establish and
    expand our series of LTL operations in multiple regions, we will
    be in a position to offer shippers inter-regional service with a
    single point of contact, consistent pricing, and shipment
    visibility across regions. We believe there is significant
    customer demand for this type of inter-regional service.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Pursuing Strategic Acquisitions.
    </FONT></I><FONT size="2">We believe that acquisitions can
    complement internal growth as an efficient means of increasing
    freight density in existing areas and expanding into new
    geographic territories. We acquired two regional LTL companies
    in 1999 and continue to evaluate acquisitions that may expand
    our customer or geographic base or provide other strategic
    benefits.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">History of Central Freight Lines</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The history of the name Central Freight Lines and
its Texas franchise dates back to 1925, when Central Freight
Lines was founded in Waco, Texas. That entity, which we refer to
as Old Central, was a regional LTL carrier that served the
intrastate Texas LTL market for decades.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our company began its operations effective
June&nbsp;30, 1997, when our Chairman of the Board, Jerry Moyes,
organized our company and acquired the Central Freight Lines
name, terminal network, and physical assets from the
Southwestern Division of Viking Freight Lines. Viking Freight
Lines had previously purchased Old Central from Roadway
Services, Inc. in 1993.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Between 1997 and 2001, we concentrated our
efforts on growing our regional LTL operations in Texas and
surrounding states. During this period, we acquired LTL carriers
Jaguar Fast Freight, Inc. and Vecta Transportation Systems,
Inc., as well as a small truckload carrier that we used for
linehaul, Aggie Express, Inc., to solidify our operations and to
expand our presence in the western United States.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2002, Robert V. Fasso was hired as our
Chief Executive Officer to revitalize our operations and restore
our company to profitability. Mr.&nbsp;Fasso assembled a senior
management team and implemented a strategic plan that emphasizes
operating efficiency and geographic expansion.
</FONT>

<P align="left">
<B><FONT size="2">Our Operations and Terminal Network</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We offer regional LTL services to customers in
our eight-state core Southwest region, our recently expanded
seven-state Midwest region, and two additional contiguous
states. We currently offer all-points coverage in 15 of these
17&nbsp;states.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As an LTL carrier, we typically transport
multiple shipments for multiple customers in each trailer. Our
drivers pick up freight from customer locations during the day
and relay critical information to our planners. Upon arrival at
the origin terminal, freight is unloaded, and then re-loaded
onto a linehaul inter-city trailer
</FONT>

<P align="center"><FONT size="2">47
</FONT>

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<DIV align="left">
<FONT size="2">that is bound for the destination city. Upon
arrival at the destination terminal, freight is unloaded,
sorted, and delivered by local delivery trucks. We move freight
on strict schedules throughout our region to provide the
next-day and second-day service required by our many
time-sensitive customers. We also provide information to our
customers to allow them to monitor our service standards and to
track their shipments.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our core region is the eight-state territory of
California, Texas, Arizona, New Mexico, Oklahoma, Louisiana,
Arkansas, and Nevada. Fifty-three of our 78&nbsp;terminals are
strategically located in our eight-state core region, and our
remaining terminals are located in geographic areas with strong
freight flows to and from our core region. Given our terminal
density in our core region, we are able to load approximately
73% of freight that originates and terminates within our network
directly from an origin terminal to a destination terminal. We
emphasize direct loading of freight between terminals to avoid
intermediate sorting and re-routing which increase labor costs,
damage claims, and delays. Substantially all of our remaining
freight is hauled from an origin terminal to an intermediate
stop where freight is unloaded, consolidated, and re-loaded with
other freight headed for the same destination. Relatively little
of our freight travels through the multiple intermediate stops
that are more common with national, inter-regional, and some
other regional LTL carriers. Within each region, we focus on
achieving short transit times and efficient pick-up and delivery
schedules. In 2002, we delivered approximately 76% of the
freight within our network the next day and over 90% within two
days. We believe this service level is difficult for competitors
to match throughout our regions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consistent with our growth strategy, in December
2002, we expanded our operations into the Midwest region through
the addition of terminals serving the Interstate
35&nbsp;corridor in Kansas, Missouri, Illinois, Iowa, Wisconsin,
Minnesota, and Nebraska. In the second half of 2004, we plan to
expand to the Northwest region by adding additional terminals to
serve Washington, Oregon, Idaho, Utah, and Colorado.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At July&nbsp;5, 2003, we conducted our LTL
operations through four owned terminal locations and
74&nbsp;leased terminal locations. We lease&nbsp;31 of these
active terminals from related parties. See
&#147;Management&nbsp;&#151; Compensation Committee Interlocks
and Insider Participation&#148; and &#147;Certain Relationships
and Related Transactions&#148; for a discussion of these leasing
arrangements. Our ten largest terminals by number of loading
doors are listed below:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Approximate</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Excess</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Location</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Loading Doors</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Loading Doors</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dallas, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">522</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">225</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Houston, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fort Worth, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">San Antonio, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Austin, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beaumont, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chicago, Illinois
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tyler, Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Phoenix, Arizona
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New Orleans, Louisiana
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">68 others
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">726</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A map of our operating territory is located on
the inside cover page of this prospectus.
</FONT>

<P align="center"><FONT size="2">48
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Our Revenue Equipment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At July&nbsp;5, 2003, our fleet contained
2,052&nbsp;tractors and 8,207&nbsp;trailers. The table below
reflects, as of July&nbsp;5, 2003, the average age of our
tractors and trailers:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average Age</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Type of Equipment (categorized by primary use)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Units</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">in Years</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Linehaul tractors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pickup and delivery tractors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trailers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Our Customers and Marketing</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our customers represent a broad range of
industries, with the largest concentration coming from the
retail sector. In 2002, our five largest customers were Dell
Computer, Wal-Mart, Home Depot, Michelin, and Sherwin-Williams.
These customers together generated approximately 15.4% of our
revenue. Dell Computer, our largest customer in 2002, generated
approximately 8.1% of our revenues. Since our inception in 1997,
no single customer has represented more than 10% of our
operating revenues in any year. We believe the diversity of our
customers and their industries lessens the impact of business
cycles affecting any one company or industry. However, the loss
of one or more of our five largest customers could significantly
and adversely affect our cash flow, market share, and profits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We target shippers that have significant and
growing distribution needs in our operating regions and have
freight that enhances our overall efficiency and profitability.
We accomplish this by involving sales, operations, and finance
personnel in evaluating and targeting potential new accounts.
Our operations personnel identify areas in our regions where
additional freight could help fill partially full trailers, fill
trailers that return empty from scheduled trips, or complement
existing pick-up and delivery schedules. Our sales personnel
solicit business from these potential customers and our finance
personnel apply our costing model to determine whether the
freight would contribute to our overall profitability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2003, we hired Doak Slay as Senior
Vice President&nbsp;&#151; Sales and Marketing. Mr.&nbsp;Slay
has 19&nbsp;years of marketing experience in the LTL industry.
Since his arrival, he has implemented systems designed to
provide real time information on customer accounts to the sales
force, developed accountability systems to measure the
effectiveness of each sales person and plans to increase the
field sales force by up to 25%. We also have a Director of
National Accounts, three national accounts representatives, four
division sales managers, and 93 field sales people.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our sales people are compensated with a base
salary plus bonuses. Increases in base salary are determined in
large part by an employee&#146;s performance, while bonuses are
based on our overall profitability. We believe this system ties
each employee&#146;s advancement and compensation both to
individual achievement and to the success of our company as a
whole.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have established transportation alliances with
regional LTL carriers in the East and Northwest regions of the
United States. In these arrangements, we exchange shipments for
delivery in each other&#146;s service territory. This practice
can help each carrier in several respects. First, the freight
inflows from the other regions add tonnage to the delivering
company&#146;s operation. This improves profitability by
increasing freight density over the terminal network and
linehaul operation. Second, the alliances permit regional
carriers to provide out-of-territory service for their
customers. This maintains customer relationships and prevents
regional carriers from losing revenue to national carriers that
could deliver the freight from pick-up to delivery. Third, the
alliances permit multiple regional carriers to bid for national
accounts and bring the advantages of non-union regional
operations to national accounts. Transportation alliances
generated approximately 12.9% of our revenue in 2002.
</FONT>

<P align="center"><FONT size="2">49
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Competition</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The LTL industry is highly competitive on the
basis of both service and price. Our primary competitors are
regional, inter-regional, and national LTL carriers, and, to a
lesser extent, truckload carriers, railroads, airfreight
companies, and overnight package companies. Our major
competitors within the regional LTL industry include certain
regional operating subsidiaries of CNF Inc.,
USF&nbsp;Corporation, and SCS&nbsp;Transportation, Inc. Many of
our competitors are larger, operate more equipment, and have
greater financial resources than we do. We believe that our
extensive terminal network and traffic density offer competitive
advantages within our region.
</FONT>

<P align="left">
<B><FONT size="2">Employees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of July&nbsp;5, 2003, we had
3,514&nbsp;full-time employees and 630&nbsp;part-time employees
in our operations. These individuals were employed in the
following categories:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Category</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Employees</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Linehaul drivers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pickup and delivery drivers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Platform
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mechanics
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaried, clerical, and other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our management believes that relations with our
employees are good. There are no employees represented under a
collective bargaining agreement.
</FONT>

<P align="left">
<B><FONT size="2">Fuel Availability and Cost</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We depend heavily upon the availability of diesel
fuel. To address fluctuations in fuel prices, we seek to impose
fuel surcharges on our accounts. Historically, we have not
engaged in hedging transactions to insulate us from fluctuations
in fuel prices, and our surcharge arrangements may not fully
protect us from fuel price increases. Further, from time to
time, we experience shortages in the availability of fuel at
certain locations and have been forced to incur additional
expense to ensure adequate supply on a timely basis. Our
management believes that our operations and financial results
are susceptible to the same fuel price increases or fuel
shortages as those of our competitors. Fuel costs, excluding
fuel taxes, averaged approximately 3.5% of our revenue in 2002.
</FONT>

<P align="left">
<B><FONT size="2">Insurance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We carry insurance for our primary business risks
with third party insurance carriers. We currently carry
$30.0&nbsp;million of insurance coverage, with a self-insured
retention of $1.0&nbsp;million in the aggregate per occurrence,
for claims resulting from cargo theft or loss, personal injury,
property damage, and physical damage to our equipment. We also
self-insure for workers&#146; compensation up to
$1.0&nbsp;million per occurrence, and all health claims up to
$250,000 per occurrence. We believe that our policy of
self-insuring up to set limits, together with our safety and
loss prevention programs, are effective means of managing
insurance costs.
</FONT>

<P align="left">
<B><FONT size="2">Legal Proceedings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are involved in litigation incidental to our
operations. These lawsuits primarily involve claims for
workers&#146; compensation, personal injury, or property damage
incurred in the transportation of freight. We are not presently
a party to any legal proceedings other than litigation arising
in the ordinary course of our
</FONT>

<P align="center"><FONT size="2">50
</FONT>

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<DIV align="left">
<FONT size="2">business and are not aware of any claims that
could materially affect our consolidated financial position or
results of operations.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Regulation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trucking industry is subject to regulatory
and legislative changes that can have a material adverse effect
on our operations. In particular, the trucking industry is
subject to increasingly stringent environmental and occupational
safety and health regulations and limits on vehicle weight and
size, air emissions, ergonomics, and hours of work.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically, the Interstate Commerce Commission
and various state agencies regulated the operating rights,
accounting systems, rates and charges, safety, mergers and
acquisitions, periodic financial reporting and other matters of
major carriers. In 1995, federal legislation was passed that
preempted state regulation of prices, rates, and services of
motor carriers and eliminated the Interstate Commerce
Commission. Several Interstate Commerce Commission functions
were transferred to the Department of Transportation. The
Department of Transportation currently regulates our business in
several areas, including safety and drivers&#146; hours of
service.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operations involve certain inherent
environmental risks. As such, our operations are subject to
environmental laws and regulations, including laws and
regulations dealing with underground fuel storage tanks, the
transportation of hazardous materials and other environmental
matters. We maintain bulk fuel storage and fuel islands at
several of our facilities. Our operations involve the risks of
fuel spillage or seepage, environmental damage and hazardous
waste disposal, among others. Operations conducted in industrial
areas, where truck terminals are normally located, and where
groundwater or other forms of environmental contamination may
have occurred, potentially expose us to claims that we
contributed to the environmental contamination. We have
instituted programs to monitor and control environmental risks
and promote compliance with applicable environmental laws and
regulations. If we fail to comply with the applicable
regulations, then we could be subject to substantial fines or
penalties and to civil and criminal liability.
</FONT>

<P align="center"><FONT size="2">51
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "MANAGEMENT" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B><FONT size="2">MANAGEMENT</FONT></B>

<P align="left">
<B><FONT size="2">Directors, Executive Officers, and Director
Nominees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The table below sets forth information concerning
our executive officers, directors, and director nominees.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position with Company</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert V. Fasso
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Chief Executive Officer, President, and Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Curry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Executive Vice President, Secretary, and Treasurer
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Doak D. Slay
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Senior Vice President&nbsp;&#151; Sales and
    Marketing
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Hale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Senior Vice President and Chief Financial Officer
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. Mark Conard
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Senior Vice President&nbsp;&#151; Yield
    Management&nbsp;&#38; Pricing Services
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Steven L. Key
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Senior Vice President&nbsp;&#151; Operations
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jerry Moyes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Chairman of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Duane W. Acklie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Director Nominee
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Porter J. Hall
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Director Nominee
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Robert V. Fasso </FONT></I><FONT size="2">has
served as our Chief Executive Officer and as a member of our
Board of Directors since January 2002, and as our President
since March 2002. Mr.&nbsp;Fasso previously served as
President&nbsp;&#151; Regional Carrier Group of USF Corporation
from 1997 to 2001, running its regional LTL group.
Mr.&nbsp;Fasso has 34&nbsp;years of experience in the LTL
industry.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Patrick J. Curry </FONT></I><FONT size="2">has
served as our Executive Vice President since December 2000 and
our Secretary, and Treasurer since February 2002. He previously
served our company as Senior Vice President&nbsp;&#151;
Corporate Development from our founding in 1997 until November
1999, as Senior Vice President&nbsp;&#151; Logistics from
November 1999 until December 2000 and as a member of our Board
of Directors from 1997 to September 2003. Mr.&nbsp;Curry served
as President of truckload carrier Aggie Express, from August
1996 to August 1999, at which time Aggie Express was
consolidated with our operations. Mr.&nbsp;Curry previously
served as President of truckload carrier Universal Express from
May 1995 to August 1996, and textile manufacturer Lortex, Inc.
from July 1992 to May 1995.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Doak D. Slay </FONT></I><FONT size="2">has
served as our Senior Vice President&nbsp;&#151; Sales and
Marketing since January 2003. Prior to joining us, Mr.&nbsp;Slay
served as Vice President&nbsp;&#151; Sales for FedEx Freight
East, Inc., and its predecessor, American Freightways, Inc. from
October 1998 to January 2003. Mr.&nbsp;Slay has 19&nbsp;years of
experience in sales and marketing in the LTL industry.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Jeffrey A. Hale </FONT></I><FONT size="2">has
served as our Senior Vice President and Chief Financial Officer
since August 2003. He previously served our company as Vice
President&nbsp;&#151; Finance and Chief Financial Officer from
June 2002 to August 2003. Prior to joining us, Mr.&nbsp;Hale
served as Vice President&nbsp;&#151; Finance and Chief Financial
Officer of USF Bestway, Inc., a subsidiary of USF Corporation,
from May 1982 to June 2002. Mr.&nbsp;Hale has 20&nbsp;years of
experience in the LTL industry and has worked with
Mr.&nbsp;Fasso in various positions for a total of ten years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">J.&nbsp;Mark Conard
</FONT></I><FONT size="2">has served as our Senior Vice
President&nbsp;&#151; Yield Management&nbsp;&#38; Pricing
Services since September 2003. Prior to joining us,
Mr.&nbsp;Conard served as Vice President&nbsp;&#151; Pricing
Services for USF Reddaway, a subsidiary of USF Corporation, from
June 1995 to August 2003. Mr.&nbsp;Conard has 22&nbsp;years of
experience in the LTL industry.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Steven L. Key </FONT></I><FONT size="2">has
served as our Senior Vice President&nbsp;&#151; Operations since
April 2002. Mr.&nbsp;Key has been an employee of our company
from our founding in 1997, previously serving as our Vice
President&nbsp;&#151; Division Operations, Northern Division
from March 2002 to April 2002, our Senior Vice
President&nbsp;&#151; Eastern Division from January 2001 to
March 2002, our Vice President&nbsp;&#151; Transportation from
February 2000 to January 2001, and the Terminal Manager of our
Dallas terminal from June 1997 to February 2000. Mr.&nbsp;Key
previously worked for Old Central prior to our purchase of the
company name and terminal network, serving as an
</FONT>

<P align="center"><FONT size="2">52
</FONT>

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<DIV align="left">
<FONT size="2">Assistant Terminal Manager of our Dallas terminal
from June 1992 to June 1997. Mr.&nbsp;Key has 24&nbsp;years of
experience in the LTL industry.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Jerry Moyes </FONT></I><FONT size="2">is our
Chairman of the Board and has served on our Board of Directors
since we were founded in 1997. Mr.&nbsp;Moyes has served as
Chairman of the Board, President, and Chief Executive Officer of
Swift Transportation Co., Inc. since 1984. Mr.&nbsp;Moyes also
served as a non-officer Chairman of the Board of Simon
Transportation Services Inc., a publicly traded
temperature-controlled truckload carrier, from September 2000 to
February 2002. Simon Transportation filed for protection under
Chapter&nbsp;11 of the United States Bankruptcy Code on
February&nbsp;25, 2002, and sold substantially all of its assets
to Central Refrigerated on April&nbsp;22, 2002. He is the
Chairman of the Board of Central Refrigerated, a subsidiary of
ours until December&nbsp;31, 2002, when we sold it to
Mr.&nbsp;Moyes, and has served in that capacity since its
inception in April 2002. See &#147;Acquisition and Disposition
of Operations of Central Refrigerated,&#148;
&#147;Management&nbsp;&#151; Compensation Committee Interlocks
and Insider Participation,&#148; and &#147;Certain Relationships
and Related Transactions.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following individuals have been nominated and
have agreed to serve as additional members of our Board of
Directors upon consummation of this offering:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Duane W. Acklie </FONT></I><FONT size="2">is
Chairman of Crete Carrier Corporation, a truckload carrier based
in Lincoln, Nebraska, and has held such position since 1991. Mr.
Acklie previously served as President and Chief Executive
Officer of Crete Carrier Corporation from 1971 to 1991.
Mr.&nbsp;Acklie is a Chairman of the Nebraska State Highway
Commission and a past Chairman of the Nebraska Economic
Development Commission, the Nebraska Chamber of Commerce and
Industry, and the American Trucking Associations. In July 2003,
President Bush appointed Mr. Acklie as Chairman of the Student
Loan Marketing Association (Sallie Mae), the
government-sponsored enterprise subsidiary of SLM Corp. In the
transportation industry, Mr.&nbsp;Acklie has been a director and
shareholder of Crete Carrier Corporation since 1971, and has
served as Chairman and Director of Hunt Transportation, Inc. of
Omaha, Nebraska, a subsidiary of Crete Carrier Corporation, from
1999 to the present. Mr.&nbsp;Acklie has served on the boards of
numerous other privately held insurance and banking entities.
Mr.&nbsp;Acklie previously served as a director of Aliant
Communications Inc. from 1986 to 1999.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Porter J. Hall </FONT></I><FONT size="2">is a
certified public accountant. Mr.&nbsp;Hall retired from public
accounting in August 2000 after thirty-three years with Arthur
Andersen LLP. At the time of his retirement, Mr.&nbsp;Hall was
managing partner of Arthur Andersen&#146;s Salt Lake City, Utah
office. He is an investor in and Chief Executive Officer of
MyePhit.com, a fitness and wellness company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to add at least one additional
independent director following the consummation of this offering.
</FONT>

<P align="left">
<B><FONT size="2">Board Composition</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business and affairs are managed under the
direction of our Board of Directors. Following this offering,
and until an additional independent director is added, the Board
will be composed of four directors, none of whom, with the
exception of Mr.&nbsp;Fasso, will be employees of our company,
and two of whom will be independent directors under the
applicable rules of the Nasdaq National Market. Members of our
Board of Directors are elected annually by our stockholders to
hold office for one-year terms and until their successors are
duly elected and qualified. It is our intention to be in full
and timely compliance with all applicable rules of the Nasdaq
National Market and applicable law, including with respect to
the independence of our directors.
</FONT>

<P align="left">
<B><FONT size="2">Board Committees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Compensation
Committee.</FONT></I><FONT size="2"> Jerry Moyes and Earl H.
Scudder served on our compensation committee in 2002.
Mr.&nbsp;Scudder resigned from our Board of Directors and the
compensation committee in September 2003. Jerry Moyes, Duane
Acklie, and Porter Hall will serve on our compensation committee
following this offering. This committee reviews executive
officers&#146; compensation and makes recommendations to our
Board of Directors on such matters.
</FONT>

<P align="center"><FONT size="2">53
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Committee.</FONT></I><FONT size="2">
Jerry Moyes, Duane Acklie, and Porter Hall will serve on our
audit committee immediately following this offering. In order to
comply with the rules and regulations of the SEC and the Nasdaq
National Market, Jerry Moyes will be replaced on the audit
committee by an additional independent director within one year
of the consummation of this offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The audit committee will have at least four
regular meetings each year. The results of each meeting will be
reported at the next regular meeting of our board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The audit committee will have responsibility for,
among other things:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">recommending to the board of directors the
    selection of our independent auditors,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reviewing and approving the scope of the
    independent auditors&#146; audit activity and extent of
    non-audit services,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reviewing with management and the independent
    accountants the adequacy of our basic accounting systems and the
    effectiveness of our internal audit plan and activities,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reviewing with management and the independent
    accountants our financial statements and exercising general
    oversight of our financial reporting process, and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reviewing litigation and other legal matters that
    may affect our financial condition and monitoring compliance
    with our business ethics and other policies.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Director Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Before this offering, our directors were not
compensated in cash for their services, although we reimbursed
directors for their expenses incurred in serving as directors.
Following this offering, non-employee directors will be paid an
annual retainer of $8,000 plus $1,000 for each meeting of the
Board of Directors or Board Committee they attend. On
July&nbsp;10, 2002, we granted to each of Ronald Moyes and Earl
Scudder, two of our former directors, and Jerry Moyes options to
purchase 20,000 shares of our common stock at $1.35 per share.
These options vest at the rate of 20% per year over a period of
five years. Ronald Moyes and Earl Scudder have both resigned
from the Board of Directors, at which time options to purchase
4,000 shares each were vested. The remaining options will
continue to vest ratably over the remaining term. We plan to
grant annually to each of the other non-employee directors an
option to purchase 20,000 shares of common stock at fair market
value, vesting at the rate of 1,000 shares per meeting attended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In our Articles of Incorporation, we have agreed
to indemnify our officers and directors against liabilities they
may incur while serving in such capacities to the fullest extent
allowed by the Nevada General Corporation Law. Under this
indemnification provision, we are generally required to
indemnify each of our directors and officers against any
reasonable expenses actually incurred in the defense of any
action, suit, or proceeding, to which the director or officer is
a party by reason of his or her service to our company. We will
also advance expenses incurred by a director or officer in
defending such an action, suit, or proceeding upon receipt of an
undertaking by that director or officer to repay those advances
if a court establishes that his or her acts or omissions
involved intentional misconduct, fraud, or a knowing violation
of law and were material to the cause of action. In addition, we
maintain insurance for directors and officers for liability they
may incur as a result of service to our company.
</FONT>

<P align="center"><FONT size="2">54
</FONT>

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<P align="left">
<B><FONT size="2">Executive Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the total
compensation paid by us for services rendered in 2002 to:
(i)&nbsp;our chief executive officer, (ii)&nbsp;three other
current executive officers, and (iii)&nbsp;one additional
individuals who served as an executive officer during 2002 but
was not in his position at the end of the year. These
individuals constitute our &#147;named executive officers.&#148;
</FONT>

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Long-term Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Awards</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Restricted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Payouts</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Award(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">LTIP</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation(2)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Payouts</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert V. Fasso
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">306,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,260,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President and Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Curry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">184,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Executive Vice President, Secretary, and Treasurer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Hale(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President and Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Steven L. Key
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">141,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President&nbsp;&#151; Operations
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Gentry(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">64,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Former President and Chief Operating Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes amounts deferred pursuant to our 401(k)
    plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of: (a)&nbsp;excess life insurance
    premiums paid for Mr.&nbsp;Fasso ($300), Mr.&nbsp;Curry ($245),
    and Mr.&nbsp;Hale ($53); and (b)&nbsp;personal use of a company
    car for Mr.&nbsp;Fasso ($5,623), Mr.&nbsp;Curry ($3,077),
    Mr.&nbsp;Key ($2,234), and Mr.&nbsp;Hale ($3,277).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Hale was hired in June 2002, and amounts
    included in the table above are for June 2002 to December 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Gentry resigned effective March&nbsp;9,
    2002. We entered into an Employment Separation Agreement and
    Release with him as described under &#147;Employment
    Agreements.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">55
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information with
respect to the named executive officers concerning individual
grants of stock options made during the year ended
December&nbsp;31, 2002.
</FONT>

<P align="center">
<B><FONT size="2">Option Grants in 2002</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Individual Grants</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Potential Realizable Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">at Assumed Annual Rates</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">of Stock Price Appreciation</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted to</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">for Option Term(4)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Employees in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expiration</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted&nbsp;(#)(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal Year(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($/Sh)(3)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">5%&nbsp;($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">10%&nbsp;($)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert V. Fasso
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,260,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/7/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,069,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,710,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Curry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(6)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7/10/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84,901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215,155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Hale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6/1/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84,901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215,155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Steven L. Key
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6/1/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Gentry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,926</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(8)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2/20/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Gentry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(8)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2/20/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Each option represents the right to purchase one
    share of common stock under our incentive stock plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">During 2002, we granted employees options to
    purchase an aggregate of 2,161,428 of common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The exercise price for options granted to
    Messrs.&nbsp;Fasso, Curry, and Hale is based on the fair market
    value of the underlying common stock on the date of grant, as
    determined by the Compensation Committee, based on, among other
    things, an independent appraisal thereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We show the potential realizable values net of
    the options&#146; exercise price, but before the payment of
    taxes associated with exercise. Potential realizable values are
    based on a fair market value at the date of grant of $1.35 per
    share for the underlying common stock. The potential realizable
    values represent hypothetical gains if the holders exercised
    their options at the end of the option term. The SEC&#146;s
    rules provide the assumed 5% and 10% annual rates of stock price
    appreciation and measure the appreciation from the grant date.
    You should be aware that, at the assumed public offering price
    of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    the potential realizable value of the options is already greater
    than the values reflected in the table. Using the assumed rates
    of appreciation from the assumed public offering price over the
    remaining term of the options would yield
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    5% and
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    10% to Mr.&nbsp;Fasso,
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    5% and
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    10% to Mr.&nbsp;Curry,
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    5% and
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    10% to Mr.&nbsp;Hale, and
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    5% and
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
    10% to Mr.&nbsp;Key. The actual gains our employees might
    realize will depend on our future performance and overall stock
    market conditions. The amounts reflected in the table may not be
    achieved.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Option grant was made on July&nbsp;10, 2002, and
    630,000 of the options were vested upon Mr.&nbsp;Fasso&#146;s
    execution of his employment agreement. The remaining 630,000
    options vest 20% on January&nbsp;7, 2003, and 20% on each of the
    first four anniversaries of January&nbsp;7, 2003.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Option grant was made on July&nbsp;10, 2002.
    Options vest 20% on each of the first five anniversaries of
    July&nbsp;10, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Option grant was made on July&nbsp;10, 2002.
    Options vest 20% on each of the first five anniversaries of
    June&nbsp;1, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Option grant was made on February&nbsp;20, 2002,
    and the 25,000 options with an exercise price of $6.50 per share
    were vested on the date of grant. The 39,926 options with an
    exercise price of $2.15 per share vest as follows: (a)&nbsp;20%
    on January&nbsp;14, 2003, and (b)&nbsp;20% on each of the second
    through fifth anniversaries of January&nbsp;14, 2003.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">56
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information with
respect to the named executive officers concerning the exercise
and ownership of options held at December&nbsp;31, 2002:
</FONT>

<P align="center">
<B><FONT size="2">Aggregated Option Exercises in Last Fiscal
Year and Fiscal Year-End Option Values</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value of Unexercised</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquired</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying Unexercised</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">In-the-Money Options</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">on Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Realized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options at FY-End&nbsp;(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at FY-End&nbsp;($)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable(1)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert V. Fasso
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">630,000/630,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Curry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">577,884/100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Hale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Steven L. Key
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,000/56,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Gentry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,000/39,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on the
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assumed
    public offering price of the common stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not have a long-term incentive plan, a
defined benefit, or an actuarial plan. We have never issued any
stock appreciation rights.
</FONT>

<P align="left">
<B><FONT size="2">Employment and Severance Agreements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On January&nbsp;7, 2002, we entered into an
employment agreement with Robert V. Fasso. Mr.&nbsp;Fasso&#146;s
agreement provides for (a)&nbsp;an annual salary of $325,000,
which may be increased by merit raises in an amount to be
determined annually by the Board of Directors, and (b)&nbsp;the
grant of options to purchase 1,260,000 shares of our stock for
$1.35 per share, exercisable for 10&nbsp;years. Options for
630,000 shares vested immediately upon execution of the
employment agreement, options for 126,000&nbsp;shares vested on
January&nbsp;7, 2003, and options for 126,000&nbsp;shares will
vest on each of the first four anniversaries of January&nbsp;7,
2003. In addition, Mr.&nbsp;Fasso was allowed to purchase 10% of
the membership interests of Southwest Premier Properties L.L.C.
for $2.0&nbsp;million. The purchase price was paid through
delivery of a promissory note payable to Southwest Premier that
matures on January&nbsp;30, 2007. On February&nbsp;6, 2003, the
Board approved an increase in Mr.&nbsp;Fasso&#146;s salary to
$350,000. He is eligible for a bonus of up to $360,000 based on
our operating efficiency. The actual bonus paid in a given year
will range from zero, if our annual operating ratio exceeds 95%,
to the full $360,000, if our annual operating ratio is at or
below 90%. The employment agreement also requires us to pay the
insurance premiums for a $4.0&nbsp;million term life insurance
policy and a $1.0&nbsp;million whole life insurance policy under
which Mr.&nbsp;Fasso&#146;s family members are the
beneficiaries. Mr.&nbsp;Fasso may be terminated at any time upon
payment of two years&#146; salary at the then current level. He
will not be entitled to receive such payment if he voluntarily
terminates his employment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We entered into an Employment Separation
Agreement and Release on February&nbsp;21, 2002, with Joseph
Gentry. Mr.&nbsp;Gentry also entered into a Consulting Agreement
with us. Mr.&nbsp;Gentry&#146;s agreement provided him with his
current salary through March&nbsp;9, 2002. In addition, he
agreed to serve as a consultant to us for up to ten years,
subject to earlier termination by us. In exchange, he received
contract payments for a six-month period in an amount equivalent
to his then current salary. Also, under the Consulting
Agreement, we granted Mr.&nbsp;Gentry options to acquire 39,926
shares of common stock at an exercise price of $2.15 per share
to replace options lost due to his resignation. We also granted
Mr.&nbsp;Gentry options to acquire 25,000 shares at an exercise
price of $6.50 per share.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2002, we hired Jeffrey&nbsp;A. Hale as
our Vice President&nbsp;&#151; Finance and Chief Financial
Officer. We agreed to pay Mr.&nbsp;Hale an annual salary of
$150,000 and agreed to grant him options to acquire
100,000&nbsp;shares of common stock at the fair market value of
the stock on the grant date. We also agreed that Mr.&nbsp;Hale
would be eligible to participate in our executive bonus program.
In September 2003, Mr.&nbsp;Hale became our Senior Vice
President and Chief Financial Officer. Mr.&nbsp;Hale may be
terminated at any time upon
</FONT>

<P align="center"><FONT size="2">57
</FONT>

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<DIV align="left">
<FONT size="2">payment of one year&#146;s salary at the then
current level. He will not be entitled to receive such payment
if he voluntarily terminates his employment or is terminated for
cause.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2003, we hired Doak D. Slay as our
Senior Vice President-Sales and Marketing. We agreed to pay
Mr.&nbsp;Slay an annual salary of $190,000 in 2003 and granted
him options to acquire 100,000 shares of common stock at the
fair market value of the stock on the grant date. Further, we
agreed to provide Mr.&nbsp;Slay with a company car and to
reimburse certain relocation expenses. We also agreed that
Mr.&nbsp;Slay would be eligible to participate in our executive
bonus program. Mr.&nbsp;Slay may be terminated at any time upon
payment of one year&#146;s salary at the then current level. He
will not be entitled to receive such payment if he voluntarily
terminates his employment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with our hiring of Doak Slay, we
made an advance to Mr.&nbsp;Slay in an amount equal to the net
equity value of his home in Atlanta, Georgia. This advance was
made in order to allow Mr.&nbsp;Slay to relocate and purchase a
home near Waco, Texas, where he moved at our request. This
advance was in the amount of approximately $120,000 and was to
be repaid upon the sale of Mr.&nbsp;Slay&#146;s Atlanta home.
Although we viewed this as a loan with a customary business
purpose, in order to avoid any potential conflict with the
prohibitions on executive loans contained in the Sarbanes-Oxley
Act, in September 2003 we purchased Mr.&nbsp;Slay&#146;s prior
home at its appraised value of $325,000, and the relocation loan
was repaid by Mr.&nbsp;Slay in full.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2003, we hired J.&nbsp;Mark Conard
as our Senior Vice President-Yield Management&nbsp;&#38; Pricing
Services. We agreed to pay Mr.&nbsp;Conard an annual salary of
$180,000 and agreed to grant him options to acquire 100,000
shares of common stock at the fair market value of the stock on
the grant date. Further, we agreed to provide Mr.&nbsp;Conard
with a company car and to reimburse certain relocation expenses.
We also agreed that Mr.&nbsp;Conard would be eligible to
participate in our executive bonus program and guaranteed him a
bonus of $80,000 for 2003. Mr.&nbsp;Conard may be terminated at
any time upon payment of one year&#146;s salary at the then
current level. He will not be entitled to receive such payment
if he voluntarily terminates his employment or is terminated for
cause.
</FONT>

<P align="left">
<B><FONT size="2">Executive Bonus Program</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have established an executive bonus program
for certain of our executive officers and other key employees.
Bonuses in this program are determined by reference to our
fiscal year operating ratio. Participants may receive bonuses
ranging from zero, if the year-end operating ratio exceeds 95%,
to fifty percent of salary, if the year-end operating ratio is
at or below 90%.
</FONT>

<P align="left">
<B><FONT size="2">Incentive Stock Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have an incentive stock plan. The key terms of
the incentive stock plan are as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We can grant incentive stock options,
    non-qualified stock options, bonus stock, reload options, or any
    other stock-based award to employees, officers, directors,
    consultants, and any other person determined by the Board of
    Directors to have performed services for or on behalf of the
    company which merit the grant of an award.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We reserved 5,000,000 shares of common stock for
    issuance under the plan and have outstanding options covering
    2,921,065 of those shares as of July&nbsp;5, 2003.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our Board of Directors or its designated
    committee administers the plan and makes all grants thereunder.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Options that are canceled, forfeited, expire, or
    are tendered for tax withholding or to pay the exercise price
    become available again for use under the plan.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">401(k) Profit Sharing Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We maintain a defined contribution retirement
plan, which includes a 401(k) option. All employees age 21 or
older are eligible to participate after 90&nbsp;days of service
and generally may contribute up to 20% of their annual
compensation to the plan. These participant contributions vest
immediately. Employees are eligible for matching contributions
after one year of service. Our contributions to the plan each
year are made at the
</FONT>

<P align="center"><FONT size="2">58
</FONT>

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<DIV align="left">
<FONT size="2">discretion of our Board of Directors. Currently,
our matching contributions are between 50% and 100% of a
participant&#146;s pre-tax contributions, depending on company
performance, up to a maximum of 5% of the participant&#146;s
compensation. Matching contributions vest 40% upon completion of
two years of service, with an additional 20% vesting each year
thereafter through the fifth year of service.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Compensation Committee Interlocks and Insider
Participation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Compensation Committee makes all of our
executive officer compensation decisions. Our compensation
committee consisted of Jerry Moyes and Earl H. Scudder, until
September&nbsp;19, 2003, when Mr.&nbsp;Scudder resigned as a
director. Mr.&nbsp;Scudder had served as one of our directors
from June 1997 through September 2003, and was formerly a member
of our compensation committee. From time to time, we have
engaged in transactions with Mr.&nbsp;Moyes, parties affiliated
with Mr.&nbsp;Moyes, and parties affiliated with
Mr.&nbsp;Scudder.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Transactions with Mr.&nbsp;Moyes and
    Affiliates that We Expect to Continue After this
    Offering</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently lease 27 active terminals, nine
dormant terminals, and a salvage facility from Southwest Premier
Properties, L.L.C. Southwest Premier is currently owned by some
of our directors, executive officers and existing stockholders,
including 77% by Jerry Moyes, 10% by Robert Fasso, 6% by Ronald
Moyes, 6% by Patrick Curry, and 1% by members of Scudder Law
Firm. In 1998, we sold thirty-four of these properties to
Southwest Premier, along with additional terminals that have
since been sold, for an aggregate of $27.8&nbsp;million in a
sale-and-leaseback transaction that was accounted for as a
financing transaction. We also currently have operating leases
for two active terminals and one dormant terminal owned by
Mr.&nbsp;Moyes. We incurred aggregate lease expense to Southwest
Premier of approximately $4.4&nbsp;million in 2002,
$4.2&nbsp;million in 2001, $3.7&nbsp;million in 2000, and
$3.6&nbsp;million in the twenty-six weeks ended July&nbsp;5,
2003. We incurred aggregate lease expense to Mr.&nbsp;Moyes of
approximately $320,000 in 2002, $330,000 in 2001, $658,000 in
2000, and $155,000 in the twenty-six weeks ended July&nbsp;5,
2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In preparation for this offering, Southwest
Premier, Mr.&nbsp;Moyes, and we determined that the annual lease
expense on the active terminal properties leased from Southwest
Premier should be adjusted to reflect the properties&#146;
current fair market value. To that end, we engaged an
independent real estate appraisal firm to perform an appraisal
of those properties in 2002. The firm concluded that the
aggregate fair market value of the 27 active terminals that we
use was approximately $103.0&nbsp;million. We evaluated the
appraised value as well as general information concerning LTL
terminal rents, published sale prices of LTL terminals, the
effect of increased costs on our operating results, the effect
of the obligations on our total contractual commitments, and
other factors. We agreed to lease the 27 active terminal
properties under long-term leases based on a value of
approximately $93.5&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This increased the annual aggregate rent under
our leases with Southwest Premier from approximately
$4.4&nbsp;million to approximately $7.2&nbsp;million as of
February&nbsp;20, 2003. The increased rent was calculated using
a capitalization rate of approximately 7.8% on the
$93.5&nbsp;million agreed value of these 27 active terminals.
Under the amended leases, our rent will be adjusted after five
years to reflect any increase in interest rates between February
2003 and February 2008. Southwest Premier has a one-time option,
exercisable prior to December&nbsp;31, 2003, to require us to
prepay all remaining portions of the first years&#146; rent due
under the amended leases which option, if exercised on
October&nbsp;1, 2003, would require us to prepay to Southwest
Premier $2.7&nbsp;million. Although we did not agree to any
increase in the rent on the nine dormant terminals and the
salvage facility we rent from Southwest Premier, or the active
and dormant terminals we rent from Mr.&nbsp;Moyes, we did agree
to extend the current lease terms on all of the Southwest
Premier properties from 2008 to 2013.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Swift Transportation Co., Inc. and Central
Refrigerated provide us with a variety of transportation
services and Simon Transportation provided us such services in
2001 and 2002. Swift provided us with approximately
$16.6&nbsp;million in 2002, $13.0&nbsp;million in 2001,
$10.8&nbsp;million in 2000, and $10.1&nbsp;million in the
twenty-six weeks ended July&nbsp;5, 2003, under these
arrangements. At year end, we owed Swift approximately $324,000
in 2002, $1.1&nbsp;million in 2001, and $459,000 in 2000. We
owed Swift $2.4&nbsp;million as of July&nbsp;5, 2003. Central
Refrigerated provided us with approximately $1.3&nbsp;million in
2002, and $1.5&nbsp;million in the
</FONT>

<P align="center"><FONT size="2">59
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">twenty-six weeks ended July&nbsp;5, 2003, under
these arrangements. At year end, we owed Central Refrigerated
approximately $194,000 in 2002. We owed Central Refrigerated
$208,000 as of July&nbsp;5, 2003. Simon Transportation provided
us with approximately $0.6&nbsp;million in 2002 and
$1.5&nbsp;million in 2001 under these arrangements. At year end,
we owed Simon Transportation approximately $46,000 in 2001. We
believe that the amounts paid are equivalent to rates that could
have been obtained in an arm&#146;s length transaction with an
unrelated third party. We expect our arrangements with these
companies for transportation services to continue.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently lease terminal space from Swift in
Memphis, Tennessee at a lease rate of $15,386 per month and in
Fontana, California at a lease rate of $60,500 per month. We
also sublease portions of our terminal facilities to Swift at
five different locations. Swift leases property in Irving,
Texas, from us for $19,000 per month, in Tyler, Texas, for
$3,000 per month, in Houston, Texas, for $5,650 per month, in
Little Rock, Arkansas, for $800 per month, and in Las Vegas,
Nevada, for $3,000 per month. All leases with Swift are, either
by their terms or due to expiration of the contract, on a
month-to-month basis. Under these subleases and other subleases
we formerly had with Swift, our rental income from Swift was
approximately $417,000 in 2002, $492,000 in 2001, $547,000 in
2000, and $312,000 in the twenty-six weeks ended July&nbsp;5,
2003. We believe that the amounts paid are equivalent to lease
terms and rates that could have been obtained in an arms&#146;
length transaction with an unrelated third party.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We lease independent contractor drivers and their
tractors through Interstate Equipment Leasing, Inc., a company
owned by Jerry Moyes. The independent contractors provide
linehaul services for us at a rate per mile that we believe is
equivalent to rates that could have been obtained in an
arm&#146;s length transaction with an unrelated third party. Due
to the difficulty of obtaining qualified independent
contractors, we expect to continue this arrangement after this
offering. We incurred expenses with Interstate of approximately
$2.6&nbsp;million in 2002, $3.3&nbsp;million in 2001,
$1.6&nbsp;million in 2000, and $607,000 in the twenty-six weeks
ended July&nbsp;5, 2003.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Past Transactions and Transactions with
    Mr.&nbsp;Moyes and Affiliates We Expect to Complete at or Prior
    to the Closing of this Offering</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, we both formed and disposed of Central
Refrigerated, a refrigerated truckload carrier. Central
Refrigerated was formed as our wholly-owned subsidiary to
acquire certain assets from the bankruptcy estate of Simon
Transportation Services Inc. and its subsidiaries, Dick Simon
Trucking, Inc. and Simon Terminal, LLC. Simon Transportation and
its subsidiaries filed bankruptcy petitions under
Chapter&nbsp;11 of the United States Bankruptcy Code on
February&nbsp;25, 2002. Jerry Moyes was the Chairman of the
Board of Simon Transportation commencing in September 2000 and
was also the majority stockholder during this period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the acquisition, we assumed approximately
$11.4&nbsp;million owed by Simon Transportation to Jerry Moyes
and his affiliates. We also borrowed $3.3&nbsp;million from
Mr.&nbsp;Moyes to pay $2.6&nbsp;million in cash to the
bankruptcy estate, and $0.7&nbsp;million in transaction costs.
The approximately $14.7&nbsp;million we owed to Mr. Moyes and
his affiliates was secured solely by all of the outstanding
stock of Central Refrigerated. At the closing of the
acquisition, Central Refrigerated assumed leases for
approximately 1,360 tractors and 1,920 trailers, approximately
$13.0&nbsp;million in real estate financing, and approximately
$56.1&nbsp;million in other liabilities. We did not guarantee or
otherwise become obligated for any of these amounts. The
acquisition closed, and the operations of Central Refrigerated
began, on April&nbsp;22, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;31, 2002, we transferred the
shares of Central Refrigerated to Jerry Moyes and one of his
affiliates in exchange for the cancellation of the approximately
$14.7&nbsp;million of indebtedness owed by us to them, at which
time Central Refrigerated obtained separate insurance coverage.
As part of this transaction, we agreed to make a payment of
$8.3&nbsp;million to Central Refrigerated upon the closing of
this offering. Central Refrigerated was under our group
insurance policy between April&nbsp;22, 2002, and
December&nbsp;31, 2002, and under our workers&#146; compensation
policy through June 2003, and has posted letters of credit in
the aggregate amount of $9.3&nbsp;million with respect to its
self-insured retentions during those periods. Central
Refrigerated has also agreed to indemnify us for any losses we
suffer as a result of those retentions.
</FONT>

<P align="center"><FONT size="2">60
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to May 2003, we supplied tires to Total
Auto Pros Ltd., an Arizona corporation doing business as Auto
Express. Ronald Moyes, the brother of Jerry Moyes, is the
Chairman of the Board and President of Total Auto Pros. As
consideration for these tires, we billed approximately
$3.3&nbsp;million, $2.6&nbsp;million, and $2.1&nbsp;million in
2002, 2001, and 2000, respectively. These amounts represented
our invoice price plus any out-of-pocket expenses we incurred
relating to tires purchased for Total Auto Pros. At year end, we
had receivables of approximately $651,000 in 2002, $786,000 in
2001, and $1.1&nbsp;million in 2000. We had receivables of
approximately $962,000 in the twenty-six weeks ended
July&nbsp;5, 2003, all of which were paid as of July&nbsp;5,
2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From time to time, we have made unsecured loans
to Jerry Moyes and Southwest Premier pursuant to a revolving
line of credit arrangement. The interest rate charged by us for
these loans was a floating rate that was generally equivalent to
our cost of borrowing. The following table summarizes loans made
by us since January&nbsp;1, 2000:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Maximum</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Principal</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Principal</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Principal</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Interest Rate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Interest</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">During Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at Year-End</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Borrower</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Range</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Rate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(in millions)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(in millions)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(in millions)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Southwest Premier</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">8.35%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.35</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Southwest Premier</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">5.00% to 7.85%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.71</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Jerry Moyes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">5.00% to 8.35%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.99</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Southwest Premier</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">5.00%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Jerry Moyes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">4.10% to 5.00%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.40</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">Jerry Moyes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">4.10%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.10</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The $8.0&nbsp;million loan outstanding as of
July&nbsp;5, 2003, matures on October&nbsp;30, 2003. Accrued
interest of approximately $600,000 was outstanding at
July&nbsp;5, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We received interest payments of approximately
$31,000 in 2002, $16,000 in 2001, $0 in 2000, and $0 in the
twenty-six weeks ended July&nbsp;5, 2003, from Southwest Premier
in respect of its borrowings. We received interest payments of
approximately $0 in 2002, $133,000 in 2001, $0 in 2000, and $0
in the twenty-six weeks ended July&nbsp;5, 2003, from
Mr.&nbsp;Moyes in respect of his borrowings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2001, we made an unsecured loan of
$4.5&nbsp;million to a business partner of Jerry Moyes at a 9.0%
interest rate. In April 2002, the obligation to repay this loan
was assumed by Mr.&nbsp;Moyes personally. The assumption of the
obligation was treated by us as an additional unsecured loan to
Mr.&nbsp;Moyes pursuant to the revolving line of credit
arrangement described above, and the interest rate was reduced
to the variable rate charged on these revolving loans. The
amount assumed by Mr.&nbsp;Moyes is included in the
$8.0&nbsp;million of total borrowings described above.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Transactions with Former Director&#146;s
    Law Firm</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our former director Earl H. Scudder&#146;s law
firm earned approximately $286,000 in 2002, $53,000 in 2001,
$182,000 in 2000, and $214,000 in the twenty-six weeks ended
July&nbsp;5, 2003, for legal services. Scudder Law Firm also
provides legal services to Swift, Central Refrigerated, Jerry
Moyes personally, and other companies controlled by
Mr.&nbsp;Moyes. Earl Scudder also serves on the Boards of
Directors of Swift and Central Refrigerated.
</FONT>

<P align="center"><FONT size="2">61
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From time to time, we have engaged in
transactions with affiliated parties. Our future transactions
with affiliated parties will be approved by our audit committee
or another committee of disinterested directors and will be on
terms, on the whole, no less favorable to us than those that we
could obtain from unaffiliated parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with our hiring of Doak Slay as
Senior Vice President-Sales and Marketing, we made an advance to
Mr.&nbsp;Slay in an amount equal to the net equity value of his
home in Atlanta, Georgia. This advance was made in order to
allow Mr.&nbsp;Slay to relocate and purchase a home near Waco,
Texas, where he moved at our request. This advance was in the
amount of approximately $120,000 and was to be repaid upon the
sale of Mr.&nbsp;Slay&#146;s Atlanta home. Although we viewed
this as a loan with a customary business purpose, in order to
avoid any potential conflict with the prohibitions on executive
loans contained in the Sarbanes-Oxley Act, in September 2003 we
purchased Mr.&nbsp;Slay&#146;s prior home at its appraised value
of $325,000, and the relocation loan was repaid by Mr.&nbsp;Slay
in full.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For information regarding additional transactions
with related parties, see &#147;Management&nbsp;&#151;
Compensation Committee Interlocks and Insider
Participation&#148; above.
</FONT>

<P align="center"><FONT size="2">62
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PRINCIPAL AND SELLING STOCKHOLDERS" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B><FONT size="2">PRINCIPAL AND SELLING STOCKHOLDERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information
regarding the beneficial ownership of our common stock as of
July&nbsp;5, 2003, and as adjusted to reflect the sale of shares
in the offering by: (1)&nbsp;each person known to us to
beneficially own more than 5% of the outstanding shares of
common stock; (2)&nbsp;each of the executive officers identified
in the summary compensation table; (3)&nbsp;each of our
directors and director nominees; and (4)&nbsp;all directors and
executive officers as a group. Unless otherwise indicated, each
of the stockholders has sole voting and investment power with
respect to the shares beneficially owned, subject to applicable
community property laws.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Shares to be</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Shares Beneficially Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Owned After</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Before Offering(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Offered</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Offering(2)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Owner(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jerry and Vickie Moyes(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,833,350</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald and Krista Moyes(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">744,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">744,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert V. Fasso(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">756,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">756,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Curry(7)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">796,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">796,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Hale(8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Steven L. Key(9)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Gentry(10)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Duane W. Acklie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Porter J. Hall
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All directors and executive officers as a group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,192,287</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than one percent.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Unless otherwise indicated, the business address
    of the persons named in the above table is care of Central
    Freight Lines, Inc., 5601&nbsp;West Waco Drive, Waco, Texas
    76710.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Percentage of beneficial ownership is based upon
    10,868,218&nbsp;shares of common stock outstanding as of
    July&nbsp;5, 2003,
    and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock outstanding after the offering. The table
    assumes no exercise of the underwriters&#146; over-allotment
    option. For purposes of this table, a person or group of persons
    is deemed to have &#147;beneficial ownership&#148; of any shares
    which such person has the right to acquire within 60&nbsp;days.
    For purposes of computing the percentage of outstanding shares
    held by each person or group of persons named above, any
    security which such person or group of persons has the right to
    acquire within 60&nbsp;days is deemed to be outstanding for the
    purpose of computing the percentage ownership for such person or
    persons, but is not deemed to be outstanding for the purpose of
    computing the percentage ownership of any other person. As a
    result, the denominator used in calculating the beneficial
    ownership among our shareholders may differ.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 4,000 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof. Of the
    shares attributed to Jerry Moyes, 4,905,486 are held by Jerry
    and Vickie Moyes as trustees of the Jerry and Vickie Moyes
    Family Trust, 4,808,348 are held by Gerald F. Ehrlich as trustee
    of the Moyes Children&#146;s Trust, and 119,516 shares
    (including 4,000 shares under option) are held by Mr.&nbsp;Moyes
    individually. Mr.&nbsp;Ehrlich has sole voting and investment
    power for the children&#146;s trust. Mr.&nbsp;Moyes disclaims
    beneficial ownership of the shares held by Gerald F. Ehrlich as
    trustee of the Moyes Children&#146;s Trust.
    The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    being offered in this offering by the selling stockholders will
    come
    from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
    The business address of these individuals and trusts is
    2200&nbsp;South 75th Avenue, Phoenix, Arizona 85043.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All shares held by Jerry and Vickie Moyes as
    trustees of the Jerry and Vickie Moyes Family Trust, Gerald F.
    Ehrlich as trustee of the Moyes Children&#146;s Trust, and
    Mr.&nbsp;Moyes individually have been pledged to First National
    Bank of Omaha, N.A. as security for a personal business loan
    granted to Mr.&nbsp;Moyes. Upon any default under the loan,
    First National Bank will have the right to vote shares subject
    to the pledge.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">63
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">Under the terms of the stock pledge agreement,
    the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    being sold by the selling stockholders in this offering will be
    released by the bank from the pledge prior to closing of this
    offering. Further, additional shares owned by Mr.&nbsp;Moyes and
    pledged to First National Bank may be released after this
    offering to the extent they constitute excess collateral.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ronald Moyes is the brother of Jerry Moyes. The
    business address of Ronald and Krista Moyes is 4720&nbsp;North
    16th Street, Phoenix, Arizona 85016. Includes 4,000 shares
    beneficially owned under options that are currently exercisable
    or will become exercisable within 60&nbsp;days after the date
    hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 756,000 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 597,884 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 20,000 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 13,200 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 32,985 shares beneficially owned under
    options that are currently exercisable or will become
    exercisable within 60&nbsp;days after the date hereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">64
</FONT>

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<!-- link1 "DESCRIPTION OF CAPITAL STOCK" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF CAPITAL STOCK</FONT></B>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the time of the offering, our authorized
capital stock will consist of 100,000,000 shares of common
stock, par value $0.001 per share, of which 10,868,218 are
currently issued and outstanding and 10,000,000 shares of
preferred stock, par value $0.001 per share, of which no shares
are outstanding. Immediately after this offering, there will
be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock issued and outstanding, and no shares of
preferred stock issued and outstanding. All of the outstanding
shares of common stock are, and all the shares we are offering
will be upon issuance and sale, fully paid and non-assessable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following descriptions of our capital stock
and provisions of our articles of incorporation and bylaws are
summaries of all of their material terms and provisions and are
qualified by reference to our articles of incorporation and
bylaws, copies of which have been filed with the SEC as exhibits
to the registration statement of which this prospectus is a
part. The descriptions of the common stock and preferred stock
reflect changes to our capital structure that will occur
immediately prior to the closing of this offering in accordance
with the terms of the proposed amended and restated articles of
incorporation.
</FONT>

<P align="left">
<B><FONT size="2">Common Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of our common stock are entitled to
dividends as our board of directors may declare from time to
time from funds legally available therefore, subject to the
preferential rights of the holders of any shares of our
preferred stock that we may issue in the future. The holders of
our common stock are entitled to one vote for each share held of
record on any matter to be voted upon by stockholders. Our
amended and restated articles of incorporation do not provide
for cumulative voting in connection with the election of
directors, and, accordingly, holders of more than 50% of the
shares voting will be able to elect all of the directors. There
are no preemptive, conversion, redemption, or sinking fund
rights or provisions applicable to our common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any voluntary or involuntary liquidation,
dissolution, or winding up of our affairs, the holders of our
common stock are entitled to share ratably in all assets
remaining after payment to creditors and subject to prior
distribution rights of any shares of preferred stock that we may
issue in the future.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your rights, preferences, and privileges as
owners of common stock are subject to, and may be adversely
affected by, the rights of the owners of any series of preferred
stock which we may designate and issue in the future.
</FONT>

<P align="left">
<B><FONT size="2">Rights to Future Stock Issuances</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When we acquired Jaguar Fast Freight in 1999, the
merger agreement obligated us to, among other things, issue
4,796 additional shares of our common stock to two of
Jaguar&#146;s former stockholders in each of 2003 and 2004 as
consideration for their agreement not to compete with us. For a
period of 30 days following the 90-day period after the issuance
of these shares, these stockholders may require Jerry Moyes to
purchase the shares for $13.50 per share if our common stock has
not traded over $13.50 per share during the 90-day period.
</FONT>

<P align="left">
<B><FONT size="2">Preferred Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Board of Directors is authorized to issue up
to 10,000,000 shares of preferred stock in one or more series.
The Board of Directors may fix for each series:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the distinctive serial designation and number of
    shares of the series;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the voting powers and the right, if any, to elect
    a director or directors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of office of any directors the holders
    of preferred shares are entitled to elect;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dividend rights, if any;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">65
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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of redemption, and the amount of and
    provisions regarding any sinking fund for the purchase or
    redemption thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the liquidation preferences and the amounts
    payable on dissolution or liquidation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms and conditions under which shares of
    the series may or shall be converted into any other series or
    class of stock or debt of the corporation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms or provisions which the Board of
    Directors is legally authorized to fix or alter.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not need stockholder approval to issue or
fix the terms of the preferred stock. The actual effect of the
authorization of the preferred stock upon your rights as holders
of common stock is unknown until our Board of Directors
determines the specific rights of owners of any series of
preferred stock. Depending upon the rights granted to any series
of preferred stock, your voting power, liquidation preference,
or other rights could be adversely affected. Preferred stock may
be issued in acquisitions or for other corporate purposes.
Issuance in connection with a stockholder rights plan or other
takeover defense could have the effect of making it more
difficult for a third party to acquire, or of discouraging a
third party from acquiring, control of our company. We have no
present plans to issue any shares of common stock or preferred
stock, other than shares of common stock to be issued in this
offering and those shares issuable under our incentive stock
plan and pursuant to outside director stock option agreements.
</FONT>

<P align="left">
<B><FONT size="2">Anti-Takeover Considerations and Special
Provisions of Our Articles of Incorporation, Bylaws and Nevada
Law</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Provisions with Anti-Takeover
    Implications</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A number of provisions of our articles of
incorporation and bylaws concern how we are governed and your
rights as stockholders. Under our articles, the Board of
Directors may issue preferred stock and set the voting rights,
preferences, and other terms of the preferred stock. Such
provisions and certain provisions of the Nevada Revised Statutes
could be deemed to discourage takeover attempts not first
approved by the Board of Directors, including takeovers which
may be considered by some stockholders to be in their best
interest. Any such discouraging effect upon takeover attempts
could potentially depress the market price of the common stock
or cause temporary fluctuations in the market price of the
common stock that otherwise could result from actual or rumored
takeover attempts. Such provisions could also delay or frustrate
the removal of incumbent directors or the assumption of control
by stockholders, even if such removal or assumption would be
beneficial to our stockholders. These provisions could also
discourage or make more difficult a merger, tender offer or
proxy contest, even if they could be favorable to the interests
of our stockholders, and could potentially depress the market
price of our common stock. Our Board of Directors believes that
these provisions are appropriate to protect our interests and
the interests of our stockholders.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Stockholder Meetings and Order of
    Business</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide that annual meetings of our
stockholders may take place at the time and place established by
our Board of Directors. A special meeting of stockholders may be
called only by the Chairman of the Board of Directors or by a
majority of the Board of Directors. The order of business at
each stockholder meeting shall be determined by the chairman of
the meeting, but may be changed by the vote of stockholders
holding a majority of the shares present in person or by proxy
entitled to vote.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Stockholder Action</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide that any action required or
permitted to be taken at a stockholders&#146; meeting may be
taken without a meeting, without prior notice and without a
vote, if the action is taken by persons who would be entitled to
vote at a meeting and who hold shares having voting power equal
to not less than the minimum number of votes that would be
necessary to authorize or take the action at a meeting at which
all shares entitled to vote were present and voted. The action
must be evidenced by one or more written consents describing the
action taken, signed by the stockholders entitled to take action
without a meeting, and delivered to us in the manner prescribed
by the Nevada Revised Statutes.
</FONT>

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</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amendments to Bylaws</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide that our bylaws may be
amended, altered or repealed only by our Board of Directors or
the affirmative vote of the holders of not less than a majority
of the voting power of our outstanding capital stock. Any
provision of our bylaws adopted by the stockholders may only be
repealed or amended by a subsequent affirmative vote of a
majority of the voting power of our outstanding capital stock.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Nevada Law</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Nevada&#146;s Combination with Interested
Stockholders Statute and Control Share Acquisition Statute may
prohibit or delay mergers or other takeover or change in control
attempts. This could discourage attempts to acquire us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Combination with Interested Stockholders
Statute prohibits an applicable Nevada corporation from entering
into a combination with an interested stockholder. The
combination is prohibited for a period of three years after the
date of the transaction in which the person became an interested
stockholder. The combination may be finalized prior to the three
years, if the interested stockholder attained such status with
the approval of the Board of Directors or the combination is
approved in a prescribed manner. A combination includes mergers,
asset sales, and other transactions resulting in a financial
benefit to the interested stockholder. An interested stockholder
means the beneficial owner of 10% or more of the voting shares
of a corporation or one of its affiliates or associates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Nevada&#146;s Control Share Acquisition Statute
prohibits an acquiror, under certain circumstances, from voting
shares of a target&#146;s stock after crossing certain threshold
ownership percentages, unless the acquiror obtains the approval
of the target corporation&#146;s disinterested stockholders.
Once an acquiror crosses one of these thresholds, those shares
acquired within 90&nbsp;days become control shares and are
deprived of the right to vote until disinterested stockholders
restore the right. If the voting rights are restored and the
acquiror has a majority or more of all voting power, any
stockholder who did not vote in favor of authorizing voting
rights is entitled to demand fair value for its shares. This
statute applies only to Nevada corporations doing business in
the state and that have at least 200 stockholders, at least 100
of whom are stockholders of record and residents of Nevada.
</FONT>

<P align="left">
<B><FONT size="2">Limitation of Liability and Indemnification of
Officers and Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our articles of incorporation, we must
indemnify our officers, directors, and agents against all
liabilities and expenses they reasonably incur in connection
with service to us to the full extent permitted by Nevada law.
We also may advance expenses, purchase insurance, enter into
indemnification agreements, and otherwise grant broader
indemnification rights. We have purchased director and officer
liability insurance. Our articles of incorporation also state
our directors are not liable for monetary damages for breach of
fiduciary duty except where an exemption from liability or
limitation of liability is not permitted under the Nevada
Revised Statutes. Our articles of incorporation do not eliminate
the duty of care and, in appropriate circumstances, equitable
remedies such as injunctive or other forms of non-monetary
relief will remain available under Nevada law. In addition, our
directors are liable for monetary damages for acts or omissions
involving intentional misconduct, fraud, knowing violations of
law and unlawful distributions. We believe these provisions of
our articles of incorporation and bylaws are necessary to
attract and retain qualified persons as directors and officers.
</FONT>

<P align="left">
<B><FONT size="2">Nasdaq Trading</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to apply to have our common stock
listed on the Nasdaq National Market under the symbol
&#147;CENF.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Transfer Agent and Registrar</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to retain UMB Bank, N.A., 928 Grand
Avenue, Kansas City, Missouri 64106 as our transfer agent and
registrar for our common stock prior to the closing of this
offering.
</FONT>

<P align="center"><FONT size="2">67
</FONT>

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<!-- link1 "SHARES ELIGIBLE FOR FUTURE SALE" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center">
<B><FONT size="2">SHARES ELIGIBLE FOR FUTURE SALE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the offering, there has been no
established market for our common stock, and no predictions can
be made about the effect, if any, that market sales of shares of
common stock or the availability of such shares for sale will
have on the market price prevailing from time to time. Future
sales of a substantial number of shares of our common stock in
the public market, or the perception that such sales may occur,
could adversely affect trading prices of our common stock from
time to time. Upon completion of this
offering, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock will be outstanding. Of these shares,
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock sold in the offering will be freely tradable
without restriction or further registration under the Securities
Act, except for any shares which may be acquired by an affiliate
of ours as that term is defined in Rule&nbsp;144 under the
Securities Act. The
remaining &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock outstanding will be restricted securities, as
that term is defined in Rule&nbsp;144, and may in the future be
sold without restriction under the Securities Act to the extent
permitted by Rule&nbsp;144 or any applicable exemption under the
Securities Act.
</FONT>

<P align="left">
<B><FONT size="2">Rule&nbsp;144</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, under Rule&nbsp;144 as currently in
effect, a person (or persons whose shares are aggregated) who
has beneficially owned its, his or her shares of common stock
for at least one year from the date such securities were
acquired from us or an affiliate of ours would be entitled to
sell within any three-month period a number of shares that does
not exceed the greater of 1% of the then outstanding shares of
our common stock
(approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
immediately after this offering) and the average weekly trading
volume of our common stock during the four calendar weeks
preceding a sale by such person. Sales under Rule&nbsp;144 are
also subject to certain manner-of-sale provisions, notice
requirements and the availability of current public information
about us.
</FONT>

<P align="left">
<B><FONT size="2">Rule&nbsp;144(k)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Rule&nbsp;144, however, a person who has
held restricted securities for a minimum of two years from the
later of the date that such securities were acquired from us or
an affiliate of ours and who is not, and for the three months
prior to the sale of such restricted securities has not been, an
affiliate of ours, is free to sell such shares of common stock
without regard to the volume, manner-of-sale, public information
and the other limitations contained in Rule&nbsp;144. The
foregoing summary is not intended to be a complete discussion of
Rule&nbsp;144.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Commencing 180&nbsp;days after the date of this
prospectus,
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding
restricted securities will be eligible for sale under Rule 144
subject to applicable holding period, volume limitations, manner
of sale and notice requirements set forth in applicable SEC
rules
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the restricted securities will be saleable without regard to
these restrictions under Rule&nbsp;144(k).
</FONT>

<P align="left">
<B><FONT size="2">Lock-Up Agreements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our executive officers, directors, and
stockholders named in this prospectus, together with certain
other stockholders and optionholders, who, prior to this
offering, collectively hold 99.9% of the outstanding shares of
our common stock and substantially all of the shares of common
stock issuable upon exercise of outstanding options have entered
into the lock-up agreements described in
&#147;Underwriting.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Rule&nbsp;701</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, under Rule&nbsp;701, subject to the
lock-up agreements described above, employees or directors who
purchase shares from us in connection with our stock option plan
or other written agreements are eligible to resell those shares
within 90&nbsp;days after the date of this offering in reliance
on Rule&nbsp;144, without compliance with certain restrictions
contained in Rule&nbsp;144, including the holding period.
</FONT>

<P align="center"><FONT size="2">68
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon completion of this offering, we intend to
file a registration statement on Form&nbsp;S-8 with the SEC to
register 5,000,000 shares of our common stock reserved for
issuance or sale under our incentive stock plan. As of
July&nbsp;5, 2003, there were outstanding options to purchase a
total of 2,921,065 shares of common stock, 1,589,256 of which
were vested. This registration statement would permit the resale
of shares of common stock issued upon the exercise of options
granted or to be granted under our stock option plan will be
freely tradable without restriction under the Securities Act,
unless such shares are held by an affiliate of ours, subject to
the lock-up agreements.
</FONT>

<P align="center"><FONT size="2">69
</FONT>

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<!-- link1 "MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center">
<B><FONT size="2">MATERIAL UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary describes the material U.S.
federal income tax considerations of the ownership and
disposition of our common stock as of the date hereof by
U.S.&nbsp;Holders (as defined below) and Non-U.S.&nbsp;Holders
(as defined below). Except where noted, this discussion deals
only with common stock held as a capital asset (generally,
property held for investment) by holders and does not deal with
special situations, such as those of:
</FONT>
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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">dealers in securities or currencies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">financial institutions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">regulated investment companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">real estate investment trusts;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">tax-exempt entities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">insurance companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">persons holding our common stock as part of a
    &#147;straddle,&#148; &#147;hedge,&#148; &#147;conversion
    transaction,&#148; &#147;synthetic security&#148; or other
    integrated investment;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">traders in securities that elect to use a
    mark-to-market method of accounting for their securities
    holdings;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">persons liable for alternative minimum tax;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investors in pass-through entities; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">U.S. Holders (as defined below) whose
    &#147;functional currency&#148; is not the U.S. dollar.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The discussion below is based upon the provisions
of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), the Treasury regulations promulgated
thereunder and administrative and judicial interpretations
thereof, all as of the date hereof, and such authorities may be
repealed, revoked, modified or subject to differing
interpretations, possibly on a retroactive basis, so as to
result in U.S.&nbsp;federal income tax consequences different
from those discussed below. Furthermore, this discussion is for
general information only and does not address all the tax
consequences that may be relevant to you in light of your
personal circumstances, nor does it discuss special tax
provisions, which may apply to you if you relinquished United
States citizenship or residence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">IF YOU ARE CONSIDERING THE PURCHASE OF OUR COMMON
STOCK, YOU SHOULD CONSULT YOUR OWN TAX ADVISORS CONCERNING THE
PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO YOU OF THE
PURCHASE, OWNERSHIP, AND DISPOSITION OF COMMON STOCK, AS WELL AS
ANY CONSEQUENCES TO YOU ARISING UNDER THE LAWS OF ANY RELEVANT
FOREIGN, STATE, LOCAL, OR OTHER TAXING JURISDICTION.
</FONT>

<P align="left">
<B><FONT size="2">Consequences to U.S. Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A &#147;U.S. Holder&#148; of common stock means a
holder that is for U.S.&nbsp;federal income tax purposes:
</FONT>
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    <TD width="1%"></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an individual citizen or resident of the United
    States;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a corporation created or organized in or under
    the laws of the United States or any political subdivision
    thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an estate the income of which is subject to
    U.S.&nbsp;federal income taxation regardless of its source; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a trust if it (1)&nbsp;is subject to the primary
    supervision of a court within the United States and one or more
    U.S.&nbsp;persons have the authority to control all substantial
    decisions of the trust or (2)&nbsp;has a valid election in
    effect under applicable U.S. Treasury regulations to be treated
    as a U.S. person.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">70
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a partnership or other entity treated as a
partnership for U.S.&nbsp;federal income tax purposes holds our
common stock, the tax treatment of a partner will generally
depend upon the status of the partner and the activities of the
partnership. If you are a partner of a partnership holding
common stock, you should consult your own tax advisors.
</FONT>

<P align="left">
<B><FONT size="2">Dividends</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The gross amount of dividends paid to you will be
treated as dividend income to you to the extent paid out of our
current or accumulated earnings and profits (as determined under
U.S.&nbsp;federal income tax principles). Such income will be
includable in your gross income as ordinary income on the day
received.
</FONT>

<P align="left">
<B><FONT size="2">Taxation of Capital Gains</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the sale, exchange, retirement, or other
disposition of shares of our common stock, you will recognize
capital gain or loss in an amount equal to the difference
between the portion of the proceeds allocable to your shares of
common stock and your tax basis in the shares of common stock.
Your tax basis in the shares of common stock will generally be
the purchase price of your common stock. Capital gains of
individuals derived with respect to capital assets held for more
than one year are eligible for reduced rates of taxation. The
deductibility of capital losses is subject to limitations.
</FONT>

<P align="left">
<B><FONT size="2">Recent Statutory Changes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The recently enacted &#147;Jobs and Growth Tax
Reconciliation Act of 2003&#148; significantly alters the
treatment of dividends and long-term capital gains of
individuals. Under this Act, dividends received by individuals
in taxable years beginning after 2002 and prior to 2009, and
long-term capital gains on sales and exchanges (and payments
received) after May&nbsp;6, 2003 and before January&nbsp;1,
2009<B>, </B>are taxed at a maximum rate of 15%. Certain
individuals with taxable income below specified thresholds are
taxed at a maximum rate of 5% (0% in 2008). In order to qualify
for the newly enacted rates applicable to dividends received,
the shares must have been held for more than 60&nbsp;days during
the 120&nbsp;day period beginning on the date which is
60&nbsp;days before the date on which such share becomes
ex-dividend with respect to such dividend and the taxpayer
cannot be under an obligation (pursuant to a short sale of
otherwise) to make related payments with respect to positions in
substantially similar or related property. Finally, to the
extent that a redemption is treated as a dividend, and the
dividends paid (or amounts treated as dividends for tax
purposes) (x)&nbsp;in any 85&nbsp;day period exceed 10%, or
(y)&nbsp;in any 365&nbsp;day period, exceed 20% of the
taxpayer&#146;s basis (or, in certain cases, the fair market
value of such shares), then any subsequent loss on the sale or
exchange of the shares shall be treated, to that extent, as
long-term capital loss. These changes may impact the tax
consequences to certain United States holders.
</FONT>

<P align="left">
<B><FONT size="2">Information Reporting and Backup
Withholding</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, information reporting requirements
will apply to payments of dividends paid on common stock and to
the proceeds from the sale of common stock paid to a U.S. Holder
other than certain exempt recipients (such as corporations).
Backup withholding tax at a rate of 28% will apply to such
payments if you fail to provide a taxpayer identification number
or certification of other exempt status or fail to report
dividend income in full. Any amounts withheld under the backup
withholding rules will be allowed as a refund or a credit
against your U.S. federal income tax liability provided the
required information is furnished to the IRS.
</FONT>

<P align="left">
<B><FONT size="2">Consequences To Non-U.S. Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion applies only to Non-U.S.
Holders. A &#147;Non-U.S. Holder&#148; is a holder that is not a
U.S. Holder. Special rules may apply to certain Non-U.S.
Holders, such as:
</FONT>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">U.S. expatriates;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">controlled foreign corporations;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">71
</FONT>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">passive foreign investment companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">foreign personal holding companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">foreign tax-exempt organizations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">financial institutions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">brokers or dealers in securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">corporations that accumulate earnings to avoid
    U.S. federal income tax; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investors in pass-through entities that are
    subject to special treatment under the Code.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Such Non-U.S.&nbsp;Holders should consult their
own tax advisors to determine the U.S.&nbsp;federal, state,
local and other tax consequences that may be relevant to them.
An individual may be treated as a resident alien of the United
States in any calendar year for U.S.&nbsp;federal income tax
purposes, instead of a nonresident alien, by among other ways,
being present in the United States on at least 31&nbsp;days in
that calendar year and for an aggregate of at least
183&nbsp;days during the current calendar year and the two
immediately preceding calendar years. For purposes of this
calculation, you would count all of the days present in the
current year, one-third of the days present in the immediately
preceding year and one-sixth of the days present in the second
preceding year. Resident aliens are taxed for U.S.&nbsp;federal
income purposes as if they were U.S.&nbsp;citizens.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This discussion does not consider:
</FONT>
<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">U.S.&nbsp;state and local or non-U.S.&nbsp;tax
    consequences;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">specific facts and circumstances that may be
    relevant to a particular non-U.S.&nbsp;holder&#146;s tax
    position, including, if the non-U.S. holder is a partnership,
    that the U.S. tax consequences of holding and disposing of our
    common stock may be affected by certain determinations made at
    the partner level;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the tax consequences for the stockholders,
    partners, or beneficiaries of a non-U.S.&nbsp;holder; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">special tax rules that may apply to particular
    non-U.S.&nbsp;holders, such as those listed above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Dividends</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Dividends paid to you generally will be subject
to withholding of U.S.&nbsp;federal income tax at a 30% rate or
such lower rate as may be specified by an applicable income tax
treaty (which, in the case of Canada, would generally be 15%).
However, dividends that are effectively connected with your
conduct of a trade or business within the United States and,
where a tax treaty applies, are attributable to your
U.S.&nbsp;permanent establishment, are not subject to the
withholding tax, but instead are subject to U.S.&nbsp;federal
income tax on a net income basis at applicable graduated
individual or corporate rates. Certain certification and
disclosure requirements must be satisfied for effectively
connected income to be exempt from withholding. If you are a
foreign corporation, any such effectively connected dividends
received by you may be subject to an additional branch profits
tax at a 30% rate or such lower rate as may be specified by an
applicable income tax treaty (which, in the case of Canada,
would be 5%). If you wish to claim the benefit of an applicable
treaty rate (and avoid backup withholding as discussed below)
for dividends, you will be required to:
</FONT>
<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">complete IRS Form&nbsp;W-8BEN (or other
    applicable form) and certify under penalties of perjury, that
    you are not a U.S.&nbsp;person; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the shares of our common stock are held
    through certain foreign intermediaries, satisfy the relevant
    certification requirements of applicable U.S.&nbsp;Treasury
    regulations.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Special certification and other requirements
apply to certain Non-U.S. Holders that are entities rather than
individuals.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you are eligible for a reduced rate of
U.S.&nbsp;withholding tax pursuant to an income tax treaty, you
may obtain a refund of any excess amounts withheld by filing an
appropriate claim for refund with the IRS.
</FONT>

<P align="center"><FONT size="2">72
</FONT>

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<P align="left">
<B><FONT size="2">Gain On Disposition Of Common Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You generally will not be subject to
U.S.&nbsp;federal income tax with respect to gain recognized on
the sale, exchange, retirement, or other disposition of shares
of our common stock unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the gain is effectively connected with your
    conduct of a trade or business in the United States, and, where
    a tax treaty applies, is attributable to your
    U.S.&nbsp;permanent establishment;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">you are an individual and hold shares of our
    common stock as a capital asset, you are present in the United
    States for 183 or more days in the taxable year of the sale or
    other disposition and certain other conditions are met; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we are or have been a &#147;U.S.&nbsp;real
    property holding corporation&#148; for U.S.&nbsp;federal income
    tax purposes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you are an individual and are described in the
first bullet above, you will be subject to tax on the net gain
derived from the sale under regular graduated U.S.&nbsp;federal
income tax rates. If you are an individual and are described in
the second bullet above, you will be subject to a flat 30% tax
on the gain derived from the sale, which may be offset by
U.S.&nbsp;source capital losses (even though you are not
considered a resident of the United States). If you are a
foreign corporation and are described in the first bullet above,
you will be subject to tax on your gain under regular graduated
U.S.&nbsp;federal income tax rates and, in addition, may be
subject to the branch profits tax equal to 30% of your
effectively connected earnings and profits or at such lower rate
as may be specified by an applicable income tax treaty (which,
in the case of Canada, would be 5%).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that we are not and do not anticipate
becoming a &#147;U.S.&nbsp;real property holding
corporation&#148; for U.S. federal income tax purposes.
</FONT>

<P align="left">
<B><FONT size="2">Backup Withholding and Information
Reporting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Generally, we must report annually to the IRS the
amount of dividends paid, the name and address of the recipient,
and the amount, if any, of tax withheld. A similar report is
sent to the recipient. These information reporting requirements
apply even if withholding was not required because the dividends
were effectively connected dividends or withholding was reduced
by an applicable income tax treaty. Under tax treaties or other
exchange of information agreements, the IRS may make its reports
available to tax authorities in the recipient&#146;s country of
residence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments made to a Non-U.S.&nbsp;Holder will
generally be subject to backup withholding at a rate of 28% or
lower treaty rate discussed above, unless a Non-U.S.&nbsp;Holder
certifies as to its foreign status, which certification may be
made on IRS Form&nbsp;W-8BEN, or otherwise establishes an
exemption.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proceeds from the disposition of common stock by
a Non-U.S.&nbsp;Holder effected by or through a United States
office of a broker will be subject to information reporting and
backup withholding at a rate of 28% of the gross proceeds unless
the Non-U.S.&nbsp;Holder certifies to the payor under penalties
of perjury as to, among other things, its address and status as
a Non-U.S.&nbsp;Holder or otherwise establishes an exemption.
Generally, United States information reporting and backup
withholding will not apply to a payment of disposition proceeds
if the transaction is effected outside the United States by or
through a non-United States office of a broker. However, if the
broker derives more than a specified percentage of its income
from U.S.&nbsp;sources or has certain other connections to the
United States, information reporting but not backup withholding
will apply unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the broker has documentary evidence in its files
    that the holder is a Non-U.S.&nbsp;Holder and other conditions
    are met; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holder otherwise establishes an exemption.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Notwithstanding the foregoing, backup withholding
may apply if either we or the payor have actual knowledge or
reason to know that the holder is a U.S.&nbsp;person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Backup withholding is not an additional tax.
Rather, the U.S.&nbsp;federal income tax liability of persons
subject to backup withholding will be reduced by the amount of
tax withheld. If backup withholding results
</FONT>

<P align="center"><FONT size="2">73
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">in an overpayment of United States federal income
taxes, a refund may be obtained, provided the required documents
are filed with the IRS.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">U.S. Federal Estate Tax</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shares of our common stock held by an individual
Non-U.S.&nbsp;Holder at the time of death will be included in
such holder&#146;s gross estate for U.S.&nbsp;federal estate tax
purposes, unless an applicable estate tax treaty provides
otherwise.
</FONT>

<P align="center"><FONT size="2">74
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "UNDERWRITING" -->
<DIV align="left"><A NAME="018"></A></DIV>

<P align="center">
<B><FONT size="2">UNDERWRITING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms and subject to the conditions
contained in an underwriting agreement
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
we and the selling stockholders have agreed to sell to the
underwriters named below, for whom Bear, Stearns&nbsp;&#38; Co.
Inc. is acting as representative, the following respective
numbers of shares of common stock:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Underwriter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Shares</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bear, Stearns &#38; Co. Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BB&#38;T Capital Markets, a division of
    Scott&nbsp;&#38; Stringfellow, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legg Mason Wood Walker, Incorporated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Morgan Keegan &#38; Company, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stephens Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriting agreement provides that the
underwriters are obligated to purchase all the shares of common
stock in the offering if any are purchased, other than those
shares covered by the over-allotment option described below. The
underwriting agreement also provides that if an underwriter
defaults the purchase commitments of non-defaulting underwriters
may be increased or the offering may be terminated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The selling stockholders have granted to the
underwriters a 30-day option to purchase on a pro rata basis up
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
shares from us at the initial public offering price less the
underwriting discounts and commissions. The option may be
exercised only to cover any over-allotments of common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters propose to offer the shares of
common stock initially at the public offering price on the cover
page of this prospectus and to selling group members at that
price less a selling concession of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. The underwriters and selling group members may allow a
discount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share on sales to other broker/ dealers. After the initial
public offering, the representatives may change the public
offering price and concession and discount to broker/ dealers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table summarizes the compensation
and estimated expenses we and the selling stockholders will pay:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Per Share</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Without</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">With</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Without</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">With</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Over-allotment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Over-allotment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Over-allotment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Over-allotment</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting Discounts and Commissions paid by us
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses payable by us
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting Discounts and Commissions paid by
    the selling stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses payable by the selling stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The representatives have informed us that the
underwriters do not expect discretionary sales to exceed 5% of
the shares of common stock being offered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have agreed that we will not offer, sell,
contract to sell, pledge or otherwise dispose of, directly or
indirectly, or file with the Securities and Exchange Commission
a registration statement under the Securities Act of 1933 (the
&#147;Securities Act&#148;) relating to, any shares of our
common stock or securities convertible into or exchangeable or
exercisable for any shares of our common stock, or publicly
disclose the intention to make any offer, sale, pledge,
disposition or filing, without the prior written consent of
Bear, Stearns&nbsp;&#38; Co. Inc. for a period of 180&nbsp;days
after the date of this prospectus, except issuances pursuant to
the exercise of employee stock options outstanding on the date
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our officers, directors, and stockholders holding
99.9% of our outstanding common stock have agreed that they will
not offer, sell, contract to sell, pledge or otherwise dispose
of, directly or indirectly, any shares of our common stock or
securities convertible into or exchangeable or exercisable for
any shares of our
</FONT>

<P align="center"><FONT size="2">75
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">common stock, enter into a transaction that would
have the same effect, or enter into any swap, hedge or other
arrangement that transfers, in whole or in part, any of the
economic consequences of ownership of our common stock, whether
any of these transactions are to be settled by delivery of our
common stock or other securities, in cash or otherwise, or
publicly disclose the intention to make any offer, sale, pledge
or disposition, or to enter into any transaction, swap, hedge or
other arrangement, without, in each case, the prior written
consent of Bear, Stearns&nbsp;&#38; Co. Inc. for a period of
180&nbsp;days after the date of this prospectus.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters have reserved for sale at the
initial public offering price up
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of the common stock for employees, directors and other persons
associated with us who have expressed an interest in purchasing
common stock in the offering. The number of shares available for
sale to the general public in the offering will be reduced to
the extent these persons purchase the reserved shares. Any
reserved shares not so purchased will be offered by the
underwriters to the general public on the same terms as the
other shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the selling stockholders have agreed to
indemnify the underwriters against liabilities under the
Securities Act, or contribute to payments that the underwriters
may be required to make in that respect.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We intend to apply to list the shares of common
stock on the Nasdaq National Market.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain of the underwriters and their respective
affiliates have from time to time performed, and may in the
future perform, various financial advisory, commercial banking,
and investment banking services for us and our affiliates in the
ordinary course of business, for which they received, or will
receive, customary fees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to this offering, there has been no
established market for our common stock. The initial public
offering price for the shares of our common stock offered by
this prospectus will be determined by negotiation between us and
the representatives and may not reflect the market price for our
common stock that may prevail following this offering. The
principal factors in determining the initial public offering
price will include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the information presented in this prospectus and
    otherwise available to the underwriters;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the history of and the prospects for our industry;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the ability of our management;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our past and present operations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our historical results of operations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our prospects for future operational results;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the recent market prices of, and the demand for,
    publicly traded common stock of generally comparable companies;
    and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the general condition of the securities markets
    at the time of this offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">We cannot be sure that the initial public
offering price will correspond to the price at which the common
stock will trade in the public market following this offering or
that an active trading market for the common stock will develop
and continue after this offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the offering the underwriters
may engage in stabilizing transactions, over-allotment
transactions, syndicate covering transactions and penalty bids
in accordance with Regulation&nbsp;M under the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;).
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Stabilizing transactions permit bids to purchase
    the underlying security so long as the stabilizing bids do not
    exceed a specified maximum.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Over-allotment involves sales by the underwriters
    of shares in excess of the number of shares the underwriters are
    obligated to purchase, which creates a syndicate short position.
    The short position may be either a covered short position or a
    naked short position. In a covered short position, the number of
    shares over-allotted by the underwriters is not greater than the
    number of shares that they may purchase in the over-allotment
    option. In a naked short position, the number of shares involved
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">76
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">is greater than the number of shares in the
    over-allotment option. The underwriters may close out any
    covered short position by either exercising their over-allotment
    option and/or purchasing shares in the open market.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Syndicate covering transactions involve purchases
    of the common stock in the open market after the distribution
    has been completed in order to cover syndicate short positions.
    In determining the source of shares to close out the short
    position, the underwriters will consider, among other things,
    the price of shares available for purchase in the open market as
    compared to the price at which they may purchase shares through
    the over-allotment option. If the underwriters sell more shares
    than could be covered by the over-allotment option, a naked
    short position, the position can only be closed out by buying
    shares in the open market. A naked short position is more likely
    to be created if the underwriters are concerned that there could
    be downward pressure on the price of the shares in the open
    market after pricing that could adversely affect investors who
    purchase in the offering.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Penalty bids permit the representatives to
    reclaim a selling concession from a syndicate member when the
    common stock originally sold by the syndicate member is
    purchased in a stabilizing or syndicate covering transaction to
    cover syndicate short positions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These stabilizing transactions, syndicate
covering transactions and penalty bids may have the effect of
raising or maintaining the market price of our common stock or
preventing or retarding a decline in the market price of the
common stock. As a result, the price of our common stock may be
higher than the price that might otherwise exist in the open
market. These transactions may be effected on the Nasdaq
National Market or otherwise and, if commenced, may be
discontinued at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A prospectus in electronic format may be made
available on the web sites maintained by one or more of the
underwriters, or selling group members, if any, participating in
this offering. The representatives may agree to allocate a
number of shares to underwriters and selling group members for
sale to their online brokerage account holders. Internet
distributions will be allocated by the underwriters and selling
group members that will make internet distributions on the same
basis as other allocations.
</FONT>

<P align="center"><FONT size="2">77
</FONT>

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<!-- link1 "NOTICE TO CANADIAN RESIDENTS" -->
<DIV align="left"><A NAME="019"></A></DIV>

<P align="center">
<B><FONT size="2">NOTICE TO CANADIAN RESIDENTS</FONT></B>

<P align="left">
<B><FONT size="2">Resale Restrictions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The distribution of the common stock in Canada is
being made only on a private placement basis exempt from the
requirement that we and the selling stockholders prepare and
file a prospectus with the securities regulatory authorities in
each province where trades of common stock are made. Any resale
of the common stock in Canada must be made under applicable
securities laws which will vary depending on the relevant
jurisdiction, and which may require resales to be made under
available statutory exemptions or under a discretionary
exemption granted by the applicable Canadian securities
regulatory authority. Purchasers are advised to seek legal
advice prior to any resale of the common stock.
</FONT>

<P align="left">
<B><FONT size="2">Representations of Purchasers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By purchasing common stock in Canada and
accepting a purchase confirmation a purchaser is representing to
us, the selling stockholders and the dealer from whom the
purchase confirmation is received that;
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the purchaser is entitled under applicable
    provincial securities laws to purchase the common stock without
    the benefit of a prospectus qualified under those securities
    laws;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">where required by law, that the purchaser is
    purchasing as principal and not as agent; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the purchaser has reviewed the text above under
    Resale Restrictions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Rights of Action&nbsp;&#151; Ontario
Purchasers Only</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Ontario securities legislation, a purchaser
who purchases a security offered by this prospectus during the
period of distribution will have a statutory right of action for
damages, or while still the owner of the shares, for rescission
against us and the selling stockholders in the event that this
prospectus contains a misrepresentation. A purchaser will be
deemed to have relied on the misrepresentation. The right of
action for damages is exercisable not later than the earlier of
180&nbsp;days from the date the purchaser first had knowledge of
the facts giving rise to the cause of action and three years
from the date on which payment is made for the shares. The right
of action for rescission is exercisable not later than
180&nbsp;days from the date on which payment is made for the
shares. If a purchaser elects to exercise the right of action
for rescission, the purchaser will have no right of action for
damages against us or the selling stockholders. In no case will
the amount recoverable in any action exceed the price at which
the shares were offered to the purchaser and if the purchaser is
shown to have purchased the securities with knowledge of the
misrepresentation, we and the selling stockholders, will have no
liability. In the case of an action for damages, we and the
selling stockholders, will not be liable for all or any portion
of the damages that are proven to not represent the depreciation
in value of the shares as a result of the misrepresentation
relied upon. These rights are in addition to, and without
derogation from, any other rights or remedies available at law
to an Ontario purchaser. The foregoing is a summary of the
rights available to an Ontario purchaser. Ontario purchasers
should refer to the complete text of the relevant statutory
provisions.
</FONT>

<P align="left">
<B><FONT size="2">Enforcement of Legal Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All of our directors and officers as well as the
experts named herein and the selling stockholders may be located
outside of Canada and, as a result, it may not be possible for
Canadian purchasers to effect service of process within Canada
upon us or those persons. All or a substantial portion of our
assets and the assets of those persons may be located outside of
Canada and, as a result, it may not be possible to satisfy a
judgment against us or those persons in Canada or to enforce a
judgment obtained in Canadian courts against us or those persons
outside of Canada.
</FONT>

<P align="center"><FONT size="2">78
</FONT>

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<P align="left">
<B><FONT size="2">Taxation and Eligibility for
Investment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Canadian purchasers of common stock should
consult their own legal and tax advisors with respect to the tax
consequences of an investment in the common stock in their
particular circumstances and about the eligibility of the common
stock for investment by the purchaser under relevant Canadian
legislation.
</FONT>

<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="020"></A></DIV>

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Scudder Law Firm, P.C., L.L.O. of Lincoln,
Nebraska, will opine on the validity of our shares of common
stock and on certain legal matters in connection with this
offering for us and for the selling stockholders. Akin Gump
Strauss Hauer &#38; Feld LLP will opine on certain legal matters
in connection with this offering for the underwriters. Certain
members of Scudder Law Firm own, in the aggregate, 100,000
shares of our common stock, hold options to acquire 20,000
additional shares of our common stock, and own a one-percent
interest in Southwest Premier. Heidi Hornung-Scherr, a member of
Scudder Law Firm, serves as a director of Central Receivables,
Inc., the special purpose subsidiary established by us in
connection with our receivables securitization facility. Earl
Scudder, a member of Scudder Law Firm, served as one of our
directors from our founding in 1997 to September 2003.
Mr.&nbsp;Scudder is a director of Swift and Central Refrigerated.
</FONT>

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="021"></A></DIV>

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of Central
Freight Lines, Inc. and Subsidiaries as of December&nbsp;31,
2001 and 2002, and for each of the years in the three-year
period ended December&nbsp;31, 2002, have been included herein
in reliance upon the report of KPMG LLP, independent auditors,
appearing elsewhere herein and upon the authority of said firm
as experts in accounting and auditing. The audit report covering
the December&nbsp;31, 2002, consolidated financial statements
refers to a change in the method of accounting for goodwill and
other intangible assets. The consolidated financial statements
of Simon Transportation Services Inc. as of September&nbsp;30,
2000 and 2001 and for each of the years in the three-year period
ended September&nbsp;30, 2001, have been included herein and in
the registration statement in reliance upon the report of Arthur
Andersen LLP, independent public accountants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;11(a) of the Securities Act provides
that if any part of a registration statement at the time it
becomes effective contains an untrue statement of a material
fact or an omission to state a material fact required to be
stated therein or necessary to make the statements therein not
misleading, any person acquiring a security pursuant to such
registration statement (unless it is proved that at the time of
acquisition that such person knew of such untruth or omission)
may sue, among others, every accountant who has consented to be
named as having prepared or certified any part of the
registration statement with respect to the statement in such
registration statement, report, or valuation, which purports to
have been prepared or certified by the accountant. Since Arthur
Andersen LLP has not consented to the inclusion of the financial
statements of Simon Transportation Services Inc. as of
September&nbsp;30, 2000 and 2001, and for each of the years in
the three-year period ended September&nbsp;30, 2001, into this
prospectus or the registration statement of which this
prospectus is a part, you will not be able to recover against
Arthur Andersen LLP under Section&nbsp;11 of the Securities Act
for any untrue statements of a material fact contained in the
financial statements for such fiscal periods or any omissions to
state a material fact required to be stated therein.
</FONT>

<!-- link1 "WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION" -->
<DIV align="left"><A NAME="022"></A></DIV>

<P align="center">
<B><FONT size="2">WHERE YOU CAN OBTAIN ADDITIONAL
INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed a registration statement on
Form&nbsp;S-1 under the Securities Act to register the shares
offered by this prospectus with the Securities and Exchange
Commission (&#147;SEC&#148;). The term &#147;registration
statement&#148; means the original registration statement and
any and all amendments thereto, including the schedules and
exhibits to the original registration statement or any
amendment. This prospectus is part of that registration
statement. However, this prospectus does not contain all of the
information set forth in the registration statement or the
exhibits to the registration statement, and reference is made to
the registration statement for further information regarding us
and the common stock. In particular, copies of certain
agreements and other
</FONT>

<P align="center"><FONT size="2">79
</FONT>

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<DIV align="left">
<FONT size="2">documents discussed in this prospectus are
qualified by reference to such agreements and other documents as
filed.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When the registration statement becomes
effective, we will be subject to the reporting requirements of
the Exchange Act and, in accordance therewith, will file
reports, proxy statements, and other information with the SEC.
The registration statement, including the exhibits and schedules
thereto, and the reports, proxy statements, and other
information filed by us with the SEC can be inspected and copied
at the SEC&#146;s Public Reference Room, located at
450&nbsp;Fifth Street, N.W., Room&nbsp;1024, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for more
information about the Public Reference Room. The SEC also
maintains a site on the World Wide Web at http://www.sec.gov
that contains reports, proxy and information statements, and
other information regarding registrants that file electronically
with the SEC. We also provide access to these reports on our
website: <I>www.centralfreight.com</I>.
</FONT>

<P align="center"><FONT size="2">80
</FONT>

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<!-- link1 "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS" -->
<DIV align="left"><A NAME="023"></A></DIV>

<P align="center">
<B><FONT size="2">INDEX TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Central Freight Lines, Inc. and
    Subsidiaries</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Balance Sheets as of
    December&nbsp;31, 2002 and July&nbsp;5, 2003 (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Operations (unaudited)
    for the interim periods ended June&nbsp;15, 2002 and
    July&nbsp;5, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Cash Flows (unaudited)
    for the interim periods ended June&nbsp;15, 2002 and
    July&nbsp;5, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Unaudited Consolidated Financial
    Statements for the interim periods ended June&nbsp;15, 2002 and
    July&nbsp;5, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Independent Auditors&#146; Report
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Balance Sheets as of
    December&nbsp;31, 2001 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Operations for the
    years ended December&nbsp;31, 2000, 2001, and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Stockholders&#146;
    Equity for the years ended December&nbsp;31, 2000, 2001, and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Cash Flows for the
    years ended December&nbsp;31, 2000, 2001, and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Consolidated Financial Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Simon Transportation Services Inc. and
    Subsidiaries</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Report of Independent Public Accountants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Financial Position as
    of September&nbsp;30, 2001 and 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Operations for the
    years ended September&nbsp;30, 2001, 2000, and 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Stockholders&#146;
    Equity for the years ended September&nbsp;30, 2001, 2000, and
    1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Cash Flows for the
    years ended September&nbsp;30, 2001, 2000, and 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Consolidated Financial Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED BALANCE SHEETS</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2002 and July&nbsp;5,
2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands)</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(pro forma)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Assets</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts receivable less allowance for doubtful
    accounts and revenue adjustments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,734</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,950</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and equipment, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets held for sale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Intangibles and other assets, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">192,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Liabilities and Stockholders&#146;
    Equity</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payable to stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current maturities of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade accounts payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,293</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,293</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,518</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt, excluding current maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Related party financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,466</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164,111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">180,439</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock, $0.001 par value per share,
    5,000,000 shares authorized, none issued and outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock, $0.001 par value per share,
    60,000,000 shares authorized, 10,868,218 shares issued and
    outstanding as of December&nbsp;31, 2002 and July&nbsp;5, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,059</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(941</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(941</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes receivable from stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings (deficit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,213</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,374</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commitments and contingencies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities and stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">192,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to unaudited consolidated
financial statements.
</FONT>

<P align="center"><FONT size="2">F-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<DIV align="center">
<B><FONT size="2">Two quarters ended June&nbsp;15, 2002 and
July&nbsp;5, 2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Unaudited, dollars in thousands, except per
share data)</FONT></B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">170,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">198,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaries, wages, and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchased transportation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,713</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating and general supplies and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,672</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and claims
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Building and equipment rentals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">191,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other expense:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) from continuing operations before
    income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(129</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of tax
    expense of $52 in 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma C&nbsp;Corporation data:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Historical earnings (loss) from continuing
    operations before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(530</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma income tax benefit (expense)
    attributable to continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,029</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss) from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of pro
    forma income taxes of $403 in 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss) per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss) from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of pro
    forma income taxes of $403 in 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss) from continuing
    operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations, net of pro
    forma income taxes of $403 in 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to unaudited consolidated
financial statements.
</FONT>

<P align="center"><FONT size="2">F-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>

<DIV align="center">
<B><FONT size="2">Two quarters ended June&nbsp;15, 2002 and
July&nbsp;5, 2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Unaudited, dollars in thousands)</FONT></B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjustments to reconcile net earnings to net cash
    provided by operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bad debt expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in loss (earnings) of affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(844</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(215</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in operating assets and liabilities, net
    of effects of acquisition and disposition:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,821</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,098</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade accounts payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Claims and insurance accruals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,477</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses and other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,969</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,818</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additions to property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,465</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,862</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash paid for acquisition of business, net of
    cash acquired
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,606</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used in investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,834</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,630</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(171,419</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18,698</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Distributions to stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used in financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,395</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net increase (decrease) in cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,852</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,696</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at beginning of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,039</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to unaudited consolidated
financial statements.
</FONT>

<P align="center"><FONT size="2">F-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<DIV align="center">
<B><FONT size="2">June&nbsp;15, 2002 and July&nbsp;5,
2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands except per share
data)</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(1)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Basis of Presentation</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the rules and regulations of the
Securities and Exchange Commission, the accompanying
consolidated financial statements of Central Freight Lines, Inc.
and its wholly owned subsidiaries (the Company or Central) have
been prepared by Central, without audit by independent certified
public accountants. In the opinion of management, the unaudited
consolidated financial statements include all normal recurring
adjustments necessary to present fairly the information required
to be set forth therein. Certain information and note
disclosures normally included in financial statements prepared
in accordance with accounting principles generally accepted in
the United States of America have been condensed or omitted from
these statements pursuant to such rules and regulations and,
accordingly, should be read in conjunction with the consolidated
financial statements as of December&nbsp;31, 2001 and 2002 and
for each of the years in the three-year period ended
December&nbsp;31, 2002, included in this registration statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s fiscal year ends on
December&nbsp;31. During fiscal 2002, the Company&#146;s first
three fiscal quarters consisted of 12&nbsp;weeks each, and the
fourth fiscal quarter consisted of 16&nbsp;weeks. Commencing
January&nbsp;1, 2003, the Company&#146;s fiscal year consists of
four quarters, each with 13&nbsp;weeks.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(2)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Stock-Based Compensation</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company accounts for its stock-based employee
compensation plan under the recognition and measurement
principles of APB Opinion No.&nbsp;25, <I>Accounting for Stock
Issued to Employees, and Related Interpretations</I>. As such,
the Company records compensation expense only if the fair value
of the underlying stock exceeds the exercise price on the date
of grant. The following table illustrates the effect on adjusted
pro forma net (loss) earnings and adjusted pro forma net (loss)
earnings per share if the Company had applied the fair value
recognition provisions of SFAS No.&nbsp;123, <I>Accounting for
Stock-Based Compensation</I>, and as allowed by SFAS
No.&nbsp;148, <I>Accounting for Stock-Based
Compensation&nbsp;&#151; Transition and Disclosure, an amendment
of FASB No.&nbsp;123</I>, to stock-based employee compensation
and had the Company been a C&nbsp;corporation in such periods.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings, as reported
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock-based employee compensation expense
    included in reported net earnings, net of related tax effects
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deduct:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stock-based employee compensation expense
    determined under fair value based method for all awards, net of
    related tax effects
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(855</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(129</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,418</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma federal income tax adjustment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,639</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(843</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net (loss) earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(221</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net (loss) earnings per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.02</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.02</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(3)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Acquisition and Discontinued
    Operations</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;22, 2002, the Company, through its
subsidiary Central Refrigerated Service, Inc. (Central
Refrigerated), acquired substantially all of the operations and
assets of Simon Transportation in exchange for cash and the
assumption of certain liabilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective December&nbsp;31, 2002, the Company
transferred all of its outstanding shares of Central
Refrigerated to the principal shareholder of the Company and one
of his affiliates in exchange for the cancellation of
approximately $14,700 of debt owed by the Company to them.
Accordingly, the operating results of Central Refrigerated have
been reflected as discontinued operations in the accompanying
consolidated statement of operations for the twenty-four weeks
ended June&nbsp;15, 2002. As part of this disposition, the
Company agreed to pay approximately $8,300 to Central
Refrigerated from proceeds of an initial public offering. The
$8,300 payment will be recorded as expense upon closing of the
Company&#146;s initial public offering.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(4)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Change in Accounting Estimate</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the first quarter of 2003, the Company revised
the estimated useful lives and salvage values of certain classes
of property and equipment to more appropriately reflect how the
assets are expected to be used over time. If the Company had not
changed the estimated useful lives of such property and
equipment, additional depreciation expense of approximately $290
would have been recorded during the twenty-six weeks ended
July&nbsp;5, 2003. Accordingly, the change in estimate resulted
in an increase in net earnings of approximately $290 for the
twenty-six weeks ended July&nbsp;5, 2003.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(5)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">New Accounting Standards</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued Interpretation
No.&nbsp;45 (FIN&nbsp;45), <I>Guarantor&#146;s Accounting and
Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, an interpretation of FASB
Statements No.&nbsp;5, 57, and 107 and rescission of FASB
Interpretation No.&nbsp;34</I>. This interpretation addresses
the disclosures to be made by a guarantor and requires a
guarantor to recognize a liability for the fair value of a
guarantee. In January 2003, the FASB issued Interpretation
No.&nbsp;46 (FIN&nbsp;46), <I>Consolidation of Variable Interest
Entities, an Interpretation of ARB No.&nbsp;51</I>. The adoption
of FIN&nbsp;45 and FIN&nbsp;46 did not have a material impact on
the consolidated financial statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May 2003, the Financial Accounting Standards
Board issued Statement (FASB) No.&nbsp;150, <I>Accounting for
Certain Financial Instruments with Characteristics of both
Liabilities and Equity</I> (SFAS&nbsp;150), which requires that
certain financial instruments be presented as liabilities that
were previously presented as equity or as temporary equity. Such
instruments include mandatory redeemable preferred and common
stock, and certain options and warrants. SFAS&nbsp;150 is
effective for financial instruments entered into or modified
after May&nbsp;31, 2003, and is generally effective at the
beginning of the first interim period beginning after
June&nbsp;15, 2003. At this time, management estimates that the
adoption of SFAS&nbsp;150 will not have any impact on the
Company&#146;s consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(6)&nbsp;Pro Forma Earnings Per
Share</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pro forma earnings per share was calculated as
follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Four</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Twenty-Six</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weeks Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">June&nbsp;15, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July&nbsp;5, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma federal tax adjustment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,959</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(900</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic shares (weighted average shares outstanding)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dilutive effect of stock options
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,161,443</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,809,047</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted shares outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,029,661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,677,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma basic earnings per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma diluted earnings per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, 405,236
and 305,444 stock options were anti-dilutive, and have been
excluded from the calculation of diluted earnings per share.
</FONT>

<P align="left">
<B><FONT size="2">(7)&nbsp;Long-term Debt and Related Party
Financing</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(a)&nbsp;Long-term Debt</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Long-term debt consists of the following:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">July 5,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securitization Facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving Facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment notes payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,970</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has a $40,000 revolving accounts
receivable securitization facility (the Securitization Facility)
and a $19,000 revolving credit facility (the Revolving
Facility). Under the Securitization Facility, the Company, on a
revolving basis, sells its interest in its accounts receivable
to Central Receivables, a wholly-owned special purpose
subsidiary. The assets and liabilities of Central Receivables
are included in the consolidated financial statements of the
Company. The Company can receive up to $40,000 of proceeds,
subject to eligible receivables, and will pay a service fee
recorded as interest expense, as defined in the agreement. The
Company will pay commercial paper interest rates plus an
applicable margin on the proceeds received. Interest is
generally payable monthly. The proceeds received have been
reflected as a long-term liability in the consolidated financial
statements as the committed termination date is April&nbsp;27,
2005. The Securitization Facility includes certain restrictions
and financial covenants. As of July&nbsp;5, 2003, borrowings
outstanding under the Securitization Facility were $30,500 with
a weighted average interest rate of 2.24%. The Company must pay
a commitment fee equal to 0.2% per annum of 102% of the facility
limit minus the
</FONT>

<P align="center"><FONT size="2">F-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">aggregate principal balance, as well as an
administrative fee equal to 0.15% per annum of the uncommitted
balance. At July&nbsp;5, 2003, the Company had $1,684 available
under the Securitization Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Revolving Facility, the Company can
receive up to $19,000 of proceeds, secured by certain revenue
equipment. On July&nbsp;5, 2003, the Company had outstanding
borrowings of $2,400 under this facility. The Revolving Facility
accrues interest at either a variable base rate equal to the
bank&#146;s prime lending rate or at a variable rate equal to
LIBOR plus 175 basis points (4.0% at July&nbsp;5, 2003).
Interest is payable in periods from one to three months at the
option of the Company. The Company must maintain certain
financial and nonfinancial covenants. The Company also had
letters of credit of $13,746 outstanding under the Revolving
Facility at July&nbsp;5, 2003. The Company must pay a commitment
fee equal to 0.25% per annum on the daily unused Revolving
Facility as well as a letter of credit fee equal to 1.75% per
annum on the average daily amount of the letters of credit. The
maturity date of the Revolving Facility is October&nbsp;31,
2004. At July&nbsp;5, 2003, the Company had $2,854 available
under the Revolving Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has entered into a number of note
agreements with a third party to acquire equipment for use in
its operations. The balance of these notes was $22,145 and
$17,970 at December&nbsp;31, 2002, and July&nbsp;5, 2003,
respectively. These notes with fixed interest rates ranging from
6.75% to 8.9% mature at various dates through July 2006 and
require monthly principal and interest payments through
maturity. These notes are secured by the equipment acquired.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;</FONT></I></B></TD>
    <TD>
    <B><I><FONT size="2">Related Party Financing</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the Company entered into an agreement
with Southwest Premier, an entity controlled by the
Company&#146;s principal stockholder, for the sale and leaseback
of the land, structures and improvements of certain of the
Company&#146;s terminals. For financial accounting purposes,
this transaction has been accounted for as a financing
arrangement. Consequently, the related land, structures and
improvements remain on the Company&#146;s balance sheet. The
initial lease term is for ten years with options for an
additional ten years at the then fair market rental rate. On
February&nbsp;20, 2003, the lease agreement under the related
party financing was amended to increase the aggregate annual
payments from $2,930 to $6,267, which the Company believes
represents the fair market value of these leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since the fair value of the properties sold and
leased back has always equaled or exceeded the proceeds from the
financing arrangement, the annual lease payments have been
reflected as a cost of the financing and recorded as interest
expense. The amount outstanding under the financing agreement
was $23,543 at December&nbsp;31, 2002, and July&nbsp;5, 2003.
</FONT>

<P align="left">
<B><FONT size="2">(8)&nbsp;Income Taxes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Central and its subsidiaries have elected
S&nbsp;Corporation status for federal income tax purposes.
Accordingly, the accompanying consolidated financial statements
do not include the effects of federal income taxes and income
taxes consist solely of state income taxes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the Company elected S&nbsp;Corporation
status for federal income tax purposes. Due to the uncertainty
of the recognition of certain items as an S&nbsp;Corporation
versus a C&nbsp;Corporation, the Company recorded a $1,784
reserve for the contingent expense that could have resulted from
any related tax assessments. In June 2002, the Company
determined that this reserve was no longer necessary.
Accordingly, during the quarter ended June&nbsp;15, 2002, the
Company reversed the amount of the reserve as a reduction of
income tax expense.
</FONT>

<P align="left">
<B><FONT size="2">(9)&nbsp;Cash Flow Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Short-term interest-bearing instruments with
maturities of three months or less at the date of purchase are
considered cash equivalents.
</FONT>

<P align="center"><FONT size="2">F-8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, the
Company paid cash for interest of $4,061 and $4,194,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, the
Company paid cash for income taxes of $57 and $0, respectively.
</FONT>

<P align="left">
<B><FONT size="2">(10)&nbsp;Contingencies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is involved in certain claims and
pending litigation arising from the normal conduct of business.
Based on the present knowledge of the facts, management believes
the resolution of the claims and pending litigation will not
have a materially adverse effect on the financial position,
results of operations or liquidity of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2003, management was notified by its
insurance carrier that the exposure related to two open claims
would likely reach the Company&#146;s $1,000 deductible. The
Company recorded the related expense of $1,773 as of
July&nbsp;5, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is subject to loss contingencies
pursuant to federal, state and local environmental regulations
dealing with the transportation, storage, presence, use,
disposal, and handling of hazardous materials, discharge of
storm water and fuel storage tanks. Environmental liabilities,
including remediation costs, are accrued when amounts are
probable and are reasonably estimatable.
</FONT>

<P align="left">
<B><FONT size="2">(11)&nbsp;Related-Party Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, the
Company incurred approximately $10,044 and $12,209,
respectively, for transportation services provided by companies
for which the Company&#146;s principal stockholder is the
Chairman. At December&nbsp;31, 2002, and July&nbsp;5, 2003, the
Company had payables of $518 and $2,645, respectively, for these
transportation services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002 and the twenty-six weeks ended July&nbsp;5, 2003, the
Company incurred $43 and $214, respectively, to an entity owned
by a stockholder of the Company for legal services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, the
Company had tire sales of approximately $1,663 and $962 to an
affiliate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective February&nbsp;20, 2003, the Company
amended its lease agreements with a related party that were
recorded as operating leases to reduce the aggregate annual rent
from $1,447 to $899. When combined with the change to the lease
recorded as a financing arrangement discussed in note&nbsp;7(b),
the aggregate annual rent to the related party under all leases
increased to $7,166 from $4,377. During the twenty-four weeks
ended June&nbsp;15, 2002, and the twenty-six weeks ended
July&nbsp;5, 2003, the Company incurred $683 and $522,
respectively, to the related party under the operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, the
Company incurred $232 and $346, respectively to lease the land
and improvements of five terminals from its principal
stockholder and one of his affiliates.
</FONT>

<P align="left">
<B><FONT size="2">(12)&nbsp;Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On January&nbsp;13, 2003, the Company granted
100,000 options at an exercise price of $5.86 to its newly hired
Senior Vice President of Marketing. The options vest over five
years and expire ten years from the date of grant.
</FONT>

<P align="center"><FONT size="2">F-9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(13)&nbsp;Health Plan Amendment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the first quarter of 2003, the Company
amended one of its health plans resulting in a reduction of
benefits. The Company recorded a gain of $2,489 as a result of
this amendment.
</FONT>

<P align="left">
<B><FONT size="2">(14)&nbsp;Pro Forma Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with its initial public offering,
the Company will convert from an S&nbsp;Corporation to a
C&nbsp;Corporation for federal income tax purposes. The
unaudited pro forma consolidated balance sheet is based upon the
historical consolidated balance sheet and gives effect to
(i)&nbsp;the estimated distribution of the $4,218 undistributed
S&nbsp;Corporation accumulated adjustments account to the
Company&#146;s existing stockholders immediately prior to the
offering through an increase in current maturities of long-term
debt, (ii)&nbsp;the reclassification of remaining retained
earnings to additional paid in capital, (iii)&nbsp;the
establishment of net current deferred tax assets of
approximately $4,125 and net long-term deferred tax liabilities
of approximately $12,393 as a result of the conversion to C
corporation status, and (iv)&nbsp;an $8,300 charge to earnings
related to a payment of an $8,300 payable to Central
Refrigerated upon completion of the initial public offering,
which will be more than offset by receipt of an approximately
$8,600 receivable (including $595 of unaccrued interest) due
from the owner of Central Refrigerated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Deferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Deferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Note</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income Tax</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Tax</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Additional</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Receivable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Asset&nbsp;&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Payable to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Liability&nbsp;&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Paid-in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">from</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retained</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Current</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stockholder</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Long-term</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Capital</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stockholder</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Earnings</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(i)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Distribution
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,218</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(ii)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Elimination of remaining retained earnings
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,425</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(iii)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Establishment of deferred tax assets and
    liabilities
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,393</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,268</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(iv)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Payment to principal stockholder and affiliates
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(595</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The unaudited pro forma consolidated statements
of operations for the twenty-four weeks ended June&nbsp;15,
2002, and the twenty-six weeks ended July&nbsp;5, 2003, are
based on the historical consolidated statements of operations
and give effect to pro forma income taxes as if the Company were
a C&nbsp;corporation for the entire duration of all periods
presented.
</FONT>

<P align="left">
<B><FONT size="2">(15)&nbsp;Subsequent Event</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is filing a registration statement
for an initial public offering of its common stock, the proceeds
of which will be used to repay existing debt, make certain
distributions and payments to stockholders, and the remainder
will be used for general corporate purposes, including working
capital.
</FONT>

<P align="center"><FONT size="2">F-10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">INDEPENDENT AUDITORS&#146; REPORT</FONT></B>

<P align="left">
<FONT size="2">The Board of Directors <BR>
 Central Freight Lines, Inc.:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have audited the accompanying consolidated
balance sheets of Central Freight Lines, Inc. (a Nevada
S&nbsp;Corporation) and subsidiaries (the Company) as of
December&nbsp;31, 2001 and 2002, and the related consolidated
statements of operations, stockholders&#146; equity, and cash
flows for each of the years in the three-year period ended
December&nbsp;31, 2002. These consolidated financial statements
are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these consolidated
financial statements based on our audits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We conducted our audits in accordance with
auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In our opinion, the consolidated financial
statements referred to above present fairly, in all material
respects, the financial position of Central Freight Lines, Inc.
and subsidiaries as of December&nbsp;31, 2001 and 2002, and the
results of their operations and their cash flows for each of the
years in the three-year period ended December&nbsp;31, 2002, in
conformity with accounting principles generally accepted in the
United States of America.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As discussed in note 2 to the consolidated
financial statements, the Company changed its method of
accounting for goodwill and other intangible assets in
accordance with Statement of Financial Accounting Standards
No.&nbsp;142, <I>Goodwill and Other Intangible Assets </I>in
2002.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">KPMG LLP
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Dallas, Texas
</FONT>

<DIV align="left">
<FONT size="2">February&nbsp;20, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">F-11
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED BALANCE SHEETS</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2001 and 2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands)</FONT></B>
</DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2">Assets</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts receivable less allowance for doubtful
    accounts and revenue adjustments of $6,703 in 2001 and $5,144 in
    2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,734</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,028</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Advances to affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and equipment, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets held for sale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Intangibles and other assets, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">195,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2">Liabilities
    and Stockholders&#146; Equity</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current maturities of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,273</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade accounts payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,921</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt, excluding current maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Related party financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,466</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">172,575</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock; $0.001 par value per share;
    5,000,000 shares authorized; none issued or outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock; $0.001 par value per share;
    authorized 60,000,000 shares; issued 11,692,572 in 2001 and
    10,868,218 in 2002; outstanding 10,868,218 in 2001 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,059</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes receivable from stockholder and affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,671</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,213</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock at cost, 824,354 shares in 2001,
    no shares in 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,787</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,374</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commitments and contingencies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities and stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">195,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">F-12
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<DIV align="center">
<B><FONT size="2">Years ended December&nbsp;31, 2000, 2001, and
2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands except per share
amounts)</FONT></B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">362,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">395,702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaries, wages, and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">211,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">232,714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">208,754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchased transportation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating and general supplies and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and claims
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,209</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Building and equipment rentals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">345,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">391,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">356,340</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other expense:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;from continuing operations
    before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(402</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma C Corporation data (unaudited):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Historical earnings (loss)&nbsp;from continuing
    operations before income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,781</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,603</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma earnings (loss)&nbsp;per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">F-13
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146;
EQUITY</FONT></B>

<DIV align="center">
<B><FONT size="2">Years ended December&nbsp;31, 2000, 2001, and
2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands)</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares, Net of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Additional</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Notes Receivable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Treasury</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Paid-in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unearned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">from Stockholder</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retained</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Treasury</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stockholders&#146;</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Capital</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Affiliate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Earnings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Equity</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balances at December&nbsp;31, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,196,404</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,647</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,108,736</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Options exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">858,126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Distributions paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,674</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,674</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balances at December&nbsp;31, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,945,794</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,283</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(77,576</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Advances to stockholders and affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Distributions paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,491</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,491</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balances at December&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,868,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,671</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,787</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,302</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Issuance of common shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,148</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retirement of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,086</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Advances to stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,542</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,542</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Stock option compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,189</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,059</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balances at December&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,868,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,059</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">F-14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>

<DIV align="center">
<B><FONT size="2">Years ended December&nbsp;31, 2000, 2001, and
2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands)</FONT></B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjustments to reconcile net earnings
    (loss)&nbsp;to net cash provided by operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bad debt expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,025</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in loss (earnings) of affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on sale of subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,819</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(188</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Change in operating assets and liabilities, net
    of purchase accounting effects:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,979</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,638</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,985</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">496</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,078</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade accounts payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,573</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,098</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,662</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Claims and insurance accruals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,601</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses and other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,086</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,579</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,175</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additions to property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,982</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,186</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,008</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">847</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash paid for acquisition of businesses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(422</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,606</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash of subsidiary sold
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Advances to stockholders and affiliates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,348</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayment of advances to affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,567</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used in investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,290</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,542</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,764</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">414,849</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">458,607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(416,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(469,200</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(168,072</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from issuance of common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Initial public offering costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(367</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Distributions paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,674</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,491</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used in financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,079</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,588</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,231</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net increase (decrease) in cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(194</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">See accompanying notes to consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">F-15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2000, 2001, and
2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands except per share
amounts)</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">(1)&nbsp;Business of the Company</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Central Freight Lines, Inc. is a Nevada holding
company that owns Central Freight Lines, Inc a Texas corporation
(collectively, the Company or Central). Central is a regional
less than truckload (LTL) trucking company that has operations
in one reportable segment that are concentrated in the
Southwestern region of the United States of America. Central
maintains alliances with other similar companies to complete
transportation of shipments outside of its operating territory.
During the three years ended December&nbsp;31, 2002, the
preponderance of the Company&#146;s freight was either picked up
or delivered in Texas, representing a concentration of risk to
economic conditions of Texas.
</FONT>

<P align="left">
<B><FONT size="2">(2)&nbsp;Summary of Significant Accounting
Policies and Practices</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(a)&nbsp;Basis of Presentation and
    Principles of Consolidation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements include the
accounts of Central and its subsidiaries. All significant
intercompany balances and transactions of the consolidated
subsidiaries have been eliminated. As discussed in note&nbsp;3,
the Company acquired and disposed of Central Refrigerated
Service, Inc. (Central Refrigerated) during 2002. Central
Refrigerated has been accounted for as a discontinued operation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the three years ended December&nbsp;31, 2002,
the Company used 13&nbsp;four-week accounting periods with
12&nbsp;weeks in each of the first three fiscal quarters and
16&nbsp;weeks in the fourth fiscal quarter. Effective
January&nbsp;1, 2003, the Company changed to four, thirteen-week
fiscal quarters.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(b)&nbsp;Use of Estimates</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management of the Company makes estimates and
assumptions relating to the reporting of assets and liabilities
and the disclosure of contingent assets and liabilities at the
date of the financial statements and the reporting of revenues
and expenses during the reporting periods to prepare the
financial statements in conformity with accounting principles
generally accepted in the United States of America. Actual
results could differ from those estimates.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(c)&nbsp;Tires in Service</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company capitalizes tires placed in service
on new revenue equipment as a part of the equipment cost.
Replacement tires and costs for recapping tires are expensed at
the time the tires are placed in service.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(d)&nbsp;Property and
    Equipment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Property and equipment are recorded at cost.
Prior to 2002, depreciation of property and equipment is
calculated on the straight-line method over the estimated useful
lives of 3 to 7&nbsp;years for revenue and service equipment, 3
to 20&nbsp;years for buildings and improvements and 3 to
7&nbsp;years for furniture and office equipment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the first quarter of 2002, the Company revised
the estimated useful lives and salvage values of certain classes
of property and equipment to more appropriately reflect how the
assets are expected to be used over time. Beginning in 2002,
depreciation of property and equipment is calculated on the
straight-line method over the estimated useful lives of 5 to
12&nbsp;years for revenue and service equipment. If the Company
had not changed the estimated useful lives of such property and
equipment, additional depreciation expense of approximately
$2,939 would have been recorded during the year ended
December&nbsp;31, 2002. The change in estimates resulted in an
increase of net earnings of approximately $2,807 for the year
ended December&nbsp;31, 2002.
</FONT>

<P align="center"><FONT size="2">F-16
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net gains (losses) on the disposition of property
and equipment were $602, $33 and ($1) for the years ended
December&nbsp;31, 2000, 2001 and 2002 respectively.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(e)&nbsp;Impairment of Long-Lived
    Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company reviews long-lived assets and certain
identifiable intangibles for impairment whenever events or
changes in circumstances indicate the carrying amount of an
asset may not be recoverable. Recoverability of assets to be
held and used is measured by a comparison of the carrying amount
of an asset to future undiscounted net cash flows expected to be
generated by the asset. If such assets are considered to be
impaired, the impairment to be recognized is measured by the
amount by which the carrying amount of the assets exceeds the
fair value of the assets. There were no impairments during
fiscal 2000, 2001 or 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company adopted Statement of Financial
Accounting Standards (SFAS) No.&nbsp;142, <I>Goodwill and Other
Intangible Assets</I>, on January&nbsp;1, 2002. As of that date,
goodwill is no longer amortized but is tested annually for
impairment using a fair value approach. Pursuant to
SFAS&nbsp;142, Central has determined that, as of
January&nbsp;1, 2002, there has been no impairment to the
carrying value of goodwill.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table presents the impact of
SFAS&nbsp;142 on adjusted pro forma net earnings (loss)&nbsp;and
adjusted pro forma earnings (loss)&nbsp;per share had the
standard been in effect for the years ended December&nbsp;31,
2000 and 2001 and had the Company been a C&nbsp;corporation in
such years (in thousands, except per share amounts):
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)&nbsp;as reported
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma income tax adjustment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,841</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">989</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,603</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add back: goodwill amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">346</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,269</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,257</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma basic earnings (loss)&nbsp;per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Goodwill amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma diluted earnings (loss)&nbsp;per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Goodwill amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(f)&nbsp;Revenue Recognition</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company recognizes revenue upon the delivery
of the related freight.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(g)&nbsp;Income Taxes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Income taxes are accounted for under the asset
and liability method. Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in
which
</FONT>

<P align="center"><FONT size="2">F-17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">those temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in operations
in the period that includes the enactment date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has elected S&nbsp;corporation status
under which federal income tax attributes flow directly to the
stockholders. Accordingly, the accompanying consolidated
financial statements do not include federal income taxes. In
connection with its initial public offering, the Company will
convert to a C&nbsp;corporation for federal income tax purposes.
See notes&nbsp;18 and 21.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(h)&nbsp;Credit Risk</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Financial instruments that potentially subject
the Company to concentrations of credit risk consist primarily
of trade receivables. Concentrations of credit risk with respect
to trade receivables are limited due to the Company&#146;s large
number of customers and the diverse range of industries which
they represent. As of December&nbsp;31, 2001 and 2002, the
Company had no significant concentrations of credit risk.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(i)&nbsp;Stock-Based
    Compensation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has a stock-based employee
compensation plan, which is described more fully in note&nbsp;9.
The Company accounts for that plan under the recognition and
measurement principles of APB Opinion No.&nbsp;25, <I>Accounting
for Stock Issued to Employees</I>, and related interpretations.
As such, the Company records compensation expense only if the
fair value of the underlying stock exceeds the exercise price on
the date of grant. The following table illustrates the effect on
adjusted pro forma net earnings (loss)&nbsp;and adjusted pro
forma earnings (loss)&nbsp;per share if the Company had applied
the fair value recognition provisions of FASB Statement
No.&nbsp;123, <I>Accounting for Stock-Based Compensation,</I>
and as allowed by SFAS No.&nbsp;148, <I>Accounting for
Stock-Based Compensation&nbsp;&#151; Transition and Disclosure,
an Amendment of FASB No.&nbsp;123</I>, to stock-based employee
compensation and had the Company been a C&nbsp;corporation in
such years.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss), as reported:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Add:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock-based employee compensation expense
    included in reported net earnings, net of related tax effects
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,039</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deduct:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stock-based employee compensation expense
    determined under fair value based method for all awards, net of
    related tax effects
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,325</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,761</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,495</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma federal income tax adjustment
    (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,748</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,028</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,223</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net earnings (loss) (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,684</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,688</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjusted pro forma net earnings (loss)&nbsp;per
    share (unaudited):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.25</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.25</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, the Company granted options at an
exercise price that was less than fair value, resulting in
approximately $1,189 of compensation to employees which is being
expensed over the vesting period of these options. Compensation
expense of $130 was recognized in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2000, the Company purchased 250,610 shares of
stock from certain executives. Compensation expense of $4,039
was recorded to reflect the excess of the amount paid over the
fair value of such stock.
</FONT>

<P align="center"><FONT size="2">F-18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(j)&nbsp;Claims and Insurance
    Accruals</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Claims accruals represent the estimated costs to
repair and replace damaged goods resulting from cargo claims.
Insurance accruals reflect the estimated cost of claims for
bodily injury and property damage, workers&#146; compensation
and employee health care not covered by insurance. These
liabilities for self-insurance are accrued based on claims
incurred and on estimates of both unasserted and unsettled
claims which are assessed based on management&#146;s evaluation
of the nature of the claims and the Company&#146;s past claims
experience. The portion of the accrual classified as a current
liability represents management&#146;s estimate of that portion
of the claims that will be settled in the next twelve months.
Total claims and insurance accruals were $19,555 and $18,756 at
December&nbsp;31, 2001 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">While management believes that amounts included
in the accompanying financial statements are adequate, such
estimates may be more or less than the amounts ultimately paid
when the claims are settled. The estimates are continually
reviewed and any changes are reflected in current operations.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(k)&nbsp;Pro Forma Earnings (Loss) Per
    Share</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pro forma earnings (loss)&nbsp;per share has been
calculated as if the Company were a C&nbsp;corporation for
federal income tax purposes. Pro forma basic earnings
(loss)&nbsp;per share is calculated using the weighted average
number of shares outstanding. The weighted average shares
outstanding used in the calculation of pro forma diluted
earnings (loss)&nbsp;per share includes the dilutive effect of
options to purchase common stock, calculated using the treasury
stock method.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(l)&nbsp;Recently Issued Accounting
    Standards</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In August 2001, the FASB issued SFAS
No.&nbsp;144, <I>Accounting for the Impairment or Disposal of
Long-Lived Assets</I>, that superseded SFAS No. 121 and APB
Opinion No.&nbsp;30. SFAS&nbsp;144 provides guidance on
differentiating between assets held and used, held for sale, and
held for disposal other than by sale, and the required valuation
of such assets. SFAS&nbsp;144 is effective for fiscal years
beginning after December&nbsp;15, 2001. In June 2002, the FASB
issued SFAS 146, <I>Accounting for Costs Associated with Exit or
Disposal Activities,</I> which is effective for exit or disposal
activities initiated after December&nbsp;31, 2002. SFAS&nbsp;146
requires that a liability for a cost associated with an exit or
disposal activity be recognized when the liability is incurred,
whereas under EITF No.&nbsp;94-3 such liabilities were
recognized at the commitment date of an exit plan. The adoption
of SFAS No.&nbsp;144 and SFAS No.&nbsp;146 in 2002 did not have
an impact on the Company&#146;s consolidated financial
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, the FASB issued SFAS
No.&nbsp;148, <I>Accounting for Stock-Based
Compensation&nbsp;&#151; Transition and Disclosure, an Amendment
of FASB Statement No.&nbsp;123</I>. SFAS 148 provides three
alternative transition methods for companies that choose to
adopt the fair value measurement provisions of SFAS&nbsp;123
with respect to stock-based compensation. SFAS No.&nbsp;148 also
amends the disclosure requirements in SFAS&nbsp;123. Other than
the additional disclosure requirements that have been provided
in the accompanying notes to the consolidated financial
statements, SFAS&nbsp;148 did not affect the Company as it did
not adopt the fair value measurement provisions of SFAS&nbsp;123.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued Interpretation
No.&nbsp;45, <I>Guarantor&#146;s Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others, an Interpretation of FASB Statements
No.&nbsp;5, 57, and 107 and rescission of FASB Interpretation
No.&nbsp;34</I>. This interpretation addresses the disclosures
to be made by a guarantor and requires a guarantor to recognize
a liability for the fair value of a guarantee. In January 2003,
the FASB issued Interpretation No.&nbsp;46, <I>Consolidation of
Variable Interest Entities, an interpretation of ARB
No.&nbsp;51</I>. The Company does not believe that these
pronouncements will have a significant impact on its
consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">(m)&nbsp;Reclassifications</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain prior year amounts have been reclassified
to conform with the current year presentation.
</FONT>

<P align="left">
<B><FONT size="2">(3)&nbsp;Acquisition and Discontinued
Operations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;22, 2002, the Company, through its
subsidiary Central Refrigerated, acquired substantially all of
the operations and assets of Simon Transportation Services Inc.
DIP, and its subsidiaries, Dick Simon Trucking, Inc. DIP and
Simon Terminal LLC DIP (collectively, Simon Transportation) in
exchange for cash and the assumption of certain liabilities. The
assets acquired and liabilities assumed were recorded at
estimated fair values as determined by the Company&#146;s
management based on information currently available and on
assumptions as to future operations. The total consideration
paid was approximately $600 less than the estimated fair value
of the acquired assets and was recorded as a reduction to
property and equipment. In connection with this acquisition, the
Company borrowed approximately $3,300 and assumed certain notes
payable to Central&#146;s principal stockholder and affiliates
totaling $11,400. The following table summarizes the estimated
fair value of the assets acquired and liabilities assumed in the
acquisition:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets acquired:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets acquired
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,837</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to shareholder and affiliate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities assumed
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(69,104</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Direct costs of the acquisition
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(727</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash consideration paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following unaudited pro forma consolidated
results of operations for the years ended December&nbsp;31, 2001
and 2002 assume the Central Refrigerated acquisition was
completed on January&nbsp;1, 2001:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46,144</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss per share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4.23</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4.23</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective December&nbsp;31, 2002, the Company
transferred all of its outstanding shares of Central
Refrigerated to the principal shareholder of the Company and one
of his affiliates in exchange for the cancellation of
approximately $14,700 of debt owed by the Company to them. The
purchase price was based on the beginning equity of Central
Refrigerated. As such, the net book value of Central
Refrigerated assets exceeded the purchase price by the amount of
current year earnings of Central Refrigerated. Thus, the loss on
disposal of Central Refrigerated is offset by the earnings from
its operations as follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="84%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on disposal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,256</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Included in the earnings from discontinued
operations is Central Refrigerated depreciation expense of
$4,845.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As part of this disposition, the Company agreed
to pay approximately $8,300 to the stockholders of Central
Refrigerated only if the Company is able to complete its initial
public offering. The $8,300 payment will be recorded as expense
upon closing of the Company&#146;s initial public offering.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(4)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Property and Equipment</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Property and equipment consist of the following
at December&nbsp;31, 2001 and 2002:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue and service equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">154,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">156,106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Structures and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,463</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and office equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,298</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">203,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less accumulated depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">76,772</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenue and service equipment includes assets
under capitalized leases of $42,143 and $44,816 at
December&nbsp;31, 2001 and 2002, respectively, and related
accumulated amortization of $6,172 and $11,338 at
December&nbsp;31, 2001 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, the Company closed certain terminals
that were being financed by a related party (see
note&nbsp;7(b)). These assets, which consist of land and
structures, are no longer in service and are classified as
assets held for sale in the amounts of $1,148 and $1,139 as of
December&nbsp;31, 2001 and 2002, respectively. No gain or loss
has been recognized on these assets in the accompanying
consolidated statements of operations.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(5)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Intangible and Other Assets</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Intangible assets and other assets consist of the
following at December&nbsp;31, 2001, and 2002.
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Goodwill
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,395</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Goodwill has been amortized on a straight-line
basis over 15&nbsp;years in 2001. On January&nbsp;1, 2002, the
Company adopted SFAS&nbsp;142, and therefore did not amortize
goodwill in 2002 (see note&nbsp;2(e)).
</FONT>

<P align="center"><FONT size="2">F-21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(6)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Accrued Expenses</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Current accrued expenses consist of the following
at December&nbsp;31, 2001, and 2002:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Employee related compensation and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Claims and insurance accruals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(7)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Long-Term Debt and Related Party
    Financing</FONT></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;</FONT></I></B></TD>
    <TD>
    <B><I><FONT size="2">Long-Term Debt</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Long-term debt consists of the following at
December&nbsp;31, 2001, and 2002:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securitization Facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving Facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term loan facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment notes payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital lease obligations (see note&nbsp;13)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,727</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,273</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;30, 2002, the Company entered into
a $40,000 revolving accounts receivable securitization facility
(the Securitization Facility) and a $14,000 revolving credit
facility (the Revolving Facility). Under the Securitization
Facility, the Company, on a revolving basis, sells its interests
in its accounts receivable to Central Receivables, a
wholly-owned, special purpose subsidiary. The assets and
liabilities of Central Receivables are included in the
consolidated financial statements of the Company. The Company
can receive up to $40,000 of proceeds, subject to eligible
receivables and will pay a service fee recorded as interest
expense, as defined in the agreement. The Company will pay
commercial paper interest rates plus an applicable margin on the
proceeds received. Interest is generally payable monthly. The
proceeds received have been reflected as a long-term liability
in the financial statements as the committed termination date is
April&nbsp;30, 2004. The Securitization Facility includes
certain restrictions and financial covenants. As of
December&nbsp;31, 2002, borrowings outstanding under the
Securitization Facility were $25,500 with a weighted average
interest rate of 2.90%. The proceeds were used to extinguish the
Company&#146;s previous revolving credit facility and term loan
facility. The Company must pay a commitment fee equal to 0.2%
per annum of 102% of the facility limit minus the aggregate
principal balance, as well as an administrative fee equal to
0.15% per annum of the uncommitted balance. At December&nbsp;31,
2002, the Company had $1,476 available under the Securitization
Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Revolving Facility, the Company can
receive up to $14,000 of proceeds, secured by certain revenue
equipment. On December&nbsp;31, 2002, the Company had no
outstanding borrowings under this facility. The Revolving
Facility accrues interest at either a variable base rate equal
to the bank&#146;s prime lending rate or at a variable rate
equal to LIBOR plus 175 basis points. Interest is payable in
periods from one to three months at the option of the Company.
The Company must maintain certain financial and nonfinancial
covenants. The Company also had letters of credit of $11,125
outstanding under the Revolving Facility at
</FONT>

<P align="center"><FONT size="2">F-22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">December&nbsp;31, 2002. The Company must pay a
commitment fee equal to 0.25% per annum on the daily unused
Revolving Facility as well as a letter of credit fee equal to
1.75% per annum on the average daily amount of the letters of
credit. The maturity date of the Revolving Facility is
April&nbsp;30, 2004. At December&nbsp;31, 2002, the Company had
$2,875 available under the Revolving Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has entered into a number of note
agreements with a third party to acquire equipment for use in
its operations. The balance of these notes was $28,600 and
$22,145 at December&nbsp;31, 2001 and 2002, respectively. These
notes with fixed interest rates ranging from 6.75% to 8.90%
mature at various dates through July 2006 and require monthly
principal and interest payments through maturity. These notes
are secured by the equipment acquired.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;</FONT></I></B></TD>
    <TD>
    <B><I><FONT size="2">Related-Party Financing</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the Company entered into an agreement
with Southwest Premier Properties, L.L.C. (Southwest Premier),
an entity controlled by the Company&#146;s principal
stockholder, for the sale and leaseback of the land, structures
and improvements of thirty-six of the Company&#146;s terminals
and one additional Waco, Texas property. The sale price for the
properties was $27,755. Annual payments initially were
approximately $3,100. For financial accounting purposes, this
transaction has been accounted for as a financing arrangement.
Consequently, the related land, structures and improvements
remain on the Company&#146;s consolidated balance sheet. The
initial lease term is for ten years with an option for an
additional ten years at the then fair market rental rate. At the
expiration of the original lease term, the Company has an option
to purchase all of the properties, excluding certain surplus
properties, for the then fair market value.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since the fair value of the properties sold and
leased back has always equaled or exceeded the proceeds from the
financing arrangement, the annual lease payments have been
reflected as a cost of the financing and recorded as interest
expense. The amount outstanding under the financing agreement
was $23,543 at December&nbsp;31, 2001, and 2002. If the Company
exercises the fair value purchase option, the excess of the
amount paid over the recorded financing obligation will be
reflected as additional interest expense. If the fair value
purchase option is not exercised at the end of the lease term,
the excess of the net book value of the related properties over
the recorded financing obligation will be reflected as a gain on
the financing arrangement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Included in the sale agreement was approximately
$2,851 of excess land, which was not subject to the fair value
purchase option. Additionally, during 2000, Southwest Premier
sold certain property subject to the financing arrangement with
a net book value of $1,361 and reduced the annual lease payment
to $2,930. Accordingly, the excess land and property sold have
been recorded as a reduction in the financing obligation and a
reduction in property.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The lease agreement under the related party
financing was amended subsequent to December&nbsp;31, 2002, to
increase the aggregate annual payments from $2,930 to $6,267,
which the Company believes represents fair market value of these
leases.
</FONT>

<P align="center"><FONT size="2">F-23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;</FONT></I></B></TD>
    <TD>
    <B><I><FONT size="2">Aggregate Maturities</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Aggregate maturities of long-term debt, related
party financing and capital lease obligations for each of the
five years following December&nbsp;31, 2002, and thereafter are
as follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Years ending December&nbsp;31:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,560</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,797</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(8)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Stockholders&#146; Equity</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s authorized capital stock
consists of 50,000,000 shares of Class&nbsp;A common stock,
10,000,000 shares of Class&nbsp;B common stock, and 5,000,000
shares of preferred stock. Class&nbsp;A and Class&nbsp;B stock
vote together as a single class, except as required by law, with
holders of Class&nbsp;A common stock entitled to one vote per
share and holders of Class&nbsp;B common stock entitled to three
votes per share. Except with respect to voting rights, the
Class&nbsp;A and Class&nbsp;B common stocks are substantially
identical.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2002, there were
1,154,384 issued and outstanding shares of Class&nbsp;A common
stock and 9,713,834 issued and outstanding shares of
Class&nbsp;B common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Class&nbsp;B stock is convertible to an equal
number of Class&nbsp;A common stock at any time and
automatically is converted to shares of Class&nbsp;A common
stock if they are beneficially owned by any person other than
the principal shareholder and certain members of his immediate
family.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No shares of preferred stock have been issued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2000, certain officers of the Company
retired. Prior to retirement, the former officers exercised
858,126 stock options collectively in the amount of
approximately $1,233 at option prices ranging from $1.35 to
$2.70, of which 496,168 shares were issued from authorized
shares and 361,958 were issued from treasury shares. The
Company, in turn, purchased the shares immediately from the
former executives at prices ranging from $5.35 to $6.00 in the
amount of approximately $4,826 and purchased the remaining
shares owned by the former executives (250,610 shares) in the
amount of approximately $1,382. The Company recorded
compensation expense in 2000 for the excess of purchase price
over the related fair value in the amount of approximately
$4,039.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(9)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Stock-Based Compensation</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1997, the Company established an incentive
stock plan that provides multiple alternatives to compensate
eligible employees and nonemployee directors with Company common
stock. Under the plan, the Company is authorized to award, in
aggregate, not more than 5,000,000 options to purchase shares of
its common stock. Grants to optionees of qualified stock options
shall have a per share exercise price of no less than fair value
of the underlying common stock on the date of grant. At
December&nbsp;31, 2002, there were 1,013,877 shares available
for grant under the plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The awards are issuable at the discretion of the
board of directors. All option grants to date expire
10&nbsp;years from the date of grant. Options granted under the
plan to senior management (2,037,884 outstanding at
December&nbsp;31, 2002) generally vest 20% on the first
anniversary of the date of grant and 20%
</FONT>

<P align="center"><FONT size="2">F-24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">on each subsequent anniversary until fully
vested. On January&nbsp;7, 2002, the Company granted 1,260,000
options at an exercise price of $1.35 to its newly hired CEO as
part of his employment agreement. These options vest 50% at
grant date and 20% per year beginning January&nbsp;7, 2003.
Options granted under the plan to upper management (939,373
outstanding at December&nbsp;31, 2002) vest 20% on the fifth
anniversary of the date of grant and 20% on each subsequent
anniversary until fully vested. Termination of the employee for
any reason other than death, disability or certain cases of
retirement causes the unvested portion of the award to be
forfeited.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has also issued 60,000 options to
non-employee directors. These options vest ratably over a
five-year period beginning July&nbsp;10, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stock option activity during the years ended
December&nbsp;31, 2000, 2001, and 2002 is as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at December&nbsp;31, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,799,711</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">673,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(858,126</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,014,348</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at December&nbsp;31, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,600,541</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(447,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at December&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,152,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,161,428</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(276,793</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at December&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,037,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The fair value of options granted was estimated
using the Black-Scholes option pricing model with the following
assumptions for 2000 and 2002 grants to employees: risk-free
interest rate of 6.51% and 4.75%, respectively; 15% and 0%
expected volatility, respectively; an expected life of 10 and
5&nbsp;years, respectively; and a zero dividend yield. The fair
value of options granted was as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Weighted Average</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fair Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Option</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted during 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted during 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options outstanding and exercisable are
summarized as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">December&nbsp;31, 2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Remaining</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Contractual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,200,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">930,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.15&nbsp;&#150;&nbsp;2.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">525,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">244,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">218,369</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,037,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,353,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2000, 2001, and 2002,
options exercisable were 381,330, 585,107, and 1,353,998,
respectively, and the weighted average exercise price of these
options was $1.88, $2.77 and $2.04, respectively.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(10)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Income Taxes</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Central and its subsidiaries have elected
S&nbsp;corporation status for federal income tax purposes.
Accordingly, the accompanying financial statements do not
include the effects of federal income taxes, and income taxes
consist solely of state income taxes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the Company elected S&nbsp;Corporation
status for federal income tax purposes. Due to the uncertainty
of the recognition of certain items as an S&nbsp;Corporation
versus a C&nbsp;Corporation, the Company recorded a $1,784
reserve for the contingent expense that could have resulted from
any related tax assessments. In June 2002, the Company
determined that this reserve was no longer necessary.
Accordingly, during the quarter ended June&nbsp;15, 2002, the
Company reversed the amount of the reserve as a reduction of
income tax expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The components of income tax (benefit) expense
consist of:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current&nbsp;&#151; Federal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,784</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current&nbsp;&#151; state
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred&nbsp;&#151; state
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(188</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(119</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The state tax effects of temporary differences
that give rise to significant portions of the deferred tax
assets and deferred tax liabilities at December&nbsp;31, 2001,
and 2002, are as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Years Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred tax assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts receivable and other current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses and other current liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Noncurrent:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">692</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total deferred tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,196</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred tax liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(107</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Noncurrent:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and equipment due to differences in
    depreciation and basis
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,798</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,088</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total deferred tax liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,905</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,209</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net deferred tax asset (liability)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(301</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,013</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(11)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Employee Benefit Plans</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Central maintains a defined contribution employee
retirement plan, which includes a 401(k) option, under which
employees are eligible to participate after they complete
90&nbsp;days of service. Employees are eligible for Central
matching contributions after one year of service. Central&#146;s
contributions to the plan each year are made at the discretion
of Central&#146;s board of directors. For the years ended
December&nbsp;31, 2000, 2001, and 2002, Central&#146;s
contributions to the plan, including matching 401(k)
contributions, were $2,359, $2,406 and $2,282, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Central also sponsors a health plan that provides
postretirement medical benefits to full-time employees who meet
minimum age and service requirements. The plan is contributory,
with retiree contributions adjusted annually, and contains other
cost-sharing features such as deductibles and coinsurance. The
accounting for the plan anticipates future cost-sharing changes
to the written plan that are consistent with Central&#146;s
expressed intent to increase the retiree contribution rate
annually for the expected general inflation rate for that year.
Central&#146;s policy is to fund the cost of medical benefits in
amounts determined at the discretion of management. The plan has
no assets, and accordingly, no reconciliation of fair value of
plan
</FONT>

<P align="center"><FONT size="2">F-27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">assets is provided and the funded status is based
solely on the benefit obligation. Accrued postretirement
benefits are recorded in other liabilities on the accompanying
consolidated balance sheets.
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Years Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Change in benefit obligation:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit obligation at beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Service cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">493</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,942</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,910</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plan amendment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,245</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Participant contributions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,283</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Actuarial loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit obligation at end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,068</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrecognized plan amendment gain
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrecognized net gain
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued postretirement benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,468</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended December&nbsp;31</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net benefit cost includes the following
    components:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Service cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">493</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For measurement purposes, a 1% annual rate of
increase in the per capita cost of covered benefits (i.e.,
health care cost trend rate) was assumed, which is also the
maximum employer provided increase per year. An increase in the
health care cost trend assumption has no effect on the amounts
reported because the amounts are provided assuming the maximum
employer provided increase per year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The weighted average discount rate used in
determining the accumulated postretirement benefit obligation
was 7.0% and 6.5% at December&nbsp;31, 2001, and 2002,
respectively.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(12)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Fair Value of Financial Instruments</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2001, and 2002, the carrying
value of the Securitization Facility and Revolving Facility
approximate fair value because amounts outstanding under the
Revolving Facility bear interest at current market rates. At
December&nbsp;31, 2001 and 2002, the fair value of the related
party financing arrangement cannot be determined without
incurring excessive costs due to the related party nature of the
instrument. See note&nbsp;20. At December&nbsp;31, 2001, and
2002, the carrying value of other long-term debt approximates
fair value.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">(13)&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Leases</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the Company entered into agreements with
its principal stockholder to lease the land and related
improvements of three terminals. The leases are for
10&nbsp;years, cancelable within one month&#146;s notice by
</FONT>

<P align="center"><FONT size="2">F-28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">either party, with a renewal option for an
additional ten-year term. The annual lease payments over the
initial term of the lease are $310. The leases have been
accounted for as operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1999, the Company entered into agreements to
lease three terminals from Southwest Premier for 10&nbsp;years
with a renewal option for an additional 10&nbsp;years. The
annual lease payments over the initial term of the leases are
$703. These leases have been accounted for as operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2001, the Company entered into agreements to
lease two terminals from Southwest Premier for 76 and
77&nbsp;months with a renewal option for an additional
10&nbsp;years. The annual lease payments over the initial term
of the leases are $744. These leases have been accounted for as
operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company leases various terminal and office
facilities, tractors, trailers and other equipment under
noncancelable operating leases. Rental expense was $7,151,
$5,263 and $5,114 for the years ended December&nbsp;31, 2000,
2001, and 2002, respectively. Included in these amounts are
$1,342, $1,600, and $1,779 in 2000, 2001, and 2002,
respectively, paid to affiliates of the Company for the rental
of revenue and service equipment, terminals and office space.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Future minimum lease payments under noncancelable
operating leases (with initial or remaining lease terms in
excess of one year) and capital leases at December&nbsp;31,
2002, are:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Capital</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operating</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Leases</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Leases</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ending December&nbsp;31:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,618</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,976</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">591</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">724</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total minimum lease payments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less amount representing interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">(14)&nbsp;Cash Flow Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Short-term interest-bearing instruments with
maturities of three months or less at the date of purchase are
considered cash equivalents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2000, 2001, and 2002, the Company paid
cash for interest of $9,137, $8,630, and $7,815, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2000, 2001, and 2002, the Company paid
cash for income taxes of $71, $94, and $31, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2000, the Company received land of $5,350
from the principal stockholder, at the stockholder&#146;s
original cost, in exchange for satisfaction of a note receivable
from the principal stockholder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2000, 2001, and 2002, the Company leased
certain equipment under capital leases in the amount of $23,019,
$9,136, and $2,680, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2002, the Company assumed certain notes
payable totaling $11,400 as part of the Central Refrigerated
acquisition. See note&nbsp;3.
</FONT>

<P align="center"><FONT size="2">F-29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(15)&nbsp;Contingencies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is involved in certain claims and
pending litigation arising from the normal conduct of business.
Based on the present knowledge of the facts, management believes
the resolution of the claims and pending litigation will not
have a material adverse effect on the consolidated financial
position, results of operations or liquidity of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is subject to loss contingencies
pursuant to federal, state, and local environmental regulations
dealing with the transportation, storage, presence, use,
disposal, and handling of hazardous materials, discharge of
storm water and fuel storage tanks. Environmental liabilities,
including remediation costs, are accrued when amounts are
probable and can be reasonably estimated.
</FONT>

<P align="left">
<B><FONT size="2">(16)&nbsp;Related-Party Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2001 and 2002, the Company advanced
$2,188 and $1,300, respectively, to its principal stockholder.
The notes receivable are unsecured and bear interest at rates
ranging from 4.10% to 8.35%. Also during fiscal 2001, the
Company entered into an unsecured note agreement with an
affiliate of the stockholder in the amount of $4,500 with a
stated interest rate of 9.0%. No interest income has been
recorded by the Company for related party notes receivable. In
2002, this note was assumed by the principal stockholder. These
notes have been reflected as a reduction of stockholders&#146;
equity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2001, the Company had
unreimbursed advances to an affiliate for $367 in the form of an
unsecured note, due on demand and bearing interest at 5.0%.
Interest income recognized on these advances was approximately
$10 and $31 for the years ended December&nbsp;31, 2000, and
2001. The Company had no such advances in 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the years ended December&nbsp;31, 2000,
2001, and 2002, the Company incurred approximately $12,438,
$17,708, and $21,106, respectively, for transportation services
provided by companies for which the Company&#146;s principal
stockholder is the Chairman. At December&nbsp;31, 2001, and
2002, the Company had payables of $1,188 and $518, respectively,
for these transportation services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the years ended December&nbsp;31, 2000,
2001, and 2002, the Company incurred $182, $53, and $286,
respectively, to an entity owned by a stockholder of the Company
for legal services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the years ended December&nbsp;31, 2000,
2001, and 2002, the Company had tire sales of approximately
$2,130, $2,590, and $3,330, respectively, to an affiliate. The
Company had trade receivables of approximately $786 and $651 as
of December&nbsp;31, 2001 and 2002, respectively, for these
sales. The Company considered these amounts to be fully
collectible.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">See also notes&nbsp;3, 7, 8, 13, and 20 for
additional disclosures regarding related party transactions.
</FONT>

<P align="center"><FONT size="2">F-30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(17)&nbsp;Pro Forma Earnings (Loss) Per
Share</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The calculation for pro forma earnings (loss) per
share (EPS) was calculated as shown below.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,592</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma federal tax adjustment (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,841</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">989</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,193</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma net earnings (loss) (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,603</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic shares (weighted-average shares outstanding)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,051,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,916,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,868,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock options
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">584,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,173,901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,592</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dilutive shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,679,927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,916,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,067,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma basic earnings (loss)&nbsp;per share
    (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pro forma dilutive earnings (loss)&nbsp;per share
    (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the years ended December&nbsp;31, 2000, 2001,
and 2002, the Company had 749,548, 1,152,622, and 245,295 stock
options that were anti-dilutive. As a result, the assumed shares
under the treasury stock method have been excluded from the
calculation of diluted EPS.
</FONT>

<P align="left">
<B><FONT size="2">(18)&nbsp;Pro Forma C&nbsp;Corporation Data
(unaudited)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the Company&#146;s planned
initial public offering (see note 21), the Company will convert
from an S&nbsp;corporation to a C&nbsp;corporation for federal
income tax purposes. The unaudited pro forma C&nbsp;corporation
data for the years ended December&nbsp;31, 2000, 2001, and 2002
are based on the historical consolidated statements of
operations and give effect to pro forma income taxes as if the
Company were a C&nbsp;corporation for the entire duration of all
periods presented.
</FONT>

<P align="left">
<B><FONT size="2">(19)&nbsp;Allowance for doubtful accounts and
revenue adjustments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The activity in the allowances for doubtful
accounts and revenue adjustments is as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance at</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Charged to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance at</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beginning</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Costs and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">End of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expenses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Write-offs</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,423</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,905</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">(20)&nbsp;Subsequent Event</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective February&nbsp;20, 2003, the Company
amended its lease agreements under the related party financing
(see note 7(b)) to increase the aggregate annual payments from
$2,930 to $6,267. At the same time, the Company amended its
lease agreements with a related party recorded as operating
leases (see note&nbsp;13) to reduce the aggregate annual
payments from $1,447 to $899. In management&#146;s opinion, the
amended lease agreements reflect the fair market value of these
leases.
</FONT>

<P align="left">
<B><FONT size="2">(21)&nbsp;Event Subsequent to the Date of
Auditors&#146; Report (unaudited)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is filing a registration statement
for an initial public offering of its common stock, the proceeds
of which, if consummated, will be used to repay existing debt,
make certain distributions and payments to stockholders, and for
general corporate purposes, including working capital.
</FONT>

<P align="center"><FONT size="2">F-31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">CENTRAL FREIGHT LINES, INC. AND
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="center">
<B><FONT size="2">REPORT OF INDEPENDENT PUBLIC
ACCOUNTANTS</FONT></B>

<P align="left">
<FONT size="2">To Simon Transportation Services Inc.:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have audited the accompanying consolidated
statements of financial position of Simon Transportation
Services Inc. (a Nevada corporation) and subsidiaries as of
September&nbsp;30, 2001 and 2000, and the related consolidated
statements of operations, stockholders&#146; equity and cash
flows for each of the three years in the period ended
September&nbsp;30, 2001. These financial statements are the
responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We conducted our audits in accordance with
auditing standards generally accepted in the United States.
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In our opinion, the financial statements referred
to above present fairly, in all material respects, the financial
position of Simon Transportation Services Inc. and subsidiaries
as of September&nbsp;30, 2001 and 2000, and the results of their
operations and their cash flows for each of the three years in
the period ended September&nbsp;30, 2001 in conformity with
accounting principles generally accepted in the United States.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying financial statements have been
prepared assuming that the Company will continue as a going
concern. As discussed in Note&nbsp;2, the Company (1)&nbsp;is
experiencing difficulty in generating sufficient cash flow to
meet its obligations and sustain its operations; (2)&nbsp;has
defaulted in making certain equipment lease payments;
(3)&nbsp;is not in compliance with certain covenants of its
revolving credit facility, revenue equipment lease agreements
and other secured long-term debt; (4)&nbsp;has experienced
recurring losses from operations; and (5)&nbsp;has significant
negative working capital. These conditions raise substantial
doubt about the Company&#146;s ability to continue as a going
concern. Management&#146;s plans in regard to these matters are
also described in Note 2. The accompanying financial statements
do not include any adjustments relating to the recoverability
and classification of asset-carrying amounts or the amounts and
classification of liabilities should the Company be unable to
continue as a going concern.
</FONT>

<P align="left">
<FONT size="2">/s/ Arthur Andersen LLP
</FONT>

<P align="left">
<FONT size="2">Salt Lake City, Utah
</FONT>

<DIV align="left">
<FONT size="2">January&nbsp;10, 2002
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The report of Arthur Andersen LLP (&#147;Arthur
Andersen&#148;) is a copy of a report previously issued by
Arthur Andersen on January&nbsp;10, 2002. This audit report has
not been reissued by Arthur Andersen in connection with this
filing on Form&nbsp;S-1. After reasonable effort, we have been
unable to obtain the consent of Arthur Andersen, as to the
incorporation of their report for the consolidated financial
statements of Simon Transportation Services Inc as of
September&nbsp;30, 2001 and 2000, and for each of the three
years in the period ended September&nbsp;30, 2001, and we have
not filed that consent with this registration statement in
reliance on Rule&nbsp;437a of the Securities Act of 1933.
Because we have not been able to obtain Arthur Andersen&#146;s
consent, you will not be able to recover against Arthur Andersen
under Section&nbsp;11 of the Securities Act for any untrue
statements of a material fact contained in our financial
statements audited by Arthur Andersen or any omissions to state
a material fact required to be stated therein. See
Exhibit&nbsp;23.5.
</FONT>

<P align="center"><FONT size="2">F-32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">September 30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Assets</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current Assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,331,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Receivables, net of allowance for doubtful
    accounts of $607,000 and $586,000, respectively
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,495,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,932,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating supplies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,302,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,330,462</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses and other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,528,675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,325,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current deferred income tax asset
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,332,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,326,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,251,855</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and Equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,884,752</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,884,752</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,409,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,114,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Building and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,650,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,525,612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Office furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,906,788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,262,994</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,851,547</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,788,102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less accumulated depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(27,056,006</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,384,568</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,795,541</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,403,534</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,574,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">451,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129,695,804</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91,106,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Liabilities and Stockholders&#146;
    Equity</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current portion of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,164,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,841,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current portion of capitalized lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,373,463</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,595,385</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Account payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,329,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,721,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,324,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,242,894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued operating lease payments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,809,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued liability for guaranteed lease residuals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,047,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued claims payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,520,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,880,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total current liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,569,408</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,281,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-Term Debt, net of current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,376,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalized Lease Obligations, net of current
    portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred Income Tax Liability
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,604,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commitments and Contingencies (Notes 2, 3 and 8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; Equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock, $.01 par value, 5,000,000 shares
    authorized:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;I convertible preferred stock 162,401
    shares issued, with a liquidation preference of $6,841,549
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,000,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;II convertible preferred stock,
    130,042 shares issued, with a liquidation preference of
    $2,080,670
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,194,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;A common stock, $.01 par value,
    20,000,000 shares authorized, 6,291,709 and 6,287,709 shares
    issued, respectively
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,917</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;B common stock, $.01 par value,
    5,000,000 shares authorized, none issued
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,865,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,285,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock, 176,600 shares at cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,053,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,053,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,559,918</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained deficit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,503,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,451,176</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,126,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,844,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129,695,804</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91,106,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes to consolidated financial
statements are an integral part
</FONT>

<DIV align="center">
<FONT size="2">of these consolidated financial statements.
</FONT>
</DIV>

<P align="center"><FONT size="2">F-33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">For the Years Ended September 30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">278,818,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231,396,894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">209,143,336</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salaries, wages, and benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,804,773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,240,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90,875,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fuel and fuel taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,686,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,189,390</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,261,969</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating supplies and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,417,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,575,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,872,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Taxes and licenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,400,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,829,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,318,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and claims
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,724,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,352,274</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,591,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Communications and utilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,621,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,039,162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,239,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,282,869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,121,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,466,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchased transportation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,234,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rent
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,909,852</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,947,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,362,746</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on lease residual guarantees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,356,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">318,439,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">241,295,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">212,988,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,621,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,898,824</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,844,910</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other income (expense):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,420,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,505,160</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,471,426</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other income (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(284,436</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">82,652</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss before income taxes and cumulative effect of
    accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,321,332</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,198,542</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,075,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,965,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss before cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,245,652</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cumulative effect of accounting change for
    accrued claims payable, net of income tax benefit of $2,172,598
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,862,397</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,108,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividends related to convertible preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,726,786</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss attributable to common stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(48,052,557</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,108,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted cumulative effect of accounting
    change per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.63</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted net loss per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.86</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.82</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.53</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted weighted average common shares
    outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,114,986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,110,213</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,116,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes to consolidated financial
statements are an integral part
</FONT>

<DIV align="center">
<FONT size="2">of these consolidated financial statements.
</FONT>
</DIV>

<P align="center"><FONT size="2">F-34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146;
EQUITY</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Series I</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Series II</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Convertible</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Convertible</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class A</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class B</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retained</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Preferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Preferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Additional</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Treasury</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Preferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Earnings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stockholders</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Paid-in Capital</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock Warrants</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Deficit)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Equity</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balance, September&nbsp;30, 1998
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,727</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,277,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(531,547</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,890,366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,698,940</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of 95,500 shares of Class&nbsp;A Common
    Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(521,600</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(521,600</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balance, September&nbsp;30, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,727</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,277,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,053,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,656,873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,943,847</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Issuance of 1,275 shares of Class&nbsp;A Common
    Stock upon exercise of stock options
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,322</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,334</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Sale of 913,751 shares of Class&nbsp;B Common
    Stock by major stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,138</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,108,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,108,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balance, September&nbsp;30, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,285,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,053,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,451,176</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,844,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Sale of 162,401 shares of Series&nbsp;I
    Convertible Preferred Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,000,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,674,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,674,682</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Sale of 130,042 shares of Series&nbsp;II
    Convertible Preferred Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,194,935</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">885,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,080,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;I Convertible Preferred Stock
    beneficial conversion dividend
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,674,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,674,184</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;II Convertible Preferred Stock
    beneficial conversion dividend
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">885,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(885,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Issuance of 4,000 shares of Class&nbsp;A Common
    Stock upon exercise of stock options
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,510</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(166,867</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(166,867</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Balance, September&nbsp;30, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,000,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,194,935</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">51,865,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,053,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,559,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,503,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,126,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes to consolidated financial
statements are an integral part of these consolidated financial
statements.
</FONT>

<P align="center"><FONT size="2">F-35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">For the Years Ended September&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash Flows From Operating Activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,325,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,108,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,233,493</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjustments to reconcile net loss to net cash
    used in operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,282,869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,121,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,466,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in operating assets and liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,562,709</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,069,945</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,611,754</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating supplies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,395</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(399,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income taxes receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,656,338</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">936,767</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses and other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(203,476</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">318,794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(462,013</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current deferred income tax asset
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,332,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,265,659</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(304,323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,640,159</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,608,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,612,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,093,069</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,914,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,823,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued operating lease payments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,809,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued liability for guaranteed lease residuals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,047,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued claims payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">640,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,910,302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income tax liability
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,604,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,060,745</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,491,780</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used in operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,672,634</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,648,533</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,568,118</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash Flows From Investing Activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,971,555</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,318,070</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,385,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from the sale of property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,866,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,440,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,890,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payments for acquired assets of Westway and Ort
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,482,420</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash (used in) provided by investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,587,450</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,122,153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,504,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash Flows From Financing Activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from issuance of long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,091,009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18,459,337</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,959,631</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,551,634</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net borrowings under line-of-credit agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,314,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments under capitalized lease
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,791,768</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(849,472</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,030,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net proceeds from issuance of common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of treasury stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(521,600</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net proceeds from issuance of Series&nbsp;I and
    Series&nbsp;II preferred stock and warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,755,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,928,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,800,769</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(104,222</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net Increase (Decrease) In Cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,331,119</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,327,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">831,903</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at Beginning of Year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,331,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,658,268</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,826,365</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash at End of Year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,331,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,658,268</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Supplemental Disclosure of Cash Flow Information:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash paid during the year for interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,379,611</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,422,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,471,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash paid during the year for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,505</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Supplemental Schedule of Noncash Investing and
    Financing Activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment acquired through capitalized lease
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,569,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends accrued and not paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,867</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes to consolidated financial
statements are an integral part
</FONT>

<DIV align="center">
<FONT size="2">of these consolidated financial statements.
</FONT>
</DIV>

<P align="center"><FONT size="2">F-36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<P align="left">
<B><FONT size="2">(1)&nbsp;Description of the Company</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Simon Transportation Services Inc. was
incorporated in Nevada on August&nbsp;15, 1995 to acquire all of
the outstanding capital stock of Dick Simon Trucking, Inc., a
Utah corporation. During 2001, Simon Terminal LLC, an Arizona
limited liability company, was formed as a wholly owned
subsidiary of Simon Transportation Services Inc. for the purpose
of holding the real estate assets related to the Salt Lake City
headquarters and terminal and in connection with a debt
financing on the Salt Lake City headquarters and terminal. The
accompanying consolidated financial statements present the
consolidated financial position and results of operations of
Simon Transportation Services Inc. and its wholly owned
subsidiaries, Dick Simon Trucking, Inc. and Simon Terminal LLC
(collectively, the &#147;Company&#148;). All intercompany
accounts and transactions have been eliminated in consolidation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is a truckload carrier that
specializes in premium service, primarily through
temperature-controlled transportation predominantly for major
shippers in the U.S.&nbsp;food industry.
</FONT>

<P align="left">
<B><FONT size="2">(2)&nbsp;Operating Results</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has incurred net losses of
$44.3&nbsp;million, $11.1&nbsp;million and $3.2&nbsp;million and
its operating activities have used $19.7&nbsp;million,
$7.6&nbsp;million and $1.6&nbsp;million of cash during the
fiscal years ended September&nbsp;30, 2001, 2000 and 1999,
respectively. As of September&nbsp;30, 2001, the Company had a
working capital deficit of $80.2&nbsp;million (after
classification of $69.0&nbsp;million of long-term debt and
capital lease obligations as current liabilities) and was in
default under its lease and debt agreements. The Company has
faced and continues to face several operating challenges,
including, among others, a reduced shipping demand given
unfavorable domestic economic conditions, unseated tractors,
decreased market values for used tractors and trailers,
increased claims, challenges in assimilating two acquisitions,
high fuel costs and increased driver payroll costs. These
factors have significantly and negatively impacted the
Company&#146;s results of operations and liquidity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During August 2001, the Company&#146;s continued
losses from operations and negative cash flows forced it to
defer making payments on most of its equipment leases with total
obligations outstanding of approximately $183.1&nbsp;million and
related monthly payments of approximately $3.7&nbsp;million (the
&#147;Equipment Leases&#148;). The lack of payment on the
Equipment Leases constitutes an event of default under the
related lease agreements. In addition, the default on the
Equipment Leases resulted in defaults on effectively all of the
Company&#146;s outstanding secured debt, which consisted
principally of its line of credit facility, the mortgage on its
Salt Lake City headquarters and terminal, and all other lease
obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s $30&nbsp;million line of
credit is secured by accounts receivable, inventories of
operating supplies, and office furniture and fixtures and the
personal guarantee of the Company&#146;s majority stockholder.
As a result of recurring losses, the Company&#146;s net worth
has fallen below $25&nbsp;million, which will decrease the
advance rate on the line of credit, unless renegotiated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has guaranteed a substantial portion
of the residual values on all of its leased tractors and
trailers. These residual guarantees total approximately
$126.1&nbsp;million at September&nbsp;30, 2001. Based upon
current market prices for used tractors and trailers, management
estimates that the difference between the residual guarantees
and the projected market value of the equipment at the
termination of the leases is approximately $25.0&nbsp;million.
Effective August&nbsp;1, 2001, the Company began accruing this
potential liability over the remaining life of the leases in
accordance with EITF&nbsp;96-21. As of September&nbsp;30, 2001,
the Company has recorded an accrued liability and a valuation
allowance for guaranteed lease residuals totaling
$6.4&nbsp;million. Prior to August&nbsp;1, 2001, it was not
probable that any residual guarantee payments would be required.
At September&nbsp;30, 2001, the Company had residual guarantees
due (net of the estimated fair value of related equipment) on
matured equipment leases amounting to $3.1&nbsp;million. The
Company does not have the cash to pay these residual guarantees
and currently is seeking an extension as discussed below.
</FONT>

<P align="center"><FONT size="2">F-37
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During December 2001, the Company met with
representatives from most of its equipment lessors. In
connection with these meetings, the Company requested a
restructuring of the Equipment Leases and most of the lessors
expressed their willingness to negotiate a restructure. The
proposed restructuring of the Equipment Leases included a period
of rent moratorium, an extension of the leases, waiver of
outstanding late fees and penalties and revised guaranteed
residual values. The Company and its equipment lessors continue
to evaluate restructuring of the Equipment Leases in light of
the negotiations with the Company&#146;s tractor manufacturer
discussed below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Dime Commercial Credit (&#147;Dime&#148;), one of
the Company&#146;s equipment lessors with total lease
obligations outstanding of approximately $6.4&nbsp;million has
expressed an unwillingness to renegotiate the terms of its
leases. On December&nbsp;27, 2001, the Company was served with a
lawsuit by Dime. The lawsuit asserts that the Company is in
default under the lease agreements held by Dime and seeks
judgments against the Company. The requested judgments include
the return to Dime of all equipment under the lease agreements,
payment of delinquent monthly payments, payment of the
stipulated loss value as defined and payment of other fees and
costs. The Company is currently preparing its response to the
lawsuit. Management estimates the potential range of exposure
related to this obligation is $1.5 to $3.0&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is in the process of working through
the negotiation and approval process related to the above
restructuring with the remainder of the equipment lessors and
the Company&#146;s tractor manufacturer. Management expects
that, if accomplished, this restructuring will be completed
during the first calendar quarter of 2002. If the Company is
successful in restructuring the Equipment Leases, it is probable
that the restructured leases will be accounted for as
capitalized lease obligations in the Company&#146;s financial
statements (as opposed to the historic accounting treatment as
operating leases for most of the Equipment Leases).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has also met with its line of credit
lender regarding a decrease in the advance rate, which is based
upon the Company&#146;s net worth. The line of credit lender has
stated a willingness to consider a waiver of the tangible net
worth requirement and maintain the current advance rate for a
period of approximately nine months, at which time the
Company&#146;s progress will be reassessed. Final approval of
this waiver of the tangible net worth requirement is expected
during the first calendar quarter of 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A substantial portion of the Company&#146;s
tractor fleet is covered by trade-in and repurchase agreements
with the manufacturer. The trade-in and repurchase agreements
require the Company to purchase additional tractors in
connection with the trade-ins or repurchases. These trade-in and
repurchase agreements have been structured in alignment with the
Company&#146;s historic tractor life cycles. During December
2001, the Company commenced discussions with the manufacturer of
its tractors regarding extension of the trade-in or repurchase
periods, as well as the revised trade-in or repurchase values
and related provisions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to acceptable restructuring of the
Equipment Leases, line of credit, and tractor trade-in and
repurchase terms, the Company&#146;s majority stockholder has
been requested and agreed to provide a $15&nbsp;million line of
credit (&#147;Stockholder Line of Credit&#148;). The Stockholder
Line of Credit would be secured by, and limited with respect to
a percentage of the value of, a second priority position in the
Company&#146;s accounts receivable, inventories of operating
supplies, office furniture and fixtures and the Company&#146;s
Fontana, California and Atlanta, Georgia terminals.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;19, 2001, the Company entered
into a $3&nbsp;million secured short-term loan with its majority
stockholder. The proceeds of this loan were used to meet the
annual permitting and licensing requirements for a majority of
the Company&#146;s fleet. The loan will either be repaid from
cash to be released from a cash secured letter of credit (once
the Company is able to secure a surety bond) or will be rolled
over into the Stockholder Line of Credit.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Even if the restructuring of the equipment leases
and line of credit is successful, the Company&#146;s liquidity
position and existing credit facilities may not be sufficient to
cover liquidity requirements for the next twelve months and the
Company is facing the prospect of not having adequate funds to
operate its business. As a
</FONT>

<P align="center"><FONT size="2">F-38
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">result, there is substantial doubt as to the
Company&#146;s ability to continue as a going concern. In the
event the Company&#146;s liquidity position is insufficient to
cover its liquidity requirements, the Company may be compelled
to file for bankruptcy protection.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying consolidated financial
statements do not include any adjustments relating to the
recoverability and classification of asset-carrying amounts or
the amounts and classification of liabilities should the Company
be unable to continue as a going concern.
</FONT>

<P align="left">
<B><FONT size="2">(3)&nbsp;Summary of Significant Accounting
Policies</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Use of Estimates in the Preparation of
    Financial Statements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preparation of financial statements in
conformity with accounting principles generally accepted in the
United States requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual
results could differ from these estimates.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Revenue Recognition and Significant
    Customers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Freight charges and related direct freight
expenses are recognized as revenue and operating expense when
freight is delivered at a destination point. No customer
accounted for more than 10&nbsp;percent of operating revenue in
the fiscal years ended September&nbsp;30, 2001 and 2000. One
customer accounted for approximately 11&nbsp;percent of
operating revenue in fiscal year 1999.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Concentration of Credit Risk</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Concentration of credit risk with respect to
customer receivables are limited due to the large number of
entities comprising the Company&#146;s customer base and their
dispersion across many different geographic locations. However,
the majority of the Company&#146;s customers operate in the food
industry. The Company performs ongoing credit evaluations and
generally does not require collateral. The Company maintains an
allowance for doubtful accounts receivable based upon the
expected collectibility of all accounts receivable. As of
September&nbsp;30, 2001, the Company&#146;s five largest
customers had accounts receivable balances outstanding of
$3.5&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Operating Supplies</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating supplies consist primarily of tires,
fuel and maintenance parts for revenue equipment which are
stated at the lower of first-in, first-out (FIFO) cost or market
value.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property and Equipment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Property and equipment are recorded at cost and
depreciated based on the straight-line method over their
estimated useful lives, taking into consideration salvage values
for purchased property and residual values for equipment held
under capitalized leases. Leasehold improvements are amortized
over the terms of the respective lease or the lives of the
assets, whichever is shorter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Expenditures for routine maintenance and repairs
are charged to operating expense as incurred. Major renewals and
improvements are capitalized and depreciated over their
estimated useful lives. Upon retirement or other disposition of
property and equipment, the cost and accumulated depreciation
are removed from the accounts, and any gain or loss is recorded
as an adjustment to depreciation and amortization. Net (losses)
gains from the disposition of equipment in the amounts of
$(3,046,046), $1,858,535, and $2,131,460 for fiscal years 2001,
2000 and 1999, respectively, have been included in depreciation
and amortization in the
</FONT>

<P align="center"><FONT size="2">F-39
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">accompanying statements of operations and cash
flows. The estimated useful lives of property and equipment are
as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="84%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3-7 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Office furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5-10 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Tires purchased as part of revenue equipment are
capitalized as a cost of the equipment. Replacement tires are
expensed when placed in service.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Intangible Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Intangible assets consist of the value assigned
to driver recruitment assistance and customer lists in
connection with the acquisition of certain assets of Westway and
Ort (see Note&nbsp;4) which amounted to approximately
$2.5&nbsp;million. The intangible assets are being amortized on
a straight-line basis over periods ranging from two to five
years. The Company continually evaluates whether events and
circumstances have occurred that indicate that the remaining
estimated lives of the intangible assets may warrant revision or
that the remaining balance may not be recoverable. As of
September&nbsp;30, 2001, management determined that the
intangibles associated with driver recruitment recorded in
connection with these acquisitions had been impaired. The
impairment resulted from higher than expected driver turnover.
Accordingly, the Company recorded an additional charge of
approximately $387,000 to reduce the carrying value of the
recruitment assistance intangible. As of September&nbsp;30,
2001, the remaining unamortized balance was $1.8&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Accrued Liability for Guaranteed Lease
    Residuals</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2001, the Company determined
that the carrying value of its revenue equipment had been
impaired. Additionally, the guaranteed lease residual values for
off-balance sheet leases were in excess of the value expected to
be realized from the disposition of the revenue equipment at the
termination of the leases. Management estimates, based upon the
current market for used tractors and trailers, the potential
loss to the Company as of September&nbsp;30, 2001 is
approximately $25&nbsp;million. Approximately $6.4&nbsp;million
of this loss has been recorded in the accompanying 2001
consolidated statement of operations in accordance with
EITF&nbsp;96-21. Approximately $0.4&nbsp;million of this loss
was recorded as an offset to the net book value of the
capitalized revenue equipment and $6.0&nbsp;million has been
recorded as an accrued liability related to residual guarantees
on revenue equipment financed under off-balance sheet leases.
The balance of the estimated loss will be accrued over the
remainder of the related lease lives, which is estimated to be
over a maximum period of 56&nbsp;months. Assuming the used
equipment markets maintain their current levels, management
expects it will accrue additional liability for guaranteed lease
residuals of $12.5&nbsp;million in fiscal 2002.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Fair Value of Financial
    Instruments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The carrying amounts reported in the accompanying
consolidated statements of financial position for cash, accounts
receivable, and accounts payable approximate fair values because
of the immediate or short-term maturities of these financial
instruments. The carrying amounts of the Company&#146;s
long-term debt also approximate fair values based on current
rates for similar debt.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Quantitative and Qualitative Disclosures
    About Market Risk</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The principal market risks to which the Company
is exposed are fluctuations in fuel prices, interest rates on
debt financing (i.e., the risk of loss arising from adverse
changes in market rates and prices) and market values for used
equipment. The Company has not engaged in any fuel hedging
transactions. Thus, the Company is exposed to fluctuations in
fuel prices but is not exposed to any market risk involving
hedging costs.
</FONT>

<P align="center"><FONT size="2">F-40
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The variable rate debt consists of a revolving
line of credit, carrying an interest rate tied to the prime
rate. The line of credit provides for a minimum interest rate of
7%. This variable interest rate exposes the Company to the risk
that interest rates may rise. At September&nbsp;30, 2001, the
Company&#146;s interest rate on the line of credit was at the
minimum rate of 7%. At September&nbsp;30, 2001, assuming
borrowing equal to the $18.3&nbsp;million drawn on the line of
credit, a one percentage point increase in the prime rate above
the minimum interest rate in the agreement would increase the
annual interest expense by approximately $0.2&nbsp;million. The
proposed Stockholder Line of Credit will carry interest rate
terms similar to the Company&#146;s current revolving line of
credit. The equipment financing carries fixed interest rates and
includes term notes payable and capitalized lease obligations
totaling approximately $56.2&nbsp;million. These fixed interest
rates expose the Company to the risk that interest rates may
fall. A one percentage point decline in interest rates would
have the effect of increasing the premium the Company pays over
market interest rates by one percentage point or approximately
$0.6&nbsp;million annually.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As discussed in Note&nbsp;2, the Company has
repurchase commitments for a substantial portion of the tractors
in its fleet at prices consistent with the guaranteed residual
values on its proposed restructured leases. However, the Company
is exposed to fluctuations in market values for used trailers,
to the extent that they differ materially from the guaranteed
residual values on the related equipment at the termination of
the lease. Assuming a fleet of approximately 3,000 trailers, a
shortfall in the market value for used trailers of $100 below
the guaranteed residual value would result in a loss to the
Company of $300,000.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Insurance Coverage and Accrued Claims
    Payable</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For fiscal 2001, the Company was self-insured for
auto liability, tractor and trailer physical damage, and cargo
damage claims subject to a &#147;basket deductible&#148; of
$250,000 per occurrence. The Company was self-insured for
workers&#146; compensation claims up to $350,000 per single
occurrence. Liability in excess of these amounts has been
insured by the Company through an insurance underwriter up to
applicable policy limits of $1,000,000 per occurrence.
Subsequent to September&nbsp;30, 2001, in connection with its
annual renewal of insurance and in response to insurance market
conditions, the Company increased its self-insurance retention
for auto liability, tractor and trailer physical damage to
$1,000,000 per occurrence. Additionally, the self-insurance
retention for worker&#146;s compensation claims was raised to
$500,000 per single occurrence. The Company also entered into
policy coverage for cargo damage and loss claims with a
self-insurance retention of $25,000 up to a policy limit of
$1,000,000 per occurrence. The Company also carries excess
general liability coverage in amounts it considers to be
sufficient to mitigate the risk of significant claims. The
Company maintains loss prevention programs in an effort to
minimize the risk of its self insurance retention limits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company estimates and accrues a liability for
its share of ultimate settlements using all available
information, including the services of a third-party risk
administrator, to assist in establishing reserve levels for each
occurrence based on the facts and circumstances of the
occurrence coupled with the Company&#146;s past history of such
claims. The Company provides for adverse loss developments in
the period when new information is obtained.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to October&nbsp;1, 1999, the Company
provided a reserve for workers&#146; compensation and automobile
related liabilities for each reported claim on a case by case
basis plus an allowance for the cost of incurred but not
reported claims. Effective October&nbsp;1, 1999, the Company
changed its method of accounting for workers&#146; compensation
and accident claims. The Company adopted a fully-developed
claims expense estimate based on an actuarial computation of the
ultimate liability. Both the method formerly used by the Company
and the fully-developed method are acceptable under accounting
principles generally accepted in the United States (GAAP),
although the fully-developed method is preferred. The cumulative
effect of the accounting change was $3,862,397, net of an income
tax benefit of $2,172,598, or $(0.63) per diluted common share
for fiscal 2000.
</FONT>

<P align="center"><FONT size="2">F-41
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company had outstanding letters of credit
related to insurance coverage totaling $3,335,000 at
September&nbsp;30, 2001. Subsequent to September&nbsp;30, 2001,
two of the Company&#146;s former insurance carriers drew against
letters of credit in the total amount of $2,825,000. The amounts
drawn against the letters of credit are held in deposit by the
insurance carriers and will be released to the Company as
outstanding claims are paid down. The Company&#146;s current
general liability insurer requires $6,000,000 of collateral to
cover any contingency related to the Company&#146;s ability to
cover its self-insurance retention. To date, the Company has
provided a cash secured $3,000,000 letter of credit. The Company
has also signed a commitment letter for a $6,000,000 surety bond
that will be secured by the Company&#146;s Atlanta, Georgia and
Fontana, California terminals and a $1,000,000 cash deposit.
This bond is expected to be put in place during the
Company&#146;s second quarter of fiscal 2002. If the Company is
unsuccessful in obtaining the surety bond, it might be required
to obtain a cash secured letter of credit for the full
$6,000,000.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Accrued Operating Lease
    Payments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During August 2001, the Company&#146;s continued
losses from operations and negative cash flows forced it to
defer making payments on most of its equipment leases with total
obligations outstanding of approximately $183.1&nbsp;million and
related monthly payments of approximately $3.7&nbsp;million. As
of September&nbsp;30, 2001, the Company had accrued operating
lease payments (including estimated late fees and penalties) of
$6.8&nbsp;million. If the Company is successful in restructuring
its lease obligations (as discussed in Note&nbsp;2), the accrued
operating lease obligation will be amortized against rent
expense over the remaining term of the restructured leases.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Income Taxes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company recognizes a liability or asset for
the deferred tax consequences of all temporary differences
between the tax bases of assets and liabilities and their
reported amounts in the consolidated financial statements that
will result in taxable or deductible amounts in future years
when the reported amounts of the assets and liabilities are
recovered or settled.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Net Loss Per Common Share</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Basic net loss per common share (&#147;Basic
EPS&#148;) excludes dilution and is computed by dividing net
loss attributable to common shareholders by the weighted average
number of common shares outstanding during the fiscal year.
Diluted net loss per common share (&#147;Diluted EPS&#148;) is
computed by dividing the net loss attributable to common
shareholders by the weighted average number of common shares and
the dilutive potential common share equivalents then
outstanding. Potential common share equivalents consist of
shares issuable upon the exercise of stock options, warrants and
shares issuable upon the conversion of the Series&nbsp;I and
Series&nbsp;II convertible preferred stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options to purchase 920,595, 1,342,555, and
1,008,350 shares of common stock at weighted average exercise
prices of $9.52, $12.51, and $14.34 were outstanding as of
September&nbsp;30, 2001, 2000, and 1999, respectively, and were
not included in the computation of Diluted EPS. Additionally,
2,924,430 shares of common stock issuable upon the conversion of
the Series&nbsp;I and II convertible preferred stock, 2,924,430
shares of common stock issuable upon the exercise of warrants to
purchase preferred stock and 300,000 shares of common stock
issuable upon the exercise of warrants to purchase common stock
were not included in the computation of Diluted EPS. The
inclusion of the options, the shares issuable upon the
conversion of the preferred stock and the shares issuable upon
the exercise of the warrants would have been antidilutive,
thereby decreasing net loss per common share.
</FONT>

<P align="center"><FONT size="2">F-42
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Segment Reporting</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Statement of Financial Accounting Standards
(&#147;SFAS&#148;) No.&nbsp;131, &#147;Disclosures About
Segments of an Enterprise and Related Information&#148; requires
disclosures related to components of a company for which
separate financial information is available that is evaluated
regularly by the Company&#146;s chief operating decision maker
in deciding how to allocate resources and assess performance.
Management believes that the Company has only one operating
segment as defined by SFAS No.&nbsp;131.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Recent Accounting
    Pronouncements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2001, the Financial Accounting Standards
Board (&#147;FASB&#148;) issued SFAS No.&nbsp;141,
&#147;Business Combinations&#148;, and SFAS No.&nbsp;142,
&#147;Goodwill and Other Intangible Assets&#148;, effective for
fiscal years beginning after December&nbsp;15, 2001. Under the
new rules, goodwill and intangible assets deemed to have
indefinite lives will no longer be amortized but will be subject
to annual impairment tests in accordance with the statements.
Other intangible assets will continue to be amortized over their
useful lives. The Company will adopt SFAS No.&nbsp;141 and SFAS
No.&nbsp;142 in the first quarter of fiscal 2003. Upon adoption,
the Company will also perform the first of the required
impairment tests of goodwill and indefinite-lived intangibles as
of October&nbsp;1, 2002. The Company has not yet determined what
impact the adoption of these statements will have on its results
of operations and financial position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In August 2001, the FASB issued SFAS
No.&nbsp;143, &#147;Accounting for Asset Retirement
Obligations.&#148; This statement requires entities to record
the fair value of a liability for an asset retirement obligation
in the period in which the asset is placed in service. When the
liability is initially recorded, entities capitalize the cost by
increasing the carrying amount of the related long-lived asset.
Over time, the liability is accreted to its present value each
period, and the capitalized cost is depreciated over the useful
life of the related asset. Upon settlement of the liability,
entities either settle the obligation for the recorded amount or
incur a gain or loss upon settlement. This statement is
effective for fiscal years beginning after June&nbsp;15, 2002,
with earlier adoption encouraged. The Company does not believe
that the adoption of this statement will have a material impact
on its results of operations or financial position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In October 2001, the FASB issued SFAS
No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of
Long-Lived Assets,&#148; which replaces SFAS No.&nbsp;121,
&#147;Accounting for the Impairment of Long-Lived Assets to be
Disposed Of.&#148; The accounting model for long-lived assets to
be disposed of by sale applies to all long-lived assets,
including discontinued operations, and replaces the provisions
of APB Opinion No.&nbsp;30, &#147;Reporting Results of
Operations&nbsp;&#151; Reporting the Effects of Disposal of a
Segment of a Business,&#148; for the disposal of segments of a
business. This statement requires that those long-lived assets
be measured at the lower of the carrying amount or fair value
less costs to sell, whether reported in continuing operations or
in discontinued operations. As a result, discontinued operations
will no longer be measured at net realizable value or include
amounts for operating losses that have not yet occurred. This
statement also broadens the reporting of discontinued operations
to include all components of an entity with operations that can
be distinguished from the rest of the entity and that will be
eliminated from the ongoing operations of the entity in a
disposal transaction. This statement is effective for fiscal
years beginning after December&nbsp;15, 2001. The Company does
not believe that the adoption of this statement will have a
material impact on its results of operations or financial
position.
</FONT>

<P align="left">
<B><FONT size="2">(4)&nbsp;Asset Acquisitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On January&nbsp;22, 2001, the Company acquired a
portion of the trucking assets of Westway Express, Inc.
(&#147;Westway&#148;), consisting of primarily mobile
communication equipment and miscellaneous assets. The Company
entered into a lease for a terminal owned by Westway, refinanced
Westway leases for tractors and trailers, and assumed leases for
terminals. The Company also paid Westway for assisting the
Company in hiring drivers and certain of its customer
relationships. The Company refinanced with existing lessors
</FONT>

<P align="center"><FONT size="2">F-43
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">approximately 234&nbsp;tractors and 264
temperature controlled trailers and assumed leases for certain
terminal facilities. The transaction also included a five-year
non-compete agreement. The cash consideration paid of
$2.1&nbsp;million has been allocated to the assets acquired as
follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Licensing and miscellaneous deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Qualcomm units
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">360,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Miscellaneous assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Driver recruitment and customer intangibles
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,060,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets acquired
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,574,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Liability assumed for equipment repair
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(479,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Amounts paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,845,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amount due Westway
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;1, 2001, the Company completed the
acquisition of a portion of the assets of refrigerated carrier
Gerald E. Ort Trucking, Inc. (&#147;Ort&#148;). The Company
entered into a short-term lease for a terminal owned by Ort and
refinanced Ort leases for tractors and trailers. The Company
paid Ort for assisting the Company in hiring drivers and certain
of its customer relationships. The Company refinanced 18
tractors and 60 trailers. The transaction also included a
five-year non-compete agreement. The cash consideration paid of
approximately $0.6&nbsp;million has been allocated to the assets
acquired as follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Noncompete agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Qualcomm units
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Miscellaneous assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Driver recruitment and customer intangibles
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">400,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets acquired
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">637,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following unaudited supplemental pro forma
acquisition information for fiscal years ended 2001 and 2000
presents the results of operations as if the Westway acquisition
had occurred at the beginning of fiscal 2000. Results of
operations for the Ort acquisition are not material to the pro
forma results and are not included.
</FONT>

<P align="center">
<B><FONT size="2">Unaudited Pro Forma Results of Operations (in
thousands, except per share data)</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">289,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">265,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss before cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,929</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,228</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss attributable to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(48,655</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,090</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted net loss per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7.96</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.14</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-44
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(5)&nbsp;Income Taxes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provision (benefit) for income taxes includes
the following components for the years ended September&nbsp;30,
2001, 2000, and 1999:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current income tax provision (benefit):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(333,900</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(168,943</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income tax provision (benefit):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,008,426</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,722,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,331,839</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,324,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(572,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(464,267</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Valuation allowance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,295,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(37,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,295,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,796,106</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit for income taxes (including $2,172,598 of
    benefit in fiscal 2000 netted against the cumulative effect of
    accounting change)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,248,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,965,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a reconciliation between the
statutory Federal income tax rate of 34&nbsp;percent and the
effective rate which is derived by dividing the benefit for
income taxes by loss before income taxes for the years ended
September&nbsp;30, 2001, 2000, and 1999:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Computed &#147;expected&#148; provision (benefit)
    for income taxes at the statutory rate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,505,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,901,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,767,504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease)&nbsp;in income taxes
    resulting from:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State income taxes, net of federal income tax
    benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(853,284</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(347,126</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(197,545</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Valuation allowance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,295,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,248,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,965,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-45
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The significant components of the net deferred
income tax assets and liabilities as of September&nbsp;30, 2001
and 2000 are as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income tax assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued claims payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,133,335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,881,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other reserves and accruals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,139,722</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,450,810</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMT credit carryforward
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,001,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,001,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal net operating loss carryforward
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,156,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,660,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State net operating loss carryforward
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,263,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total deferred income tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,695,316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,294,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Valuation allowance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,295,964</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net deferred income tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,399,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,294,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income tax liability:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Difference between book and tax basis of property
    and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,399,352</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,566,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net deferred income tax liability
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(271,873</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of and ultimate realization of the
deferred income tax assets is dependant, in part, upon the tax
laws in effect, the Company&#146;s future earnings, and other
future events, the effects of which cannot be determined. The
Company has established a full valuation allowance against its
deferred income tax assets. Management believes that as of
September&nbsp;30, 2001, based on a number of factors, the
available objective evidence creates sufficient uncertainty
regarding the realizability of these deferred income tax assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the acquisition of a
controlling interest in the Company by the Company&#146;s
Chairman and majority stockholder, management believes that a
greater than 50% ownership change has occurred. Accordingly, the
utilization of net operating loss carryforwards and credits is
potentially limited pursuant to Internal Revenue Code
Section&nbsp;382, which imposes an annual limitation on the
utilization of loss carryforwards and credits following an
ownership change. The utilization of the loss carryforwards may
be limited to an annual amount not to exceed the value of the
Company on the ownership change date multiplied by the Federal
long-term tax exempt rate (the rate is fixed monthly and was
5&nbsp;percent as of September&nbsp;30, 2001). If the annual
limited amount is unutilized in any particular year, it remains
available on a cumulative basis through the expiration date of
the applicable loss carryforwards. Management is in the process
of calculating the limitations.
</FONT>

<P align="center"><FONT size="2">F-46
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(6)&nbsp;Long-Term Debt</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Long-term debt consists of the following as of
September&nbsp;30, 2001 and 2000:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Note payable to an insurance company, interest at
    8.25&nbsp;percent, due in monthly installments of $102,500 with
    a balloon payment of $12,029,451 in July 2006, secured by real
    estate and a guarantee from the Company&#146;s majority
    stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,973,663</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Line of credit payable to a financial
    institution, interest at prime plus .25 percent with a minimum
    of 7.00&nbsp;percent (the rate at September&nbsp;30, 2001),
    interest payable monthly, principal due in April 2004, secured
    by accounts receivable, inventories, office furniture and
    fixtures, and a guarantee from the Company&#146;s majority
    stockholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,314,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Note payable to a bank, interest at
    9.00&nbsp;percent, payable in monthly installments of $17,200
    through May 2004, secured by revenue equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">499,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Note payable to a municipality for a special
    improvement district
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">376,790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">419,138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Line of credit payable to a bank, repaid in
    fiscal 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to a bank, paid in full in fiscal
    2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,799,388</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,164,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,218,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less current portion
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,164,357</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,841,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,376,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Scheduled principal payments of long-term debt as
of September&nbsp;30, 2001 are as follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Years Ending September 30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">378,180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">409,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,708,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">265,684</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,276,764</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,164,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2001, the Company refinanced its line of
credit and term loan. The Company&#146;s new $13&nbsp;million
term loan is secured by the Company&#146;s Salt Lake City
headquarters and terminal and its $30&nbsp;million line of
credit is secured by accounts receivable, inventories of
operating supplies, and office furniture and fixtures. The term
loan matures July&nbsp;10, 2006 and the line of credit matures
April&nbsp;25, 2004. In addition, the borrowings under both
agreements are guaranteed by the Company&#146;s majority
stockholder. Borrowings under the term loan agreement bear
interest at a fixed rate of 8.25%. Borrowings under the line of
credit bear interest based on the prime rate in effect from
time-to-time plus .25% (with a minimum of 7.00%). Amounts
available under the line of credit are based on the level of the
Company&#146;s net worth.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At September&nbsp;30, 2001, the Company was in
technical default on its debt obligations as a result of the
Equipment Leases discussed in Note&nbsp;2. The banks and
financial institutions have not waived the defaults under their
respective agreements, nor have they accelerated repayment of
the debt obligations. As a result of these defaults, all of the
Company&#146;s debt has been classified as current in the
accompanying September&nbsp;30, 2001 balance sheet.
</FONT>

<P align="center"><FONT size="2">F-47
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">(7)&nbsp;Capitalized Lease
Obligations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain revenue equipment is leased under
capitalized lease obligations. The following is a summary of
assets held under capital lease agreements as of
September&nbsp;30, 2001 and 2000:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,886,418</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,987,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less accumulated amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,465,848</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,910,314</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,420,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,077,063</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a schedule of future minimum
lease payments under capitalized leases together with the
present value of the minimum lease payments at
September&nbsp;30, 2001:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Years Ending September 30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,250,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,566,922</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,321,624</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,937,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,034,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total minimum lease payments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,110,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less amount representing interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,737,415</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Present value of minimum lease payments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,373,463</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the proposed restructuring of
the Company&#146;s lease obligations (see Note&nbsp;2), the
Company will reevaluate each lease to determine whether the
restructured lease should be treated as a capital or operating
lease in accordance with SFAS No.&nbsp;13 &#147;Accounting for
Leases&#148;. Based upon the nature of the modifications, it is
probable that the restructured leases will be classified as
capital leases for all periods subsequent to the date of the
restructuring. The capitalization of these leases will result in
a significant change in the Company&#146;s financial position.
Over the lives of the leases, the capitalization of the leases
should not have a significant impact on the results of
operations. However, the classification of expenses related to
the leased equipment will change significantly as amounts
previously classified as rent expense will be allocated between
depreciation and amortization and interest expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At September&nbsp;30, 2001, the Company was in
default on its capitalized lease obligations as a result of the
matters discussed in Note&nbsp;2. The banks and financial
institutions have not waived the defaults under their respective
agreements and several have accelerated repayment of the debt
obligations, although most entities demanding repayment continue
to participate in the Company&#146;s proposed restructuring of
its debt and lease obligations. As a result of these defaults,
all of the Company&#146;s capitalized lease obligations have
been classified as current in the accompanying
September&nbsp;30, 2001 balance sheet.
</FONT>

<P align="left">
<B><FONT size="2">(8)&nbsp;Commitments and
Contingencies</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Operating Leases</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is committed under noncancellable
operating leases (see Note&nbsp;2) involving certain revenue
equipment. Rent expense for noncancellable operating leases was
$39,465,772, $35,261,458, and $31,767,339 for fiscal years 2001,
2000 and 1999, respectively. Aggregate future lease commitments
are $31,408,254, $15,554,421, $3,318,865 and $1,303,735 for the
years ending September&nbsp;30, 2002, 2003, 2004 and 2005,
respectively.
</FONT>

<P align="center"><FONT size="2">F-48
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Legal Proceedings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company and one of its officers and
directors, and certain of its former officers and directors have
been named as defendants in a securities class action filed in
the United States District Court for the District of Utah,
Caprin v. Simon Transportation Services, Inc., et al.,
No.&nbsp;2:98CV 863K (filed December&nbsp;3, 1998). Plaintiffs
in this action allege that defendants made material
misrepresentations and omissions during the period
February&nbsp;13, 1997 through April&nbsp;2, 1998 in violation
of Sections&nbsp;11, 12(2) and 15 of the Securities Act of 1933
and Sections&nbsp;10(b) and 20(a) of the Securities Exchange Act
of 1934 and Rule&nbsp;10b-5 promulgated thereunder. On
September&nbsp;27, 2000, the District Court dismissed the case
with prejudice. Plaintiffs have appealed the dismissal of this
action to the United States Court of Appeal for the Tenth
Circuit, which will hear oral arguments on the matter on
January&nbsp;15, 2002. The Company intends to vigorously defend
this action.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;13, 2001, a Company-owned
tractor-trailer collided with a pick-up truck in an intersection
in Dumas, Texas. A lawsuit has been filed on behalf of an
injured passenger in the pick-up truck and her family in the
United States District Court for the Northern District of Texas,
seeking actual and punitive damages from the Company and its
former employee/ driver. The Company is cooperating with its
outside counsel and insurance carriers in an effort to resolve
this matter. Discovery is ongoing in the case. Unless this
matter is resolved through mediation, the parties are expected
to proceed to trial in February 2002. Although the alleged
damages in this matter are very substantial and a risk of
punitive damage exposure does exist, the Company and its counsel
believe the facts surrounding the accident do not warrant
punitive damages and that the Company will be able to resolve
this matter within the limits of its insurance policies.
Accordingly, the Company does not expect this litigation to have
a material impact on the Company&#146;s results of operations or
financial position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;17, 2001, the State of California
filed suit against the Company in relation to damage to the
state capitol of California arising from an accident involving a
Company driver and truck. The lawsuit requests both compensatory
and punitive damages. Two of the Company&#146;s insurers have
already paid their policy limits of $5.75&nbsp;million in
partial satisfaction of the State&#146;s property damage. The
State&#146;s complaint represents an attempt to collect the
balance of property damage, estimated to be between $6 and
$10&nbsp;million. The Company is cooperating with its insurance
carrier in defense of action, which is at a very preliminary
stage. Management believes that it is unlikely that the Company
will be held liable for punitive damages in this action and
further believes that the Company will resolve the matter within
the limits of insurance policies. Accordingly, the Company does
not expect this litigation to have a material impact on the
Company&#146;s results of operations or financial position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;27, 2001, Dime Commercial Credit
(&#147;Dime&#148;), one of the Company&#146;s lessors, served
the Company with a lawsuit. The lawsuit asserts that the Company
is in default under the lease agreements held by Dime and seeks
judgments against the Company. The requested judgments include
the return to Dime of all equipment under the lease agreements,
payment of delinquent monthly payments, payment of the
stipulated loss value as defined and payment of other fees and
costs. The Company is currently preparing its response to the
lawsuit. Management estimates the potential range of loss
exposure related to this obligation is $1.5 to $3.0&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company from time to time is a party to
litigation arising in the ordinary course of its business,
substantially all of which involves claims for personal injury
and property damage incurred in the transportation of freight.
Management is not aware of any claims or threatened claims that
reasonably would be expected to exceed insurance limits or
existing accruals or have a materially adverse effect upon the
Company&#146;s results of operations or financial position.
However, it is possible that a material change in the
Company&#146;s estimate of probable liability could occur.
</FONT>

<P align="center"><FONT size="2">F-49
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Consulting and Noncompetition
    Agreement</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective September&nbsp;19, 2000, the Company
entered into a consulting and noncompetition agreement with its
former Chairman of the Board, Chief Executive Officer and
President. For a period of three years, the Company is obligated
to pay a consulting fee of $259,000 per year, provide executive
level medical and dental coverage, reimburse ordinary and
necessary business expenses and provide continuing
directors&#146; and officers&#146; liability insurance for the
consultant. The consultant agrees to not compete with the
Company for the term of the agreement.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Employment and Noncompetition
    Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;19, 2000, the Company entered
into at-will employment and noncompetition agreements with five
of its then executive officers. During fiscal 2001, the Company
terminated the employment of three of these executive
officers&nbsp;&#151; two with cause and one without cause.
Subsequent to year end, another executive was terminated with
cause. The Company is obligated to pay a salary to the remaining
individual of not less than $156,000 per year. The remaining
individual is eligible to receive an annual performance bonus
based on the operating ratio of the Company. The bonus is equal
to $10,000 for each percentage point or portion thereof that the
operating ratio is less than 97%. In addition, during the period
of an executive&#146;s employment, the Company provides
executive level medical and dental coverage, disability
insurance, directors&#146; and officers&#146; liability
insurance and reimburses ordinary and necessary business
expenses. If an executive&#146;s employment is terminated by the
executive for &#147;Good Reason&#148; or by the Company without
&#147;Cause&#148;, the Company is obligated to continue payment
of compensation for a period of three years. If an
executive&#146;s employment is terminated by the executive
without &#147;Good Reason&#148; or by the Company with
&#147;Cause&#148;, the Company is obligated to continue payment
of compensation for a period of one year. Each executive agreed
to not compete with the Company for any term covered by
compensation. During fiscal 2001, the Company recorded charges
related to these agreements in the amount of $780,000,
discounted to a present value using a rate of 7%. The Company
will record a charge in fiscal year 2002 in the amount of
$156,000 discounted using the same 7% rate.
</FONT>

<P align="left">
<B><FONT size="2">(9)&nbsp;Capital Transactions and Stock
Plans</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Preferred Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is authorized to issue
5,000,000&nbsp;shares of preferred stock from time to time in
one or more series without stockholder approval. As of
September&nbsp;30, 2001, there are 292,443&nbsp;shares of
preferred stock outstanding. The Board of Directors is
authorized, without any further action by the stockholders of
the Company, to (a)&nbsp;divide the preferred stock into series,
(b)&nbsp;designate each such series, (c)&nbsp;fix and determine
dividend rights, (d)&nbsp;determine the price, terms and
conditions on which shares of preferred stock may be redeemed,
(e)&nbsp;determine the amount payable to holders of preferred
stock in the event of voluntary or involuntary liquidation,
(f)&nbsp;determine any sinking fund provisions, and
(g)&nbsp;establish any conversion privileges.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Series&nbsp;I Convertible Preferred
    Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective June&nbsp;30, 2001, the Company agreed
to issue 162,401 shares of Series&nbsp;I preferred stock with
detachable warrants to purchase an additional 162,401 shares of
Series&nbsp;I preferred stock to a major stockholder in exchange
for cancellation of $6.7&nbsp;million in advances, or $41.10 per
preferred share issued. The warrants are exercisable at a price
of $4.11 per share or any lower price at which the Company
issues its preferred or common stock or any options, rights,
warrants, or other securities convertible into common or
preferred stock during the term of the warrant. Dividends accrue
at 10% per annum, based on the $41.10 per share value, and the
Series&nbsp;I preferred shares have a liquidation preference
over all other classes or series of capital stock based upon the
$41.10 per share value, plus accrued dividends. The proceeds
have been allocated between the Series&nbsp;I preferred stock
and the warrants based on their estimated relative fair values.
</FONT>

<P align="center"><FONT size="2">F-50
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">For purposes of the allocation, the estimated
fair value of Series&nbsp;I preferred shares was determined to
be the $41.10 per share price and the fair value of the warrants
was estimated using the Black-Scholes option pricing model with
the following assumptions: risk free interest rate of 5.29%;
dividend yield of 0%; volatility factor of 48.5% and an expected
term of ten years. Each share of Series&nbsp;I preferred stock
is convertible into ten shares of Class&nbsp;A Common Stock at
the earlier of September&nbsp;30, 2001, a change-in-control of
the Company, or a sale of all or substantially all of the assets
of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the quarter ended September&nbsp;30, 2001,
the Company recorded a non-cash dividend related to the issuance
of Series&nbsp;I preferred stock in the amount of approximately
$2.7&nbsp;million representing the value of the beneficial
conversion feature. The beneficial conversion feature was
calculated for financial reporting purposes based on the
difference between the portion of the total proceeds allocated
to the Series&nbsp;I preferred shares of $2.46 per share and
$4.11 per share, the closing market price as of June&nbsp;29,
2001 of the common shares into which the Series&nbsp;I preferred
shares are convertible.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Series&nbsp;II Convertible Preferred
    Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of September&nbsp;30, 2001, an entity owned by
the Company&#146;s Chairman and majority stockholder had made
advances to the Company of $2,080,670 for equipment purchases
and general corporate purposes. On September&nbsp;30, 2001, the
Company entered into a subscription agreement with a related
entity pursuant to which the advances would be converted into
130,042 shares of the Company&#146;s Series&nbsp;II preferred
stock. The issuance of the Series&nbsp;II preferred shares was
effective September&nbsp;30, 2001. The $16.00 per share issuance
price is equal to the closing price of the common stock on
September&nbsp;28, 2001, on a conversion adjusted basis. The
Series&nbsp;II preferred shares are convertible into common
stock at the ratio of ten shares of common stock for each
Series&nbsp;II preferred share. Each Series&nbsp;II preferred
share carries the right to cast ten votes on all stockholder
proposals, representing equivalent voting rights to the common
stock upon conversion. Dividends on each Series&nbsp;II
preferred share accrue at 10% per annum, based upon a $16.00 per
share value. The proceeds have been allocated between the
Series&nbsp;II preferred stock and the warrants based on their
estimated relative fair values. For purposes of the allocation,
the estimated fair value of Series&nbsp;II preferred shares was
determined to be $16.00 per share and the fair value of the
warrants was estimated using the Black-Scholes option pricing
model with the following assumptions: risk free interest rate of
4.66%; dividend yield of 0%; volatility factor of 61.41% and an
expected term of ten years. Series&nbsp;II preferred shares have
a liquidation preference over the Common Stock or any other
class or series of capital stock of the Company, other than the
Company&#146;s Series&nbsp;I preferred shares, which rank evenly
with the Series&nbsp;II preferred shares, based upon the $16.00
per share value, plus accrued dividends.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the quarter ended September&nbsp;30, 2001,
the Company recorded a non-cash dividend related to the issuance
of Series&nbsp;I preferred stock in the amount of approximately
$0.9&nbsp;million representing the value of the beneficial
conversion feature. The beneficial conversion feature was
calculated for financial reporting purposes based on the
difference between the portion of the total proceeds allocated
to the Series&nbsp;II preferred shares of $0.92 per share and
$1.60 per share, the closing market price as of
September&nbsp;28, 2001 of the common shares into which the
Series&nbsp;I preferred shares are convertible. In connection
with the preferred stock subscription agreement, the Company and
the stockholder entered into a warrant agreement.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Preferred Stock Warrants</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the issuance of the
Series&nbsp;I convertible preferred stock, the Company issued
warrants effective June&nbsp;30, 2001. Prior to its amendment,
the warrant granted the Series&nbsp;I stockholder the right to
purchase up to 190,705 Series&nbsp;I preferred shares for $35.00
per share, or any lower price at which the Company issues its
Series&nbsp;I preferred shares or common stock or any options,
rights, warrants, or other securities convertible into
Series&nbsp;I preferred shares or common stock during the ten
year term of the warrant. On September&nbsp;30, 2001, the
Company and the Series&nbsp;I stockholder agreed to amend the
exercise price of the
</FONT>

<P align="center"><FONT size="2">F-51
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">warrant from $35.00 per share to $41.10 per
share, thereby reducing the number of warrants issued from
190,705 to 162,401. The current $41.10 per share exercise price
of the warrant is equal to the average closing bid price of the
Company&#146;s common stock for the five days prior to and
including June&nbsp;30, 2001, on a conversion adjusted basis.
The anti-dilution provisions of the warrant will automatically
adjust the per share exercise price of the warrant from $41.10
per share to $16.00 per share if the issuance of the
Company&#146;s Series&nbsp;II preferred shares and a warrant to
purchase Series&nbsp;II preferred shares, below, are approved by
the Company&#146;s stockholders at the Company&#146;s annual
stockholders&#146; meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the issuance of the
Series&nbsp;II convertible preferred stock, the Company issued
warrants effective September&nbsp;30, 2001. The warrants grant
the Series&nbsp;II stockholder the right to purchase up to
130,042 Series&nbsp;II preferred shares for $16.00 per share or
any lower price at which the Company issues its Series&nbsp;II
preferred shares, Series&nbsp;I preferred shares, or common
stock or any options, rights, warrants, or other securities
convertible into any of the foregoing during the ten-year term
of the warrant.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Treasury Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Board of Directors authorized
a stock repurchase program under which management may reacquire
up to 500,000&nbsp;shares of the Company&#146;s Class&nbsp;A
Common Stock. During fiscal year 1999, the Company repurchased
95,500&nbsp;shares of Class&nbsp;A Common Stock at an average
price of $5.46 per share, for a total cash outlay of $521,600.
The stock repurchase program expired September&nbsp;30, 1999.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Incentive Stock Plan</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;31, 1995, the Company&#146;s Board of
Directors and stockholders approved and adopted the Dick Simon
Trucking, Inc. Incentive Stock Plan (the &#147;Plan&#148;). The
Plan reserves 2,000,000 shares of Class&nbsp;A Common Stock for
issuance thereunder. The Board of Directors or its designated
committee administers the Plan and has the discretion to
determine the employees and officers who will receive awards,
the type of awards (incentive stock options, non-statutory stock
options, restricted stock awards, reload options, other stock
based awards, and other benefits) to be granted and the term,
vesting provisions and exercise prices.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Non-Officer Incentive Stock
    Plan</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;18, 1998, the Company&#146;s
Board of Directors approved and adopted the Simon Transportation
Services Inc. 1998 Non-Officer Incentive Stock Plan (the
&#147;1998 Plan&#148;). The 1998 Plan reserves
400,000&nbsp;shares of Class&nbsp;A Common Stock for issuance
thereunder. The Board of Directors or its designated committee
administers the Plan and has the discretion to determine the
employees who will receive awards, the type of awards (incentive
stock options, non-statutory stock options, restricted stock
awards, reload options, other stock based awards, and other
benefits) to be granted and the term, vesting provisions and
exercise prices.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Warrant Agreement</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;19, 2000, the Company&#146;s
Board of Directors adopted and approved a Warrant Agreement
between the Company and the Chairman of the Board. Under the
agreement, the Chairman was granted warrants to purchase
300,000&nbsp;shares of the Company&#146;s Class&nbsp;A Common
Stock at $7.00 per share. The warrants become exercisable at the
rate of 100,000 per year on each of September&nbsp;19, 2001,
2002, and 2003.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Outside Director Stock Plan</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company adopted an Outside Director Stock
Plan (the &#147;Outside Director Stock Plan&#148;), under which
each director who is not an employee of the Company and not
holding a warrant will receive an option to purchase
5,000&nbsp;shares of the Company&#146;s Class&nbsp;A Common
Stock at the market price at the grant date. The
</FONT>

<P align="center"><FONT size="2">F-52
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">options vest 20% at grant and an additional 20%
on the first through fourth anniversaries of the grant date. On
the five year anniversary of service as an outside director,
each qualifying director will receive an option to purchase an
additional 5,000&nbsp;shares of the Company&#146;s Class&nbsp;A
Common Stock. The Company has reserved 25,000&nbsp;shares of
Class&nbsp;A Common Stock for issuance under the Outside
Director Stock Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table summarizes the combined stock
option activity for all plans for fiscal years 2001, 2000 and
1999:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted Average</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Price</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price Range</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Per Share</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Outstanding at September&nbsp;30, 1998
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">717,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.00&nbsp;-&nbsp;23.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">373,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.25&nbsp;-&nbsp;&nbsp;5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(81,780</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50&nbsp;-&nbsp;16.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Outstanding at September&nbsp;30, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,008,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.25&nbsp;-&nbsp;23.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">408,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.50&nbsp;-&nbsp;&nbsp;7.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,275</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50&nbsp;-&nbsp;&nbsp;9.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(72,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.25&nbsp;-&nbsp;19.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Outstanding at September&nbsp;30, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,342,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.25&nbsp;-&nbsp;23.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Granted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.68&nbsp;-&nbsp;&nbsp;5.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exercised
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.25&nbsp;-&nbsp;&nbsp;5.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forfeited
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(692,210</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.94&nbsp;-&nbsp;23.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Outstanding at September&nbsp;30, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">920,595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.68&nbsp;-&nbsp;23.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The weighted average fair value of options
granted during the years ended September&nbsp;30, 2001, 2000,
and 1999, was $3.40, $2.88, and $3.23, respectively. A summary
of the options outstanding and options exercisable at
September&nbsp;30, 2001 is as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Options Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Options Exercisable</FONT></B></TD>
</TR>

<TR>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Remaining</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Average</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Range of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Contractual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Prices</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.68&nbsp;-&nbsp;&nbsp;5.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">262,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.35&nbsp;years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.26&nbsp;-&nbsp;&nbsp;6.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">211,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.26&nbsp;years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">7.00&nbsp;-&nbsp;&nbsp;9.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.99&nbsp;years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">209,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">9.01&nbsp;-&nbsp;23.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.95&nbsp;years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">206,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.68&nbsp;-&nbsp;23.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">920,595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.49&nbsp;years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">511,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Stock-Based Compensation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has elected to continue to apply
Accounting Principles Board Opinion No.&nbsp;25 and related
interpretations in accounting for its stock-based compensation
plans as they relate to employees and directors.
SFAS&nbsp;No.&nbsp;123, &#147;Accounting for Stock-Based
Compensation,&#148; requires pro forma information regarding net
earnings (loss) as if the Company had accounted for its stock
options granted to employees and directors subsequent to
September&nbsp;30, 1995 under the fair value method of
SFAS&nbsp;No.&nbsp;123. The fair value of these stock options
was estimated at the grant date using the Black-Scholes option
pricing model with the following assumptions: average risk-free
interest rates of 5.24%, 5.98%, and 4.79% in fiscal years 2001,
2000, and
</FONT>

<P align="center"><FONT size="2">F-53
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">1999, respectively, a dividend yield of 0%;
average volatility of the expected common stock price of 49.7%,
50.9%, and 54.9%; for fiscal years 2001, 2000, and 1999,
respectively; and weighted average expected lives for the stock
options of approximately 9.8&nbsp;years, 5.1&nbsp;years, and
8.0&nbsp;years for fiscal years 2001, 2000, and 1999,
respectively. For purposes of pro forma disclosures, the
estimated fair value of the stock options is amortized over the
vesting period of the respective stock options. Under the fair
value method of SFAS&nbsp;No.&nbsp;123, pro forma net loss would
have been ($45,701,574), ($11,858,610), and ($3,931,107), and
pro forma diluted net loss per share attributable to common
stockholders would have been ($7.47), ($1.94), and ($0.64) for
the fiscal years ended September&nbsp;30, 2001, 2000, and 1999,
respectively.
</FONT>

<P align="left">
<B><FONT size="2">(10)&nbsp;Employee Benefit Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has adopted a defined contribution
plan, the Dick Simon Trucking, Inc. 401(k)&nbsp;Profit Sharing
Plan (the &#147;401(k)&nbsp;Plan&#148;). All employees who have
completed one year of service and have reached age&nbsp;21 are
eligible to participate in the 401(k)&nbsp;Plan. Under the
401(k)&nbsp;Plan, employees are allowed to make contributions of
up to 15&nbsp;percent of their annual compensation; the Company
may make matching contributions equal to a discretionary
percentage, to be determined by the Company, of the
employee&#146;s salary reductions. The Company may also make
additional discretionary contributions to the 401(k)&nbsp;Plan.
All amounts contributed by a participant are fully vested at all
times. The participant becomes 20&nbsp;percent vested in any
matching or discretionary contributions after two years of
service. This vesting percentage increases to 100&nbsp;percent
after six years of service. During fiscal years 2001, 2000, and
1999, the Company contributed $132,334, $331,596, and $320,438,
respectively, to the 401(k)&nbsp;Plan.
</FONT>

<P align="left">
<B><FONT size="2">(11)&nbsp;Related Party Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2000, the Company had transactions
with entities affiliated with former members of the Board of
Directors. These transactions totaled $158,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2001, the Company provided
transportation services to Swift Transportation, Inc.
(&#147;Swift&#148;) and Central Freight Lines, Inc.
(&#147;Central&#148;) and recognized $46,767 and $851,452 in
operating revenue, respectively, related to these services. The
Company&#146;s Chairman and majority stockholder is an executive
officer of and, directly and through affiliated entities, owns a
significant portion of Swift and is a director of and, directly
and through affiliated entities, owns a significant portion of
Central. At September&nbsp;30, 2001, $600 and $48,584 was owed
to the Company from Swift and Central, respectively, for these
services. The prices were established through arms&#146;-length
negotiations between the parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to his appointment as the Company&#146;s
Chief Executive Officer (&#147;CEO&#148;), the Company&#146;s
CEO was employed by Swift as Vice President of East Coast
Operations. Swift agreed to lease his services to the Company
for an initial term ending December&nbsp;28, 2003. During this
term, the Company&#146;s CEO will continue to assist Swift in
the process of obtaining ISO&nbsp;9002 certification. He also
will consult with Swift concerning potential acquisition
candidates and operations issues. The Company, which primarily
transports products in temperature-controlled trailers, and
Swift, as a nationwide truckload carrier of dry van and flatbed
freight, do not compete with each other in any material respect.
The Company reimburses Swift for all salary and benefit expenses
associated with the Company&#146;s CEO&#146;s employment by
Swift. The Company&#146;s CEO retained options to purchase
shares of Swift stock that are outstanding at the commencement
of the lease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company paid approximately $297,850 in fees
for legal services for the fiscal year ended September&nbsp;30,
2001 to a law firm in which one of the Company&#146;s former
board members is a partner.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The majority of the Company&#146;s owner-operator
fleet is leased to drivers through Interstate Equipment Leasing
(&#147;IEL&#148;). The Company&#146;s Chairman and majority
stockholder is the owner of IEL. The owner-operators sign lease
agreements directly with IEL. Amounts due to IEL for monthly
lease payments are withheld from Company payments to
owner-operators and remitted directly to IEL by the Company.
</FONT>

<P align="center"><FONT size="2">F-54
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">SIMON TRANSPORTATION SERVICES INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">October&nbsp;23, 2001, IEL loaned the Company
$1.6&nbsp;million in connection with the purchase of certain
tractors at the termination of their lease. The loan bears
interest at 7.5&nbsp;percent and is due March&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">December&nbsp;18, 2001, the Company entered into
an agreement with Swift which will allow the Company&#146;s
tractors to fuel at five of Swift&#146;s terminals that have
excess fueling capacity. The Company will purchase and deliver
fuel to these sites (similar to what is done for Company
operated terminals) and pay a per gallon fee to Swift for
pumping and storage services. The Company will benefit to the
extent it is able to fuel at Swift&#146;s sites as fuel at bulk
fueling locations is generally less expensive than that
purchased over the road.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management believes that these transactions were
completed at fair market value.
</FONT>

<P align="left">
<B><FONT size="2">(12)&nbsp;Quarterly Financial Data
(Unaudited)</FONT></B>

<P align="center">
<B><FONT size="2">(Amounts in thousands, except per share
data)</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fourth</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Third</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Second</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">First</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74 508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">64,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,360</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,582</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss before income taxes and cumulative effect of
    accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,985</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,827</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,993</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss attributable to common stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,827</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,993</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted net loss per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4.37</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.56</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.44</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.49</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fourth</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Third</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Second</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">First</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,459</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(82</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) before income taxes and
    cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,805</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(221</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Provision (benefit) for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,890</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(80</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cumulative effect of accounting change
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,863</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,915</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(267</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,004</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Diluted net earnings (loss) per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.04</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.66</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-55
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2"> <HR size="1" width="100%" align="left" noshade>
</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
dealer, salesperson or other person is authorized to give any
information or to represent anything not contained in this
prospectus. You must not rely on any unauthorized information or
representations. This prospectus is an offer to sell only the
shares offered hereby, but only under circumstances and in
jurisdictions where it is lawful to do so. The information
contained in this prospectus is current only as of its
date.</FONT></I>

<P align="center">
<B>TABLE OF CONTENTS</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prospectus Summary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">1
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">8
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Special Note Regarding Forward-Looking Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">18
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">19
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividend Policy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">19
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dilution
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">20
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">22
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Acquisition and Disposition of Operations of
    Central Refrigerated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">23
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selected Financial Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">24
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">28
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Our Industry
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">43
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">45
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Management
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">52
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Certain Relationships and Related Transactions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">62
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal and Selling Stockholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">63
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Capital Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">65
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares Eligible for Future Sale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">68
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Material United States Federal Income Tax
    Considerations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">70
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">75
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notice to Canadian Residents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">78
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">79
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">79
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Obtain Additional Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">79
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Index to Consolidated Financial Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">F-1
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</FONT></B>

<P align="center">
<IMG src="c72067c7206700.gif" alt="(CENTRAL FREIGHT LINES INC LOGO)">

<P align="center">
<B><FONT size="4">Common Stock</FONT></B>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<DIV align="center">
<HR size="1" width="22%" align="center" noshade>
</DIV>

<P align="center">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003</B>

<P align="center">
<B><FONT size="5">Bear, Stearns &#38; Co. Inc.</FONT></B>

<P align="center">
<B><FONT size="5">BB&#38;T Capital Markets</FONT></B>

<P align="center">
<B><FONT size="5">Legg Mason Wood Walker</FONT></B>

<DIV align="center">
<FONT size="2">Incorporated
</FONT>
</DIV>

<P align="center">
<B><FONT size="5">Morgan Keegan &#38;</FONT></B>

<DIV align="center">
<B><FONT size="5">Company, Inc.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">Stephens Inc.</FONT></B>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">PART II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;13.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Other Expenses of Issuance and
    Distribution.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is an itemized statement of all
expenses to be incurred by the registrant in connection with the
sale and distribution of the securities being registered by this
registration statement, other than the underwriting discounts
and commissions. All amounts are estimated except the SEC
registration fee, the NASD filing fee, and the Nasdaq National
Market listing fee. The selling stockholders will not bear any
expenses of this offering other than the underwriters&#146;
discount applicable to the shares sold by them.
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SEC registration fee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NASD filing fee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nasdaq National Market listing fee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Blue sky fees and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting fees and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">700,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal fees and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">650,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Printing and engraving costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Registrar and transfer agent fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Miscellaneous
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,650,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;14.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification of Directors and
    Officers.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;VII of the registrant&#146;s
Articles of Incorporation (&#147;Articles&#148;) provide that
the registrant&#146;s directors and officers shall be
indemnified against liabilities they may incur while serving in
such capacities to the fullest extent allowed by the Nevada
General Corporation Law. Under this indemnification provision,
the registrant is required to indemnify each of its directors
and officers against any reasonable expenses (including
attorneys&#146; fees, judgments, fines, and amounts paid in
settlement) actually incurred by him or her in the defense of
any threatened, pending, or completed action, suit, or
proceeding, whether civil, criminal, administrative, or
investigative, to which he or she was made a party, by reason of
the fact that he or she is or was a director or officer of the
registrant or while a director or officer of the registrant is
or was serving at the registrant&#146;s request as a director,
officer, employee, or agent of another corporation, partnership,
joint venture, trust, or other enterprise unless it is
ultimately determined by a court of competent jurisdiction that
his or her acts or omissions involved intentional misconduct,
fraud, or a knowing violation of law and were material to the
cause of action. To the extent not prohibited by law, the
registrant will advance expenses incurred by directors or
officers in defending a civil or criminal action, suit, or
proceeding upon receipt of an undertaking by or on behalf of
such officer or director to repay such advances if a court of
competent jurisdiction established that his or her acts or
omissions involved intentional misconduct, fraud, or a knowing
violation of law and were material to the cause of action. The
registrant may provide additional indemnification entitled under
any law, bylaw, agreement, vote of stockholders or disinterested
directors or otherwise. We maintain insurance for directors and
officers for liability they may incur while serving in such
capacities or arising out of his or her status as such. The
policy has $5,000,000 in coverage with a $50,000 deductible.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the applicable statutory provisions, the
registrant may indemnify each of its directors and officers
against any reasonable expenses (including attorneys&#146; fees,
judgments, fines, and amounts paid in settlement) actually
incurred by him or her in the defense of any action, suit, or
proceeding, whether civil, criminal, administrative, or
investigative, to which he or she was made a party, or in
defense of any claim, issue, or matter therein, by reason of the
fact that he or she is or was a director or officer of the
registrant or was serving at the registrant&#146;s request as a
director, officer, employee, or agent of another corporation,
partnership, joint venture, trust, or other enterprise unless it
is ultimately determined by a court of competent jurisdiction
</FONT>

<P align="center"><FONT size="2">II-1
</FONT>

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<DIV align="left">
<FONT size="2">that he or she failed to act in a manner he or
she believed in good faith to be in, or not opposed to, the best
interests of the registrant, and with respect to any criminal
proceeding, had reasonable cause to believe his or her conduct
was lawful. The statutory provisions further state that to the
extent a director or officer has been successful on the merits
or otherwise in defense of any action, suit, or proceeding as
set forth above, or defense of any claim, issue, or matter
therein, the registrant is required to indemnify him or her
against expenses (including attorneys&#146; fees).
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;VII of the registrant&#146;s
Articles eliminates, to the fullest extent permitted by law, the
liability of directors and officers for monetary or other
damages for breach of fiduciary duties to the registrant and its
stockholders as a director or officer.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;15.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Recent Sales of Unregistered
    Securities.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the three years preceding the filing of this
Registration Statement, the registrant has issued the following
securities that were not registered under the Securities Act:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective December&nbsp;31, 2000, shares of
common stock of the registrant&nbsp;&#151; Central Freight
Lines, Inc., a Nevada corporation&nbsp;&#151; were issued in
exchange for shares of Central Freight Lines, Inc., a Texas
corporation. This exchange was made on a one-for-one basis to
create the registrant&#146;s current holding company structure.
The transactions comprised a plan of tax-free transfers to a
controlled corporation pursuant to Section&nbsp;351 of the
Internal Revenue Code of 1986, as amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All securities were issued in private offerings,
which did not involve the public offer or sale of securities, in
reliance upon the exemption from registration afforded by
Section&nbsp;4(2) of the Securities Act. No underwriters,
brokers, or finders were involved in the above transaction.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;16.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Financial Statement
    Schedules.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;Exhibits
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">A list of exhibits filed herewith is contained in
    the Exhibit&nbsp;Index that immediately precedes such exhibits
    and is incorporated herein by reference.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;Financial statement schedules
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">All schedules are omitted because they are not
    required, are not applicable, or the information is included in
    the consolidated financial statements or the notes thereto.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;17.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrant hereby undertakes to
provide the Underwriters at the closing specified in the
Underwriting Agreement certificates in such denominations and
registered in such names as required by the Underwriters to
permit prompt delivery to each purchaser.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, officers, and controlling persons of the registrant
pursuant to the provisions set forth in Item&nbsp;14, or
otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer, or controlling person of the registrant in the
successful defense of any action, suit, or proceeding) is
asserted by such director, officer, or controlling person in
connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in
the Act, and the Registrant will be governed by the final
adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">II-2
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrant hereby undertakes that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;For purposes of determining any
    liability under the Securities Act of 1933, the information
    omitted from the form of prospectus filed as part of this
    registration statement in reliance upon Rule&nbsp;430A and
    contained in a form of prospectus filed by the registrant
    pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the
    Securities Act shall be deemed to be part of this registration
    statement as of the time it was declared effective.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;For the purpose of determining any
    liability under the Securities Act of 1933, each post-effective
    amendment that contains a form of prospectus shall be deemed to
    be a new registration statement relating to the securities
    offered therein, and the offering of such securities at that
    time shall be deemed to be the initial bona fide offering
    thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-3
</FONT>

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<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Waco, State of Texas,
on September&nbsp;23, 2003.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="2">CENTRAL FREIGHT LINES, INC.</FONT></B></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ ROBERT V. FASSO
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert V. Fasso
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
    Executive Officer and President
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each person whose signature appears below hereby
appoints Robert&nbsp;V. Fasso, Jeffrey&nbsp;A. Hale,
Earl&nbsp;H. Scudder, and Mark&nbsp;A. Scudder, and each of
them, as attorneys-in-fact with full power of substitution, to
execute in their respective names, individually and in each
capacity stated below, any and all amendments (including
post-effective amendments) to this registration statement and
any registration statement filed pursuant to Rule&nbsp;462(b)
under the Securities Act of 1933, as amended, as the
attorney-in-fact and to file any such amendment to the
registration statement, exhibits thereto and documents required
in connection therewith with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and their
substitutes, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in
connection therewith, as fully as he or she might or could do in
person, hereby ratifying and confirming all that said
attorneys-in-fact and their substitutes may lawfully do or cause
to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been
signed by the following persons or their duly authorized
attorney-in-fact in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">September&nbsp;23, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ ROBERT V. FASSO
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Name:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Robert V. Fasso
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Title:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President, CEO, and Director<BR>
    (principal executive officer)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">September&nbsp;23, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ JEFFREY A. HALE
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Name:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Jeffrey A. Hale
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Title:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President and<BR>
    Chief Financial Officer<BR>
    (principal financial officer and<BR>
    principal accounting officer)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">September&nbsp;23, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ JERRY MOYES
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Name:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Jerry Moyes
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Title:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman of the Board of Directors
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-4
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">INDEX TO EXHIBITS</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Underwriting Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Amended and Restated Asset Purchase Agreement
    dated April&nbsp;18, 2002, by and among Central Refrigerated
    Service, Inc., a Nebraska corporation, and Simon Transportation
    Services Inc., a Nevada corporation, and its subsidiaries, Dick
    Simon Trucking, Inc., a Utah corporation, and Simon Terminal,
    LLC, an Arizona limited liability company.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.2(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Separation Agreement dated November&nbsp;30,
    2002, by and among Central Freight Lines, Inc., a Texas
    corporation, Central Refrigerated Service, Inc., a Nebraska
    corporation, the Jerry and Vickie Moyes Family Trust, Interstate
    Equipment Leasing, Inc., an Arizona corporation, and Jerry Moyes
    individually.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.2(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Amendment Number One to Separation Agreement
    dated December&nbsp;23, 2002, by and among Central Freight
    Lines, Inc., a Texas corporation, Central Refrigerated Service,
    Inc., a Nebraska corporation, the Jerry and Vickie Moyes Family
    Trust, Interstate Equipment Leasing, Inc., an Arizona
    corporation, and Jerry Moyes individually.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Agreement and Plan of Merger, dated as of
    June&nbsp;9, 1999, by and among Jaguar Fast Freight, Inc., an
    Arizona corporation, and Central Freight Lines, Inc., a Texas
    corporation and the stockholders of Jaguar.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Articles of Incorporation of Central Freight
    Lines, Inc., a Nevada corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1(b)*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Amended and Restated Articles of
    Incorporation of Central Freight Lines, Inc., a Nevada
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Bylaws of Central Freight Lines, Inc., a Nevada
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Articles of Incorporation filed as
    Exhibit&nbsp;3.1(a) to this Registration Statement and
    incorporated herein by reference.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Amended and Restated Articles of
    Incorporation filed as Exhibit&nbsp;3.1(b) to this Registration
    Statement and incorporated herein by reference.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Bylaws filed as Exhibit&nbsp;3.2 to this
    Registration Statement and incorporated herein by reference
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Stockholders&#146; Agreement, dated as of
    June&nbsp;11, 1999, by and among Jerry Moyes, Richard Slater,
    Mark Fabritz, Kent Chapman, and Larry Rockwell.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&nbsp;5*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Opinion of Scudder Law Firm, P.C., L.L.O.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.1(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Central Freight Lines, Inc. 401(k) Savings Plan
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.1(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">First Amendment to Central Freight Lines, Inc.
    401(k) Savings Plan
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.2(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Central Freight Lines, Inc. Incentive Stock Plan
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.2(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Stock Option Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Outside Director Stock Option Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Revolving Credit Loan Agreement dated
    April&nbsp;30, 2002, by and between Central Freight Lines, Inc.,
    a Texas corporation, and Suntrust Bank, a Georgia state banking
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">First Amendment to Revolving Credit Loan
    Agreement and First Amendment to Revolving Credit Note dated
    June&nbsp;26, 2002, by and between Central Freight Lines, Inc.,
    a Texas corporation, and Suntrust Bank, a Georgia state banking
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Second Amendment to Revolving Credit Loan
    Agreement and Second Amendment to Revolving Credit Note dated
    February&nbsp;5, 2003, by and between Central Freight Lines,
    Inc., a Texas corporation, and Suntrust Bank, a Georgia state
    banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Third Amendment to Revolving Credit Loan
    Agreement dated March&nbsp;21, 2003, by and between Central
    Freight Lines, Inc., a Texas corporation, and Suntrust Bank, a
    Georgia state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Fourth Amendment to Revolving Credit Loan
    Agreement dated May&nbsp;19, 2003, by and between Central
    Freight Lines, Inc., a Texas corporation, and Suntrust Bank, a
    Georgia state banking corporation.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(f)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Fifth Amendment to Revolving Credit Loan
    Agreement dated July&nbsp;5, 2003, by and between Central
    Freight Lines, Inc., a Texas corporation, and Suntrust Bank, a
    Georgia state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Sixth Amendment to Revolving Credit Loan
    Agreement dated September&nbsp;22, 2003 by and between Central
    Freight Lines, Inc., a Texas corporation, and Suntrust Bank, a
    Georgia state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Seventh Amendment to Revolving Credit Loan
    Agreement dated September&nbsp;22, 2003 by and between Central
    Freight Lines, Inc., a Texas corporation, and Suntrust Bank, a
    Georgia state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(i)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Third Amendment to Revolving Credit Note dated
    May&nbsp;19, 2003 by and between Central Freight Lines, Inc., a
    Texas corporation, and Suntrust Bank, a Georgia state banking
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.4(j)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Third Amendment (sic) to Revolving Credit Note
    dated September&nbsp;22, 2003 by and between Central Freight
    Lines, Inc., a Texas corporation, and Suntrust Bank, a Georgia
    state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Guaranty dated April&nbsp;30, 2002, by Central
    Freight Lines, Inc., a Nevada corporation, in favor of Suntrust
    Bank, a Georgia state banking corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Security Agreement dated April&nbsp;30, 2002, by
    and among Central Freight Lines, Inc., a Texas corporation,
    Jerry C. Moyes, and Suntrust Bank, a Georgia state banking
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Note dated April&nbsp;30, 2002, by Jerry C. Moyes
    in favor of Central Freight Lines, Inc., a Texas corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.8(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Loan Agreement dated April&nbsp;30, 2002, by and
    among Central Receivables, Inc., a Nevada corporation, Three
    Pillars Funding Corporation, a Delaware corporation, and
    Suntrust Capital Markets, Inc., a Tennessee corporation, as
    agent.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.8(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">First Amendment to Loan Agreement dated
    April&nbsp;29, 2003, by and among Central Receivables, Inc., a
    Nevada corporation, Three Pillars Funding Corporation, a
    Delaware corporation, and Suntrust Capital Markets, Inc., a
    Tennessee corporation, as agent.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Receivables Purchase Agreement dated
    April&nbsp;30, 2002, by and between Central Freight Lines, Inc.,
    a Texas corporation, and Central Receivables, Inc., a Nevada
    corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Second Amended and Restated Master Lease
    Agreement&nbsp;&#151; Parcel Group&nbsp;A dated
    February&nbsp;20, 2003 by and between Southwest Premier
    Properties, L.L.C., a Texas limited liability company, and
    Central Freight Lines, Inc., a Texas corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Second Amended and Restated Master Lease
    Agreement&nbsp;&#151; Parcel Group&nbsp;B dated
    February&nbsp;20, 2003 by and between Southwest Premier
    Properties, L.L.C., a Texas limited liability company, and
    Central Freight Lines, Inc., a Texas corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Amended and Restated Lease dated
    February&nbsp;20, 2003 by and between JVM Associates and Central
    Freight Lines, Inc., a Texas corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Amended and Restated Lease dated
    February&nbsp;20, 2003 by and between Jerry and Vickie Moyes and
    Central Freight Lines, Inc., a Texas corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Amended and Restated Lease dated
    February&nbsp;20, 2003 by and between Jerry and Vickie Moyes and
    Central Freight Lines, Inc., a Texas corporation
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employment Agreement dated January&nbsp;7, 2002,
    by and between Central Freight Lines, Inc., a Texas corporation,
    and Robert V. Fasso.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employment Offer Letter to Doak D. Slay, dated
    December&nbsp;23, 2002, by Central Freight Lines, Inc., as
    countersigned by Doak D. Slay.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Equity Advancement Letter to Doak D. Slay, dated
    July&nbsp;9, 2003, by Central Freight Lines, Inc., as
    countersigned by Doak D. Slay and Denise D. Slay.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employment Offer Letter to J.&nbsp;Mark Conard,
    dated August&nbsp;16, 2003, by Central Freight Lines, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employment Offer Letter to Jeffrey A. Hale, dated
    June&nbsp;7, 2002, by Central Freight Lines, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employment Separation Agreement and Release,
    dated as of February&nbsp;21, 2002, to be effective as of
    March&nbsp;9, 2002, by and between Central Freight Lines, Inc.
    and Joseph Gentry.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consulting Agreement, dated February&nbsp;20,
    2002, by and between Joseph B. Gentry and Central Freight Lines,
    Inc., a Nevada corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Contract for the Sale of Land dated
    September&nbsp;19, 2003, between Doak D. Slay and Denise D. Slay
    and Central Freight Lines, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Indemnification Agreement, effective as of
    December&nbsp;31, 2002, by and between Central Freight Lines,
    Inc., a Texas corporation, and Central Refrigerated Service,
    Inc., a Nebraska corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Subsidiaries of Central Freight Lines, Inc., a
    Nevada corporation.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of Scudder Law Firm, P.C., L.L.O. (see
    Exhibit&nbsp;5.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of KPMG LLP.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of Duane W. Acklie to serve as Director.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of Porter J. Hall to serve as Director.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Notice Regarding Consent of Arthur Andersen LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Power of Attorney (included on signature page of
    this Registration Statement).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To be filed by amendment.
    </FONT></TD>
</TR>

</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>3
<FILENAME>c72067exv2w1.txt
<DESCRIPTION>AMENDED AND RESTATED ASSET PURCHASE AGREEMENT
<TEXT>
<PAGE>

                                                                     EXHIBIT 2.1

                  AMENDED AND RESTATED ASSET PURCHASE AGREEMENT

         THIS AMENDED AND RESTATED ASSET PURCHASE AGREEMENT (this "Agreement")
is made and entered into as of April 18, 2002, by and among Central Refrigerated
Service, Inc., a Nebraska corporation ("Buyer"), and Simon Transportation
Services Inc., a Nevada corporation ("SIMN"), and its subsidiaries, Dick Simon
Trucking, Inc., a Utah corporation ("DSTI"), and Simon Terminal, LLC, an Arizona
limited liability company ("Terminal"; SIMN, DSTI, and Terminal are sometimes
referred to herein as the "Debtors" or "Sellers").

                                    RECITALS

         WHEREAS, on March 25, 2002, the parties submitted to the Bankruptcy
Court (as defined below) that certain Asset Purchase Agreement (the "Original
Asset Purchase Agreement");

         WHEREAS, the parties wish to amend and restate the Original Asset
Purchase Agreement to reflect in writing certain amendments thereto;

         WHEREAS, Sellers are engaged in the business of owning and operating
tractors, trailers, and terminal facilities for use in the interstate
transportation of freight (the "Business");

         WHEREAS, Sellers are debtors and debtors-in-possession in a jointly
administered chapter 11 case, styled In re: SIMON TRANSPORTATION SERVICES INC.,
et al, Case Nos. 02-22906 GEC, 02-22907 GEC, and 02-24874 GEC Jointly
Administered (collectively, the "Case"), pending before the United States
Bankruptcy Court for the District of Utah, Central Division (the "Bankruptcy
Court");

         WHEREAS, Sellers wish to sell to Buyer and Buyer wishes to purchase
from Sellers certain assets and to assume from Sellers certain liabilities
related to the operation of the Business, pursuant to, inter alia, Sections 363
and 365 of the Bankruptcy Code (as hereinafter defined) and the applicable
Federal Rules of Bankruptcy Procedure; and

         WHEREAS, Buyer may designate certain of its Affiliates (as hereinafter
defined) to take title to certain of the Acquired Assets (as hereinafter
defined) at the Closing (as hereinafter defined).

                                   AGREEMENTS

         NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and subject to the terms and conditions hereof, the parties,
intending to be legally bound, hereby agree as follows:

<PAGE>

                                    ARTICLE I
                                   Definitions

1.1      Defined Terms. For purposes of this Agreement, unless otherwise
provided, the following terms, when capitalized, shall have the meanings
ascribed to them below:

         "Adequate Assurance" shall mean the method(s) by which Buyer may
demonstrate its ability to perform and discharge its obligations under the
Assumed Assets from and after the Closing in order to effectuate, pursuant to
Section 365 of the Bankruptcy Code, the assumption by Sellers and assignment to
Buyer of the Assumed Assets assigned to Buyer under the terms of the Sale Order.

         "Affiliate" shall have the meaning set forth in (a) Rule 12b-2 of the
General Rules and Regulations of the Securities Exchange Act of 1934, as
amended. In addition, for purposes of Section 2.1(l), the term Affiliate shall
be deemed to include Jerry and Vickie Moyes, the Jerry and Vickie Moyes Family
Trust, the Moyes Children's Limited Partnership, Swift Transportation Co., Inc.,
DST Leasing, LLC, Interstate Equipment Leasing, Inc., SME Steel Contractors,
Inc., SME Industries Inc., Central Freight Lines, Inc., Earl H. Scudder, and
Scudder Law Firm, P.C., L.L.O.

         "Agreement" shall mean this Amended and Restated Asset Purchase
Agreement (together with all schedules and exhibits referenced herein).

         "Assumed Assets" shall mean the Assumed Contracts and the Assumed
Leases.

         "Assumed Leases" shall mean the Tractor Leases, Trailer Leases, IEL
Leases, and Miscellaneous Leases.

         "Bankruptcy Code" shall mean title 11 of the United States Code, as
amended from time-to-time.

         "Benefit Plans" shall mean all contracts, plans, arrangements,
policies, and understandings providing for any compensation or benefit other
than base wages or salaries that are maintained by Sellers or affect their
employees or independent contractors, regardless of whether defined as an
"employee benefit plan" under ERISA or subject to any provision of ERISA,
including, without limitation: all pension, profit-sharing, retirement, thrift,
401(K), ESOP, and other similar plans and arrangements (defined benefit and
defined contribution); all health and welfare, disability, insurance (including
self-insurance), workers' compensation, supplemental unemployment, severance,
vacation, and similar plans and arrangements; and all bonus, stock option,
incentive compensation, stock appreciation rights, phantom stock, overtime
guaranty, employment contract, employee handbook, and other similar plans or
arrangements.

                                       2
<PAGE>

         "Bid Procedures Order" shall mean an Order of the Bankruptcy Court, in
form and substance reasonably satisfactory to Buyer, as more particularly
described in Section 5.12(a) of this Agreement.

         "Business Day" shall mean any day other than a Saturday, Sunday or a
legal holiday on which banking institutions in the State of Utah are not
required to open.

         "Buyer" shall mean Central Refrigerated Service, Inc., a Nebraska
corporation.

         "Carve Outs" shall mean the Chapter 7 Carve Out and the CitiCapital
Carve Out.

         "Chapter 7 Carve Out" shall mean the Chapter 7 Carve Out, as defined in
the Cash Collateral Agreement

         "CitiCapital" shall mean CitiCapital Business Credit, a division of
CitiCapital Commercial Corporation, formerly known as Associates Commercial
Corporation, and CitiCapital Commercial Leasing Corporation, formerly known as
Associates Leasing, Inc.

         "CitiCapital Carve Out" shall mean the $150,000 carve out to fund
payments to CitiCapital for fees, costs, and expenses, including attorneys'
fees, incurred in connection with this Agreement, the Cash Collateral
Stipulation, the CitiCapital Credit Agreement, and the Equipment Indebtedness.

         "CitiCapital Credit Agreement" shall mean that certain Transportation
Accounts Financing and Security Agreement dated April 25, 2001, and all
documents relating thereto, between CitiCapital and DSTI.

         "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
successor federal tax Law, and the Treasury Regulations promulgated thereunder.

         "Cure Amount" or "Cure Amounts" shall mean the amount(s) payable on
account of defaults in order to effectuate, pursuant to Section 365 of the
Bankruptcy Code, the assumption by Sellers and assignment to Buyer of the
Assumed Assets assigned to Buyer under the terms of the Order.

         "DIP Credit Agreement" shall mean that certain Debtor-In-Possession
Credit Agreement dated February 26, 2002 between SIMN, DSTI, and Jerry Moyes.

         "Debtors" shall mean SIMN, DSTI, and Terminal.

         "DSTI" shall mean Dick Simon Trucking, Inc., a Utah corporation.

         "Eligible Accounts" shall have the definition used in the CitiCapital
Credit Agreement.

                                       3
<PAGE>

         "Excluded Records" shall mean: (a) all tax records of Sellers, (b) all
minute books of Sellers, and (c) all written materials that Sellers are required
by Law to retain; provided, however, that Buyer may request copies of any such
Excluded Records and the copies shall be Acquired Assets.

         "GAAP" shall mean United States generally accepted accounting
principles as in effect from time to time.

         "Governmental Entity" shall mean any (a) federal, state, local,
municipal, foreign, or other government; (b) governmental or quasi-governmental
authority of any nature (including any governmental agency, branch, department,
official, or entity and any court or other tribunal); or (c) body exercising, or
entitled to exercise any administrative, executive, judicial, legislative,
police, regulatory, or taxing authority or power of any nature, including any
tribunal.

         "Judgment" shall mean any judgment, order, writ, injunction, decree,
award, or settlement of any Proceeding.

         "Law" means any federal, state, local, or foreign statute, law,
ordinance, regulation, rule, code, order, principle of common law, judgment
enacted, promulgated, issued, enforced, or entered by any Governmental Entity,
or other requirement or rule of law.

         "Liabilities" shall mean, as to any Person, all debts, adverse claims,
liabilities, commitments, responsibilities, and obligations of any kind or
nature whatsoever, direct, indirect, absolute or contingent, of such Person,
whether accrued, vested, or otherwise, whether known or unknown and whether or
not actually reflected, or required to be reflected, in such Person's balance
sheets or other books and records.

         "Lien" shall mean any claim, pledge, option, charge, hypothecation,
easement, security interest, right-of-way, encroachment, mortgage, deed of
trust, or other encumbrance.

         "Material Adverse Effect" or "Material Adverse Change" shall mean with
respect to Sellers or the Acquired Assets any change, circumstance, event, or
effect that, individually or in the aggregate with all other changes,
circumstances, events, and effects, is materially adverse to or which could be
reasonably expected to be materially adverse to (a) the Acquired Assets, (b) the
Assumed Liabilities, (c) the results of operations or financial condition of the
Business, or (d) the right or ability of Sellers to consummate any of the
transactions contemplated by this Agreement.

         "Order" shall mean any judgment, order, injunction, writ, ruling,
decree, stipulation, or award of any Governmental Entity or private arbitration
tribunal.

                                       4
<PAGE>

         "Person" shall mean an individual, a partnership, a joint venture, a
corporation, a business trust, a limited liability company, a trust, an
unincorporated organization, a joint stock company, a labor union, an estate, a
Governmental Entity, or any other entity.

         "Procedures Motion" shall mean the motion or motions of Sellers, in
form and substance reasonably acceptable to Buyer, seeking approval and entry of
the Bid Procedures Order.

         "Proceeding" shall mean any action, arbitration, audit, hearing,
investigation, litigation, or suit (whether civil, criminal, judicial,
administrative, investigative, or informal) commenced, brought, conducted, or
heard by or before, or otherwise involving, any Governmental Entity or
arbitrator.

         "Rejected Equipment" shall mean any tractors and trailers currently
leased by Sellers, which have not been re-possessed, and which are not included
in the Assumed Leases.

         "Representative" shall mean, with respect to any Person, such Person's
officers, directors, employees, agents, and representatives (including any
investment banker, financial advisor, accountant, legal counsel, agent,
representative, or expert retained by or acting on behalf of such Person or its
Affiliates).

         "Sale Hearing" shall mean the hearing scheduled and to be conducted by
the Bankruptcy Court to consider approval and entry of the Sale Order.

         "Sale Motion" shall mean the motion or motions of Sellers, in form and
substance reasonably acceptable to Buyer, seeking approval and entry of the Sale
Order.

         "Sale Order" shall mean an Order of the Bankruptcy Court, in form and
substance satisfactory to Sellers and Buyer, as more particularly described in
Section 5.12(b) of this Agreement.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Securities Exchange Act" shall mean the Securities Exchange Act of
1934, as amended.

         "Sellers" shall mean SIMN, DSTI, and Terminal.

         "Sellers' Public Reports" shall mean all forms, reports, schedules,
statements, and documents required to be filed by Sellers with the SEC since
October 1, 1999.

         "SIMN" shall mean Simon Transportation Services Inc., a Nevada
corporation.

                                       5
<PAGE>

         "Tax" or "Taxes" shall mean any federal, state, county, local, foreign,
and other income, profits, gains, net worth, sales and use, ad valorem, gross
receipts, business and occupation, license, estimated, stamp, custom duties,
occupation, property (real or personal), franchise, capital stock, license,
excise, value added, payroll, employees, income withholding, social security,
unemployment or other tax, imposition, duty, or similar levy by any Governmental
Entity, and any penalty, addition to, or interest on the foregoing.

         "Terminal" shall mean Simon Terminal, LLC, an Arizona limited liability
company.

         "Transfer Tax" or "Transfer Taxes" shall mean any sales, use, transfer,
conveyance, documentary transfer, recording, or other similar Tax, fee, or
charge imposed upon the sale, transfer, or assignment of property or any
interest therein or the recording thereof, but such term shall not include any
tax on, based upon or measured by, the net income, gains or profits from such
sale, transfer, or assignment of the property or any interest therein.

         "Unbilled Accounts" shall have the definition used in the CitiCapital
Credit Agreement.

         "WARN Act" shall mean the Worker Adjustment and Retraining Notification
Act of 1988, as amended, any state or local Law of similar purpose, and any
successor Law thereto.

         1.2      Other Defined Terms. The following additional terms shall have
the meanings defined for such terms in the Sections set forth below:

<TABLE>
<CAPTION>
             Term                                   Section
             ----                                   -------
<S>                                                 <C>
Acquired Assets                                      2.1
Adjustment Assets                                    3.4(b)
Allocation                                           3.5
Assumed Contracts                                    2.1(g)
Assumed First Source Debt                            3.3(c)
Assumed IEL Debt                                     3.3(g)
Assumed Liabilities                                  2.3
Assumed Trust Debt                                   3.3(f)
Assumed West Valley City Debt                        2.3(h)
Atlanta Terminal                                     2.1(i)
Auction                                              5.12(a)
Bankruptcy Court                                     Recitals
Bid Fees                                             5.12(a)
Bid Procedures Order                                 5.12(a)
Break-Up Fee                                         5.12(a)
Business                                             Recitals
Case                                                 Recitals
Cash Collateral Agreement                            3.3(a)
</TABLE>

                                       6
<PAGE>

<TABLE>
<S>                                                  <C>
Claims                                               2.1(l)
Closing                                              3.1
Closing Date                                         3.1
Competing Transactions                               5.12(a)
Contracts                                            4.2(g)
Cure Amount or Cure Amounts                          2.6(a)
DOT Specs                                            3.4(a)
Effective Time                                       5.1(b)
Employee Administrative Claims                       2.3(f)
Environmental Laws                                   4.2(l)(i)
Environmental Permits                                4.2(l)(vi)
Excluded Assets                                      2.2
Excluded Liabilities                                 2.4
Expense Reimbursement                                5.12(a)
Fixed Assets                                         2.1(e)
Fontana Terminal                                     2.1(i)
Headquarters                                         2.1(h)
IEL Leases                                           2.1(c)
Intangible and Business Record Property              2.1(n)
Intellectual Property                                2.1(m)
Interim Financial Statements                         4.2(h)(ii)
Licenses and Authorities                             2.1(f)
Miscellaneous Leases                                 2.1(d)
Owned Equipment                                      2.1(j)
Permits                                              4.2(k)
Proration Amounts                                    5.11(a)
Purchase Price                                       3.3
RLI Excluded Asset                                   2.2(i)
Reference Balance Sheet                              3.4(a)
Rupert Drop Yard                                     2.1(i)
Springville Drop Yard                                2.1(i)
Title Commitments                                    6.2(c)
Title Policies                                       6.2(c)
Tractor Leases                                       2.1(a)
Trailer Leases                                       2.1(b)
Withholdings                                         2.5
Withholding Agreements                               2.5
</TABLE>

                                   ARTICLE II
                       Transfer of Assets and Liabilities

2.1      Assets to be Sold. Subject to the terms and conditions of this
Agreement and the Sale Order, at Closing, Sellers shall sell, convey, assign,
transfer, and deliver to Buyer, and Buyer

                                       7
<PAGE>

shall purchase, acquire, and accept all of the right, title, and interest of
Sellers in and to each of Sellers' respective assets, properties, rights,
contracts, and goodwill of every kind, nature and description, owned or leased,
real, personal, or mixed and whether tangible or intangible, wherever located
and whether or not carried or reflected on Sellers' books or records, all as the
same exist on the Closing Date, including, without limiting the generality of
the foregoing, the following assets and rights (collectively, the "Acquired
Assets"):

         (a)      subject to Section 2.6, those third-party leases covering the
tractors listed on Schedule 2.1(a) (the "Tractor Leases");

         (b)      subject to Section 2.6, those third-party leases covering the
trailers listed on Schedule 2.1(b) (the "Trailer Leases");

         (c)      those Interstate Equipment Leasing, Inc. leases covering
tractors listed on Schedule 2.1(c) (the "IEL Leases");

         (d)      subject to Section 2.6, all other leases of real and personal
property listed on Schedule 2.1(d) ("Miscellaneous Leases");

         (e)      all furniture, fixtures, equipment, machinery, office
equipment, office supplies, computers, telephone systems, other office assets,
shop equipment, maintenance equipment, inventory, spare parts, oil, fuel
supplies, tires, Qualcomm equipment, service vehicles, and other tangible
personal property owned by any Seller, including but not limited to the items
listed on Schedule 2.1(e) (collectively, the "Fixed Assets");

         (f)      any licenses, license plates, Permits, authorities,
franchises, and other authorizations of any Governmental Entity relating to the
Acquired Assets and to the operation of the Business (collectively, "Licenses
and Authorities"), to the extent the same are transferable or assignable;

         (g)      all of Sellers' contracts and agreements listed on Schedule
2.1(g) including, without limitation, any services or equipment leasing
agreements with the owner-operators listed on such Schedule, and any Used Truck
Conditional Trade Agreements, Agreements for Conditional Commitment to
Repurchase, letters, and similar "buyback" and "trade-back" agreements or other
arrangements with any of the parties listed on such Schedule (collectively, the
"Assumed Contracts"), including the Withholding Agreements, to the extent the
same are transferable or assignable;

         (h)      the real property, improvements, buildings, and fixtures
situated in West Valley City, Utah, owned by Terminal (collectively, the
"Headquarters");

         (i)      the real property, improvements, buildings, and fixtures owned
by DSTI and situated at Conley, Georgia (the "Atlanta Terminal"), Fontana,
California (the

                                       8
<PAGE>

"Fontana Terminal"), Rupert, Idaho (the "Rupert Drop Yard"), and Springville,
Utah (the "Springville Drop Yard");

         (j)      the model year 1998 FLD120 tractors (approximately 70 in
number), the model year 1996 Utility trailers (approximately 184 in number), the
26 owned tractors, and the 22 owned trailers each as listed on Schedule 2.1(j),
and all other owned tractors and trailers (the "Owned Equipment");

         (k)      all unexpired license plate and tag fees;

         (l)      all past, present, and future disputes, controversies,
actions, causes of action, claims, obligations, demands, rights, damages, costs,
expenses, compensation, and liabilities of any kind or nature whatsoever
(whether at law or in equity; whether known or unknown; whether suspected or
unsuspected; whether accrued or unaccrued; whether alleged or unclaimed), if
any, of Sellers or their estates against Buyer or any Affiliate of Buyer,
including, without limitation, any claims or causes of action arising under
Chapter 5 of the Bankruptcy Code; but expressly excluding, however, any claims
that (i) arise from and after the Closing or (ii) arise in connection with this
Agreement (collectively, "Claims");

         (m)      all of Sellers' right, title, or interest in or to any of
Sellers' patents, patent registrations, patent applications, trademarks,
trademark registrations, trademark applications, tradenames, trade dresses,
logos, copyrights, copyright applications, and copyright registrations,
including those listed on Schedule 2.1(m) (collectively, "Intellectual
Property");

         (n)      all intangible and business record property of the Sellers,
which shall include, but not be limited to, all customer lists, goodwill, vendor
rebates and warranties, customer contracts, equipment repurchase, buy-back,
trade-in, or similar agreements, telephone numbers, fax numbers, domain names,
Websites, and business records applicable to the operation of the Business
(including, without limitation, those relating to the Acquired Assets,
owner-operators, office employees, and drivers) (collectively, "Intangible and
Business Record Property");

         (o)      all rights and causes of action relating to the Assumed
Assets;

         (p)      all customer accounts receivable or other amounts receivable
of every kind or character whatsoever, and any chattel paper, notes receivable,
or other instruments evidencing such accounts receivables;

         (q)      intentionally omitted;

         (r)      other than with respect to RLI Insurance Company, and the
group of insurance companies providing Sellers' automobile and general liability
coverage, all rights under the Sellers' insurance policies, including, without
limitation, assets, contract rights, general intangibles, or any other claims
against or relating to policies issued by Genesis Insurance

                                       9
<PAGE>

Company or any other insurance company, including insurance premium refunds,
bond refunds, letter of credit refunds, workers' compensation refunds, and any
other refunds;

         (s)      all rights under Sellers' lock box accounts, including such
accounts at Key Bank (account number 440580052411 pursuant to that certain
Tri-Party Lockbox Agreement among DSTI, Keybank, National Association, and
CitiCapital dated November 29, 2001) and US Bank (account number 153190223971
pursuant to that certain Blocked Account Agreement among DSTI, U.S. Bank
National Association, and Associates TransCapital Services, a division of
Associates Commercial Corporation, dated May 9, 2001); and

         (t)      the right to receive the amounts set forth in section 5.19,
with respect to the RLI Excluded Asset.

2.2      Excluded Assets. The Acquired Assets shall not include any of Sellers'
right, title, or interest in or to any of the following which, in each case,
shall remain subject to all valid and perfected liens and interests, including
any liens or interests arising under the DIP Credit Agreement or the Stipulation
and Agreement for use of Cash Collateral in the Case on file with the Bankruptcy
Court (collectively, the "Excluded Assets"):

         (a)      all rights of Sellers under this Agreement, including the
Purchase Price;

         (b)      any contracts and agreements other than the Assumed Assets;

         (c)      all rights, demands, claims, actions, and causes of action,
including, without limitation such as arise under Chapter 5 of the Bankruptcy
Code, that Sellers, Sellers' estate, or any other party in interest may have
other than the Claims;

         (d)      all Rejected Equipment;

         (e)      all Excluded Records;

         (f)      any capital stock or other equity interest in any of Sellers'
direct or indirect subsidiaries;

         (g)      any right, property or asset listed on Schedule 2.2(k) hereto;

         (h)      any contract or lease not assumed by Buyer under Sections
2.1(a), (b), (c), (d) or (g) and 2.6;

         (i)      all rights under the Sellers' insurance policies with RLI
Insurance Company, and the group of insurance companies providing Sellers'
automobile and general liability coverage, including, without limitation,
assets, contract rights, general intangibles, or any other claims

                                       10
<PAGE>

against or relating to such policies, including insurance premium refunds, bond
refunds, letter of credit refunds, and any other refunds (the "RLI Excluded
Asset");

         (j)      any remaining balance of the Committee Retainer, as defined in
the Cash Collateral Agreement, and any remaining balance of retainers applicable
to professionals retained by Sellers;

         (k)      cash and cash equivalents or similar type investments,
uncollected checks, bank accounts, certificates of deposit, Treasury Bills, and
other marketable securities; and

         (l)      all prepaid rentals, and refunds of any security, vendor,
utility or other deposits (other than with respect to insurance), real property
taxes, personal property taxes and similar assessments and accruals payable in
respect of any of Sellers' assets which relate to periods prior to the Closing
Date.

2.3      Liabilities to be Assumed by Buyer. At the Closing, Buyer shall assume
and pay when due and discharge only the Liabilities of Sellers set forth below
and no other Liabilities whatsoever (collectively, the "Assumed Liabilities"):

         (a)      Liabilities arising out of the ownership and operation of the
Acquired Assets by Buyer after the Closing, but only to the extent that the
event or occurrence of facts giving rise to such Liabilities occurs after the
Closing;

         (b)      Liabilities under the Assumed Assets that first arise on or
after the Closing Date (subject to Section 2.6);

         (c)      the amount of any obligations of Sellers under the Cash
Collateral Agreement and CitiCapital Credit Agreement, the agreed upon
deficiency on the Equipment Indebtedness as set forth in Section 3.3(b), the
Assumed First Source Debt, the Assumed Trust Debt, the Assumed IEL Debt, and the
DIP Credit Agreement that will be specifically assumed by Buyer in connection
with the payment of the Purchase Price under Section 3.3;

         (d)      obligations of Sellers under Section 4980B of the Code to
provide continuation of group medical coverage with respect to Seller's
employees who have been hired by Buyer or other qualified beneficiaries of such
employees after the Closing;

         (e)      Liabilities related to the termination of employment by Buyer
of any employee of Sellers who becomes an employee of Buyer, including, but not
limited to any Liability arising under the WARN Act, but only to the extent that
the event or occurrence of facts giving rise to such Liabilities occurs after
the Closing;

         (f)      the obligations of Debtors as set forth below (the "Employee
Administrative Claims"), in each case relating to the period prior to Closing:

                                       11
<PAGE>

<TABLE>
<CAPTION>
                                                                 Estimated
         Type                                                     Amount
         ----                                                     ------
<S>                                                            <C>
Self-insured health and dental claims run-out                  $ 1,600,000
Accrued and unpaid vacation pay                                    465,000
Owner-operator and driver accounts, plus tire escrow             1,064,000
Employee wages and benefits, including applicable
   withholding obligations, between last scheduled
   payroll prior to Closing and Closing                          2,980,000
                                                               -----------
Total Estimated Amount                                         $ 6,109,000
                                                               ===========
</TABLE>

         (g)      Cure Amounts to the extent specifically noted on Schedule
2.1(g), 2.1(g)-1, 2.1(g)-2, and 2.1(g)-3 required in connection with the Assumed
Assets; and

         (h)      the amount of all outstanding obligations of Sellers, on a
non-accelerated basis, under the special assessment by West Valley City relating
to the Headquarters property (the "Assumed West Valley City Debt").

2.4      Excluded Liabilities. Except as otherwise set forth in this Agreement,
Buyer shall not assume, and shall be deemed not to have assumed under any theory
of successor liability or otherwise, any Liabilities except for the Assumed
Liabilities, and Sellers shall be solely and exclusively liable with respect to
all Liabilities of Sellers other than the Assumed Liabilities (collectively, the
"Excluded Liabilities"), including, but not limited to, those Liabilities set
forth below:

         (a)      any Liabilities which arise, whether before, on, or after the
Closing Date, out of, or in connection with, the Excluded Assets;

         (b)      except for Liabilities assumed under Sections 2.3(d), (e), or
(f), any Liabilities arising out of, or in connection with, the ownership and
operation of the Acquired Assets or the Business to the extent that the event or
occurrence of facts giving rise to such Liabilities occurs prior to the Closing;

         (c)      any Liabilities arising out of or in connection with any
amounts owed by Sellers to their lenders or to their vendors of goods and
services delivered or furnished to Sellers prior to Closing, except as otherwise
provided in this Agreement;

         (d)      except for Liabilities assumed under Sections 2.3(d), (e) or
(f), any Liabilities for Sellers' employees arising from Sellers' operation of
the Business prior to the Closing Date including pension, health insurance
claims, workers' compensation claims or liabilities, profit sharing or any other
Benefit Plans, severance benefits, earned but unpaid salary, accrued but unpaid
vacation days, accrued but unpaid medical and dental expenses, and other accrued
welfare benefits, compensation, or retiree medical and other benefits and
obligations;

                                       12
<PAGE>

         (e)      any Liabilities for Taxes of Sellers, including, but not
limited to, all Taxes attributable to, incurred in connection with or arising
out of the collection of accounts receivable and the operation of the Business
including those Taxes which are not due or assessed until after the Closing Date
but which are attributable to any period (or portion thereof) ending on or
before the Closing;

         (f)      Liabilities related to the termination of employment of
employees of Sellers by Sellers, including, but not limited to, any Liabilities
arising under the WARN Act as a consequence of the transactions contemplated by
this Agreement or prior thereto;

         (g)      except as otherwise provided in Section 8.2 hereof, any
brokers' or finders' fees or other liability of Sellers for costs and expenses
(including fees and expenses relating to professional advisors incurred in
connection with this Agreement);

         (h)      Liabilities for any violations of Laws, including
Environmental Laws by Sellers; and

         (i)      Cure Amounts other than those specifically noted on Schedule
2.1(g), 2.1(g)-1, 2.1(g)-2, and 2.1(g)-3 required in connection with the Assumed
Assets; provided, nothing herein shall be construed to obligate Sellers with
respect to any Cure Amounts.

2.5      Owner-Operator Settlement Withholdings. Under certain agreements with
Interstate Equipment Leasing, Inc., DST Leasing, LLC, and owner-operators of
equipment ("Withholding Agreements"), DSTI has agreed to withhold certain
amounts from owner-operator settlement statements, hold such funds in trust, and
remit such funds directly to payees designated by the owner-operators, or
otherwise hold such funds in escrow for the benefit of the owner-operators (such
funds referred to as the "Withholdings"). A schedule of the Withholding
Agreements and the balances of the Withholdings (as of 3/31/02) is attached as
Schedule 2.5. The Withholdings are the property of the owner-operators (with any
applicable payees as intended third-party beneficiaries), and DSTI agreed to
segregate the Withholdings in a trust account and not commingle the Withholdings
with its own funds. At Closing, Sellers shall assume and assign the Withholding
Agreements and cause the full amount of all Withholdings to be transferred to
Buyer, and Buyer shall accept the assignment and assume the obligations under
the Withholding Agreements, including the obligation to remit such transferred
Withholdings promptly to any applicable payee in accordance with the applicable
Withholding Agreements. The Withholdings shall not be an Asset or an Excluded
Asset, as it is agreed that the Withholdings are not the property of Sellers
within the meaning of Section 541 of the Bankruptcy Code and shall not become
the property of Buyer. Nothing in this Section 2.5 shall be construed to
obligate Sellers with respect to withholdings from owner-operator settlements
that were never collected.

2.6      Assumption and Assignment of Assumed Assets.

                                       13
<PAGE>

         (a)      Sellers shall cooperate in all reasonable respects in
connection with negotiations between Buyer and the counterparties to the Assumed
Assets with respect to (i) the terms and conditions upon which any Assumed Asset
shall be assumed and assigned, regarding which the parties agree to use
commercially reasonable efforts to obtain the respective counterparties
agreement to (A) the satisfaction or waiver and release of all Cure Amounts, or
assumption thereof by Buyer in the amounts as set forth on Schedule 2.1(g)-1,
2.1(g)-2, and 2.1(g)-3 relating to such Assumed Asset, on terms and conditions
acceptable to Buyer and without further payment, provided, however, Sellers
shall in no event be required to pay any Cure Amount due with respect to any
Assumed Asset, and (B) the waiver of all pre- and post-petition claims under the
terms of the Assumed Asset in exchange for release by Sellers of all claims
against such counterparty; and (ii) any amendments, revisions or modifications
to the terms, provisions or conditions of the executory contract or unexpired
lease covering such Assumed Asset, the material terms of which have been
communicated to the counterparties thereof. If, notwithstanding the efforts of
the parties as described above, any counterparty to an Assumed Asset shall fail,
at or prior to the Closing, to enter into documentation acceptable to Buyer
approving the assumption by Buyer of the Assumed Asset, the satisfaction or
waiver of the Cure Amounts if not included in the Assumed Liabilities, and the
amendments, revisions, or modifications required by Buyer in its sole
discretion, then, not later than the Closing, Buyer may, in its sole and
complete discretion, determine that such previously-designated Assumed Asset
shall not constitute an Assumed Asset and shall not be assigned, transferred or
conveyed to Buyer as part of the Acquired Assets. In such event, Sellers shall
remain solely and completely liable for all obligations arising under such
previously-designated Assumed Asset, which Sellers may then reject under the
Bankruptcy Code as of the Closing Date or as soon as is reasonably practicable
thereafter.

         (b)      Buyer shall cooperate in all reasonable respects in connection
with Sale Motion proceedings commenced by Sellers in accordance with Section
5.12(b) of this Agreement for the purpose of obtaining, pursuant to the Sale
Order, an order of the Bankruptcy Court authorizing and directing the Seller to
assign the Assumed Assets to Buyer pursuant to Section 365 of the Bankruptcy
Code and otherwise to gain approval for the transactions contemplated by this
Agreement. For greater clarity, Buyer shall reasonably cooperate in efforts to
demonstrate Adequate Assurance of Buyer's performance of its obligations under
the Assumed Assets; provided, however, that no later than the Closing Date,
Buyer may, in its sole and complete discretion, elect to not provide Adequate
Assurance with respect to any Assumed Asset, in which case such previously
designated Assumed Asset shall not constitute an Assumed Asset and shall not be
assigned, transferred or conveyed to Buyer as part of the Acquired Assets.
Sellers shall remain solely and completely liable for all obligations arising
under such previously designated Assumed Assets.

                                       14
<PAGE>

                                   ARTICLE III
                                     Closing

3.1      Closing. The consummation of the transactions contemplated by this
Agreement (the "Closing") shall take place at the offices of Sellers located at
5175 West 2100 South, West Valley City, UT 84120-1252, 10:00 a.m., local time,
on April 22, 2002, or at such other time, date and place as shall be fixed by
agreement among the parties (the date of the Closing being herein referred to as
the "Closing Date").

3.2      Deliveries at Closing.

         (a)      At the Closing, the Sellers shall deliver to Buyer (i) such
deeds, bills of sale, assignments of leases and contracts, and any other
instruments of conveyance that are necessary or appropriate to effectuate the
transfer of the Acquired Assets and the Withholdings to Buyer, (ii) the closing
certificate required to be delivered pursuant to Section 6.3(a), and (iii) such
other documents, instruments, or certificates as Buyer or its counsel may
reasonably request.

         (b)      At the Closing, Buyer shall deliver to the Sellers (i) such
duly executed instruments as are deemed necessary or appropriate to effectuate
the assumption of the Assumed Liabilities by Buyer, (ii) the closing certificate
required to be delivered pursuant to Section 6.2(a), (iii) such other documents,
instruments, or certificates as the Sellers or their counsel may reasonably
request, and (iv) the cash portion of the Purchase Price in immediately
available funds.

3.3      Purchase Price. Subject to adjustment as provided in this Agreement, at
the Closing, Buyer shall pay to Sellers an amount equal to: (x) $26,444,000,
plus (y) eighty percent (80%) of the face amount of DSTI's Eligible Accounts as
of the day immediately preceding the Closing Date, plus (z) eighty percent (80%)
of the face amount of DSTI's Unbilled Accounts as of the day immediately
preceding the Closing Date (the "Purchase Price") and, in addition, the Buyer
shall assume and pay, perform, and discharge the Employee Administrative Claims.
The Purchase Price shall be paid in the manner and in the order as follows

         (a)      payment at Closing of all outstanding obligations of Sellers
to CitiCapital Commercial Corporation under the Stipulation and Agreement
Regarding Use of Cash Collateral (the "Cash Collateral Agreement") and
CitiCapital Credit Agreement, with the estimated amount of $13,693,455 as of
April 15, 2002 (before interest accruals for April), such amount including the
prepayment penalty of $300,000 owing CitiCapital and the CitiCapital Carve Out;
provided, that this Section 3.3(a) does not include any amount relating to the
cross-collateralized Equipment Indebtedness (as defined in the Cash Collateral
Agreement);

         (b)      payment at Closing of all outstanding obligations of Sellers
for Equipment Indebtedness to CitiCapital, in an agreed amount of $2,560,166;

                                       15
<PAGE>

         (c)      assumption of all outstanding obligations of Sellers, on a
non-accelerated basis, under the equipment financing in favor of First Source,
in an agreed amount of $409,659 as of April 22, 2002 (the "Assumed First Source
Debt");

         (d)      intentionally omitted;

         (e)      intentionally omitted;

         (f)      assumption of all outstanding obligations of Sellers to the
Jerry and Vickie Moyes Family Trust under that certain promissory note, in an
agreed amount of $3,104,000 as of April 22, 2002, and which is secured by a Lien
on certain assets of Sellers (the "Assumed Trust Debt");

         (g)      assumption of all outstanding obligations of Sellers to
Interstate Equipment Leasing, Inc., under that certain promissory note, in an
agreed amount of $4,732,825 as of April 22, 2002, and which is secured by a Lien
on certain assets of Sellers (the "Assumed IEL Debt"); and

         (h)      the balance in Buyer's sole discretion in cash by wire
transfer of immediately available funds, through assumption by Buyer of all or
any part of the outstanding obligations of Sellers under the DIP Credit
Agreement, in an agreed amount of $3,534,563, or a combination thereof;
provided, however, that at least $500,000 of such amount (including the $250,000
deposited by Buyer with Sellers on April 8, 2002) shall be paid in cash to the
estate.

3.4      Adjustment of Purchase Price.

         (a)      The Purchase Price was originally determined with reference to
asset values reflected on a consolidated balance sheet of Sellers as of January
31, 2002, substantially in the form attached as Schedule 3.4(a) (the "Reference
Balance Sheet") and with the assumption that all of the Owned Equipment and
Fixed Assets (i) can be located at Closing; and (ii) that all tractors and
trailers comprising the Owned Equipment meet all U.S. Department of
Transportation requirements concerning operating condition ("DOT Specs").

         (b)      Except to the extent already adjusted on Schedule 3.4(k), the
Purchase Price shall be increased or decreased, as the case may be, by the
extent to which the net book value of the assets identified on Schedule 3.4(b)
(the "Adjustment Assets") as of Closing differs from the net book value of the
Adjustment Assets on the Reference Balance Sheet. For example, fuel inventory
had a net book value of $71,000 on the Reference Balance Sheet. If fuel
inventory at Closing is $100,000, the Purchase Price will be increased by
$29,000, and if fuel inventory at Closing is $50,000, the Purchase Price will be
decreased by $21,000.

                                       16
<PAGE>

         (c)      Except to the extent already adjusted on Schedule 3.4(k), the
Purchase Price shall be decreased to reflect any of the Owned Equipment and
Fixed Assets that (i) cannot be located at Closing, and (ii) any tractors or
trailers comprising the Owned Equipment that fail to meet DOT Specs at Closing.
In the event of (i) or (ii) in the immediately preceding sentence, Buyer shall
be entitled to exclude the applicable piece(s) of Owned Equipment from the
Acquired Assets. In such event, it shall become an Excluded Asset and the
Purchase Price shall be reduced by an amount equal to $25,000 for each excluded
tractor, $11,000 for each excluded trailer, and net book value for any asset
other than a tractor or trailer that is excluded.

         (d)      It is understood that Sellers may not be able to locate or
verify the condition of all of the Owned Equipment at Closing. Accordingly, for
a period of ten days after Closing: (i) Sellers shall have the right, at their
cost, to locate Owned Equipment that was not located at Closing and to bring any
non-conforming Owned Equipment into DOT Specs and thereby retain such tractors
and trailers as Acquired Assets purchased by Buyer; and (ii) Buyer shall have
the right to demonstrate that any Owned Equipment included in the Acquired
Assets at Closing either was not located at Closing (and still has not been
located) or failed to meet DOT Specs at Closing (and has not been brought into
DOT Specs by Sellers). In the event of either (i) or (ii) of the preceding
sentence, the Purchase Price shall reflect such facts accordingly.

         (e)      At Closing, Sellers and Buyer shall agree on a statement of
all then-known Proration Amounts plus all other Proration Amounts reasonably
capable of estimation. Except as otherwise provided herein, all Proration
Amounts due in respect of periods following the commencement of the Cases but
prior to the Closing Date shall be paid in full or otherwise satisfied by
Sellers and all Proration Amounts due in respect of periods on and after the
Closing Date shall be paid in full or otherwise satisfied by Buyer. Buyer shall
have no liability to any party for, and no third party may refuse to provide
service to Buyer on account of, any Proration Amounts due in respect of periods
prior to the Closing Date that remain unpaid after the Closing Date, provided,
however, that Sellers shall have no liability for any such refusal by a third
party.

         (f)      At Closing, the Purchase Price shall be reduced by the amount
of any Lien in favor of National Life on the Headquarters, and Buyer shall
purchase the Headquarters subject to such Lien. In no event shall the Purchase
Price be reduced by more than $12,930,040 pursuant to this Section 3.4(f). Buyer
shall indemnify and hold harmless Sellers and their estates for any claims
arising from such Lien.

         (g)      The parties agree that the Proration Amounts have not been
agreed to as of this date, and that Schedule 3.4(k) and the language added to
Section 3.4(k) by this Agreement do not prevent updating the Proration Amounts
through Closing.

         (h)      If and to the extent Sellers collect any sums relating to the
insurance provided by RLI Insurance Company, and the group of insurance
companies providing Sellers' automobile and general liability coverage, then Rob
Goates or Jon Isaacson, acting on behalf of Sellers, will immediately forward to
Buyer all such sums when received, up to $4,000,000, plus all costs

                                       17
<PAGE>

incurred by Buyer relating thereto, and shall immediately forward one-half of
the net excess over $4,000,000 to Buyer.

         (i)      At or prior to the Closing, the parties, in good faith, shall
estimate the aggregate amount of the Employee Administrative Claims, and the
Purchase Price shall be increased or decreased, as the case may be, by the
amount, if any, by which the aggregate Employee Administrative Claims are
estimated by the parties to be less than or greater than $6,055,000,
respectively.

         (j)      If and to the extent Buyer collects more than $20,000,000 of
DSTI's Eligible Accounts and Unbilled Accounts, then Buyer will apply the excess
over $20,000,000 first to all costs of collection and then shall promptly pay
one-fourth of the remaining net excess over $20,000,000 to the Debtors.

         (k)      The parties have prepared a schedule of adjustments attached
hereto as Schedule 3.4(k) based upon the Debtors' consolidated March 31, 2002,
balance sheet and agree that the Purchase Price already reflects an adjustment
of $2,195,847 as a result of adjustments under Section 3.4 between the date of
the Reference Balance Sheet and March 31, 2002, and an additional $191,000 for
six owned trailers and five owned tractors determined to be missing or wrecked
as of April 11, 2002. At Closing, any further adjustment to the Purchase Price
in respect of Section 3.4 shall be made: (i) only to reflect changes during the
period from April 1, 2002, to Closing (or from April 11, 2002, in the case of
additional tractors and trailers determined to be missing or wrecked); (ii) to
reflect any error or omission in the information provided by the Debtors to
produce Schedule 3.4(k); (iii) no adjustment shall be made for additional
depreciation after March 31, 2002; and (iv) no further adjustment shall be made
for changes in company store inventory of the Sellers.

3.5      Allocation of Purchase Price. At Closing, Buyer shall deliver an
allocation (the "Allocation") of the Purchase Price in accordance with Section
1060 of the Code. Buyer and Sellers shall (i) be bound by the Allocation, (for
Tax purposes only, and not for any other purpose), (ii) act in a manner
consistent with the Allocation in the preparation of financial statements and
filing of all United States federal income tax returns (including, without
limitation, filing Form 8594 with their United States federal income tax returns
for the taxable year that includes the Closing Date) and in the course of any
Tax audit, Tax review or Tax litigation relating thereto, and (iii) take no
position and cause their Affiliates to take no position inconsistent with the
Allocation for any Tax purposes.

3.6      Transfer Taxes. To the extent the sale of the Acquired Assets and other
transactions contemplated hereby are subject under applicable Laws to Transfer
Taxes that are not exempt under Bankruptcy Code Section 1146, such Transfer
Taxes shall be borne by Sellers.

                                       18
<PAGE>

3.7      Possession. Right to possession of the Acquired Assets shall transfer
to Buyer on the Closing Date. Sellers shall transfer and deliver to Buyer on the
Closing Date such keys, lock and safe combinations and other similar items as
Buyer shall require to obtain immediate and full occupation and control of the
Acquired Assets, and shall also make available to Buyer at Sellers' then
existing locations all documents in Sellers' possession that are required to be
transferred to Buyer by this Agreement.

                                   ARTICLE IV
                         Representations and Warranties

4.1      General Statement. The parties hereto represent and warrant to each
other that the statements contained in this Article IV are correct and complete
as of the date of this Agreement and shall be correct and complete as of the
Closing Date (as though made then and as though the Closing Date were
substituted for the date of this Agreement). The survival of all such
representations and warranties shall be in accordance with Section 9.2 hereof.
Unless otherwise specified herein or on schedules referenced herein, all
representations and warranties of the parties are made subject to the exceptions
that are noted in such schedules. Copies of all documents referenced in the
schedules shall be attached thereto or delivered separately.

4.2      Representations and Warranties of the Sellers. Each Seller hereby
represents and warrants to Buyer as follows:

         (a)      Existence and Good Standing. Such Seller is duly organized,
validly existing, and in good standing under the laws of the state of its
organization, and, subject to the applicable provisions of bankruptcy law, has
all requisite power and authority to own, lease, and operate its respective
Acquired Assets to be sold hereunder. Subject to the applicable provisions of
bankruptcy law, each Seller has all requisite power and authority to conduct its
business as presently conducted. Except where the failure to qualify,
individually or in the aggregate, would not have a materially adverse effect on
the Acquired Assets or Assumed Liabilities or materially impair or delay the
ability of Sellers to consummate the transactions contemplated hereby, Sellers
are duly qualified to do business as foreign corporations or other entities in
all jurisdictions listed on Schedule 4.2(a), which constitute all jurisdictions
in which the location of their properties or the conduct of their business
requires such qualification.

         (b)      Execution and Binding Effect. Subject to entry of the Sale
Order, (i) each Seller has all requisite power and authority to execute and
deliver this Agreement and the other documents and instruments to be executed
and delivered by it and to perform its obligations hereunder and thereunder; and
(ii) execution, delivery, and performance of this Agreement and the other
agreements contemplated hereby have been duly and validly authorized by all
requisite corporate action on behalf of the Sellers, and, upon execution and
delivery of this Agreement and such other documents by such Seller will
constitute (assuming in each case the due and valid authorization, execution and
delivery thereof by the other parties thereto), a valid and legally

                                       19
<PAGE>

binding obligation of such Seller enforceable against such Seller in accordance
with its respective terms.

         (c)      No Violation. Except as disclosed in Schedule 4.2(c) and upon
entry of the Sale Order, the execution, delivery and performance by each Seller
of this Agreement and the transactions contemplated hereby, do not and will not
conflict with or result in, with or without the giving of notice or lapse of
time or both, any violation of or constitute a breach or default, or give rise
to any right of acceleration, payment, amendment, cancellation or termination,
under (a) the Articles of Incorporation, Bylaws or other constituent documents
of such Seller or any resolution adopted by the board of directors or similar
managing Person or group of such Seller and not rescinded, (b) any agreement or
other instrument to which such Seller is a party or by which such Seller or any
of its respective properties or assets is bound, except where the conflict,
violation, breach, or default of such agreement or instrument, or all such
agreements or instruments, would not have a materially adverse effect on the
Acquired Assets or Assumed Liabilities or materially impair or delay the ability
of Sellers to consummate the transactions contemplated hereby, (c) any Order of
any Governmental Entity to which such Seller is bound or subject, (d) any Law
applicable to such Seller or any of its respective properties or assets or (e)
except as provided for herein, result in the imposition or creation of any Lien
upon or with respect to any of the Acquired Assets.

         (d)      Third Party Approvals. Except for (a) the Sale Order and (b)
the third party approvals set forth on Schedule 4.2(d) for which the failure to
obtain such approvals, individually or in the aggregate, would have a materially
adverse effect on the Acquired Assets or Assumed Liabilities or materially
impair or delay the ability of Sellers to consummate the transactions
contemplated hereby, the execution, delivery and performance by such Seller of
this Agreement and the transactions contemplated hereby do not require any
consents, waivers, authorizations or approvals of, or filings with, any third
Persons which have not been obtained by such Seller.

         (e)      Acquired Assets.

                  (i)      Except as disclosed in Schedule 4.2(e), each Seller
         owns, or has a valid leasehold interest in, the Acquired Assets being
         transferred by it free and clear of any and all Liens. Subject to entry
         of the Sale Order, at the Closing, all of such Seller's right, title
         and interest in and to the Acquired Assets (or in the case of any
         leased or licensed Acquired Assets, such Seller's rights under such
         leases or licenses) shall be transferred to Buyer or its designee, free
         and clear of all Liens or Liabilities of any kind or nature whatsoever
         except for the Assumed Liabilities.

                  (ii)     Except as disclosed in Schedule 4.2(e), the Acquired
         Assets, including the equipment operated under the Assumed Leases, are
         in good operating condition, ordinary wear and tear excepted, are
         suitable for continued use in the operation of the Business, and the
         tractors and trailers included therein meet DOT Specs.

                                       20
<PAGE>

         (f)      Brokers and Finders. No Person is entitled to any brokerage,
financial advisory or finder's fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Sellers that would be payable by Buyer.

         (g)      Contracts. Sellers have provided Buyer with a materially
accurate list and brief description of all material written and oral contracts,
agreements, leases and other legally binding commitments ("Contracts") to which
each Seller is a party.

         (h)      Public Reporting and Financial Statements.

                  (i)      Each of the audited and unaudited financial
         statements included in or incorporated by reference into the Sellers'
         Public Reports (including the related notes and schedules) (i) complied
         in all material respects with applicable requirements of the SEC with
         respect thereto; (ii) have been prepared in accordance with GAAP
         applied on a consistent basis throughout the periods covered thereby;
         and (iii) present fairly Sellers' financial condition as of the
         indicated dates and the results of operations of Sellers for the
         indicated periods, provided, however, that the interim statements are
         subject to normal and recurring year-end adjustments that have not been
         and to Sellers' knowledge will not be material.

                  (ii)     Sellers' have heretofore delivered to Buyer financial
         statements for the interim period ending March 31, 2002 (the "Interim
         Financial Statements"). The Interim Financial Statements fairly present
         in all material respects the financial condition, cash flows, changes
         in stockholders' equity and results of operations of the Business as of
         March 31, 2002, in accordance with GAAP applied on a consistent basis.

         (i)      Certificate of Service. The parties shown on the certificate
of service with respect to the Sale Motion constitute all persons required to
receive notice under the terms of the Bid Procedures Order, including all
parties having filed a notice of appearance in the Case pursuant to notice under
Bankruptcy Rule 2002 and all Persons owning, claiming or asserting an interest
in or with respect to any of the Acquired Assets, and all Persons to whom notice
of the sale is required to be sent under the Bankruptcy Code and in order to
afford the relief sought under the Sale Order.

         (j)      Intellectual Property.

                  (i)      Schedule 2.1(m) accurately lists all of the
         Intellectual Property owned, used, or licensed by Sellers.

                  (ii)     Sellers have taken all necessary steps and actions to
         obtain, maintain and renew all Intellectual Property used or held for
         use in the Business.

                                       21
<PAGE>

                  (iii)    Sellers own or otherwise have the right or license to
         use the Intellectual Property, free and clear of all Liens (subject to
         entry of the Sale Order).

                  (iv)     Subject to the entry of the Sale Order, no Approval
         of any third party will be required for use by Buyer of any of the
         Intellectual Property or the transfer of Sellers' rights therein to
         Buyer.

                  (v)      No claims are currently pending, or to Sellers'
         knowledge, are threatened by any Person involving or questioning
         Sellers' right to use any of the Intellectual Property or challenging
         or questioning the validity or effectiveness of any license or similar
         agreement related to the Intellectual Property.

                  (vi)     The use of the Intellectual Property by Sellers does
         not infringe the rights of any Person nor, to the Sellers' knowledge,
         is any infringing use of the Intellectual Property currently ongoing by
         any Person.

         (k)      Compliance With Laws; Permits. Except as set forth on Schedule
4.2(k): (i) Sellers have owned, leased, and used all of their properties and
assets, and have conducted their business, in compliance in all material
respects with all applicable Laws; (ii) Sellers have not been charged with any
violation of Law, and no Proceeding is pending or threatened by any Governmental
Entity with respect to any violation of Law by Sellers; (iii) no Judgment is
unsatisfied against Sellers; (iv) Sellers are not subject to any stipulation,
Order, consent, or decree arising from an action before any Governmental Entity;
(v) Sellers possess all Permits, licenses, franchises, and other approvals of
Governmental Entities including common and contract carrier and brokerage
authority (collectively, "Permits") required to operate their Business, such
Permits are in full force and effect, any applications for renewal have been
duly filed on a timely basis, no Proceeding is pending or threatened to revoke
or limit any Permit, each Seller is operating in compliance with all Permits,
and subject to the Sale Order, to the extent a Permit is transferable and
assignable, such Permit will be transferred to Buyer at Closing and will
continue in full force and effect.

         (l)      Environment, Health, and Safety. Except as set forth in
Schedule 4.2(1):

                  (i)      Sellers, their Affiliates, and any predecessors of
         either have complied with all Laws concerning pollution or protection
         of the environment, public health and safety, and employee health and
         safety, including Laws relating to emissions, discharges, releases, or
         threatened release of pollutants, contaminants, or chemical,
         industrial, hazardous, or toxic materials or wastes (including
         petroleum and any fraction or derivative thereof) into ambient air,
         surface water, ground water, or lands, or otherwise relating to the
         manufacture, processing, distribution, use, treatment, storage,
         disposal, transport, or hauling of such substances (collectively,
         "Environmental Laws").

                                       22
<PAGE>

                  (ii)     There has not been, and is not now occurring, any
         material release of any Hazardous Material on, in, under, about or from
         the properties of Sellers, including, a release that has come to be
         located on or under the properties of Sellers. Sellers have no
         Liability (and neither Sellers, their Affiliates, nor any predecessor
         of either has handled or disposed of any substance, arranged for the
         disposal of any substance, exposed any employee or other individual to
         any substance or condition, or owned, operated, or used any property or
         facility in any manner that could form the basis for any present or
         future Proceeding against Sellers giving rise to any Liability) for
         damage to any site, location, or body of water (surface or subsurface),
         for any illness of, or personal injury to, any employee or other
         individual, or for any reason under any Environmental Law.

                  (iii)    There are no actions pending against Sellers that
         involve, or relate to, environmental conditions, noncompliance with
         Environmental Laws or the release, use or disposal of any Hazardous
         Materials at the properties of Sellers or elsewhere by Sellers, and
         Sellers have not received any written notice from any Governmental
         Entity or other Person during the five years prior to the date hereof
         claiming any violation of or any potential liability under any
         Environmental Law relating to the Business or the Acquired Assets.

                  (iv)     Any fuel or other storage tanks located at properties
         presently or previously owned or used by Sellers in their Business
         comply in all respects with applicable Laws, do not leak, are
         registered with the appropriate state agency (and all required actions
         in connection therewith have been taken) in the manner permitting
         Sellers to take advantage of any state liability limitation, insurance,
         or similar program relating to fuel storage tanks, and such tanks are
         not scheduled for removal in the next five (5) years.

                  (v)      Sellers have delivered to Buyer true and complete
         copies and results of any reports, studies, analyses, tests, or
         monitoring concerning Sellers or any property owned or used by Sellers
         concerning compliance with Environmental Laws.

                  (vi)     All Permits, licenses, authorizations, registrations
         and other governmental consents required under Environmental Laws
         ("Environmental Permits") relating to the operation of the Business and
         the Acquired Assets, including the manufacture, processing,
         distribution, use, treatment, storage, disposal, discharge, emission,
         transport, release, recycling or handling of Hazardous Materials in
         connection with the operation of the Business, are valid and in full
         force and effect. To Sellers' knowledge, there are no pending
         Proceedings to revoke, cancel, modify or declare such Environmental
         Permits invalid.

                  (vii)    To Sellers' knowledge, none of the properties of
         Sellers is listed in the United States Environmental Protection
         Agency's National Priorities List of Hazardous Waste Sites under CERCLA
         or any similar state list under any comparable state statute.

                                       23
<PAGE>

         (m)      Benefit Plans and Arrangements. Schedule 4.2(m) identifies the
Benefit Plans of each of the Sellers, copies of which, amended to date, have
been furnished to Buyer. No Benefit Plan is a multi-employer or a defined
benefit plan. None of the Sellers, their Affiliates, nor any predecessors of the
foregoing have been a party to or sponsored a multi-employer or defined benefit
plan. Sellers and all Benefit Plan fiduciaries have fully complied with their
obligations with respect to all Benefit Plans and all duties under ERISA. There
has been no prohibited transaction (under Section 4975 of the Code or 406 of
ERISA or otherwise) with respect to any Benefit Plan. Each Benefit Plan that is
intended to be qualified under Section 401(a) of the Code is so qualified and
has been since inception. Each trust created under any Benefit Plan is exempt
from tax under Section 501(a) of the Code and has been exempt from tax from
creation. Sellers have received determination letters from the Internal Revenue
Service for each such Benefit Plan at inception and after each amendment. Each
Benefit Plan has been maintained in compliance with its terms and all applicable
Laws. There has not been any event that would threaten the tax-qualified status
of any Benefit Plan. All payments and contributions due or accrued under each
Benefit Plan, determined in accordance with the terms of such plans and prior
funding and accrual practices, have been paid or are reflected as a liability on
the Reference Balance Sheet. Sellers have no current or projected Liabilities
with respect to post-employment or post-retirement welfare benefits for former
or retired employees.

         (n)      Employment Matters; Independent Contractors. Except as set
forth on Schedule 4.2(n):

                  (i)      None of the Sellers are, nor have they been in the
         past five (5) years, parties to any collective bargaining agreement
         relating to their employees, nor does any such agreement determine the
         terms and conditions of employment of any of their employees. Sellers
         are not parties to any pending or threatened labor dispute and have not
         been the subject of any attempt to unionize their employees. Sellers
         have not experienced any actual or threatened employee strike, or
         employee related work stoppage, slowdown, or lockout.

                  (ii)     Seller is and has been in material compliance with
         all applicable Laws regarding employment and employment practices,
         terms and conditions of employment, wages and hours and is not and has
         not been engaged in any unfair labor practice. Sellers do not have any
         Liabilities for, and there are no pending claims, and to Sellers'
         knowledge, no threatened claims, by or on behalf of any of its
         employees under any Laws relating to employment, including but not
         limited to, the Fair Labor Standards Act, the National Labor Relations
         Act, Labor Management Relations Act, Civil Rights Act of 1964, Civil
         Rights Act of 1991, Walsh-Healy Act, Davis Bacon Act, Post Civil War
         Civil Rights Acts, (42 USC Sections 1981-88), Age Discrimination in
         Employment Act, Older Workers' Benefit Protection Act, Equal Pay Act of
         1963, Executive Order 11246, Uniformed Service Employees Employment and
         Reemployment Rights Act, Occupational Safety and Health Act, Employee
         Retirement Income Security Act,

                                       24
<PAGE>

         Americans with Disabilities Act, Rehabilitation Act of 1973, Family and
         Medical Leave Act, Worker Adjustment and Retraining Notification Act,
         applicable workers' and unemployment compensation laws, all as amended,
         on any applicable contract, tort or other common law theories.

                  (iii)    Each of Sellers' employees is an "at-will" employee,
         and, except for certain stay bonus agreements, there are no written
         employment, commission, compensation or severance agreements of any
         kind between Sellers and any of their employees. True and complete
         copies of each of Sellers' employment or supervisory manuals,
         employment or supervisory policies, and written information generally
         provided to employees (such as applications or notices) have been made
         available to Buyer. Sellers do not have any agreements or
         understandings with its employees or any employment practices contrary
         to those reflected in the items made available to Buyer.

                  (iv)     Sellers have no severance pay plan, policy, practice
         or agreement with any of their employees. Sellers shall have sole
         responsibility for severance pay, if any, to their employees for any
         termination of employment by Sellers on, prior to or following the
         Closing Date.

                  (v)      Sellers maintain files on all employee and
         independent contractor truck drivers in compliance with U.S. Department
         of Transportation regulations. Each of Sellers' employees and
         independent contractor drivers meets all Department of Transportation
         requirements, and all driver files contain all required materials.

                  (vi)     All independent contractors providing equipment
         and/or services to Sellers have been retained under valid contracts and
         qualify for independent contractor status under all applicable Laws,
         including existing Internal Revenue Service rules and interpretations.
         A copy of the form of contract used for any independent contractor
         operators of rolling stock has been delivered to Buyer. Subject to
         applicable provisions of the Bankruptcy Code, all such contracts are
         terminable by Sellers upon no more than 30 days' written notice.

         (o)      Unemployment Contributions. Except as set forth on Schedule
4.2(o) Sellers have timely paid or adequately accrued all contributions required
to be paid by Sellers to any unemployment compensation fund or other fund to
which Sellers are required to contribute under the laws of any applicable state
with respect to periods through Closing.

         (p)      Salaries, Employment Taxes, and Owner-Operator Settlements.
Except as set forth on Schedule 4.2(p) or included in the Employee
Administrative Claims, Sellers have, and as of the Closing will have, paid all
wages, salaries, bonuses, vacation time, sick leave, other leave or time off,
owner operator settlements, per diems, commissions, and other amounts owed to
employees or independent contractors of Sellers relating to periods through the
Closing, and have, and as of the Closing will have, withheld and paid over to
the proper Governmental Entity

                                       25
<PAGE>

all Taxes (including, without limitation, state and federal income tax, Federal
Insurance Contribution Act taxes, federal unemployment tax, state unemployment
tax, and franchise taxes) required to be withheld or paid on a timely basis.

         (q)      Taxes. Within the times and in the manner prescribed by Law,
Sellers have filed all tax returns and have withheld and paid all Taxes due and
payable. All tax returns of Sellers provided to Buyer or its Representatives are
accurate and complete. The provision made for Taxes on the Sellers' financial
statements is sufficient for the payment of all unpaid Taxes of the Sellers for
the periods ended on or prior to the Closing Date to the extent the failure to
pay any Tax could result in liability to Buyer or the imposition of a Lien or
encumbrance on the Acquired Assets. There are no present disputes as to Taxes or
any Tax Liens on any Acquired Assets. There are no outstanding agreements or
waivers extending dates for filing, payment, assessment or reassessment or
extending the statutes or other periods of limitation applicable to any Tax or
tax return of Sellers. There are no legal proceedings, audits, assessments,
reassessments or requests for information in progress, pending or threatened
against or involving any Seller in respect to Taxes nor are there any issues
under discussion with any Governmental Entity relating to any matters that could
result in claims for additional Taxes. Sellers have no liability for the Taxes
of any Person other than themselves.

         SELLERS MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE
ACQUIRED ASSETS, THE ASSUMED LIABILITIES OR THE BUSINESS, EXPRESS OR IMPLIED,
BEYOND THOSE MADE IN THIS AGREEMENT, INCLUDING ANY IMPLIED REPRESENTATIONS OR
WARRANTIES AS TO THE CONDITION, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF ANY OF THE ACQUIRED ASSETS, AND IT IS UNDERSTOOD THAT,
EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES OF SELLERS CONTAINED IN
THIS AGREEMENT, BUYER TAKES THE ACQUIRED ASSETS ON AN "AS IS" AND "WHERE IS"
BASIS, AND "WITH ALL FAULTS."

4.3      Representations and Warranties of Buyer. Buyer hereby represents and
warrants to Sellers as follows:

         (a)      Existence, Good Standing and Power. Buyer is a corporation
validly existing and in good standing under the Laws of the State of Nebraska
and has all requisite power and authority to own, lease and operate the property
it now owns, leases and operates. Buyer has all requisite power and authority to
conduct its business as presently conducted, to execute and deliver this
Agreement and the other documents and instruments to be executed and delivered
by Buyer pursuant hereto and to perform its obligations hereunder and
thereunder.

         (b)      Authority. The execution, delivery and performance of this
Agreement and the other agreements contemplated hereby to be executed and
delivered by Buyer pursuant hereto and the consummation by Buyer of the
transactions contemplated hereby and thereby have been duly authorized by all
necessary corporate action on the part of Buyer.

                                       26
<PAGE>

         (c)      Execution and Binding Effect. This Agreement has been duly and
validly executed and delivered by Buyer and constitutes, and each of the other
agreements to be executed and delivered by Buyer pursuant hereto upon its
execution and delivery by Buyer will constitute (assuming, in each case, the due
and valid authorization, execution and delivery thereof by the other parties
thereto), a valid and legally binding obligation of Buyer, enforceable against
it in accordance with their respective terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other Laws relating to or affecting
the rights and remedies of creditors generally and to general principles of
equity (regardless of whether considered in a Proceeding in equity or at law).

         (d)      No Violation. Except as disclosed in Schedule 4.3(d), the
execution, delivery and performance by Buyer of this Agreement and the
transactions contemplated hereby, do not and will not conflict with or result
in, with or without the giving of notice or lapse of time or both, any violation
of or constitute a breach or default, or give rise to any right of acceleration,
payment, amendment, cancellation or termination, under (a) the Articles of
Incorporation or Bylaws of Buyer or any resolution adopted by the board of
directors of Buyer and not rescinded, (b) any agreement or other instrument to
which Buyer is a party or by which Buyer or any of its respective properties or
assets is bound, (c) any Order of any Governmental Entity to which Buyer is
bound or subject or (d) any Law applicable to Buyer or any of its respective
properties or assets.

         (e)      Third Party Approvals. Except for entry of the Sale Order and
any third party approvals as are reflected on Schedule 4.3(e) hereto, the
execution, delivery and performance by Buyer of this Agreement and the
transactions contemplated hereby do not require any consents, waivers,
authorizations or approvals of, or filings with, any third Persons which have
not been obtained by Buyer.

         (f)      Financing. On the Closing Date, Buyer will have sufficient
unrestricted funds on hand or committed lines of credit to consummate the
transactions contemplated by this Agreement.

                                    ARTICLE V
                            Covenants and Agreements

5.1      Conduct of Business Pending the Closing.

         (a)      From the date hereof until the Closing Date, except as
otherwise required or permitted under this Agreement or to the extent otherwise
consented to by Buyer in writing or as required by the Bankruptcy Court or by
applicable Laws, Sellers shall carry on the Business in the ordinary course of
business consistent with past practice. Except as otherwise required or
permitted under this Agreement, without the prior written consent of Buyer or as
required by the Bankruptcy Court or by applicable Laws, Sellers shall not (a)
sell, lease or transfer any Acquired

                                       27
<PAGE>

Assets; (b) amend, modify or terminate any Assumed Assets without prior notice
to Buyer (consent not being required); (c) subject any of the Acquired Assets to
any Lien or allow any Lien to exist (other than Liens in effect at the date
hereof and disclosed on Schedule 4.2(e); (d) knowingly take any action that
would cause any of the representations and warranties made by any Seller in this
Agreement not to be true and correct; (e) settle, release or forgive any claim
or litigation or waive any right thereto which relates to the Acquired Assets
(other than any claim or litigation which is an Excluded Asset or an Excluded
Liability); (f) incur any Liabilities other than Excluded Liabilities; or (g)
agree to take any action prohibited hereby.

         (b)      Except for Buyer's obligations under Section 2.3(d), (e), and
(f), all costs, expenses, liabilities, and claims in connection with all
shipments that were dispatched and delivered prior to the Effective Time, and
all revenue from such shipments shall be for Sellers' account. In addition to
Buyer's obligations under Section 2.3(d), (e), and (f), Buyer shall promptly
remit to Sellers following the Closing, but no later than four (4) days after
the Closing, $0.20 per mile for all loaded miles, whether incurred before or
after the Effective Time, on all shipments that were dispatched prior to the
Effective Time and are still in-transit at the Effective Time, and all revenue
from such shipments shall be for Buyer's account. Buyer shall be responsible for
dispatching and for all costs, expenses, liabilities, and claims in connection
with all shipments dispatched after the Effective Time, and all revenue from
such shipments also shall be for Buyer's account. Any amounts relating to such
post-Effective Time shipments collected by Sellers shall be turned over to Buyer
immediately as received. For assigning risk of loss, Sellers shall be
responsible for any accidents, liabilities, and claims based upon facts
occurring prior to the Effective Time, and Buyer shall be responsible for any
accidents, liabilities, and claims based upon facts occurring after the
Effective Time. For purposes of this Agreement, the "Effective Time" shall be
12:01 a.m. on the Closing Date.

5.2      Access. From the date hereof until the Closing Date, Sellers shall
allow Buyer's employees, agents, and Representatives, during regular business
hours to make such investigation of the Tractors, Trailers, Acquired Assets,
operations, finances, books, records, and contracts as Buyer reasonably deems
necessary or advisable, and Sellers shall instruct their employees, accountants,
counsel, and financial advisors, and other Representatives to cooperate in any
such investigation. If the transaction contemplated herein fails to close, Buyer
shall promptly return to Sellers any and all of Sellers' records delivered to
Buyer in contemplation of the transaction contemplated herein or copies thereof
in Buyer's possession or control. From and after the Closing Date, so long as
any books, records or other files relating to the Acquired Assets or operation
of the Business, to the extent that they pertain to such operations prior to the
Closing Date, remain in existence and available, each party (at its expense)
shall have the right, upon reasonable notice, to inspect and to make copies of
the same at any time during regular business hours for any proper purpose,
including, without limitation, in connection with any third-party claim in
respect of which a party may have Liability hereunder.

5.3      Public Announcements. No party shall issue a press release or otherwise
make any public statements with respect to the transactions contemplated hereby,
except as may be required by

                                       28
<PAGE>

Law, by obligations pursuant to any listing agreement with any national
securities exchange or over-the-counter market, or with respect to filings to be
made with the Bankruptcy Court in connection with this Agreement (in which case
the party required to make such public statement shall notify the other party
prior to making such public statement), without the prior consent of the others,
which consent shall not be unreasonably withheld.

5.4      Reasonable Efforts. Upon the terms and subject to the conditions herein
provided, each of the parties hereto shall use its respective commercially
reasonable, good faith efforts to take, or cause to be taken, all actions, and
to do, or cause to be done, and to assist and cooperate with the other parties
hereto in doing, all things necessary, proper or advisable under applicable Laws
and regulations to ensure that the conditions set forth in this Agreement are
satisfied and to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Agreement. Without limiting
the generality of the foregoing, the parties hereto shall furnish to each other
such necessary information and reasonable assistance, as each may request in
connection with Sellers' preparation and filing of applications and motion
papers, including any amendments, in form and substance reasonably satisfactory
to Buyer, needed to obtain Bankruptcy Court approval of the transactions
contemplated by this Agreement, and shall execute any additional instruments
necessary to consummate the transactions contemplated hereby, whether before or
after the Closing.

5.5      Notification of Certain Matters. Sellers shall give prompt notice to
Buyer, and Buyer shall give prompt notice to Sellers, of (a) any notice or other
communication from any Person alleging that the consent of such Person is or may
be required in connection with the transactions contemplated by this Agreement;
(b) any written objection, litigation or Proceeding that challenges the
transactions contemplated hereby or the entry of the Bid Procedures Order or the
Sale Order; (c) the occurrence of any known Material Adverse Change or Material
Adverse Effect; and (d) the breach of any representation, warranty, covenant, or
agreement made herein.

5.6      Employees.

         (a)      Buyer shall provide the Sellers at Closing a list of the
employees it desires to hire, such determination being made in Buyer's sole and
absolute discretion, and all such persons accepting employment will be
considered new employees of Buyer. Except for Buyer's obligations under Section
2.3(d), (e) and (f) Buyer shall not assume or have any obligations or
Liabilities with respect to employees of Sellers or termination of such
employees. Buyer's agreement to undertake the obligations of Section 2.3(d), (e)
and (f) shall not be construed to create an employment relationship between
Buyer and employees terminated by Sellers prior to Closing and not hired by
Buyer, or obligate Buyer in any respect other than the specific obligations of
such Section 2.3(d), (e) and (f).

         (b)      Sellers acknowledge and agree that Buyer may interview and
discuss employment terms and issues with employees. Nothing in this Agreement
shall be construed as a commitment

                                       29
<PAGE>

or obligation of Buyer to accept for employment, or otherwise continue the
employment of, any of the Sellers' employees.

         (c)      Except for Buyer's obligations under Section 2.3(d), (e), and
(f), each Seller is responsible for all amounts, benefits, and other obligations
owing employees of any Seller, whether hired by Buyer or not. In the event of
Sellers' failure to comply with the provisions of this Section 5.6(c), the
Purchase Price shall be adjusted accordingly, and in no event shall these
amounts or obligations be included in the Assumed Liabilities. Anything to the
contrary in this Section 5.6(c) notwithstanding, Buyer shall be responsible for
the Employee Administrative Claims.

         (d)      Except for Buyer's obligations under Section 2.3(d), (e), and
(f) and then only to the limited extent set forth therein, the Sellers
acknowledge and agree that Buyer is not assuming and shall not have any
obligations or Liabilities under any Benefit Plan maintained by Sellers, or for
the benefit of employees of Sellers, including, without limitation, obligations
for severance, accrued benefits, including vacation accrued but not taken as of
the Closing Date, pension plan benefits, or medical coverage.

5.7      Further Assurances On and after the Closing Date, the parties shall
take all appropriate action and shall execute all documents, instruments or
conveyances of any kind that may be reasonably necessary or advisable to carry
out any of the provisions hereof, and Sellers shall take all reasonable steps to
put Buyer in actual possession and operating control of the Business.

5.8      Further Agreements. Sellers authorize and empower Buyer on and after
the Closing Date to receive and to open all mail received by Buyer relating to
the Acquired Assets or the Assumed Liabilities and to deal with the contents of
such communications in any proper manner. Sellers shall promptly deliver to
Buyer any mail or other communication received by any Seller after the Closing
Date pertaining to the Acquired Assets or the Assumed Liabilities. Buyer shall
promptly deliver to Sellers any mail or other communication received by it after
the Closing Date pertaining to the Excluded Assets or any Excluded Liabilities
and any cash, checks or other instruments of payment in respect thereof. From
and after the Closing Date, Sellers shall refer all inquiries with respect to
the Acquired Assets and the Assumed Liabilities to Buyer, and Buyer shall refer
all calls with respect to the Excluded Assets and the Excluded Liabilities to
Sellers.

5.9      Name Change. On the Closing Date, Sellers shall file with their
respective jurisdictions of organization and in all other relevant jurisdictions
documents to change their names to names that are unrelated to the current names
and do not use the words "Simon," "Trucking," or "Transportation."

5.10     Utilities. To the extent practicable, the parties shall notify the gas,
water, telephone, electric utility, and other applicable service companies that
Buyer shall be responsible for the payment of all obligations incurred therefor
on or after the Closing Date with respect to the Acquired Assets and the
operation of the Business. Sellers shall request such companies to cause

                                       30
<PAGE>

meters to be read (or otherwise measure service) as of the Closing Date, and
Sellers shall be responsible for the payment of all charges for such services
incurred and provided through the Closing Date. Sellers shall cause the
telephone companies to render a bill for telephone service incurred through the
Closing Date, and Sellers shall be responsible for the payment of such bills.
Subject to the applicable provisions of the Bankruptcy Code, in the event that
after the Closing Date, any provider of phone, gas, water, electric, or other
service seeks payment from Buyer for unpaid service provided to any Seller on or
after February 25, 2002, but prior to the Closing Date, Sellers shall pay such
unpaid amounts as promptly as is required (after reasonable notice from Buyer)
to avoid any discontinuation of utility service to Buyer.

5.11     Proration of Taxes and Certain Charges.

         (a)      All obligations with respect to the Acquired Assets for any
period that includes the day before the Closing Date and ends after the Closing
Date, including but not limited to real and personal property and similar ad
valorem Taxes, special assessments, the utilities and other matters described in
Section 5.10, drop yard rents, and payments under the Assumed Leases
(collectively the "Proration Amounts"), whether imposed or assessed before or
after the Closing Date, shall be prorated between Sellers and Buyer as of 12:01
a.m. on the Closing Date. If such charges or rates are assessed either based
upon time or for a specified period, such charges or rates shall be prorated as
of 12:01 a.m. on the Closing Date. If such charges or rates are assessed based
upon usage of utility or similar services, such charges shall be prorated based
upon meter readings taken on the Closing Date.

         (b)      Anything to the contrary notwithstanding, all refunds of
unexpired license plate and tag fees to the extent attributable to the Acquired
Assets shall be for the account of Buyer, and Sellers shall turn over any such
amounts to Buyer immediately upon receipt.

         (c)      The payment of the Proration Amounts allocated to Seller shall
be subject to Section 3.4(e) hereof.

         (d)      The prorations pursuant to this Section may be calculated
after the Closing Date, as each item to be prorated (including without
limitation any such Tax, obligation, assessment, charge, refund, reimbursement,
rent installment, fee or revenue) accrues or comes due, provided that, in any
event, any such proration shall be calculated not later than thirty (30) days
after the party requesting proration of any item obtains the information
required to calculate such proration of such item.

5.12     Bankruptcy Court Approvals.

         (a)      Sellers have filed the Procedures Motion with the Bankruptcy
Court and shall use reasonable efforts to obtain entry of an order (the "Bid
Procedures Order") (i) fixing the time, date, and location of the Sale Hearing
to approve Sellers' consummation of this Agreement and an auction (the
"Auction") at which higher and better offers to purchase the Acquired Assets may

                                       31
<PAGE>

be presented to Sellers by third parties ("Competing Transactions"); (ii)
approving the form of bidding, auction and sale notice; (iii) providing that
upon (y) Sellers' failure to accept this Agreement on substantially the terms
set forth herein, or (z) their agreement to or consummation of a Competing
Transaction, Buyer shall be entitled to reimbursement of its out-of-pocket
expenses, up to a maximum of $250,000, related to due diligence, bid analysis,
negotiation, preparation of this Agreement, and other related matters (the
"Expense Reimbursement"), subject to court approval after notice and hearing;
(iv) providing that if a Competing Transaction is subsequently approved by the
Bankruptcy Court and closes as provided by its terms, then Buyer shall be
entitled to receive from Sellers a flat fee payment of $50,000 in immediately
available funds (the "Break-Up Fee"; the Expense Reimbursement and Break-Up Fee,
together, the "Bid Fees"), which payment of the Break-Up Fee shall be made to
Buyer concurrently with the consummation of such third party sale; and (v)
providing that no third party bidder shall be entitled to purchase the Acquired
Assets unless such third party bidder offers to purchase assets comparable to
the Acquired Assets for no less than the sum of the Purchase Price plus the Bid
Fees and $100,000. Should overbidding take place, Buyer shall have the right,
but not the obligation, to participate in the overbidding and to be approved as
the overbidder at the Sale Hearing based upon Buyer's submission of the highest
and best offer to purchase the Acquired Assets and Sellers' acceptance of such
overbid.

         (b)      Sellers have filed the Sale Motion with the Bankruptcy Court
and shall use reasonable efforts to obtain entry of an order (the "Sale Order")
in form and content reasonably acceptable to Buyer that, among other things: (i)
makes a finding that those matters which are the subject of this Agreement, are
"core" matters over which the Bankruptcy Court has jurisdiction pursuant to 28
U.S.C. Sections 1334 and 157; (ii) makes a finding that due and proper notice of
the transactions contemplated by this Agreement and any ancillary agreements has
been given to creditors, shareholders, potential claimants, and other parties in
interest; (iii) makes a finding that the Purchase Price constitutes fair value
for the Acquired Assets; (iv) makes a finding that the Acquired Assets are being
purchased by Buyer in good faith and that the Purchase Price was not controlled
by an agreement among potential bidders and otherwise complies with the
requirements of 11 U.S.C. Section 363(m); (v) makes a finding that this
Agreement was negotiated, proposed and entered into by the parties without
collusion, in good faith, and from arm's length bargaining positions; (vi) makes
a finding that "sound business reasons" exist for Bankruptcy Court approval of
this Agreement; (vii) makes a finding that this Agreement and the transactions
and instruments contemplated hereby shall be specifically performable and
enforceable against and binding upon, and not subject to rejection or avoidance
by, Sellers or any Chapter 7 or Chapter 11 trustee; (viii) makes a finding that
Buyer is not a successor corporation to any of the Sellers and is not liable for
any obligations or Liabilities of Sellers (including any administrative
expenses) except for those expressly assumed by Buyer under this Agreement; (ix)
approves this Agreement and provides that, except for the Assumed Liabilities,
the Acquired Assets are to be conveyed to Buyer free and clear of any and all
interest in such Acquired Assets, including, but not limited to, Tax Liens,
mortgages, Liens, security interests, encumbrances, claims (including third
party claims of any nature whatsoever, including, but not limited to, any claim
which might otherwise give rise to successor liability),

                                       32
<PAGE>

restrictions, and limitations; (x) provides that Buyer is not acquiring or
assuming any of Sellers' or any other Person's Liabilities except as expressly
provided in this Agreement; (xi) provides that Buyer shall not be liable or
obligated for any Liabilities (including successor liabilities), Liens,
interests, damages, costs, expenses, claims, or demands arising from or relating
to Sellers' ownership or operation of the Acquired Assets or Sellers' conduct of
the Business prior to the Closing Date or Taxes arising out of the sale of the
Acquired Assets; (xii) provides that any and all leases and contracts assumed by
Buyer pursuant to this Agreement shall be assumed pursuant to Section 365 of the
Bankruptcy Code; (xiii) provides that the Bankruptcy Court shall retain
jurisdiction to resolve any controversy or claim arising out of or relating to
this Agreement; (xiv) directs the clerk of the Bankruptcy Court to enter the
Sale Order on the docket and provide that there is no just reason to delay entry
of the Sale Order; and (xv) specifically overrules objections, if any, to
confirmation of the sale.

         (c)      After entry of the Sale Order, Sellers shall comply with and
discharge their obligations arising under the Sale Order, including, without
limitation, Sellers' obligation to file any notice with respect to, or to take
any action necessary to effect, the assumption and assignment of the Assumed
Assets under the terms of the Sale Order and consistent with Section 365 of the
Bankruptcy Code and this Agreement. Without limiting the generality of the
foregoing, Sellers shall serve a notice upon each counterparty to an Assumed
Asset in the time and manner required by the Sale Order and shall use
commercially reasonable efforts to ensure the timely assumption and assignment
of the Assumed Assets to Buyer.

5.13     Bulk Sales. Each of the parties hereto waives compliance with any
applicable provisions of the Uniform Commercial Code Article 6 (Bulk Sales or
Bulk Transfers) or analogous provisions of law, as adopted in the states in
which the Business is conducted as such provisions may apply to the transactions
contemplated by this Agreement; provided, however, Sellers shall indemnify Buyer
for any third party claims of non-compliance with Bulk Sales or Bulk Transfers
Laws.

5.14     Transfer of Licenses and Authorities. Sellers shall use reasonable
efforts to cooperate with Buyer, including executing such documents as Buyer
shall reasonably request, in order to effectuate the transfer of the Licenses
and Authorities to Buyer and/or to assist Buyer in obtaining the issuances of
substitute Licenses and Authorities for the operation of the Acquired Assets and
the Business.

5.15     Rejected Contracts. No Seller shall reject any Assumed Contract or
Assumed Lease without the prior notice to, and consultation with, Buyer (consent
not being required).

5.16     Removal of Excluded Assets. Subject to the provisions of Section 5.18,
within a reasonable period of time, but in no event more than 120 days after the
Closing Date, Sellers shall remove all Excluded Assets from locations
constituting part of the Acquired Assets.

                                       33
<PAGE>

5.17     Disclosure Supplements. From time to time prior to the Closing, Sellers
shall supplement the schedules hereto with respect to any matter hereafter
arising or any information obtained after the date hereof of which, if existing,
occurring or known at or prior to the date of this Agreement, would have been
required to be set forth or described in the schedules, or which is necessary to
complete or correct any information in such schedule or in any representation
and warranty of Sellers which has been rendered inaccurate thereby. For purposes
of determining the satisfaction of the conditions set forth in Article VI
hereof, no such supplement or amendment shall be considered.

5.18     Transition Services. From and after the Closing Date, Buyer shall be
willing, if requested, to enter into one or more service agreements with
Sellers, or the estate, or the creditors, as applicable on reasonable and
mutually agreeable terms and conditions, to offer any of the services generally
described below:

         (a)      Buyer shall assist lessors of Rejected Equipment with
identifying, locating, and recovering such Rejected Equipment. Any movement of
Rejected Equipment by Buyer will be at a rate of $1.25 per mile (all miles) to
one of Buyer's terminal facilities or any other destination acceptable to both
Buyer and such lessor. Buyer may transport freight in such Rejected Equipment
while it is being returned, and any revenue generated thereby shall be for the
account of Buyer. The movement of any Rejected Equipment shall be coordinated by
Buyer, in its sole discretion, so as not to disrupt the Buyer's equipment
balance and position. Lessors of the Rejected Equipment will be responsible for
all insurance coverage and risk of loss to the Rejected Equipment. Nothing in
this Section 5.18(a) shall be construed to obligate Sellers in any respect.

         (b)      Buyer shall afford Representatives of Sellers and counsel for
the unsecured creditors' committee and their agents and employees, with access
during normal business hours to Sellers' books and records relating to the
ninety days prior to the first filing of the Case in respect of general accounts
payable, and four years prior to the first filing of the Case in respect of
accounts payable relating to potential Chapter 5 amounts, other than the Claims,
and shall copy such books and records without charge for such parties. Buyer
shall provide such parties the right to use without charge, a reasonable amount
of unused office space at the Headquarters building and, as available and not
being used by Buyer, office equipment, for 120 days after the Closing. Any
individuals taking advantage of such unused office space shall be covered by
their own insurance (or their employer's), and Buyer shall not be liable for
anything other than its own negligence.

         (c)      Buyer shall afford Representatives of Sellers and counsel for
the unsecured creditors' committee and their agents and employees, ingress,
egress, and parking rights at designated locations for up to 120 days after the
Closing for the purpose of assembling, storing, and if necessary auctioning
Excluded Assets, all to be conducted in a manner that does not interfere with
the Buyer's business operations. The fee for such rights will be $10.00 per day
per Excluded Asset payable weekly and in any event prior to removal of such
Excluded Asset from

                                       34
<PAGE>

the premises. The owners of the Excluded Assets shall have sole responsibility
for insurance and risk of loss. Nothing in this Section 5.18(c) shall be
construed to obligate Sellers in any respect.

         (d)      The Buyer will afford Representatives of Sellers and counsel
for the unsecured creditors' committee and their agents and employees, access to
the Buyer's employees on a dedicated or as needed basis for up to 120 days after
the Closing, to the extent that such access does not unreasonably interfere with
the operation of Buyer's business. For Mark Wilkey and Rob Goates any time in
excess of five hours per week (not to include time regarding consultation on the
RLI Excluded Asset) shall be with the written consent of Jon Isaacson, which Mr.
Isaacson may give in his sole and absolute discretion. The charge for such
access will be an amount equal to twice the hourly pay rate of the subject
employees, or a pro-rated amount of such person's salary and stay bonus, if any,
in the event of a salaried employee, based upon a forty hour work week. Anything
to the contrary notwithstanding, the Sellers' estate shall not be charged for
the first ten hours per calendar month of time (not to include time regarding
the RLI Excluded Asset) for each of Mr. Goates and Mr. Wilkey; provided, if a
Rule 2004 exam request of Mr. Goates or Mr. Wilkey is made by the unsecured
creditors' committee or the Sellers' estate, any and all prior free hours of
time shall be due and payable to Buyer immediately, based upon the pro-rated
salary and bonus amount previously described, and there shall be no entitlement
to any future free time following such a Rule 2004 exam request.

5.19     RLI Insurance Company. The parties acknowledge that Sellers shall
control all judicial, settlement, proceedings, and matters relating to the RLI
Excluded Asset and be responsible for all related costs; provided, Sellers shall
consult with Buyer and its counsel on all such matters, copy Buyer's counsel on
all pleadings, correspondence, and written or electronic communications relating
thereto, and must obtain the approval of Buyer of any settlement or other
material matter impacting such Excluded Asset.

5.20     Carve Outs. The Chapter 7 Carve Out shall be maintained by Sellers in a
segregated account until the later to occur of confirmation of a liquidating
plan in the Case or conversion of the Case to a Chapter 7, at which time any
remaining balance of the Chapter 7 Carve Out shall be returned to Sellers. The
parties agree that the obligations of CitiCapital and Jerry Moyes under the Cash
Collateral Agreement, and Jerry Moyes under the DIP Credit Agreement shall be
removed in their entirety as of the Closing Date, and Sellers through the
procedures outlined in this Section 5.20 shall be obligated to fund any
applicable Chapter 7 Carve Out. The CitiCapital Carve Out shall be maintained by
CitiCapital in a segregated interest-bearing account, and may be drawn on by
CitiCapital from time-to-time. The remaining balance of the CitiCapital Carve
Out, plus accrued interest, shall be delivered to Sellers upon the later to
occur of confirmation of a liquidating plan in the Case or conversion of the
Case to a Chapter 7.

                                       35
<PAGE>

                                   ARTICLE VI
                              Conditions To Closing

6.1      Conditions Precedent to Obligations of Sellers and Buyer. Sellers' and
Buyer's obligations to consummate the transactions contemplated hereby and make
their respective deliveries as set forth in Section 3.2 on the Closing Date
shall be subject to the satisfaction or waiver of the following conditions:

         (a)      no action, suit or other Proceedings shall be pending before
any court, tribunal or Governmental Entity seeking or threatening to restrain or
prohibit the consummation of the transactions contemplated by this Agreement, or
seeking to obtain substantial damages in respect thereof, or involving a claim
that consummation thereof would result in the violation of any Law, decree or
regulation or any Governmental Entity having appropriate jurisdiction;

         (b)      the Bankruptcy Court shall have entered the Bid Procedures
Order in accordance with Section 5.12(a) hereof and the Sale Order in accordance
with Section 5.12(b) hereof, and the Sale Order shall not have been stayed,
modified, amended, dissolved, revoked or rescinded in any material way, as of
the Closing Date; and

         (c)      the Case shall not have been dismissed or converted to a
Chapter 7 bankruptcy and a trustee or examiner shall not have been appointed
pursuant to provisions of the Bankruptcy Code.

6.2      Conditions Precedent to Sellers' Obligation. Sellers' obligation to
consummate the transactions contemplated hereby and make the deliveries required
of Sellers in Section 3.2(a) of this Agreement on the Closing Date shall be
subject to the satisfaction or waiver by Sellers of each of the following
conditions:

         (a)      all of the representations and warranties of Buyer contained
in Section 4.3 shall continue to be true and correct as of the Closing Date in
all material respects, all covenants and obligations to be performed by Buyer on
or prior to the Closing Date shall have been performed in all material respects,
and Buyer shall have certified the foregoing to Sellers in writing; and

         (b)      Buyer shall have executed and delivered to Sellers such
instruments as are deemed necessary or appropriate to effectuate the assumption
of the Assumed Liabilities and such other documents, instruments and
certificates as Sellers or their counsel may have reasonably requested.

6.3      Conditions Precedent to Buyer's Obligation. Buyer's obligation to
consummate the transactions contemplated hereby and make the deliveries required
of Buyer in Section 3.2(b) of this Agreement on the Closing Date shall be
subject to the satisfaction or waiver by Buyer of each of the following
conditions:

                                       36
<PAGE>

         (a)      all of the representations and warranties of Sellers contained
in Section 4.2 shall continue to be true and correct on the Closing Date in all
material respects, all covenants and obligations to be performed by Sellers on
or prior to the Closing Date shall have been performed in all material respects,
and Sellers shall have certified the foregoing to Buyer in writing;

         (b)      Sellers shall have executed and delivered to Buyer such
instruments as are deemed necessary or appropriate to effectuate the transfer of
the Acquired Assets to Buyer and such other documents, instruments and
certificates as Buyer or its counsel may have reaonably requested; and

         (c)      Sellers shall have delivered to Buyer at or prior to the
Closing title commitments (the "Title Commitments") and pro forma title
insurance policies issued by a reputable title insurance company for each of the
Headquarters, the Atlanta Terminal, the Fontana Terminal, the Rupert Drop Yard,
and the Springville Drop Yard pursuant to which the title company agrees to
issue to Buyer an owner's policy of title insurance on each of the Headquarters,
the Atlanta Terminal, the Fontana Terminal, the Rupert Drop Yard, and the
Springville Drop Yard for the fair market value of each (the "Title Policies").
The Title Policies shall identify Buyer as the insured, accurately describe the
Headquarters, the Atlanta Terminal, the Fontana Terminal, the Rupert Drop Yard,
and the Springville Drop Yard, respectively, and insure that upon Closing Buyer
shall have marketable fee simple title in each such property, subject only to
those covenants, conditions, restrictions, rights-of-way, and easements of
record reflected on Schedule B of the Title Commitments that are acceptable to
Buyer.

6.4      Waiver. No waiver by Sellers or Buyer of any of the conditions set
forth in this Article VI shall be effective unless the same is stated in writing
and signed by the waiving party; provided, however, that a consent of a party to
the Closing shall constitute a waiver by such party of any conditions to Closing
not satisfied as of the Closing.

                                   ARTICLE VII
                              Intentionally Omitted

                                  ARTICLE VIII
                                   Termination

8.1      Termination of Agreement. This Agreement may be terminated and the
transactions contemplated hereby abandoned at any time prior to the Closing:

         (a)      By mutual written consent of Buyer and Sellers;

         (b)      By any party if the Closing shall not have occurred on or
prior to April 29, 2002; provided, however, that, if the Closing shall not have
occurred due to the failure of the

                                       37
<PAGE>

Bankruptcy Court to enter the Sale Order and if all other conditions to the
respective obligations of the parties to close hereunder that are capable of
being fulfilled by April 29, 2002 shall have been so fulfilled or waived, then
neither party may terminate this Agreement prior to May 10, 2002; provided,
further, however, that if the Closing shall not have occurred on or before any
such date due to a breach of this Agreement by Buyer or Sellers, the breaching
party may not terminate this Agreement pursuant to this Section 8.1(b);

         (c)      By any party not in breach of this Agreement, if there shall
be any Law or regulation that makes the consummation of the transactions
contemplated hereby illegal or otherwise prohibited or if consummation of the
transactions contemplated hereby would violate any nonappealable final order,
decree or Judgment of any court or governmental body having competent
jurisdiction;

         (d)      By any party if Sellers (i) fail to accept this Agreement on
substantially the terms and conditions set forth herein, (ii) select any other
bidder as the winning bid at auction, or (iii) agree to or consummate a
Competing Transaction, subject to the limitations set forth in Section 5.12(a)
and in the Bid Procedures Order, including, without limitation, Buyer's right to
receive the Bid Fees; or

         (e)      By Sellers, on the one hand, or Buyer, on the other, if Buyer
or Sellers, as the case may be, materially breach any of its representations or
warranties or covenants or other obligations under this Agreement, unless such
breach shall be cured within ten (10) Business Days after such other party shall
have received notice of such breach in accordance with the terms hereof.

8.2      No Liabilities in Event of Termination. In the event of any termination
of the Agreement pursuant to Section 8.1, written notice thereof shall forthwith
be given to the other party specifying the provision hereof pursuant to which
such termination is made, this Agreement shall forthwith become wholly void and
of no further force and effect, and there shall be no liability on the part of
Buyer or Sellers, except (i) the obligations of Sellers and Buyer under Sections
9.1 shall remain in full force and effect, (ii) if this Agreement shall be
terminated pursuant to Section 8.1(d) hereof, the Buyer shall be entitled to
receive the Bid Fees, (iii) if this Agreement shall be terminated pursuant to
Section 8.1(e) hereof, the breaching party shall remain liable to the
non-breaching party for costs, expenses and damages incurred by its breach, and
(iv) as otherwise provided in the Bid Procedures Order.

                                   ARTICLE IX
                                  Miscellaneous

9.1      Costs and Expenses; Fees. Except as provided in Sections 8.1(d) and
8.1(e) or in the Bid Procedures Order, each party shall be solely responsible
for and bear all of its own respective expenses incurred at any time in
connection with pursuing or consummating this Agreement and

                                       38
<PAGE>

the transactions contemplated by this Agreement, including, but not limited to,
fees and expenses of business brokers, legal counsel, accountants, and other
facilitators and advisors.

9.2      Survival of Representations and Warranties. The representations and
warranties of the Sellers and Buyer contained in this Agreement or in any
agreement delivered or in connection herewith shall not survive the Closing.

9.3      Assignment. Neither this Agreement nor any of the rights or obligations
hereunder may be assigned by Sellers without the prior written consent of Buyer,
or by Buyer without the prior written consent of Sellers; provided, however,
that, Buyer may assign its rights and obligations hereunder, in whole or in
part, to any Affiliate of Buyer, provided that no such assignment shall relieve
Buyer of its Liabilities and obligations hereunder if such assignee does not
perform such obligations. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, and except as otherwise expressly provided herein, no
other Person shall have any right, benefit or obligation hereunder.

9.4      Parties in Interest. This Agreement shall be binding upon and inure
solely to the benefit of Sellers and Buyer, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other Person any
rights, benefits or remedies of any nature whatsoever under or by reason of this
Agreement. Without limiting the foregoing, no direct or indirect holder of any
equity interests or securities of either Sellers or Buyer (whether such holder
is a limited or general partner, member, stockholder or otherwise), nor any
Affiliate of either Sellers or Buyer, nor any director, officer, employee,
Representative, agent or other controlling Person of each of the parties hereto
and their respective Affiliates shall have any Liabilities or obligations
arising under this Agreement or the transactions contemplated thereby.

9.5      Notices. Any notice, request, demand, waiver, consent, approval, or
other communication which is required or permitted hereunder shall be in writing
and shall be deemed given only if delivered personally (including by nationally
recognized overnight courier service) or sent by telegram or by certified mail,
postage prepaid, and sent by telecopier as follows:

         If to Buyer, to:               Central Refrigerated Service, Inc.
                                            5601 West Waco Dr.
                                            Waco, Texas 76710
                                            (254) 772-5217 Telephone
                                            (254) 741-5223 Fax
                                            Attn: Jerry Moyes

         With a required copy to:           Scudder Law Firm, P.C., L.L.O.
                                            411 S. 13th Street, Suite 200
                                            Lincoln, Nebraska 68508
                                            (402) 435-3223 Telephone
                                            (402) 435-4239 Fax
                                            Attn: Heidi Hornung-Scherr

                                       39
<PAGE>

         and:                               Stoel Rives LLP
                                            One Utah Center
                                            201 South Main Street
                                            Suite 1100
                                            Salt Lake City, UT 84111
                                            (801) 328-3131 Telephone
                                            (801) 578-6999 Fax
                                            Attn: Danny C. Kelly

         If to Sellers, to:                 Simon Transportation Services Inc.
                                            5175 West 2100 South
                                            West Valley City, UT 84120-1252
                                            (801) 924-7190 Telephone
                                            (801) 924-7118 Fax
                                            Attn: Rob Goates

         With a required copy to:           Spencer Fane Britt & Browne
                                            1400 Commerce Bank Bldg.
                                            1000 Walnut Street
                                            Kansas City, MO 64106-2140
                                            (816) 474-8100 Telephone
                                            (816) 474-3216 Fax
                                            Attn: Scott J. Goldstein

or to such other address as the addressee shall have specified in a notice duly
given to the sender as provided herein. Such notice, request, demand, waiver,
consent, approval, or other communication shall be deemed to have been given as
of the date so personally delivered, telegraphed, or deposited in the mail and
telecopied, with confirmation of receipt.

9.6      Choice of Law. This Agreement shall be construed and interpreted, and
the rights of the parties shall be determined, in accordance with the Bankruptcy
Code and the substantive Laws of the State of Utah, except that any provisions
contained herein relating to the conveyance of interests in real property shall
be governed by the substantive laws of the state in which the real property is
located, in each case without regard to the conflict of law principles thereof
or of any other jurisdiction.

9.7      Entire Agreement; Amendments and Waivers. This Agreement constitutes
the entire agreement between the parties pertaining to the subject matter hereof
and supersedes all prior agreements, understandings, negotiations, and
discussions, whether oral or written, of the parties. Except as set forth herein
or in any certificate delivered pursuant hereto, no party (or any employee or
agent thereof) makes any representation or warranty, express or implied, to any
other party with respect to this Agreement or the transactions contemplated
hereby. No supplement, modification or waiver of this Agreement (including,
without limitation, any schedule hereto) shall be binding unless the same is
executed in writing by all parties. No waiver

                                       40
<PAGE>

of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision hereof (whether or not similar), and no such
waiver shall constitute a continuing waiver unless otherwise expressly provided.

9.8      Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Agreement by telecopy shall be as
effective as delivery of a manually executed counterpart of this Agreement. In
proving this Agreement, it shall not be necessary to produce or account for more
than one such counterpart signed by the party against whom enforcement is
sought.

9.9      Invalidity. If any one or more of the provisions contained in this
Agreement (other than any of the provisions contained in Article II or Article
III hereof) or in any other instrument referred to herein, shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, the
parties shall use their reasonable efforts, including, but not limited to, the
amendment of this Agreement, to ensure that this Agreement shall reflect as
closely as practicable the intent of the parties hereto on the date hereof.

9.10     Headings. The table of contents and the headings of the Articles and
Sections herein are inserted for convenience of reference only and are not
intended to be a part of, or to affect the meaning or interpretation of, this
Agreement.

9.11     Exclusive Jurisdiction. Without limiting any party's right to appeal
any order of the Bankruptcy Court, (a) the Bankruptcy Court shall retain
exclusive jurisdiction to enforce the terms of this Agreement and to decide any
claims or disputes which may arise or result from, or be connected with, this
Agreement, any breach or default hereunder, or the transactions contemplated
hereby, and (b) any and all claims, actions, causes of action, suits and
Proceedings related to the foregoing shall be filed and maintained only in the
Bankruptcy Court, and the parties hereby consent to and submit to the
jurisdiction and venue of the Bankruptcy Court and shall receive notices at such
locations as indicated in Section 9.5 hereof.

9.12     Waiver of Right to Trial by Jury. Each party to this Agreement waives
any right to trial by jury in any action, matter or Proceeding regarding this
Agreement or any provision hereof.

9.13     Beneficiaries. Nothing in this Agreement, expressed or implied, is
intended to confer upon any other Person any rights or remedies of any nature
under or by reason of this Agreement, except as expressly provided herein.

9.14     Specific Performance. Each of the parties hereto acknowledges that the
other party hereto would be irreparably damaged in the event any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. Accordingly, each of the parties
hereto shall be entitled to an injunction or injunctions to prevent breaches of
the provisions of this Agreement and to enforce specifically this Agreement and
the terms and

                                       41
<PAGE>

provisions thereof in any action instituted in any court of the United States or
any state thereof having subject matter jurisdiction, in addition to any other
remedy to which the parties may be entitled, at law, in equity or pursuant to
this Agreement.

9.15     Counting. If the due date for any action to be taken under this
Agreement (including, without limitation, the delivery of notices) is not a
Business Day, then such action shall be considered timely taken if performed on
or prior to the next Business Day following such due date.

9.16     Service of Process. Each party irrevocably consents to the service of
process in any action or Proceeding by receipt of mailed copies thereof by
national courier service or registered United States mail, postage prepaid,
return receipt requested, to its address as specified in or pursuant to Section
9.5 hereof. However, the foregoing shall not limit the right of a party to
effect service of process on the other party by any other legally available
method.

9.17     Time of Essence. With regard to all dates and time periods set forth or
referred to in this Agreement, time is of the essence.

9.18     Interpretation.

         (a)      Whenever the words "include," "includes" or "including" are
used in this Agreement they shall be deemed to be followed by the words "without
limitation."

         (b)      Words denoting any gender shall include all genders. Where a
word or phrase is defined herein, each of its other grammatical forms shall have
a corresponding meaning.

         (c)      A reference to any party to this Agreement or any other
agreement or document shall include such party's successors and permitted
assigns.

         (d)      A reference to any legislation or to any provision of any
legislation shall include any modification or re-enactment thereof, any
legislative provision substituted therefor and all regulations and statutory
instruments issued thereunder or pursuant thereto.

         (e)      All references to $ and dollars shall be deemed to refer to
United States currency unless otherwise specifically provided.

         (f)      All references to any financial or accounting terms shall be
defined in accordance with United States Generally Accepted Accounting
Principles.

9.19     Preparation of this Agreement. Buyer and Sellers hereby acknowledge
that (i) Buyer and Sellers jointly and equally participated in the drafting of
this Agreement and all other agreements contemplated hereby, (ii) both Buyer and
Sellers have been adequately represented and advised by legal counsel with
respect to this Agreement and the transactions contemplated hereby, and

                                       42
<PAGE>

(iii) no presumption shall be made that any provision of this Agreement shall be
construed against either party by reason of such role in the drafting of this
Agreement and any other agreement contemplated hereby.

                                ***************
                             Signature Page Follows
                                ***************

                                       43
<PAGE>

         Signature Page to Amended and Restated Asset Purchase Agreement
      by and among Central Refrigerated Service, Inc., Simon Transportation
         Services Inc., Dick Simon Trucking, Inc., and Simon Terminal, LLC

         IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
by the duly authorized officers of Sellers and Buyer as of the date first above
written.

SELLERS:                                     BUYER:

SIMON TRANSPORTATION SERVICES INC.,          CENTRAL REFRIGERATED SERVICE, INC.,
a Nevada corporation                         a Nebraska corporation

By: /s/ Jon Isaacson                         By: /s/ Jerry Moyes
    Jon Isaacson, Chief Executive Officer        Jerry Moyes, President

DICK SIMON TRUCKING, INC.,
a Utah corporation

By: /s/ Jon Isaacson
    Jon Isaacson, President

SIMON TERMINAL, LLC,
an Arizona limited liability company

By: /s/ Jon Isaacson
    Jon Isaacson, President of Dick Simon Trucking, Inc.,
    the Sole Member


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2(A)
<SEQUENCE>4
<FILENAME>c72067exv2w2xay.txt
<DESCRIPTION>SEPARATION AGREEMENT
<TEXT>
<PAGE>

                                                                  EXHIBIT 2.2(a)

                              SEPARATION AGREEMENT

         THIS SEPARATION AGREEMENT (this "Agreement") is made effective as of
the 30th day of November, 2002 (the "Effective Date") by and among Central
Freight Lines, Inc., a Texas corporation ("Central Freight"), Central
Refrigerated Service, Inc., a Nebraska corporation ("Central Refrigerated"), the
Jerry and Vicki Moyes Family Trust (the "Trust"), Interstate Equipment Leasing,
Inc., an Arizona corporation ("IEL"), and Jerry Moyes individually ("Moyes,"
and, together with the Trust and IEL, the "Noteholders").

         WHEREAS, Central Freight has executed and delivered to the Trust a
promissory note dated April 22, 2002 with a principal amount of three million
one hundred four thousand dollars ($3,104,000) (the "Trust Note");

         WHEREAS, Central Freight has executed and delivered to IEL a promissory
note dated April 22, 2002 with a principal amount of four million seven hundred
thirty-two thousand eight hundred twenty-five dollars ($4,732,825) (the "IEL
Note");

         WHEREAS, Central Freight has executed and delivered to Moyes two
promissory notes dated April 22, 2002 with principal amounts of three million
five hundred thirty-four thousand five hundred sixty-three dollars ($3,534,563)
and three million three hundred thirty thousand dollars ($3,330,000) (the "Moyes
Notes");

         WHEREAS, the Trust Note, IEL Note, and Moyes Notes are secured by a
pledge of one hundred (100) shares of stock of Central Refrigerated (the
"Pledged Shares") owned by Central Freight pursuant to the terms of a Securities
Pledge Agreement dated April 22, 2002;

         WHEREAS, the parties hereto desire to cancel the Trust Note, IEL Note,
and the Moyes Notes in exchange for delivery of the Pledged Shares to the
Noteholders as set forth herein; and

         WHEREAS, in connection with the separation of Central Refrigerated from
Central Freight, and in order to adequately capitalize Central Refrigerated and
facilitate an initial public offering of securities by Central Freight, Central
Freight has agreed to pay to Central Refrigerated the sum of eight million three
hundred forty thousand five hundred fifty dollars ($8,340,550).

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual agreements set forth herein, the parties hereto agree as follows:

         1.       Cancellation of Notes.

                  (a)      In lieu of repayment of all principal and accrued
         interest due and payable pursuant to the Trust Note, the IEL Note, and
         the Moyes Notes, Central Freight agrees to transfer and deliver the
         Pledged Shares to the Noteholders, and the Noteholders agree to accept
         such Shares, as follows:

<PAGE>

<TABLE>
<CAPTION>
Noteholder Name                    Number of Pledged Shares to be Delivered
---------------                    ----------------------------------------
<S>                                <C>
     Trust                                            21
     IEL                                              32
     Moyes                                            47
</TABLE>

         Central Freight shall deliver certificates representing the Pledged
         Shares, endorsed by Central Freight in blank or with stock powers
         executed by Central Freight in blank attached, to the Noteholders
         following satisfaction of all conditions precedent specified in Section
         1(b) below. Such transfer shall be effective as of the Effective Date.
         Upon delivery of the Pledged Shares, the Noteholders shall return the
         Trust Note, IEL Note, and Moyes Notes to Central Freight for
         cancellation. Central Freight shall thereafter have no further
         obligation under the Trust Note, IEL Note, or Moyes Notes.

                  (b)      The respective obligations of each party to
         consummate the transactions contemplated by this Section 1 are subject
         to satisfaction of the following condition precedent: Central
         Refrigerated shall have obtained separate insurance coverage as
         contemplated by that certain letter dated October 21, 2002, from
         Baldwin & Lyons, Inc. or on such other terms as the parties may agree.
         The closing of the transactions contemplated hereby shall be deemed to
         occur on the date on which such separate insurance becomes effective.

                  (c)      If the foregoing condition precedent has not been
         satisfied by December 31, 2003, the respective obligations of each
         party under this Section 1 shall expire and have no further force or
         effect.

         2.       Payment to Central Refrigerated.

                  (a)      Central Freight hereby agrees to pay to Central
         Refrigerated an amount of cash equal to eight million three hundred
         forty thousand five hundred fifty dollars ($8,340,550). Such payment
         shall be made by wire transfer of immediately available funds following
         the consummation of Section 1 and satisfaction of all conditions
         precedent specified in Section 2(b) below.

                  (b)      The obligation of Central Freight to perform in
         accordance with this Section 2 is subject to satisfaction of the
         following conditions precedent:

                           (1)      Central Freight shall have terminated its
                           status as a Subchapter S corporation pursuant to the
                           Internal Revenue Code; and

                           (2)      Central Freight shall have consummated its
                           initial public offering of equity securities.

                  (c)      If the conditions precedent in Section 2(b) have not
         been satisfied by December 31, 2004, Central Freight's obligation under
         this Section 2 shall expire and have no further force or effect.

                                       2

<PAGE>

         3.       Miscellaneous.

                  (a)      This Agreement may not be amended except by an
         instrument signed by each of the parties hereto.

                  (b)      If any term, provision, covenant, or restriction of
         this Agreement is held by a court of competent jurisdiction to be
         invalid, void, or unenforceable, the remainder of the terms,
         provisions, covenants, and restrictions of this Agreement shall remain
         in full force and effect and shall in no way be affected, impaired, or
         invalidated and the parties shall negotiate in good faith to modify the
         Agreement to preserve such part's anticipated benefits under the
         Agreement.

                  (c)      This Agreement (1) constitutes the entire agreement
         and supersedes all other prior agreements and undertakings, both
         written and oral, among the parties with respect to the subject matter
         hereof; (2) is not intended to confer upon any other person any rights
         or remedies hereunder; and (3) shall not be assigned by operation of
         law or otherwise without the prior written consent by the other parties
         hereto.

                  (d)      This Agreement may be executed via facsimile or
         otherwise in one or more counterparts, each of which shall be deemed an
         original but all of which together shall constitute one and the same
         instrument.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                       3

<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement
effective as of the date first above written.

CENTRAL FREIGHT LINES, INC.                  THE JERRY AND VICKY MOYES
a Texas corporation                          FAMILY TRUST

By: /s/ Jeff Hale                            By: /s/ Jerry Moyes
Name: Jeff Hale                              Name:
Title: CFO                                   Title:

CENTRAL REFRIGERATED SERVICE, INC.,          INTERSTATE EQUIPMENT LEASING, INC.,
a Nebraska corporation                       an Arizona corporation

By: /s/ Robert T. Goates                     By: /s/ Jerry Moyes
Name: Robert T. Goates                       Name:
Title:                                       Title:

                                             JERRY MOYES

                                            /s/ Jerry Moyes

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2(B)
<SEQUENCE>5
<FILENAME>c72067exv2w2xby.txt
<DESCRIPTION>AMENDMENT NUMBER ONE TO SEPARATION AGREEMENT
<TEXT>
<PAGE>

                                                                  EXHIBIT 2.2(b)

                               AMENDMENT NO. 1 TO

                              SEPARATION AGREEMENT

         THIS AMENDMENT NO. 1 TO SEPARATION AGREEMENT (this "Amendment"), is
made effective as of the 23rd day of December, 2002 for the purpose of amending
and modifying that certain Separation Agreement (the "Separation Agreement"),
effective as of November 30, 2002, by and among Central Freight Lines, Inc., a
Texas corporation ("Central Freight"), Central Refrigerated Service, Inc., a
Nebraska corporation ("Central Refrigerated"), the Jerry and Vickie Moyes Family
Trust (the "Trust"), Interstate Equipment Leasing, Inc., an Arizona corporation
("IEL"), and Jerry Moyes individually ("Moyes" and, together with the Trust and
IEL, the "Noteholders"). Capitalized terms used but not defined in this
Amendment shall have the meaning ascribed thereto in the Separation Agreement.

         WHEREAS, effective December 20, 2002, Central Refrigerated declared a
share dividend pursuant to which 90 shares of Central Refrigerated common stock
were issued for each share of Central Refrigerated common stock issued and
outstanding as of December 20, 2002;

         WHEREAS, on December 20, 2002, Central Freight owned 100 shares of
Central Refrigerated common stock, which shares constituted all of the issued
and outstanding Central Refrigerated common stock;

         WHEREAS, as a result of the share dividend, Central Freight is now the
record owner of 9,100 shares of Central Refrigerated common stock;

         WHEREAS, the parties hereto desire to amend the Separation Agreement to
reflect the share dividend;

         WHEREAS, effective December 20, 2002, IEL transferred and assigned the
IEL Note to the Trust;

         WHEREAS, the parties hereto desire to amend the Separation Agreement to
provide for the transfer and delivery by Central Freight to the Trust of the
shares of Central Refrigerated common stock that were to be transferred and
delivered to IEL as consideration for the cancellation of the IEL Note;

         WHEREAS, the parties hereto have determined that it is in their mutual
best interests that the consummation of the transactions contemplated by Section
1 of the Separation Agreement occur no earlier than 11:59 p.m. Mountain Standard
Time on December 31, 2002, notwithstanding Central Refrigerated's having
obtained separate insurance coverage prior to such time; and

<PAGE>

         WHEREAS, the parties hereto desire to amend the Separation Agreement to
provide that the consummation of the transactions contemplated by Section 1
thereof will occur no earlier than 11:59 p.m. Mountain Standard Time on December
31, 2002.

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual agreements set forth herein, the parties hereto agree as follows:

         1.       Section 1 of the Separation Agreement is hereby amended and
restated in its entirety to read as follows:

         "1.      Cancellation of Notes.

                  (a)      In lieu of repayment of all principal and accrued
         interest due and payable pursuant to the Trust Note, the IEL Note, and
         the Moyes Notes, Central Freight agrees to transfer and deliver the
         Pledged Shares to the Trust and Moyes, and the Trust and Moyes agree to
         accept such Shares, as follows:

<TABLE>
<CAPTION>
Noteholder Name                         Number of Pledged Shares to be Delivered
---------------                         ----------------------------------------
<S>                                     <C>
    Trust                                                  4823
    Moyes                                                  4277
</TABLE>

         Central Freight shall deliver certificates representing the Pledged
         Shares, endorsed by Central Freight in blank or with stock powers
         executed by Central Freight in blank attached, to the Trust and Moyes
         following satisfaction of all conditions precedent specified in Section
         1(b) below. Such transfer shall be effective as of the Effective Time
         (as defined in Section 1(b) below). Upon delivery of the Pledged
         Shares, the Trust and Moyes shall return the Trust Note, the IEL Note,
         and Moyes Notes to Central Freight for cancellation. Central Freight
         shall thereafter have no further obligation under the Trust Note, IEL
         Note, or Moyes Notes.

                  (b)      The respective obligations of each party to
         consummate the transactions contemplated by this Section 1 are subject
         to satisfaction of the following condition precedent: Central
         Refrigerated shall have obtained separate insurance coverage as
         contemplated by that certain letter dated October 21, 2002, from
         Baldwin & Lyons, Inc. or on such other terms as the parties may agree.
         The closing of the transactions contemplated by this Section 1 shall be
         deemed to occur on the later of (i) the date and time at which such
         separate insurance becomes effective or (ii) 11:59 p.m. Mountain
         Standard Time on December 31, 2002 (the "Effective Time").

                  (c)      If the foregoing condition precedent has not been
         satisfied by December 31, 2003, the respective obligations of each
         party under this Section 1 shall expire and have no further force or
         effect."

         2.       Except as explicitly modified or amended by this Amendment,
all terms, conditions, and provisions of the Separation Agreement shall continue
in full force and effect.

         3.       This Amendment may be executed via facsimile or otherwise in
one or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Amendment
effective as of the date first above written.

CENTRAL FREIGHT LINES, INC.,                      THE JERRY AND VICKIE MOYES
a Texas corporation                               FAMILY TRUST

By: /s/ Robert V. Fasso                           By: /s/ Jerry Moyes
    Robert V. Fasso, Chief Executive                      Jerry Moyes, Trustee
    Officer and President

CENTRAL REFRIGERATED SERVICE,                     INTERSTATE EQUIPMENT LEASING,
INC., a Nebraska corporation                      INC., an Arizona corporation

By: /s/ Robert T. Goates                          By: /s/ Jerry Moyes
        Robert Goates, Vice President of                  Jerry Moyes, President
        Finance and Chief Financial Officer

JERRY MOYES

/s/ Jerry Moyes

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>6
<FILENAME>c72067exv2w3.txt
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER
<TEXT>
<PAGE>

                                                                     EXHIBIT 2.3

                          AGREEMENT AND PLAN OF MERGER

                                       of

                            JAGUAR FAST FREIGHT, INC.

                            (an Arizona corporation)

                                  with and into

                           CENTRAL FREIGHT LINES, INC.

                              (a Texas corporation)

                                   DATED AS OF
                                  JUNE 11, 1999

<PAGE>

         This Agreement and Plan of Merger (the "Agreement"), is made as of this
11th day of June, 1999, between Jaguar Fast Freight, Inc., an Arizona
corporation ("Jaguar"), and Central Freight Lines, Inc., a Texas corporation
("Central"), and the stockholders of Jaguar listed on the signature page hereto
(the "Selling Stockholders"), all of whom together, with the exception of Jerry
Moyes, are sometimes referred to as the "Employees." Jaguar and Central are
hereinafter referred to collectively as the "Constituent Corporations."

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto agree that Jaguar shall be merged with and
into Central (the "Merger") and that the terms and conditions of the Merger, the
means of carrying the Merger into effect, the manner and basis of converting the
shares of Jaguar into shares of Central, and certain other provisions relating
thereto shall be as hereinafter set forth.

                                    ARTICLE I
                                BASIC TRANSACTION

         1.01     Surviving Corporation. Subject to the terms and provisions of
this Agreement and in accordance with the Arizona Business Corporation Act and
the Texas Business Corporation Act, at the Effective Time of the Merger (as
defined in Section 1.03 hereof) Jaguar shall be merged with and into Central,
and Central shall be the surviving corporation (hereinafter sometimes called the
"Surviving Corporation") and shall continue its corporate existence under the
laws of the State of Texas. At the Effective Time of the Merger, the separate
existence of Jaguar shall cease. The Surviving Corporation shall succeed to all
the properties, rights, and other assets and shall be subject to all the
liabilities of the Constituent Corporations, without further action by either
corporation.

         1.02     Closing. Each party hereto shall use its best efforts to cause
this Agreement to be closed in the Waco, Texas offices of Central, at 8:00 a.m.,
Central Standard Time, within forty-five (45) days following the execution of
this Agreement, or at such other time and place as the parties may agree, and
such shall be the "Closing."

         1.03     Effective Time of the Merger. The Merger shall become
effective, and the term "Effective Time of the Merger" as used herein shall
mean, (a) for purposes of the Texas Business Corporation Act, the time of
issuance of the certificate of merger respecting the Merger by the Secretary of
State of the State of Texas, and (b) for purposes of the Arizona Business
Corporation Act, the time at which the Surviving Corporation delivers Articles
of Merger respecting the Merger to the Secretary of State of the State of
Arizona for filing, in such form as is required by the Arizona Business
Corporation Act. The date on which the Effective Time shall occur shall be the
"Effective Date of the Merger."

                                   ARTICLE II
                         TERMS AND CONDITIONS OF MERGER

         2.01     Articles of Incorporation. The Articles of Incorporation of
Central, as in effect immediately prior to the Effective Time of the Merger (see
Exhibit 1), shall continue in full force and effect as the Articles of
Incorporation of the Surviving Corporation, until thereafter duly amended in
accordance with applicable law.

<PAGE>

         2.02     Bylaws. The Bylaws of Central, as in effect immediately prior
to the Effective Time of the Merger, shall be in full force and effect as the
Bylaws of the Surviving Corporation until thereafter duly altered, amended or
repealed in accordance with the terms thereof.

         2.03     Directors and Officers of Surviving Corporation. The persons
who are directors and officers of Central immediately prior to the Effective
Time of the Merger shall be the directors and officers of the Surviving
Corporation after the Effective Time of the Merger, retaining their respective
positions and terms in office until their respective successors have been duly
elected and qualified.

         2.04     Additional Actions. If, at any time after the Effective Time
of the Merger, the Surviving Corporation shall consider or be advised that any
further assignments or assurances in law or any other acts are necessary or
desirable (a) to vest, perfect or confirm, of record or otherwise, in the
Surviving Corporation, title to and possession of any property or right of the
Constituent Corporations to be acquired by reason of, or as a result of, the
Merger, or (b) otherwise to carry out the purposes of this Agreement, the
Constituent Corporations and their proper officers and directors shall be deemed
to have granted hereby to the Surviving Corporation an irrevocable power of
attorney to execute and deliver all such proper deeds, assignments and
assurances in law and to do all acts necessary or proper to vest, perfect or
confirm title to and possession of such property or rights in the Surviving
Corporation and otherwise to carry out the purposes of this Agreement; and the
proper officers and directors of the Surviving Corporation are fully authorized
by the Constituent Corporations to take any and all such action.

                                   ARTICLE III
                      MANNER AND BASIS OF CONVERTING SHARES

         3.01     Manner and Basis of Converting Shares. The manner and basis of
converting the shares of Jaguar into shares, obligations, or other securities is
as follows:

                  (a)      At the Effective Time of the Merger, the aggregate
         shares of common stock of Jaguar ("Jaguar Common Stock") issued and
         outstanding immediately prior to the Effective Time of the Merger
         shall, by virtue of the Merger and without any action on the part of
         the holder thereof, be converted automatically into 211,611 fully paid
         and nonassessable shares of Centrals' common stock ("Central's Common
         Stock"), such shares to be distributed ratably to Jaguar's shareholders
         in accordance with their interests, rounded to the nearest whole share.

                  (b)      Each share of Jaguar Common Stock held in the
         treasury of Jaguar immediately prior to the Effective Time of the
         Merger, shall, by virtue of the Merger and without any further action,
         be canceled and retired and cease to exist and shall not be converted
         into Central's Common Stock or the right to receive cash.

                                       3

<PAGE>

                  (c)      After the Effective Time of the Merger, no transfer
         of the shares of Jaguar Common Stock outstanding immediately prior to
         the Effective Time of the Merger shall be made on the stock transfer
         books of Jaguar, and all certificates for such shares shall forthwith
         be canceled. Upon surrender of certificates representing such shares of
         Jaguar Common Stock to Central, Central shall issue to the holder
         thereof a certificate representing such holder's shares of Central's
         Common Stock (the "New Stock"). The New Stock shall be deemed to have
         been issued on the Effective Date of the Merger.

                                   ARTICLE IV
                     RESTRICTED STOCK AND RESTRICTIVE LEGEND

         4.01     Restricted Stock. The Selling Stockholders acknowledge that
the shares of New Stock they are to receive under the Agreement will be issued
in a transaction not involving any public offering; therefore, their shares will
be "restricted securities" and not freely transferrable, absent an effective
registration statement filed by Central or an available exemption. The Selling
Stockholders represent that they are acquiring the shares of New Stock for
investment purposes and not with a view toward sale or distribution. Absent the
filing of a registration statement covering the shares of New Stock issued
pursuant to this Agreement (which Central is not required to do), the Selling
Stockholders will be able to resell their shares of New Stock only pursuant to
an exemption, if and when one becomes available. Presently, such exemption would
be afforded by Rule 144 under the Securities Act of 1933, as amended (the
"Securities Act") which would impose, among other things, a one-year holding
period, volume and manner of sale restrictions, and certain other requirements.

         4.02     Restrictive Legend. The certificates representing the New
Stock shall bear the following legend:

         The securities represented by this certificate have not been
         registered under the securities act of 1933 (the "Act") or the
         securities act of any state. The securities have been acquired
         for investment and may not be sold, transferred for value,
         pledged, hypothecated, or otherwise encumbered in the absence
         of either (1) an effective registration of them under the act
         and all applicable state securities laws, or (2) an opinion of
         counsel acceptable to the issuer that such registration is not
         required under such act or acts.

         4.03     Adequate Information. The Selling Stockholders acknowledge
that they have received such information concerning Central as they deemed
necessary; that they were afforded the opportunity to meet with the management
of Central and ask and receive answers to any questions they had; that they were
represented by such financial, legal, and other advisors as they deemed
necessary. In particular, the Selling Stockholders acknowledge that: (i)
although Central has planned a public offering there is no assurance that the
offering will occur or that if it occurs what the price will be; (ii) in the
event the public offering does occur, the vehicle for such public offering will
have two classes of common stock, Class A (into which Central's Common Stock,
other than Central's Common Stock owned by Jerry and Ronald Moyes or their
families, shall be converted) and Class B (into which Central's Common Stock
beneficially owned by

                                       4

<PAGE>

Jerry and Ronald Moyes or their families shall be converted and which will have
three votes per share, giving the Moyes brothers disproportionate control);
(iii) the New Stock has one vote per share; and (iv) Central has elected S
Corporation status and it is a condition to Closing that the Selling Stockholder
join in such election.

                                    ARTICLE V
                         REPRESENTATIONS AND WARRANTIES

         5.01     General Statement. The parties hereto represent and warrant to
each other that the statements contained in this Article V are correct and
complete as of the date hereof and shall be correct and complete as of the date
of Closing. The survival of all such representations and warranties shall be in
accordance with Section 9.09 hereof. Copies of all documents referenced in the
Schedules shall be attached thereto or delivered separately.

         5.02     Representations and Warranties of Central. Central represents
and warrants to the Selling Stockholders, that:

                  (a)      Corporate Status. Central is a corporation, duly
         organized, validly existing, and in good standing under the laws of the
         state of its incorporation, with all requisite power and authority to
         carry on its business.

                  (b)      Authority. Central has full right, power, and
         authority to execute and deliver this Agreement and to consummate and
         perform the transactions contemplated hereby. The execution and
         delivery of this Agreement and every other contract contemplated
         hereunder by Central and the consummation and performance of the
         transactions contemplated hereby and thereby have been duly and validly
         authorized by all necessary corporate and other proceedings. This
         Agreement has been duly executed and delivered by Central and
         constitutes the legal, valid, and binding obligation of Central,
         enforceable in accordance with its terms.

                  (c)      Validity of Contemplated Transaction. The execution
         and delivery of this Agreement by Central does not, and the performance
         of this Agreement by Central will not (i) violate or conflict with any
         existing law or any judgment which is applicable to Central or (ii)
         conflict with, result in a breach of, constitute a default under,
         result in the acceleration of, create in any person the right to
         accelerate, terminate, modify, or cancel, or require any notice under
         the articles of incorporation or other charter documents, bylaws, or
         any securities of Central or any contract to which Central is a party
         or by which it is otherwise bound. Except for the filing of the
         Articles of Merger in Texas and Arizona and Form 2553 with the IRS by
         the Selling Stockholders and Central, no authorization, approval, or
         consent of, and no registration, filing, or notice to any authority or
         any other party to any contract is required in connection with the
         execution, delivery, and performance of this Agreement by Central.

                  (d)      Brokers or Finders. Neither Central nor its agents
         has incurred any obligation or liability, contingent or otherwise, for
         brokerage or finders' fees or agents' commissions or other similar
         payment in connection with this Agreement.

                                       5

<PAGE>

         5.03     Representations and Warranties of the Selling Stockholders.
The Selling Stockholders, jointly and severally, represent and warrant to
Central that:

                  (a)      Corporate Status. Jaguar is a corporation, duly
         organized, validly existing, and in good standing under the laws of the
         State of Arizona, with all requisite power, authority, and Permits to
         carry on its business as it has been and is now being conducted and to
         own, lease, and operate its properties used in connection therewith.

                  (b)      Capitalization. The entire authorized capital stock
         of Jaguar consists of 100,000 shares of common stock, of which 17,050
         shares are issued and outstanding and owned by the Selling
         Stockholders. The Selling Stockholders are the record and beneficial
         owners of the Jaguar Common Stock, free and clear of all liens. All of
         such shares have been duly authorized and validly issued, are fully
         paid and non-assessable, and are free of all adverse claims. There are
         no outstanding or authorized (i) options, warrants, purchase rights,
         subscription rights, conversion rights, exchange rights, or other
         contracts or commitments that could require Jaguar (or any successor,
         parent, or acquiror of Jaguar) to issue, sell, or otherwise cause to
         become outstanding any capital stock or other securities or
         obligations; (ii) stock appreciation, phantom stock, profit
         participation, or similar rights; or (iii) voting trusts, proxies,
         rights of first refusal, registration rights, transfer restrictions, or
         other contracts relating to the capital stock or other securities or
         obligations of Jaguar.

                  (c)      Authority. Jaguar and the Selling Stockholders, as
         appropriate, have full right, power, and authority to execute and
         deliver this Agreement and every other contract contemplated hereunder
         and to consummate and perform the transactions contemplated hereby. The
         execution and delivery of this Agreement and every other contract
         contemplated hereunder by Jaguar and the Selling Stockholders, and the
         consummation and performance of the transactions contemplated hereby
         and thereby, have been duly and validly authorized by all necessary
         corporate and other proceedings. This Agreement has been duly executed
         and delivered by Jaguar and the Selling Stockholders and constitutes
         the legal, valid, and binding obligation of each, enforceable against
         each, in accordance with its terms.

                  (d)      Validity of Contemplated Transactions. The execution
         and delivery of this Agreement and every other contract contemplated
         hereby by Jaguar and the Selling Stockholders does not, and the
         performance of this Agreement and every other contract contemplated
         hereby by Jaguar, and the Selling Stockholders will not, (i) violate or
         conflict with any existing law or any judgment which is applicable to
         Jaguar, or the Selling Stockholders; (ii) conflict with, result in a
         breach of, constitute a default under, result in acceleration of,
         create in any person the right to accelerate, terminate, modify, or
         cancel, or require any notice under, the articles of incorporation or
         other charter documents, bylaws, or any securities of Jaguar or any
         contract to which Jaguar or any of the Selling Stockholders is a party
         or by which any is otherwise bound. Except for the filing of the
         Articles of Merger in Texas and Arizona, and IRS Form 2553 with the IRS
         by the Selling Stockholders and Central, no authorization, approval, or
         consent of, and no registration, filing, or notice to, any governmental
         authority or other party to any contract

                                       6

<PAGE>

         is required in connection with the execution, delivery, and performance
         of this Agreement by Jaguar or the Selling Stockholders.

                  (e)      Financial Statements. Jaguar has delivered to Central
         the annual financial statements (including balance sheets and
         statements of income, cash flows, and retained earnings) of Jaguar at
         and for the periods ended December 31, 1996, 1997, and 1998, as well as
         its internal financial statements for the period ended March 31, 1999
         (collectively, the "Historical Financial Statements"). The Historical
         Financial Statements and all notes thereto are true, correct, and
         complete, have been prepared in accordance with GAAP, consistently
         applied, present fairly the financial condition and results of
         operations, changes in stockholder's equity and cash flows of Jaguar at
         and for all periods reflected therein, and are consistent with the
         books and records of Jaguar, which books and records are correct and
         complete. Copies of the Historical Financial Statements are attached as
         Schedule 5.03(e).

                  (f)      Absence of Undisclosed Liabilities. Jaguar has no
         liabilities or obligations, accrued or unaccrued, contingent or
         absolute, liquidated or unliquidated, and whether due or to become due,
         except for (i) liabilities that are reflected and adequately accrued on
         the face of its December 31, 1998, balance sheet included in the
         Historical Financial Statements, (ii) liabilities arising in the
         ordinary course of business since such date (none of which arises from
         or relates to any breach of contract or warranty, tort, infringement,
         or violation of law, or would have to be disclosed on any Schedule to
         this Agreement).

                  (g)      Absence of Changes or Events. Except as disclosed on
         5.03(g), since December 31, 1998, there has not been any adverse change
         in the business, operations, results of operations, or future prospects
         of Jaguar. Without limiting the generality of the foregoing, since that
         date, except as disclosed on 5.03(g), Jaguar has not:

                           (i)      declared, set aside, or paid any dividend or
                  made any other distribution or payment in respect of its
                  capital stock; redeemed, purchased, or otherwise acquired any
                  of its capital stock; issued any capital stock or other
                  securities; granted any stock option or right to purchase
                  shares of capital stock or any other securities of Jaguar;
                  issued any security convertible into capital stock; or granted
                  any registration rights concerning its securities;

                           (ii)     discharged or satisfied any lien or paid any
                  material liabilities, other than in the ordinary course of
                  business consistent with past practice, or failed to pay or
                  discharge any liabilities when due;

                           (iii)    sold, assigned, or transferred or agreed to
                  sell, assign, or transfer any of its assets or any interest
                  therein;

                           (iv)     created, incurred, assumed, or guaranteed
                  any indebtedness for money borrowed or any other indebtedness
                  or obligation of any nature (absolute or contingent), or
                  mortgaged, pledged, or subjected to any lien, any of its
                  assets;

                                       7

<PAGE>

                           (v)      acquired any substantial assets, properties,
                  securities, or interests of another person;

                           (vi)     reduced or canceled any amounts owed to it;

                           (vii)    settled any claims against it;

                           (viii)   granted or entered into any agreement or
                  policy with any employee that grants severance or termination
                  pay, increases compensation, increases benefits under any
                  current benefit plan, or creates any continuing employment
                  relationship;

                           (ix)     experienced any labor unrest or union
                  organizing activity;

                           (x)      suffered any adverse change in its business;

                           (xi)     changed any of the accounting principles
                  which it follows or the methods of applying such principles;

                           (xii) amended, terminated, or entered into any
                  contract other than in the ordinary course of business,
                  consistent with past practice;

                           (xiii)   suffered to its assets any damage,
                  destruction, or loss, whether or not covered by insurance;

                           (xiv)    amended its articles of incorporation or
                  bylaws or made any changes in its authorized or issued capital
                  stock or other securities;

                           (xv)     directly or indirectly engaged in any
                  transaction, arrangement, or contract with any officer,
                  director, partner, shareholder, or other insider or affiliate;

                           (xvi)    entered into any transactions outside the
                  ordinary course of business; or

                           (xvii)   agreed, whether orally or in writing, to do
                  any of the foregoing.

                  (h)      Title and Condition of Assets. All of Jaguar's owned
         and leased assets are in good repair and condition and adequate for the
         ordinary course of operation of Jaguar's business as presently
         conducted, and all leased assets are in compliance with any applicable
         lease provisions. Except as set forth on Schedule 5.03(h), Jaguar
         possesses good and marketable title to all of its owned assets and a
         valid leasehold interest in all leased assets, free and clear of all
         liens, except liens for current taxes not yet due and payable.

                                       8

<PAGE>

                  (i)      Tax Matters.  With respect to taxes:

                           (i)      Jaguar has filed, within the time and in the
                  manner prescribed by law, all returns, declarations, reports,
                  estimates, information returns, and statements (the "Returns")
                  required to be filed under applicable laws, and all such
                  Returns are true, correct, and complete. Jaguar has, within
                  the time and in the manner prescribed by law, paid all taxes
                  that are due and payable by it. Jaguar has established on the
                  most recent balance sheet included in the Historical Financial
                  Statements reserves, charges, and accruals that are adequate
                  for the payment of all taxes not yet due and payable that are
                  attributable to periods ending on such date, and Jaguar has
                  continued to make all such accruals through the Closing. There
                  are no liens for taxes upon the assets of Jaguar except for
                  liens for taxes not yet due and payable.

                           (ii)     None of the Returns of Jaguar are presently
                  under audit by any authority nor has a deficiency for any
                  taxes been proposed, asserted, or assessed against Jaguar.
                  There are no outstanding waivers or comparable consents
                  regarding the application of the statute of limitations with
                  respect to any tax or Return that have been given by or on
                  behalf of Jaguar.

                           (iii)    Jaguar and, if applicable, its agents and
                  contracted service providers, have complied in all respects
                  with all applicable laws relating to the payment and
                  withholding of taxes and have, within the time and in the
                  manner prescribed by applicable law, withheld, collected, and
                  paid over to the proper governmental authorities all amounts
                  required to be so withheld, collected, and paid over under all
                  applicable laws.

                  (j)      Litigation. Except as set forth in Schedule 5.03(j),
         there is no claim, action, suit, or proceeding pending or threatened
         against Jaguar. Neither Jaguar, nor any of the Selling Stockholders has
         reason to believe that any such claim, action, suit, or proceeding may
         be brought or threatened against Jaguar or the Selling Stockholders.

                  (k)      Material Contracts. Schedule 5.03(k) contains a list
         of all material contracts to which Jaguar is a party. Each contract
         disclosed in any Schedule or required to be disclosed pursuant to
         Schedule 5.03(k) is a valid and binding agreement of the parties
         thereto, is in full force and effect, no party thereto is in default
         thereunder, and there exists no condition that with notice or lapse of
         time or both would constitute a default thereunder.

                  (l)      Employee Benefit Plans and Arrangements. Schedule
         5.03(l) identifies each of Jaguar's employee benefit plans, contracts,
         and arrangements (singularly, "Benefit Plan"; collectively, "Benefit
         Plans"), copies of which, amended to date, have been furnished to
         Central. No Benefit Plan is a multi-employer or a defined benefit plan.
         Neither Jaguar, any affiliate, nor any predecessor of either has ever
         been a party to or sponsored a multi-employer or defined benefit plan.
         Jaguar, and all Benefit Plan fiduciaries have fully complied with their
         obligations with respect to all Benefit Plans. There has been no
         prohibited transaction with respect to any Benefit Plan. Each Benefit
         Plan that is intended to be qualified under Section 401(a) of the Code
         is so qualified and has been since inception.

                                       9

<PAGE>

         Each trust created under any Benefit Plan is exempt from tax under
         Section 501(a) of the Code and has been exempt from tax since creation.
         Jaguar has received determination letters from the Internal Revenue
         Service for each such Benefit Plan at inception and after each
         amendment. Each Benefit Plan has been maintained in compliance with its
         terms and all applicable laws. There has not been any event that would
         threaten the tax-qualified status of any Benefit Plan. All payments and
         contributions due or accrued under each Benefit Plan, determined in
         accordance with the terms of such plans and prior funding and accrual
         practices, have been paid or are reflected as a liability on the most
         recent balance sheet contained in the Historical Financial Statements.
         The "plan year" of each Benefit Plan is the calendar year. Jaguar has
         no current or projected liability with respect to post-employment or
         post-retirement welfare benefits for former or retired employees.

                  (m)      Employees; Independent Contractors. Jaguar is not a
         party to any collective bargaining agreement relating to its employees,
         nor does any such agreement determine the terms and conditions of
         employment of any employee. There are no agreements, plans, or policies
         which would give rise to any severance, termination, change-in-control,
         or other similar payment to Jaguar's employees as a result of the
         consummation of the transactions contemplated hereunder. Jaguar does
         not have any employment agreements with its employees. Jaguar maintains
         files on all employee and independent contractor truck drivers. Each
         employee and independent contractor driver of Jaguar meets all DOT
         requirements, and all driver files contain all required materials. All
         independent contractors providing equipment and/or services to Jaguar
         have been retained under valid contracts and qualify for independent
         contractor status under existing Internal Revenue Service rules and
         interpretations. Copies of the form of contract used for any
         independent contractor operators of rolling stock have been delivered
         to Central. Jaguar has not taken action in respect of its employees
         that would require notice or create liability under the Worker
         Adjustment and Retraining Notification Act, and at present, does not
         have plans to take such action.

                  (n)      Compliance With Laws; Permits. Jaguar has owned,
         leased, and used all of its properties and assets, and has conducted
         its business, in compliance in all respects with all applicable laws.
         Neither Jaguar nor the Selling Stockholders have been charged with any
         violation of law. No proceeding is pending or threatened by any
         authority with respect to any violation of law by Jaguar or the Selling
         Stockholders. No judgment is unsatisfied against Jaguar or the Selling
         Stockholders. Neither Jaguar nor the Selling Stockholders are subject
         to any stipulation, order, consent, or decree arising from an action
         before any authority. Jaguar possesses all permits, licenses,
         franchises, and other approvals of authorities (collectively,
         "Permits") required to operate its business, such Permits are in full
         force and effect, any applications for renewal have been duly filed on
         a timely basis, no proceeding is pending or threatened to revoke or
         limit any Permit, and it is operating in compliance with all Permits.

                  (o)      Environment, Health, and Safety.

                           (i)      Jaguar, its affiliates, and its predecessors
                  have complied with all laws concerning pollution or protection
                  of the environment, public health and safety, and employee
                  health and safety, including laws relating to emissions,
                  discharges, releases, or threatened release of pollutants,
                  contaminants, or chemical, industrial, hazardous, or toxic
                  materials or wastes (including petroleum and any fraction or
                  derivative

                                       10

<PAGE>

                  thereof) into ambient air, surface water, ground water, or
                  lands, or otherwise relating to the manufacture, processing,
                  distribution, use, treatment, storage, disposal, transport, or
                  hauling of such substances (collectively, "Environmental
                  Laws"). No proceeding has been filed or commenced against
                  Jaguar, its affiliates, or its predecessors alleging any
                  failure to comply with any Environmental Laws. Without
                  limiting the generality of the preceding sentence, Jaguar, its
                  affiliates, and its predecessors have obtained and been in
                  compliance with all of the terms and conditions of all Permits
                  which are required under, and has complied with all other
                  limitations, restrictions, conditions, standards,
                  prohibitions, requirements, obligations, schedules, and
                  timetables which are contained in, all Environmental Laws.

                           (ii)     Jaguar has no liability (and neither Jaguar,
                  its affiliates, nor any of its predecessors have handled or
                  disposed of any substance, arranged for the disposal of any
                  substance, exposed any employee or other individual to any
                  substance or condition, or owned, operated, or used any
                  property or facility in any manner that could form the basis
                  for any present or future proceeding against Jaguar giving
                  rise to any liability) for damage to any site, location, or
                  body of water (surface or subsurface), for any illness of, or
                  personal injury to, any employee or other individual, or for
                  any reason under any Environmental Law.

                           (iii)    All properties and equipment used in the
                  business of Jaguar, its affiliates, and its predecessors has
                  been free of asbestos, PCB's, methylene chloride,
                  trichloroethylene, 1,2-transdichloroethylene, dioxins,
                  dibenzofurans, and other extremely hazardous substances as
                  defined by any law.

                           (iv)     Any fuel or other storage tanks located at
                  properties presently or previously owned or used by Jaguar in
                  its business comply in all respects with applicable laws, do
                  not leak, are registered with the appropriate state agency
                  (and all required actions in connection therewith have been
                  taken) in the manner permitting Jaguar to take advantage of
                  any state liability limitation, insurance, or similar program
                  relating to fuel storage tanks, and such tanks are not
                  scheduled for removal in the next five years.

                           (v)      Jaguar has delivered to Central true and
                  complete copies and results of any reports, studies, analyses,
                  tests, or monitoring concerning Jaguar or any property owned
                  or used by Jaguar concerning compliance with Environmental
                  Laws.

                                   ARTICLE VI
                            Covenants and Agreements

         6.01     Approvals and Consents. Each party to this Agreement shall use
its best efforts to obtain (and assist the other in obtaining), as soon as
reasonably practicable, all Permits, authorizations, consents, and waivers from
third parties or authorities necessary to consummate this Agreement and the
transactions contemplated hereby or thereby.

         6.02     Services of Each of the Employees. From and after the Closing,
for a period of one year, Central agrees to employ each of the Employees as an
"at-will" employee at the salary rate of

                                       11

<PAGE>

$80,000 annually, plus benefits generally provided to other Central employees of
comparable status, including participation in Central's bonus plan. Each of the
Employees (i) agrees to devote the time, attention, skill, and energy as
necessary on a full-time basis to fulfill the requests of Central, (ii) shall
use his best efforts to promote the success of Central's business, and (iii)
shall cooperate fully with Central's senior management in the advancement of the
best interests of Central. Each Employee's salary shall be payable by Central on
the same frequency as wage payments made to other employees and shall continue
for such one-year term unless an Employee is terminated for "cause" or resigns.
If an Employee is terminated by Central for "cause" or an Employee resigns for
any reason, such Employee shall receive any salary accrued to the date of such
termination and shall not be entitled to any compensation or other payment or
benefit under this Agreement thereafter. If an Employee is terminated by Central
other than for "cause," Central shall pay such terminated Employee (in full
satisfaction of any claims such Employee may have, under this Agreement or
otherwise, and by accepting such payment Employee releases all such claims)
payments at an annualized rate of $80,000 (i) as they come due until the
anniversary of the Closing or, (ii) at Central's option, in a lump sum,
discounted to present value at the "prime" interest rate then in effect. For
purposes of this Section 6.02, "cause" shall mean conviction or plea of guilty
or no contest to a felony or other crime punishable by death or imprisonment for
a term exceeding one year, breach of the non-competition provisions of this
Agreement, breach of fiduciary duties, commission of an act of knowing or
intentional fraud against Central or any of its affiliates, or refusal to carry
out the lawful directions of the Board of Directors or President of Central. In
addition, Central hereby grants to each of the Employees an option to purchase
10,000 shares of Central's Common Stock at an exercise price of $12.00 per
share; provided, however, that the option shall be forfeited and expire
automatically if the Closing fails to occur prior to July 31, 1999. The options
shall expire ten (10) years from the date hereof and shall vest and become
exercisable 20% on the sixth anniversary of the date hereof and 20% each
succeeding anniversary; provided, however, that the final 20% shall vest and
become exercisable ninety (90) days prior to the tenth (10th) anniversary of the
date hereof. The options shall be evidenced by agreements comparable to those
executed by other Central employees.

         6.03     Notification. Each party shall give prompt written notice to
the others of any development causing a breach of any of his, her, or its own
representations and warranties or that would prevent the fulfillment of any of
his, her, or its covenants or agreements contained in this Agreement or any
document contemplated hereby.

         6.04     Selling Stockholders Release. At Closing the Selling
Stockholder shall execute a full and final waiver and release of any and all
claims against Jaguar in substantially the form attached hereto as Exhibit 2
(the "Release").

                                       12

<PAGE>

         6.05     Non-Competition.

The parties have negotiated the non-competition provisions of this Agreement as
an integral part of the transaction. The merger consideration is substantially
higher than the net book value of Jaguar, resulting in substantial "goodwill"
being paid by Central for the ongoing prospects of Jaguar's business. The
Employees acknowledge that the Central is willing to pay the merger
consideration and proceed with the transaction because of Jaguar's customer
relationships, growth potential, and other prospects, and that such prospects
would be severely and irreparably harmed by competition from the Employees. The
Employees further acknowledge that Central would not have entered into this
Agreement without the non-competition provisions contained herein. The Employees
willingly agree to the non-competition provisions of Section 6.05(b) hereof as
consideration for the merger consideration and agree that the non-competition
provisions are reasonable and are necessary to induce Central to enter into this
Agreement.

Through the later of (i) six (6) months following termination of employment with
Central or an affiliate, or (ii) June 30, 2004, each Employee agrees that he
will not, directly or indirectly,

except in the course of his employment with Central, or an affiliate, engage or
invest in, own, manage, operate, finance, control, or participate in the
ownership, management, operation, financing, or control of, be employed by,
associated with, or in any manner connected with, lend their name or any similar
name to, lend their credit to or render services or advice to, any Competitive
Business that engages in business in the United States; provided, however, that
each employee may purchase or otherwise acquire up to (but not more than) one
percent as an aggregate of all such purchases and acquisitions made by such
Employee of any class of securities of any enterprise (but without otherwise
participating in the activities of such enterprise) if such securities are
listed on any national or regional securities exchange or have been registered
under Section 12(g) of the Securities Exchange Act of 1934;

whether for his own account or for the account of any other person, at any time
after the Closing, solicit business of the same or similar type being carried on
by Central, or an affiliate, from any person that is or was a customer of
Central, Jaguar, or any affiliate, whether or not they had personal contact with
such person during and by reason of such Employee's employment with Central,
Jaguar, or any affiliate;

whether for his own account or the account of any other person at any time after
Closing, solicit, employ, or otherwise engage as an employee, independent
contractor, or otherwise, any person who is or was an employee of Central,
Jaguar, or an affiliate, or in any manner induce or attempt to induce any
employee of Central, Jaguar, or an affiliate to terminate his or her employment
with Central, Jaguar, or an affiliate; or at any time interfere with the
relationship between Central, or any affiliate and any other person, including
any person who at any time was an employee, contractor, supplier, or customer of
Central, Jaguar, or an affiliate; or

at any time after Closing, disparage Central, Jaguar, or any affiliate, or any
of their shareholders, directors, officers, employees, or agents.

                                       13

<PAGE>

For purposes of this Agreement, "Competitive Business" shall mean the interstate
and/or intrastate transportation of general commodity freight, including
truckload and less-than-truckload carriage, intermodal service, and brokerage,
logistics, agent, consolidation, or other freight-related operations in the
combined geographic service territory of Jaguar, Central, and any affiliates at
the date of the Employee's last day of service with any of such companies.
Competitive Business shall not include temperature-controlled van or flatbed
operations, or any operations outside of the service territory specified above.

If any covenant in Section 6.05 is held to be unreasonable, arbitrary, or
against public policy, such covenant will be considered to be divisible with
respect to scope, time, and geographic area, and such lesser scope, time, or
geographic area, or all of them, as a court of competent jurisdiction may
determine to be reasonable, not arbitrary, and not against public policy, will
be effective, binding, and enforceable against the Employees.

The Employees acknowledge that the injury that would be suffered by Central as a
result of a breach of the provisions of this Section 6.05 would be irreparable
and that even the award of monetary damages for such breach would be an
inadequate remedy. Consequently, Central shall have the right, in addition to
any other rights it may have, to obtain injunctive relief to restrain any breach
or threatened breach or otherwise to specifically enforce any provision of this
Agreement, and Central shall not be obligated to post bond or other security in
seeking such relief.

                  (f)      Noncompetition Payments. On each of the second
         through the fifth anniversaries of the Closing, the Employees who have
         continuously honored their obligations under this Section 6.05 shall
         receive the number of shares of New Stock set forth below:

<TABLE>
<S>                       <C>
Kent Chapman              3,176
Mark Fabritz              3,176
Dick Slater               3,176
Larry Rockwell            1,620
</TABLE>

                  The shares of New Stock issued pursuant to this Section
         6.05(f) shall be subject to the conditions of Sections 4.01 and 4.02
         respecting restricted securities and shall bear the restrictive legend.

                  (g)      Cash Advance. If during the second year following the
         Closing a Selling Stockholder is no longer employed by Central or a
         successor employer and is in compliance with this Section 6.05, such
         Selling Stockholder may request in writing that Central advance the
         Selling Stockholder cash against the New Stock to be issued to him in
         respect of the first installment under Section 6.05(f) above. On the
         date requested and each 90 days thereafter until the second
         anniversary, the Selling Stockholder shall be entitled to receive cash
         in an amount equal to one-fourth of the number of shares to be issued
         at a rate of $10.00 per share. The requesting Selling Stockholder shall
         pay interest on such cash advance at the then-current short term
         applicable federal rate. The principal and all accrued interest shall
         be due and payable on the date 90 days after the second

                                       14

<PAGE>

         anniversary of the Closing. The cash advance shall be secured by the
         shares to be issued and Central shall have the right of offset.

         6.06     Selling Stockholder Access. From and after Closing Central
shall provide the Selling Stockholders with access to the pre-Closing books and
records of Jaguar as are necessary in the preparation of tax returns or other
valid purposes.

         6.07     S Election. Central has elected S Corporation status under the
Internal Revenue Code. Accordingly, its taxable income is recognized directly by
the stockholders rather than by the corporations. The Selling Stockholders agree
to join in the S election by Central and agree not to take any action that would
result in the termination of such S Corporation status. The Selling Stockholders
acknowledge that the S election will terminate at or before any public offering.

         6.08     Exchange Agreement. In the event Central proceeds with a
public offering, the Selling Stockholders agree to participate in any tax-free
exchange of the New Stock for one-vote stock in the company that would be public
and to execute the exchange agreement in a form prepared by Central and executed
by all of the other shareholders of Central.

         6.09     Release of Selling Stockholders. From and after the Closing
Central shall either repay indebtedness of Jaguar to third-parties that is
reflected on the most recent balance sheets included in the Historical Financial
Statements that the Selling Stockholders have personally guaranteed or use its
best efforts to obtain a release of such guarantors, including by offering
Central as a guarantor on such indebtedness.

                                   ARTICLE VII
                                 Indemnification

         7.01     Indemnification by the Selling Stockholders. The Selling
Stockholders, jointly and severally, hereby indemnify, defend, and hold harmless
Central together with (as applicable) its affiliates, successors, subsidiaries,
heirs, assigns, employees, and agents from and against any and all claims,
causes of action, suits, judgments, taxes, losses, proceedings, damages, fines,
penalties, deficiencies, obligations, costs, and expenses, including without
limitation reasonable expenses of investigation and reasonable attorneys' and
other experts' fees and expenses (individually, a "Loss" and collectively,
"Losses") arising out of or otherwise in respect of (a) any misrepresentation or
inaccuracy in, or breach of, any representation, warranty, covenant, or
agreement of Jaguar or the Selling Stockholders contained in this Agreement or
any other contract executed in connection herewith; and (b) any act, omission,
event, or circumstance occurring prior to Closing and relating to Jaguar or the
Selling Stockholders that is not paid by Jaguar prior to Closing and fully
reserved on Jaguar's December 31, 1998, balance sheet included in the Historical
Financial Statements.

         7.02     Indemnification by Central. Central hereby indemnifies,
defends, and holds the Selling Stockholders harmless from and against all Losses
arising out of or otherwise in respect

                                       15

<PAGE>

of any misrepresentation or inaccuracy in, or breach of, any representation,
warranty, covenant, or agreement of Central contained in this Agreement or any
other contract executed in connection herewith.

         7.03     Indemnification Procedures. A party seeking indemnification
under Section 7.01 or Section 7.02 (the "Indemnified Party") agrees to give
prompt written notice to the party against whom indemnification is sought (the
"Indemnifying Party") of the assertion or commencement of any third-party claim
in respect of which indemnification may be sought. The Indemnifying Party, at
its expense, may assume the defense of any such claim and take all steps to
settle or defeat any such claim, and to employ counsel to contest the same. The
Indemnifying Party shall reasonably consider the advice of the Indemnified Party
as to the defense of such claims. The Indemnified Party shall have the right to
participate at its own expense in such defense, but the control of such claim
shall remain with the Indemnifying Party. The Indemnified Party shall provide
all reasonable cooperation in connection with any such defense. If an
Indemnifying Party elects not to undertake the defense of a tendered claim or
does not do so in a timely fashion, the Indemnified Party shall be entitled to
control the defense or settlement of such claim and shall be entitled to
indemnity with respect thereto.

         7.04     Right to Indemnification Not Affected By Knowledge. The right
to indemnification, payment for Losses, or other remedy based on any
representations, warranties, covenants, and obligations will not be affected by
disclosure on any Schedule or by any investigation conducted with respect to, or
any knowledge acquired (or capable of being acquired) at any time, whether
before or after the execution and delivery of this Agreement, with respect to
the accuracy or inaccuracy of or compliance with, any such representation,
warranty, covenant, or obligation. The waiver of any condition based on the
accuracy of any representation or warranty, or on the performance of or
compliance with any covenant or obligation, will not affect the right to
indemnification, payment for Losses, or other remedy based on such
representations, warranties, covenants, and obligations.

         7.05     Escrow of New Stock. As security against the indemnification
obligations of the Selling Stockholders under Section 7.01, the certificates
representing the shares of New Stock issued to the Selling Stockholders in the
Merger shall be placed in escrow with Scudder Law Firm, P.C. until the first
anniversary of the Closing. At the first anniversary, if no claim has been made
against the Selling Stockholders for indemnification, the escrow agent shall
release the certificates to the registered holders.

                                  ARTICLE VIII
                              CONDITIONS TO CLOSING

         8.01     Conditions Precedent to the Obligations of Central. The
obligation of Central to consummate this Agreement is subject to the fulfillment
of all of the following conditions precedent (any of which may be waived in
writing by Central, in whole or in part) at or prior to the date of Closing.

                  (a)      Representations and Warranties True as of the Closing
         Date. The representations and warranties of Jaguar and the Selling
         Stockholders contained in this Agreement and in every document
         delivered by such parties pursuant to the provisions hereof shall be
         true in all material respects as of the date of this Agreement and at
         and as of the date of Closing with the same effect as though such
         representations and warranties were made as of such date.

                                       16

<PAGE>

                  (b)      Compliance with Agreement. Jaguar and the Selling
         Stockholders shall have performed and complied in all material respects
         with all agreements, covenants, and conditions required to be performed
         or complied with by them under this Agreement. Each of the documents
         required to be delivered hereunder and each of the covenants and
         obligations hereunder must have been performed and complied with in all
         respects.

                  (c)      No Bar to Consummation of Transaction. There shall
         not exist any law or judgment of any authority which would prevent the
         consummation of the transactions contemplated hereby or adversely
         affect the rights of Central after consummation of said transactions.
         There shall be no pending or threatened proceeding that seeks to enjoin
         the transactions contemplated by this Agreement. All consents and
         approvals from any authority and any other person required for the
         consummation of this Agreement shall have been obtained.

                  (d)      Bring-Down Certificate. Jaguar and the Selling
         Stockholders shall have delivered to Central a duly signed certificate
         to the effect that each of the conditions in Sections 8.01(a)-(c) has
         been satisfied in all respects.

                  (e)      Completion of Due Diligence. Central shall have
         completed its due diligence investigation of the business, assets, and
         liabilities of Jaguar and shall be satisfied, in its sole discretion,
         with the results of such investigation.

                  (f)      Board Approval. Central shall have received the
         approval of the terms and conditions of this Agreement from its Board
         of Directors.

         8.02     Conditions Precedent to the Obligations of Jaguar and Selling
Stockholders. The obligations of Jaguar and the Selling Stockholders to
consummate this Agreement are subject to the fulfillment of all of the following
conditions precedent (any of which may be waived in writing by Jaguar and the
Selling Stockholders, in whole or in part) at or prior to the Closing.

                  (1)      Representations and Warranties True as of the Closing
         Date. The representations and warranties of Central contained in this
         Agreement or in any document delivered by such parties pursuant to the
         provisions hereof shall be true in all material respects at and as of
         the date of Closing with the same effect as though such representations
         and warranties were made as of such date.

                  (2)      Compliance with Agreement. Central shall have
         performed and complied in all material respects with all agreements,
         covenants, and conditions required to be performed or complied with by
         it under this Agreement.

                  (3)      No Bar to Consummation of Transaction. There shall
         not exist any law or judgment of any authority which would prevent the
         consummation of the transactions contemplated hereby or adversely
         affect the rights of Jaguar or the Selling Stockholders after
         consummation of the transactions contemplated hereby. There shall be no
         pending or threatened litigation or other proceeding that seeks to
         enjoin the transactions contemplated by this Agreement. All consents
         and approvals from any authority and any other person required for the
         consummation of this Agreement shall have been obtained.

                                       17

<PAGE>

                  (4)      Bring-Down Certificate. Central shall have delivered
         to Jaguar, and the Selling Stockholders, a duly signed certificate to
         the effect that each of the conditions in Sections 8.02(a)-(c) has been
         satisfied in all respects.

                                   ARTICLE IX
                                  MISCELLANEOUS

         9.01     Termination.

                  (a)      Termination of Agreement. The parties may terminate
         this Agreement as provided below:

                           (i)      The parties may terminate this Agreement by
                  mutual written consent at any time prior to the Closing;

                           (ii)     Central may terminate this Agreement by
                  giving written notice to Jaguar and the Selling Stockholders
                  on or before the Closing, if it is not satisfied with the
                  results of its continuing business, legal, and accounting due
                  diligence;

                           (iii)    Central may terminate this Agreement by
                  giving written notice to Jaguar and the Selling Stockholders
                  at any time prior to the Closing (A) if Jaguar or the Selling
                  Stockholders have breached any representation, warranty, or
                  covenant contained in this Agreement and the breach has
                  continued after notice to Jaguar and the Selling Stockholders
                  by Central without cure for a period of ten (10) days or (B)
                  if the Closing shall not have occurred on or before July 31,
                  1999, by reason of the failure of any condition precedent
                  under Section 8.01 hereof (unless the failure results
                  primarily from Central breaching any representation, warranty,
                  or covenant contained in this Agreement); and

                           (iv)     Jaguar and the Selling Stockholders may
                  terminate this Agreement by giving written notice to Central
                  at any time prior to the Closing (A) in the event Central has
                  breached any representation, warranty, or covenant contained
                  in this Agreement, and the breach has continued after notice
                  to Central without cure for a period of ten (10) days, or (B)
                  if the Closing shall not have occurred on or before July 31,
                  1999, by reason of the failure of any condition precedent
                  under Section 8.02 hereof (unless the failure results
                  primarily from Jaguar or the Selling Stockholders breaching
                  any representation, warranty, or covenant contained in this
                  Agreement).

                  (b)      Effect of Termination. Each party's right of
         termination under Section 9.01 is in addition to any other rights it
         may have under this Agreement or otherwise, and the exercise of the
         right of termination shall not be an election of remedies. If this
         Agreement is terminated pursuant to Section 9.01, all further
         obligations of the parties under this Agreement shall terminate, except
         that the obligations of Section 9.02 shall survive. However, if this
         Agreement is terminated by a party because of a breach of the
         Agreement, of any type, by the other party, the non-defaulting party's
         right to pursue all legal remedies will survive such termination
         unimpaired. In addition,

                                       18

<PAGE>

         the non-defaulting party shall be entitled to collect its expenses
         incurred at any time in connection with pursuing or consummating the
         Agreement and the transactions contemplated by the Agreement,
         including, but not limited to, fees and expenses of business brokers,
         legal counsel, accountants, and other facilitators and advisors.

         9.02     Costs and Expenses; Fees. Except as provided in Section
9.01(b) with respect to a breach of the Agreement, each party shall be solely
responsible for and bear all of its own respective expenses incurred at any time
in connection with pursuing or consummating the Agreement and the transactions
contemplated by the Agreement, including, but not limited to, fees and expenses
of business brokers, legal counsel, accountants, and other facilitators and
advisors. The expenses of Jaguar and the Selling Stockholders shall be borne by
the Selling Stockholders and shall not be charged to Jaguar, except that Jaguar
may pay legal fees up to $10,000 incurred in relation to the Merger.

         9.03     Governing Law. This Agreement shall be governed by and
interpreted and enforced in accordance with the laws of the State of Arizona,
without regard to the conflict of law rules thereof.

         9.04     Severability. The parties agree that each provision to this
Agreement shall be construed independent of any other provision of this
Agreement. The invalidity or unenforceability of any particular provision of
this Agreement shall not affect the other provisions hereof. This Agreement
shall be construed in all respects as if such invalid or unenforceable provision
were omitted.

         9.05     Amendment and Modification. No amendment or other modification
to this Agreement shall be binding upon any party unless executed in writing by
all of the parties hereto.

         9.06     Waiver. No waiver by any party of any of the provisions of
this Agreement will be deemed, or will constitute, a waiver of any other
provision, whether similar, nor will any waiver constitute a continuing waiver.
No waiver will be binding unless executed in writing by the party making the
waiver.

         9.07     Binding Effect. This Agreement shall be binding upon, and
shall inure to the benefit of and be enforceable by, the parties hereto, their
respective affiliates, successors and assigns.

                                       19

<PAGE>

         9.08     Merger. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter described herein and the Selling
Stockholders acknowledge and agree that in entering this Agreement, the Selling
Stockholders did not rely on any representations or warranties other than those
set forth herein. This Agreement supersedes all prior and contemporaneous
agreements, representations, writings, discussions, and understandings of the
parties.

         9.09     Counterparts. This Agreement may be executed in counterparts
and any party hereto may execute any such counterpart, each of which when
executed and delivered shall be deemed to be an original and all of which
counterparts taken together shall constitute but one and the same instrument.

         9.10     Survival of Representations, Warranties, Covenants and
Agreements. All representations, warranties, covenants and agreements made by
the parties shall survive the closing of this Agreement indefinitely.

         9.11     Descriptive Headings. The descriptive headings herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Amendment.

         IN WITNESS WHEREOF, each of the parties has executed this Amendment as
of the day and year first above written.

JAGUAR FAST FREIGHT, INC.,                      Attest:
an Arizona corporation

By: /s/ Kent Chapman                            /s/ Richard Slater
    Kent Chapman, President                     Richard Slater, Secretary

CENTRAL FREIGHT LINES, INC.,                    Attest:
a Texas corporation

By: /s/ Joe Hall                                /s/ Douglas Quicksall
    Joe Hall, President                         Douglas Quicksall, Secretary

SELLING STOCKHOLDERS

/s/ Jerry Moyes                                 /s/ Kent Chapman
Jerry Moyes, individually                       Kent Chapman, individually

/s/ Richard Slater                              /s/ Larry Rockwell
Richard Slater, individually                    Larry Rockwell, individually

/s/ Mark Fabritz
Mark Fabritz, individually

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1(A)
<SEQUENCE>7
<FILENAME>c72067exv3w1xay.txt
<DESCRIPTION>ARTICLES OF INCORPORATION
<TEXT>
<PAGE>

                                                                  EXHIBIT 3.1(a)

                            ARTICLES OF INCORPORATION
                                       OF
                           CENTRAL FREIGHT LINES, INC.
                              a Nevada corporation

                                 ARTICLE I. NAME

         The name of the corporation is Central Freight Lines, Inc.

                           ARTICLE II. RESIDENT AGENT

         The name and street address of the corporation's initial resident agent
is The Corporation Trust Company of Nevada, One East First Street, Reno, Washoe
County, Nevada 89501.

                              ARTICLE III. PURPOSE

         The purpose of the corporation is to engage in, promote, conduct, and
carry on any lawful acts or activities for which corporations may be organized
under the Nevada General Corporation Law.

                          ARTICLE IV. AUTHORIZED SHARES

         The total number of shares of capital stock of all classes which the
corporation shall have authority to issue is Sixty-Five Million (65,000,000)
shares, all having a par value of One-Tenth of One Cent ($0.001) per share,
consisting of the following: Fifty Million (50,000,000) shares of Class A Common
Stock; Ten Million (10,000,000) shares of Class B Common Stock; and Five Million
(5,000,000) shares of Preferred Stock.

         The voting powers, designations, preferences, limitations,
restrictions, and special or relative rights with respect to each class of stock
are or shall be fixed as follows:

         A.       Common Stock. Except as otherwise stated herein, the holders
of Class A Common Stock and Class B Common Stock shall have all of the rights
afforded holders of common stock under the Nevada corporation law, including the
right to vote on all matters submitted to a vote of the common stockholders,
and, subject to the rights, if any, of holders of the Preferred Stock, the right
to receive the net assets of the corporation upon dissolution. The Class A
Common Stock and Class B Common Stock shall vote together as a single class and
shall receive any dividends and distributions payable to holders of common stock
on a pro rata basis; provided, that: (i) holders of Class A Common Stock shall
be entitled to one (1) vote per share on all matters submitted to a vote of the
common stockholders; (ii) holders of Class B Common Stock shall be entitled to
three (3) votes per share (except on matters affecting the terms of the Class B
Common Stock, as to which holders of Class B Common Stock shall be entitled to
one (1) vote per share) on all matters submitted to a vote of the common
stockholders so long as the holder is Jerry C. Moyes ("Moyes"), any spouse or
child (by birth or adoption) of Moyes ("Moyes' Relatives"), any trust for the
benefit of one or more of Moyes or the Moyes' Relatives ("Moyes Trust"), or any
other entity that is 100% owned by any combination of Moyes or the Moyes'
Relatives ("Moyes Entity"); (iii) holders of Class B Common Stock may receive
dividends payable in the corporation's common stock in Class A Common Stock or
Class B


<PAGE>

Common Stock, as designated by the board of directors when declaring any such
dividend, and (iv) the rights afforded holders of Class A Common Stock may not
be modified except by a majority vote of each individual class of the Class A
Common Stock and the Class B Common Stock. Holders of Class B Common Stock may
convert such shares into Class A Common Stock, at any time and from time to
time, on the basis of one share of Class A Common Stock for each share of Class
B Common Stock. If any shares of Class B Common Stock cease to be owned by
Moyes, the Moyes' Relatives, any Moyes Trust or any Moyes Entity, such shares
that are no longer so owned shall be converted automatically into Class A Common
Stock and shall be entitled to one (1) vote per share. In any merger,
consolidation, reorganization, or other business combination, the consideration
to be received per share by holders of the Class A Common Stock and Class B
Common Stock shall be identical; provided that if, after such business
combination, Moyes, the Moyes' Relatives, any Moyes Trust or any Moyes Entity
collectively own more than one-third (1/3) of the surviving entity, any
securities received may differ to the extent that the voting rights differ
between Class A Common Stock and Class B Common Stock. Holders of Class A Common
Stock and Class B Common Stock shall not be entitled to cumulative voting in the
election of directors.

         B.       Preferred Stock. The Board of Directors is expressly
authorized to issue the Preferred Stock from time to time, in one or more
series, provided that the aggregate number of shares issued and outstanding at
any time of all such series shall not exceed Five Million (5,000,000). The Board
of Directors is further authorized to fix or alter, with respect to each such
series, the following terms and provisions of any authorized and, except for
(vi) below, unissued shares of such stock:

                  (i)      the distinctive serial designation;

                  (ii)     the number of shares of the series, which number may
                           at any time or from time to time be increased or
                           decreased (but not below the number of shares of such
                           series then outstanding) by the Board of Directors;

                  (iii)    the voting powers, if any, and, if voting powers are
                           granted, the extent of such voting powers including
                           whether cumulative voting is allowed and the right,
                           if any, to elect a director or directors;

                  (iv)     the election, term of office, filling of vacancies,
                           and other terms of the directorship of directors, if
                           any, to be elected by the holders of any one or more
                           classes or series of such stock;

                  (v)      the dividend rights, if any, including, without
                           limitation, the dividend rates, dividend preferences
                           with respect to other series or classes of stock, the
                           dates on which any dividends shall be payable, and
                           whether dividends shall be cumulative;

                  (vi)     the date from which dividends on shares issued prior
                           to the date for payment of the first dividend thereon
                           shall be cumulative, if any;

                                       2

<PAGE>

                  (vii)    the redemption price, terms of redemption, and the
                           amount of and provisions regarding any sinking fund
                           for the purchase or redemption thereof;

                  (viii)   the liquidation preferences and the amounts payable
                           on dissolution or liquidation;

                  (ix)     the terms and conditions under which shares of the
                           series may or shall be converted into any other
                           series or class of stock or debt of the corporation;
                           and

                  (x)      any other terms or provisions that the Board of
                           Directors by law may be authorized to fix or alter.

         C.       Provisions Applicable to Common and Preferred Stock. No holder
of shares of the corporation of any class, now or hereafter authorized, shall
have any preferential or preemptive right to subscribe for, purchase or receive
any shares of stock of the corporation of any class, now or hereafter
authorized, or any options or warrants for such shares, or any rights to
subscribe to or purchase such shares, or any securities convertible into or
exchangeable for such shares, which may at any time or from time to time be
issued, sold or offered for sale by the corporation.

                                       3

<PAGE>

                             ARTICLE V. DIRECTORS

         The governing board of the corporation shall be known as directors.
Initially, the number of directors of the corporation shall be seven, however,
the number of directors may from time to time be increased or decreased in such
manner as shall be provided by the bylaws of the corporation.

         The names and addresses of the members of the initial board of
directors are:

Director                                     Address

Joe E. Hall                                  5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Douglas E. Quicksall                         5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Thomas K. Morehouse                          5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Patrick J. Curry                             5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Jerry C. Moyes                               5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Ronald Moyes                                 5601 West Waco Drive
                                             P.O. Box 2638
                                             Waco, TX  76702-2638

Earl H. Scudder                              P.O. Box 81277
                                             Second Floor
                                             411 S. 13th Street
                                             Lincoln, NE  68508

                                       4

<PAGE>

                       ARTICLE VI. LIMITATION OF LIABILITY

         To the fullest extent permitted by the laws of the State of Nevada, as
the same exist or may hereafter be amended, any director or officer of the
corporation shall not be liable to the corporation or its stockholders for
monetary or other damages for breach of fiduciary duties as a director or
officer. No repeal, amendment, or modification of this Article VI, whether
direct or indirect, shall eliminate or reduce its effect with respect to any act
or omission of a director or officer of the corporation occurring prior to such
repeal, amendment, or modification.

                          ARTICLE VII. INDEMNIFICATION

         To the fullest extent allowable by the Nevada General Corporation Law
(including pursuant to the expanded rights and financial arrangements that may
be granted to persons under the Articles of Incorporation, Bylaws, agreements,
votes of stockholders or disinterested directors or otherwise under such law),
the corporation shall indemnify those persons entitled to indemnification, as
hereinafter provided, in the manner and under the circumstances described in
this Article VII.

         A.       General Indemnification. The corporation shall indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, or investigative, including any action by or in the
right of the corporation, by reason of the fact that he is or was a director,
officer, employee, or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, against
expenses, including attorneys' fees, judgments, fines and amounts paid in
settlement actually and reasonably incurred by him in connection with such
action, suit, or proceeding unless a final adjudication by a court of competent
jurisdiction establishes that his acts or omissions involved intentional
misconduct, fraud, or a knowing violation of law and were material to the cause
of action. The termination of any action, suit, or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the person's acts or
omissions involved intentional misconduct, fraud, or a knowing violation of law.

         B.       Mandatory Indemnification. To the extent that a director,
officer, employee or agent of the corporation has been successful on the merits
or otherwise in defense of any action, suit or proceeding referred to in
paragraph A, or in defense of any claim, issue or matter therein, he shall be
indemnified by the corporation against expenses, including attorneys' fees,
actually and reasonably incurred by him in connection with such defense.

         C.       Advancement of Expenses. Expenses incurred in defending a
civil or criminal action, suit or proceeding shall be paid by the corporation in
advance of the final disposition of such action, suit or proceeding upon receipt
of an undertaking by or on behalf of the director, officer, employee or agent to
repay such amount if final adjudication by a court of competent jurisdiction
establishes that his acts or omissions involved intentional misconduct, fraud,
or a knowing violation of law and were material to the cause of action.

         D.       Other Rights. The indemnification provided by this Article VII
does not exclude any other rights to which a person seeking indemnification may
be entitled under any law, bylaw, agreement, vote of stockholders of
disinterested directors or otherwise, both as to action

                                       5

<PAGE>

in his official capacity and as to action in another capacity while holding such
office. The indemnification provided by this Article VII shall continue as to a
person who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs, executors and administrators of such a
person. No amendment to repeal this Article VII shall apply to or have any
effect on the rights of any director, officer, employee or agent under this
Article VII, which rights came into existence by virtue of acts or omissions of
such director, officer, employee or agent occurring prior to such amendment or
repeal.

         E.       Insurance. The corporation may purchase and maintain insurance
on behalf of any person who is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against him
and incurred by him in any such capacity, or arising out of his status as such,
whether or not the corporation would have the power to indemnify him against
such liability under the provisions of this Article VII.

         F.       Definition of Corporation. For the purposes of this Article
VII, references to "the corporation" include, in addition to the corporation
resulting from the filing of these Articles of Incorporation and its surviving
corporation in any merger, any constituent corporation (including any
constituent of a constituent) absorbed in consolidation or merger which, if its
separate existence had continued, would have had power and authority to
indemnify its directors, officers, employees and agents so that any person who
is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, shall stand in the same position under
the provisions of this Article VII with respect to the resulting or surviving
corporation as he or she would have with respect to such constituent corporation
if its separate existence had continued.

         G.       Other Definitions. For purposes of this Article VII,
references to "other enterprise" shall include employee benefit plans;
references to "fine" shall include any excise tax assessed on a person with
respect to an employee benefit plan; references to "serving at the request of
the corporation" shall include any service as a director, officer, employee or
agent of the corporation that imposes duties on, or involves services by, such
director, officer, employee, or agent with respect to an employee benefit plan,
its participants, or beneficiaries; and masculine references shall include the
feminine.

                             ARTICLE VIII. DURATION

         The corporation shall have perpetual existence.

                                       6

<PAGE>

                            ARTICLE IX. INCORPORATOR

         The name and address of the sole incorporator is William J. Strait of
411 South 13th Street, Suite 200, Lincoln, NE 68508.

                                        /s/ William J. Strait
                                        ----------------------------------------
                                        William J. Strait, Incorporator
STATE OF NEBRASKA )
                  ) ss:
LANCASTER COUNTY  )

         The foregoing instrument was acknowledged before me this 1st day of
April , 1999 by William J. Strait.

                                        /s/Tisha Gilreath Mullen
                                        ----------------------------------------
                                        Notary Public

                                       7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>8
<FILENAME>c72067exv3w2.txt
<DESCRIPTION>BYLAWS OF CENTRAL FREIGHT LINES, INC.
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.2

                                     BYLAWS
                                       OF
                           CENTRAL FREIGHT LINES, INC.
                              a Nevada corporation

                                    ARTICLE I
                                     OFFICES

         1.       Principal Office. The principal office of the Corporation
shall be in Washoe County, Nevada, which initially shall be its known place of
business.

         2.       Other Offices. The Corporation may also have offices at such
other places both within and without the State of Nevada as the Board of
Directors may from time to time determine or the business of the Corporation may
require.

                                   ARTICLE II
                                  STOCKHOLDERS

         1.       Annual Meeting. The annual meeting of the Stockholders shall
be held at such date and time as the Board of Directors shall determine, for the
purpose of electing Directors and for the transaction of such other business as
may properly come before the meeting.

         2.       Special Meetings. Special meetings of the Stockholders may be
called for any purpose or purposes at any time by a majority of the Board of
Directors or the Chairman of the Board of Directors.

         3.       Place of Meetings. Annual and special meetings of the
Stockholders may be held at such time and place within or without the State of
Nevada as shall be stated in the notice of the meeting or in a duly executed
waiver of notice thereof.

         4.       Notice of Meeting. Written notice stating the place, date, and
hour of the meeting and the purpose or purposes for which the meeting is called,
shall be delivered to each Stockholder of record entitled to vote at such
meeting not less than ten (10) nor more than sixty (60) days before the date of
the meeting. Notice may be delivered either personally or by first class,
certified or registered mail, postage prepaid, and signed by an officer of the
Corporation at the direction of the person or persons calling the meeting. If
mailed, notice shall be deemed to be delivered when mailed to the Stockholder at
his address as it appears on the stock transfer books of the Corporation.
Delivery of any such notice to any officer of a corporation or association, or
to any member of a partnership shall constitute delivery of such notice to such
corporation, association or partnership. In the event of the transfer of stock
after delivery or mailing of the notice of and prior to the holding of the
meeting it shall not be necessary to deliver or mail notice of the meeting to
the transferee. Notice need not be given of an adjourned meeting if the time and
place thereof are announced at the meeting at which the adjournment is

                                       1

<PAGE>

taken, provided that such adjournment is for less than thirty (30) days and
further provided that a new record date is not fixed for the adjourned meeting,
in either of which events, written notice of the adjourned meeting shall be
given to each Stockholder of record entitled to vote at such meeting. At any
adjourned meeting, any business may be transacted which might have been
transacted at the meeting as originally noticed. A written waiver of notice,
whether given before or after the meeting to which it relates, shall be
equivalent to the giving of notice of such meeting to the Stockholder or
Stockholders signing such waiver. Attendance of a Stockholder at a meeting shall
constitute a waiver of notice of such meeting, except when the Stockholder
attends for the express purpose of objecting to the transaction of any business
because the meeting is not lawfully called or convened.

         5.       Fixing Date for Determination of Stockholders Record. In order
that the Corporation may determine the Stockholders entitled to notice of and to
vote at any meeting of Stockholders or any adjournment thereof, or to express
consent to corporate action in writing without a meeting, or to receive payment
of any dividend or other distribution or allotment of any rights, or to exercise
any rights in respect of any other change, conversion or exchange of stock or
for the purpose of any other lawful action, the Board of Directors may fix in
advance a record date, which shall not be more than sixty (60) nor less than ten
(10) days prior to the date of such meeting or such action, as the case may be.
If the Board of Directors has not fixed a record date for determining the
Stockholders entitled to notice of and to vote at a meeting of Stockholders, the
record date shall be at the close of business on the day next preceding the day
on which the notice is given, or if notice is waived, at the close of business
on the day next preceding the day on which the meeting is held. If the Board of
Directors has not fixed a record date for determining the Stockholders entitled
to express consent to corporate action in writing without a meeting, when no
prior action by the Board of Directors is necessary, the record date shall be
the day on which the first written consent is expressed by any Stockholder. If
the Board of Directors has not fixed a record date for determining Stockholders
for any other purpose, the record date shall be at the close of business on the
day on which the Board of Directors adopts the resolution relating thereto. A
determination of Stockholders of record entitled to notice of or to vote at a
meeting of Stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned
meeting.

         6.       Record of Stockholders. The Secretary or other officer having
charge of the stock transfer books of the Corporation shall make, or cause to be
made, at least ten (10) days before every meeting of Stockholders, a complete
record of the Stockholders entitled to vote at a meeting of Stockholders or any
adjournment thereof, arranged in alphabetical order, with the address of and the
number of shares registered in the name of each Stockholder. Such list shall be
open to the examination of any Stockholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least ten (10) days
prior to the meeting, either at a place specified in the notice of the meeting
or if not so specified, at the Corporation's principal place of business. The
list shall also be produced and kept at the time and place of the meeting during
the whole time thereof and may be inspected by any Stockholder who is present.

         7.       Quorum and Manner of Acting. At any meeting of the
Stockholders, the presence, in person or by proxy, of the holders of a majority
of the outstanding voting power

                                       2

<PAGE>

entitled to vote shall constitute a quorum for the transaction of business
except as otherwise provided by the Nevada General Corporation Law or by the
Articles of Incorporation of the Corporation, as amended from time to time (the
"Articles of Incorporation"). All votes represented and entitled to be cast on
any single subject matter that may be brought before the meeting shall be
counted for quorum purposes. Only those votes entitled to be cast on a
particular subject matter shall be counted for the purpose of voting on that
subject matter. Business may be conducted once a quorum is present and may
continue to be conducted until adjournment sine die, notwithstanding the
withdrawal or temporary absence of Stockholders leaving less than a quorum.
Except as otherwise provided in the Nevada General Corporation Law or the
Articles of Incorporation, the affirmative vote of the holders of a majority of
the voting power then represented at the meeting and entitled to vote thereat
shall be the act of the Stockholders; provided, however, that if the voting
power so represented is less than that number required to constitute a quorum,
Stockholders may nonetheless take actions if the affirmative vote for any such
action is such as would constitute a majority if a quorum were present, except
that the affirmative vote of the holders of a majority of the shares of stock
then present is sufficient in all cases to adjourn a meeting.

         8.       Voting of Shares of Stock. Each Stockholder shall be entitled
to the number of votes (or corresponding fraction thereof) authorized for shares
of such class or series in the Corporation's Articles of Incorporation or any
certificate of designation for such class or series for each share of stock (or
fraction thereof) standing in his or its name on the books of the Corporation on
the record date. A Stockholder may vote either in person or by valid proxy, as
defined in Section 11 of this Article II, executed in writing by the Stockholder
or by his or its duly authorized attorney in fact. Voting power belonging to the
Corporation or to another corporation, if a majority of the votes entitled to be
cast in the election of directors of such other corporation is held, directly or
indirectly, by the Corporation, shall neither be entitled to vote nor counted
for quorum purposes; provided, however, that the foregoing shall not limit the
right of any corporation to vote stock, including but not limited to its own
stock, when held by it in a fiduciary capacity. Shares of stock standing in the
name of another corporation may be voted by such officer, agent or proxy as the
bylaws of such other corporation may prescribe or, in the absence of such
provision, as the Board of Directors of such other corporation may determine.
Unless demanded by a Stockholder present in person or by proxy at any meeting of
the Stockholders and entitled to vote thereat, or unless so directed by the
chairman of the meeting, the vote thereat on any question need not be by ballot.
If such demand or direction is made, a vote by ballot shall be taken, and each
ballot shall be signed by the Stockholder voting, or by his proxy, and shall
state the number of votes cast.

         9.       Organization. At each meeting of the Stockholders, the
Chairman of the Board, or, if he is absent therefrom, the CEO, or, if he is
absent therefrom, the President, or, if he is absent therefrom, the CFO, or if
he is absent therefrom, the Treasurer, or if he is absent therefrom, one of the
Vice Presidents or, if all are absent therefrom, another officer of the
Corporation chosen as chairman of such meeting by Stockholders holding a
majority of the voting power present in person or by proxy and entitled to vote
thereat, or, if all the officers of the Corporation are absent therefrom, a
Stockholder of record so chosen, shall act as chairman of the meeting and
preside thereat. The Secretary, or, if he is absent from the meeting or is
required

                                       3

<PAGE>

pursuant to the provisions of this Section 9 to act as chairman of such meeting,
the person (who shall be an Assistant Secretary, if any and if present) whom the
chairman of the meeting shall appoint shall act as secretary of the meeting and
keep the minutes thereof.

         10.      Order of Business. The order of business at each meeting of
the Stockholders shall be determined by the chairman of such meeting, but the
order of business may be changed by the vote of Stockholders holding a majority
of the shares present in person or by proxy at such meeting and entitled to vote
thereat.

         11.      Voting by Proxy. At any meeting of the Stockholders, any
Stockholder may be represented and vote by a proxy or proxies appointed by an
instrument in writing. In the event that any such instrument in writing shall
designate two (2) or more persons to act as proxies, a majority of such persons
present at the meeting, or, if only one shall be present, then that one shall
have and may exercise all of the powers conferred by such written instrument
upon all of the persons so designated unless the instrument shall otherwise
provide. No such proxy shall be valid after the expiration of six (6) months
from the date of its execution, unless coupled with an interest or unless the
person executing it specifies therein the length of time for which it is to
continue in force, which in no case shall exceed the maximum length of time
specified by the Nevada General Corporation Law. Subject to the above, any proxy
duly executed is not revoked and continues in full force and effect until an
instrument revoking it or a duly executed proxy bearing a later date is filed
with the Secretary of the Corporation, or the Stockholder appears to vote in
person.

         12.      Action by Stockholders Without a Meeting. Unless otherwise
restricted by the Articles of Incorporation, these Bylaws, or the Nevada General
Corporation Law, any action required or permitted to be taken at a meeting of
the Stockholders may be taken without a meeting, without prior notice and
without a vote, if a consent in writing, setting forth the action so taken, is
signed by Stockholders holding at least a majority of the voting power (except
that if a different proportion of voting power is required for such an action at
a meeting, then that proportion of written consent is required) and such consent
is filed with the minutes of the proceedings of the Stockholders.

         13.      Irregularities. All information and/or irregularities in
calls, notices of meetings and in the manner of voting, form of proxies,
credentials, and method of ascertaining those present, shall be deemed waived if
no objection is made at the meeting or if waived in writing.

                                   ARTICLE III
                               BOARD OF DIRECTORS

         1.       General Powers. The property, business, and affairs of the
Corporation shall be managed by the Board of Directors.

         2.       Number, Term of Office and Qualifications. Subject to the
requirements of the Nevada General Corporation Law and the Articles of
Incorporation, the Board of Directors may from time to time determine the number
of Directors, such number to be between the fixed

                                       4

<PAGE>

minimum of one Director and the fixed maximum of twelve Directors. Until the
Board of Directors shall otherwise determine, the number of Directors shall be
as set forth in the Corporation's Articles of Incorporation. Each director shall
hold office until his successor is duly elected or until his earlier death or
resignation in the manner hereinafter provided. Directors need not be
Stockholders.

         3.       Place of Meeting. The Board of Directors may hold its
meetings, either within or without the State of Nevada, at such place or places
as it may from time to time by resolution determine or as shall be designated in
any notices or waivers of notice thereof. Any such meeting, whether regular or
special, may be held by conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other,
and participation in a meeting in such manner shall constitute presence in
person at such meeting.

         4.       Annual Meetings. As soon as practicable after each annual
election of Directors and on the same day, the Board of Directors shall meet for
the purpose of organization and the transaction of other business at the place
where regular meetings of the Board of Directors are held, and no notice of such
meeting shall be necessary in order to legally hold the meeting, provided that a
quorum is present. If such meeting is not held as provided above, the meeting
may be held at such time and place as shall be specified in a notice given as
hereinafter provided for a special meeting of the Board of Directors, or in the
event of waiver of notice as specified in the written waiver of notice.

         5.       Regular Meetings. Regular meetings of the Board of Directors
may be held without notice at such times as the Board of Directors shall from
time to time by resolution determine.

         6.       Special Meetings: Notice. Special meetings of the Board of
Directors shall be held, either within or without the State of Nevada, whenever
called by the Chairman of the Board, the CEO or a majority of the Directors at
the time in office. Notice shall be given, in the manner hereinafter provided,
of each such special meeting, which notice shall state the time and place of
such meeting, but need not state the purposes thereof. Except as otherwise
provided in Section 9 of this Article III, notice of each such meeting shall be
mailed to each Director, addressed to him at his residence or usual place of
business, at least five (5) days before the day on which such meeting is to be
held, or shall be sent addressed to him at such place by telegraph, cable,
wireless or other form of recorded communication or delivered personally or by
telephone not later than the day before the day on which such meeting is to be
held. A written waiver of notice, whether given before or after the meeting to
which it relates, shall be equivalent to the giving of notice of such meeting to
the Director or Directors signing such waiver. Attendance of a Director at a
special meeting of the Board of Directors shall constitute a waiver of notice of
such meeting, except when he attends the meeting for the express purpose of
objecting to the transaction of any business because the meeting is not lawfully
called or convened.

         7.       Quorum and Manner of Acting. A majority of the whole Board of
Directors shall be present in person at any meeting of the Board of Directors in
order to constitute a quorum for

                                       5

<PAGE>

the transaction of business at such meeting, and except as otherwise specified
in these Bylaws, and except also as otherwise expressly provided by the Nevada
General Corporation Law, the vote of a majority of the Directors present at any
such meeting at which a quorum is present shall be the act of the Board of
Directors. In the absence of a quorum from any such meeting, a majority of the
Directors present thereat may adjourn such meeting from time to time to another
time or place, with notice to the entire Board of Directors, until a quorum
shall be present thereat. The Directors shall act only as a Board of Directors
and the individual Directors shall have no power as such.

         8.       Organization. At each meeting of the Board of Directors, the
Chairman of the Board or, if he is absent therefrom, the CEO, or if he is absent
therefrom, the President, shall act as chairman of such meeting and preside
thereat. The Secretary, or if he is absent, the person (who shall be an
Assistant Secretary, if any and if present) whom the chairman of such meeting
shall appoint, shall act as secretary of such meeting and keep the minutes
thereof.

         9.       Action by Directors Without a Meeting. Unless otherwise
restricted by the Articles of Incorporation, these Bylaws, or the Nevada General
Corporation Law, any action required or permitted to be taken at a meeting of
the Board of Directors may be taken without a meeting, without prior notice and
without a vote, if a consent in writing, setting forth the action so taken, is
signed by all Directors and such consent is filed with the minutes of the
proceedings of the Board of Directors.

         10.      Resignations. Any Director may resign at any time by giving
written notice of his resignation to the Corporation. Any such resignation shall
take effect at the time specified therein, or if the time when it shall become
effective is not specified therein, it shall take effect immediately upon its
receipt by the Chairman of the Board, or the Secretary; and, unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to
make it effective.

         11.      Vacancies. Vacancies and newly created directorships resulting
from any increase in the authorized number of Directors to be elected by all of
the Stockholders having the right to vote as a single class may be filled by a
majority of the Directors then in office, although less than a quorum, or by a
sole remaining Director. If at any time, by reason of death or resignation or
other cause, the Corporation has no Directors in office, then any officer or any
Stockholder or an executor, administrator, trustee or guardian of a Stockholder,
may call a special meeting of Stockholders for the purpose of filling vacancies
in the Board of Directors. If one or more Directors shall resign from the Board
of Directors, effective at a future date, a majority of the Directors then in
office, including those who have so resigned, shall have the power to fill such
vacancy or vacancies, the vote thereon to take effect when such resignation or
resignations shall become effective, and each Director so chosen shall hold
office as provided in this section for the filling of other vacancies.

         12.      Compensation. The Board of Directors may at any time and from
time to time by resolution provide that the Directors may be paid a fixed sum
for attendance at each meeting of the Board of Directors or a stated salary as
Director or both, in either case payable in cash, the

                                       6

<PAGE>

Corporation's stock, or such other form designated by the Board of Directors. In
addition, the Board of Directors may at any time and from time to time by
resolution provide that Directors shall be paid their actual expenses, if any,
of attendance at each meeting of the Board of Directors. Nothing in this section
shall be construed as precluding any Director from serving the Corporation in
any other capacity and receiving compensation therefor, but the Board of
Directors may by resolution provide that any Director receiving compensation for
his services to the Corporation in any other capacity shall not receive
additional compensation for his services as a Director.

                                   ARTICLE IV
                                    OFFICERS

         1.       Number. The Corporation shall have the following officers: a
Chief Executive Officer ("CEO"), a President, a Chief Financial Officer ("CFO"),
a Treasurer, and a Secretary. At the discretion of the Board of Directors, the
Corporation may also have one or more Vice Presidents, one or more Assistant
Vice Presidents, one or more Assistant Secretaries, and one or more Assistant
Treasurers.

         2.       Election and Term of Office. The officers of the Corporation
shall be elected annually by the Board of Directors or at a special meeting of
the Board of Directors called for that purpose. Each such officer shall hold
office until his successor is duly elected or until his earlier death or
resignation or removal in the manner hereinafter provided.

         3.       Agents. In addition to the officers mentioned in Section 1 of
this Article IV, the Board of Directors may appoint such agents as the Board of
Directors may deem necessary or advisable, each of which agents shall have such
authority and perform such duties as are provided in these Bylaws or as the
Board of Directors may from time to time determine. The Board of Directors may
delegate to any officer or to any committee the power to appoint or remove any
such agents.

         4.       Removal. Any officer may be removed, with or without cause, at
any time by resolution adopted by a majority of the Board of Directors.

         5.       Resignations. Any officer may resign at any time by giving
written notice of his resignation to the Board of Directors, the CEO, or the
Secretary. Any such resignation shall take effect at the times specified
therein, or, if the time when it shall become effective is not specified
therein, it shall take effect immediately upon its receipt by the Board of
Directors, the CEO, or the Secretary; and, unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to make it effective.

         6.       Vacancies. A vacancy in any office due to death, resignation,
removal, disqualification or any other cause may be filled for the unexpired
portion of the term thereof by the Board of Directors.

                                       7

<PAGE>

         7.       Chief Executive Officer. Subject to the authority of the Board
of Directors, the CEO shall have the general oversight of the conduct of the
business and affairs of the Corporation and its executive officers. The CEO may
sign, alone or with any other officer of the Corporation or other person
authorized by the Board of Directors, certificates for shares of the
Corporation, deeds, mortgages, bonds, contracts, trust deeds, or other
instruments, and shall perform all duties incident to the office of CEO, as well
as those which may be authorized, from time to time, by the Chairman of the
Board or the Board of Directors.

         8.       President. In the absence of the CEO, in the event of his
death, inability to act, or refusal to carry out a lawful order of the Board of
Directors, the President shall perform the duties of the CEO, and when so
acting, shall have all powers of and be subject to all the restrictions upon the
CEO. To the extent authorized in Article VII, the President may sign, alone or
with any other officer of the Corporation or other person authorized by the
Board of Directors, certificates for shares of the Corporation, deeds,
mortgages, bonds, contracts, trust deeds, or other instruments. The President
shall perform such other duties as from time to time may be assigned to him by
the Chairman of the Board, the CEO, or the Board of Directors.

         9.       Vice-President. In the absence of the CEO and the President,
in the event of either individual's death, inability to act, or refusal to carry
out a lawful order of the Board of Directors, or, with respect to the President,
a lawful order of the CEO, a Vice-President shall perform the duties of the CEO
or President, respectfully, and when so acting, shall have all powers of and be
subject to all the restrictions upon the CEO, or President, respectfully. A
Vice-President shall perform such other duties as from time to time may be
assigned to him by the Chairman of the Board, the CEO, the President, or the
Board of Directors.

         10.      Chief Financial Officer. If required by the Board of
Directors, the CFO shall give a bond for the faithful discharge of his duties in
such sum and with such surety or sureties as the Directors shall determine. The
CFO shall have charge and custody of and be responsible for all funds and
securities of the corporation; receive and give receipts for monies due and
payable to the Corporation from any source whatsoever, and deposit all such
monies in the name of the Corporation in such banks, trust companies or other
depositories as shall be selected in accordance with these Bylaws. The CFO
shall, in general, perform all of the duties incident to the office of CFO and
such other duties as from time to time may be assigned by the Chairman of the
Board, the CEO, or the Board of Directors.

         11.      Treasurer. In the absence of the CFO, in the event of his
death, inability to act, or refusal to carry out a lawful order of the Board of
Directors or the CEO, the Treasurer shall perform the duties of the CFO, and
when so acting, shall have all powers of and be subject to all the restrictions
upon the CFO. The Treasurer shall, general, perform such other duties as from
time to time may be assigned to him by the Chairman of the Board, the CEO, the
CFO, or the Board of Directors.

         12.      Secretary. The Secretary shall keep the minutes of the
stockholders', and of the Directors', meetings in one or more books provided for
that purpose, cause all notices to be duly given in accordance with the
provisions of these Bylaws or as required, be custodian of the

                                       8

<PAGE>

corporate records and of the seal of the Corporation and keep a register of the
post office address of each stockholder which shall be furnished to the
Secretary by such stockholders. The Secretary shall have general charge of the
stock transfer books of the Corporation and perform all duties incident to the
office of Secretary, as well as such other duties as from time to time may be
assigned to him by the Chairman of the Board, the CEO, or the Board of
Directors.

         13.      Assistant Officers. Any persons elected as assistant officers
shall assist in the performance of the duties of the designated office and such
other duties as shall be assigned to them by the Chairman of the Board, any Vice
President, the Secretary, the Treasurer, the CFO, the President, the CEO, or the
Board of Directors.

         14.      Combination of Offices. Any two or more of the offices
hereinabove enumerated may be held by one and the same person, if such person is
so elected or appointed.

         15.      Compensation. The salaries of all officers and agents of the
Corporation shall be fixed by the Board of Directors, and no officer shall be
prevented from receiving such salary by reason of the fact that he is also a
Director of the Corporation.

                                    ARTICLE V
                                    CHAIRMAN

         1.       Chairman of the Board. From its members, a Chairman of the
Board of Directors shall be appointed annually by the Board of Directors or at a
special meeting of the Board of Directors called for that purpose. If no
Chairman of the Board is appointed pursuant to this Article V, Section 1, the
Chairman of the Board then in office shall continue in that position until his
successor is duly elected or until his earlier death, resignation, or removal in
the manner hereinafter provided. The Chairman of the Board shall perform all
duties incident to the office of the Chairman of the Board, as well as those
which may be authorized, from time to time, by a majority of the whole Board of
Directors.

         2.       Removal. The Chairman of the Board may be removed from the
office of the Chairman of the Board, with or without cause, at any time by
resolution adopted by a majority of the whole Board of Directors.

         3.       Resignation. The Chairman of the Board may resign from the
office of the Chairman of the Board at any time by giving written notice of his
resignation to another member of the Board of Directors, the CEO, the President,
or the Secretary. Any such resignation shall take effect at the time specified
therein, or, if the time when it shall become effective is not specified
therein, it shall take effect immediately upon its receipt by another member of
the Board of Directors, the CEO, the President, or the Secretary; and, unless
otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective.

         4.       Vacancy. A vacancy in the office of the Chairman of the Board
due to death, resignation, removal, disqualification or any other cause may be
filled for the unexpired portion

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<PAGE>

of the term thereof by a resolution adopted by a majority of the remaining
members of the Board of Directors.

         5.       Compensation. The compensation, if any, to be received by the
Chairman of the Board shall be fixed by the Board of Directors.

                                   ARTICLE VI
                                   COMMITTEES

         1.       Executive Committee; How Constituted and Powers. The Board of
Directors, by resolution adopted by a majority of the whole Board of Directors,
may designate one or more of the Directors then in office to constitute an
Executive Committee, which shall have and may exercise between meetings of the
Board of Directors all the delegable powers of the Board of Directors to the
extent not expressly prohibited by the Nevada General Corporation Law or by
resolution of the Board of Directors. The Board of Directors may designate one
or more Directors as alternate members of the Committee who may replace any
absent or disqualified member at any meeting of the Committee. Each member of
the Executive Committee shall continue to be a member thereof only at the
pleasure of a majority of the whole Board of Directors.

         2.       Executive Committee; Organization. The chairman appointed by
the Board of Directors shall act as chairman at all meetings of the Executive
Committee and the Secretary shall act as secretary thereof. In case of the
absence from any meeting of such chairman or the secretary, the Committee may
appoint a chairman or secretary, as the case may be, of the meeting.

         3.       Executive Committee; Meetings. Regular meetings of the
Executive Committee may be held without notice on such days and at such places
as shall be fixed by resolution adopted by a majority of the Committee and
communicated to all its members. Special meetings of the Committee shall be held
whenever called by the chairman of the Committee or a majority of the members
thereof then in office. Notice of each special meeting of the Committee shall be
given in the manner provided in Section 6 of Article III of these Bylaws for
special meetings of the Board of Directors. Notice of any such meeting of the
Committee, however, need not be given to any member of the Committee if waived
by him in writing or by telegraph, cable, wireless or other form of recorded
communication either before or after the meeting, or if he is present at such
meeting, except when he attends for the express purpose of objecting to the
transaction of any business because the meeting is not lawfully called or
convened. Subject to the provisions of this Article VI, the Committee, by
resolution adopted by a majority of the whole Committee, shall fix its own rules
of procedure and it shall keep a record of its proceedings and report them to
the Board of Directors at the next regular meeting thereof after such
proceedings have been taken. All such proceedings shall be subject to revision
or alteration by the Board of Directors; provided, however, that third parties
shall not be prejudiced by any such revision or alteration.

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<PAGE>

         4.       Executive Committee; Quorum and Manner of Acting. A majority
of the Executive Committee shall constitute a quorum for the transaction of
business, and, except as specified in Section 3 of this Article VI, the act of a
majority of those present at a meeting thereof at which a quorum is present
shall be the act of the Committee. The members of the Committee shall act only
as a committee, and the individual members shall have no power as such.

         5.       Other Committees. The Board of Directors, by resolution
adopted by a majority of the whole Board, may constitute other committees, which
shall in each case consist of one or more of the Directors and, at the
discretion of the Board of Directors, such officers who are not Directors. The
Board of Directors may designate one or more Directors or officers who are not
Directors as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of the committee. Each such committee shall
have and may exercise such powers as the Board of Directors may determine and
specify in the respective resolutions appointing them; provided, however, that
(a) unless all of the members of any committee shall be Directors, such
committee shall not have authority to exercise any of the powers of the Board of
Directors in the management of the business and affairs of the Corporation, and
(b) if any committee shall have the power to determine the amounts of the
respective fixed salaries of the officers of the Corporation or any of them,
such committee shall consist of not less than three (3) members and none of its
members shall have any vote in the determination of the amount that shall be
paid to him as a fixed salary. A majority of all the members of any such
committee may fix its rules of procedure, determine its action and fix the time
and place of its meetings and specify what notice thereof, if any, shall be
given, unless the Board of Directors shall otherwise by resolution provide.

         6.       Committee Minutes. The Executive Committee and any other
committee shall keep regular minutes of their proceedings and report the same to
the Board of Directors when required.

         7.       Action by Committees Without a Meeting. Any action required or
permitted to be taken at a meeting of the Executive Committee or any other
committee of the Board of Directors may be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the
action so taken, is signed by all members of the committee and such consent is
filed with the minutes of the proceedings of the committee.

         8.       Resignations. Any member of the Executive Committee or any
other committee may resign therefrom at any time by giving written notice of his
resignation to the chairman or the secretary thereof. Any such resignation shall
take effect at the time specified therein, or if the time when it shall become
effective is not specified therein, it shall take effect immediately upon its
receipt by the chairman or the secretary; and, unless otherwise specified
therein, the acceptance of such resignation shall not be necessary to make it
effective.

         9.       Vacancies. Any vacancy in the Executive Committee or any other
committee shall be filled by the vote of a majority of the whole Board of
Directors.

                                       11

<PAGE>

         10.      Compensation. The Board of Directors may at any time and from
time to time by resolution provide that committee members shall be paid a fixed
sum for attendance at each committee meeting or a stated salary as a committee
member in either case payable in cash, the Corporation stock, or such other form
designated by the Board of Directors. In addition, the Board of Directors may at
any time and from time to time by resolution provide that such committee members
shall be paid their actual expenses, if any, of attendance at each committee
meeting. Nothing in this section shall be construed as precluding any committee
member from serving the Corporation in any other capacity and receiving
compensation therefor, but a majority of the whole Board of Directors may by
resolution provide that any committee member receiving compensation for his
services to the Corporation in any other capacity shall not receive additional
compensation for his services as a committee member.

         11.      Dissolution of Committees; Removal of Committee Members. The
Board of Directors, by resolution adopted by a majority of the whole Board, may,
with or without cause, dissolve the Executive Committee or any other committee,
and, with or without cause, remove any member thereof.

                                   ARTICLE VII
                                  MISCELLANEOUS

         1.       Execution of Contracts. Except as otherwise required by law or
by these Bylaws, any contract or other instrument may be executed and delivered
in the name of the Corporation and on its behalf by the Chairman of the Board or
the CEO, and, at the direction of the Board of Directors, Chairman of the Board,
or the CEO, such contracts or instruments may be signed by the President, the
CFO, the Treasurer, or any Vice President. In addition, the Board of Directors
may authorize any other officer or officers or agent or agents to execute and
deliver any contract or other instrument in the name of the Corporation and on
its behalf, and such authority may be general or confined to specific instances
as the Board of Directors may by resolution determine.

         2.       Attestation. The CEO, the President, the CFO, the Treasurer,
the Secretary, any Vice President, or any Assistant Secretary may attest the
execution of any instrument or document by the Chairman of the Board, the CEO,
or any other duly authorized officer or agent of the Corporation, other than
himself, and may affix the corporate seal, if any, in witness thereof, but
neither such attestation nor the affixing of a corporate seal shall be requisite
to the validity of any such document or instrument.

         3.       Checks, Drafts. All checks, drafts, orders for the payment of
money, bills of lading, warehouse receipts, obligations, bills of exchange and
insurance certificates shall be signed or endorsed (except endorsements for
collection for the account of the Corporation or for deposit to its credit,
which shall be governed by the provisions of Section 4 of this Article VII) by
such officer or officers or agent or agents of the Corporation and in such
manner as shall from time to time be determined by resolution of the Board of
Directors.

         4.       Deposits. All funds of the Corporation not otherwise employed
shall be deposited from time to time to the credit of the Corporation or
otherwise as the Board of Directors or the CEO shall direct in general or
special accounts at such banks, trust companies, savings and loan

                                       12

<PAGE>

associations, or other depositories as the Board of Directors may select or as
may be selected by any officer or officers or agent or agents of the Corporation
to whom power in that respect has been delegated by the Board of Directors. For
the purpose of deposit and for the purpose of collection for the account of the
Corporation, checks, drafts and other orders for the payment of money which are
payable to the order of the Corporation may be endorsed, assigned, and delivered
by any officer or agent of the Corporation. The Board of Directors may make such
special rules and regulations with respect to such accounts, not inconsistent
with the provisions of these Bylaws, as it may deem expedient.

         5.       Proxies in Respect of Stock or Other Securities of Other
Corporations. Unless otherwise provided by resolution adopted by the Board of
Directors, the Chairman of the Board, the CEO, the President, the CFO, the
Treasurer, or any Vice President may exercise in the name and on behalf of the
Corporation the powers and rights which the Corporation may have as the holder
of stock or other securities in any other corporation, including without
limitation the right to vote or consent with respect to such stock or other
securities.

         6.       Fiscal Year. The fiscal year of the Corporation shall be fixed
by resolution of the Board of Directors, and may thereafter be changed from time
to time by action of the Board of Directors. Initially, the fiscal year shall
begin on January 1 and end on December 31.

         7.       Gender. Any masculine reference in these Bylaws shall also
include the feminine.

                                  ARTICLE VIII
                                      STOCK

         1.       Certificates. Every holder of stock in the Corporation shall
be entitled to have a certificate signed by or in the name of the Corporation by
the Chairman of the Board, the CEO, the President, or a Vice President, and by
the CFO, the Treasurer, the Secretary or an Assistant Treasurer or Assistant
Secretary. The signatures of such officers upon such certificate may be
facsimiles if the certificate is manually signed by a transfer agent or
registered by a registrar, other than the Corporation itself or one of its
employees. If any officer who has signed or whose facsimile signature has been
placed upon a certificate has ceased for any reason to be such officer prior to
issuance of the certificate, the certificate may be issued with the same effect
as if that person were such officer at the date of issue. All certificates for
stock of the Corporation shall be consecutively numbered, shall state the number
of shares represented thereby and shall otherwise be in such form as shall be
determined by the Board of Directors, subject to such requirements as are
imposed by the Nevada General Corporation Law. The names and addresses of the
persons to whom the shares represented by certificates are issued shall be
entered on the stock transfer books of the Corporation, together with the number
of shares and the date of issue, and in the case of cancellation, the date of
cancellation. Certificates surrendered to the Corporation for transfer shall be
cancelled, and no new certificate shall be issued in exchange for such shares
until the original certificate has been cancelled; except that in the case of a
lost, stolen, destroyed, or mutilated certificate, a new certificate may be
issued in accordance with Section 4 of this Article VIII.

                                       13

<PAGE>

         2.       Transfer of Stock. Transfers of shares of stock of the
Corporation shall be made only on the stock transfer books of the Corporation by
the holder of record thereof or by his legal representative or attorney in fact,
who shall furnish proper evidence of authority to transfer to the Secretary, or
a transfer clerk or a transfer agent, and upon surrender of the certificate or
certificates for such shares properly endorsed and payment of all taxes thereon.
The person in whose name shares of stock stand on the books of the Corporation
shall be deemed the owner thereof for all purposes as regards the Corporation.

         3.       Regulations. The Board of Directors may make such rules and
regulations as it may deem expedient, not inconsistent with these Bylaws,
concerning the issue, transfer and registration of certificates for stock of the
Corporation. The Board of Directors may appoint, or authorize any officer or
officers or any committee to appoint, one or more transfer clerks or one or more
transfer agents and one or more registrars, and may require all certificates for
stock to bear the signature or signatures of any of them.

         4.       Lost Certificates. The Board of Directors may direct a new
certificate or certificates to be issued in place of any certificate or
certificates theretofore issued by the Corporation alleged to have been lost,
destroyed, or mutilated, upon the making of an affidavit of the fact by the
person claiming the certificate of stock to be lost, destroyed, or mutilated.
When authorizing such issue of a new certificate or certificates, the Board of
Directors may, in its discretion and as a condition precedent to the issuance
thereof, require the owner of such lost, destroyed, or mutilated certificate or
certificates, or his legal representative, to advertise the same in such manner
as it shall require and/or give the Corporation a bond in such sum as it may
direct as indemnity against any claim that may be made against the Corporation
with respect to the certificate alleged to have been lost, destroyed, or
mutilated.

         5.       Registered Stockholders. The Corporation (i) shall be entitled
to recognize the exclusive right of a person registered on its books as the
owner of shares to receive dividends and to vote as such owner, (ii) shall hold
liable for calls and assessments a person registered on its books as the owner
of shares, and (iii) shall not be bound to recognize any equitable or other
claim to or interest in such share or shares on the part of any other person,
whether or not it shall have express or other notice thereof, except as
otherwise provided by the laws of Nevada.

                                   ARTICLE IX
                                    DIVIDENDS

         The Board of Directors may from time to time declare, and the
Corporation may pay, dividends on its outstanding shares of stock in the manner
and upon the terms and conditions provided in the Articles of Incorporation and
the Nevada General Corporation Law.

                                    ARTICLE X
                                      SEAL

         A corporate seal shall not be requisite to the validity of any
instrument executed by or on behalf of the Corporation. Nevertheless, if in any
instance a corporate seal is used, the same

                                       14

<PAGE>

shall bear the full name of the Corporation and the year and state of
incorporation, or words or figures of similar import.

                                   ARTICLE XI
                                   AMENDMENTS

         These Bylaws may be repealed, altered or amended, or new bylaws may be
adopted by the affirmative vote of the entire Board of Directors. These Bylaws
may also be repealed, altered or amended, or new bylaws may be adopted by the
affirmative vote of a majority of the combined voting power of the then
outstanding capital stock of the Corporation, and in such instance the
provisions so adopted by the stockholders may be repealed or amended only by the
subsequent affirmative vote of a majority of the combined voting power of the
then outstanding capital stock of the Corporation.

                                       15

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>9
<FILENAME>c72067exv4w4.txt
<DESCRIPTION>STOCKHOLDERS' AGREEMENT
<TEXT>
<PAGE>

                                                                     EXHIBIT 4.4

                             STOCKHOLDERS' AGREEMENT

         THIS STOCKHOLDERS' AGREEMENT ("Agreement") is made and entered into
this 11th day of June, 1999, by and among Jerry Moyes ("Moyes") and R. Kent
Chapman ("Chapman"), Dick Slater ("Slater"), Mark Fabritz ("Fabritz"), and Larry
Rockwell ("Rockwell") (each of Chapman, Slater, Fabritz, and Rockwell being
individually a "Minority Stockholder" and collectively, the "Minority
Stockholders").

                                    RECITALS

         I.       Moyes and the Minority Stockholders hold all of the issued and
outstanding stock of Jaguar Fast Freight, Inc. ("Jaguar"), an Arizona trucking
company.

         II.      Moyes is the majority stockholder of Central Freight Lines,
Inc. ("Central"), a Texas trucking company.

         III.     As a result of the Agreement and Plan of Merger of Jaguar with
and into Central as of the same date first above written (the "Merger
Agreement"), the Minority Stockholders will become minority stockholders of
Central.

         IV.      It is the desire of the Minority Stockholders that Moyes
provide assurances that the Minority Stockholders shall receive certain value
for Central shares issued to the Minority Stockholders as merger and
noncompetition consideration and Moyes is prepared to provide such assurances
through this Agreement.

         V.       All capitalized terms not otherwise defined herein shall have
the meanings assigned to them in the Merger Agreement.

         NOW, THEREFORE, in consideration of the foregoing recitals, the parties
hereto agree as follows:

         1.       Put on Central's Common Stock. Each Minority Stockholder shall
have the right to put all of Central's Common Stock received in the Merger and
held by the Minority Stockholders to Moyes for $10.00 per share. Such put is
exercisable beginning on the date two years after Closing and expires if not
exercised prior to the ninetieth (90th) day after the second anniversary of the
Closing. The put is not exercisable if Central's Common Stock (adjusted for any
merger, reorganization, recapitalization, stock split, stock dividends, or the
like) or the common stock of an entity for which Central's Common Stock has been
exchanged has traded above $10 per share for more than five consecutive trading
days during the second year after Closing. The Minority Stockholders shall
convey any shares of Central's Common Stock transferred hereunder free and clear
of adverse claims.

         2.       Put on Noncompetition Payments. Each Minority Stockholder
shall have the right each year to put all shares of Central's Common Stock (or
the common stock of an entity for

<PAGE>

which Central's Common Stock has been exchanged) issued that year pursuant to
Section 6.05(f) of the Merger Agreement to Moyes for $13.50 per share. Such put
shall be exercisable if, during a 90-day measurement period following each
annual issuance, Central's Common Stock (adjusted for any merger,
reorganization, recapitalization, stock split, stock dividends, or the like) or
the common stock of an entity for which Central's Common Stock has been
exchanged has not traded over $13.50 per share. Such put expires thirty (30)
days after the end of each 90-day measurement period. The Minority Stockholders
shall convey any shares of Central's Common Stock transferred hereunder free and
clear of adverse claims.

         3.       Assignment and Binding Effect. This Agreement may not be
assigned by any party hereto without the prior written consent of all of the
other parties. Subject to the foregoing, all of the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and permitted assigns of any party hereto.

         4.       Waiver. Any term or provision of this Agreement may be waived
at any time by the party entitled to the benefit thereof by a written instrument
duly executed by such party.

         5.       Notices. Any notice, request, demand, waiver, consent,
approval, or other communication that is required or permitted hereunder shall
be in writing and shall be deemed given only if delivered personally, or sent by
certified mail, postage prepaid, or sent by facsimile telecopier as follows:

               If to Moyes:                    If to one or more of the Minority
                                               Stockholders:

               Mr. Jerry Moyes                 Mr. R. Kent Chapman
               2200 S. 75th Avenue             1241 N. Allen
               Phoenix, AZ 85031               Mesa, AZ 85203
               Telecopier: 602-907-7503        Telecopier: 602-233-0170

               With a copy to:

               Earl H. Scudder, Esquire        Mr. Mark Fabritz
               Scudder Law Firm, P.C.          7400 W. Arrowhead
               411 S. 13th Street, Ste 200     Clubhouse Drive #1045
               Lincoln, NE 68508               Glendale, AZ 85308
               Telecopier: 402-435-4333        Telecopier: 602-233-0170

                                               Mr. Dick Slater
                                               5218 W. Tonopah Drive
                                               Glendale, AZ 85308
                                               Telecopier: 602-233-0170

                                        2

<PAGE>

                                               Mr. Larry Rockwell
                                               1315 E. Wagoner
                                               Phoenix, AZ 85022
                                               Telecopier: 602-233-0170

                                               With a copy to:

                                               Charles T. Stegall, Esquire
                                               Stegall Katz & Whitaker
                                               531 East Thomas Rd., Ste 102
                                               Phoenix, AZ 85012-3239
                                               Telecopier: 602-285-1486

or to such other address as the addressee may have specified in a notice duly
given as provided herein. Such notice or communication shall be deemed given as
of the date sent.

         6.       Cooperation. Subject to the terms and conditions herein
provided, the parties hereto shall use their best efforts to take, or cause to
be taken, such action, to execute and deliver, or cause to be executed and
delivered, such additional documents and instruments and to do, or cause to be
done, all things necessary, proper, or advisable under the provisions of this
Agreement and under applicable law to consummate and make effective the purposes
of this Agreement.

         7.       Governing Law. This Agreement shall be governed by and
interpreted and enforced in accordance with the laws of the State of Arizona,
without giving effect to the conflict of law provisions thereof.

         8.       Merger. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter described herein and the Minority
Stockholders acknowledge and agree that in entering this Agreement, the Minority
Stockholders did not rely on any representations or warranties other than those
set forth herein. This Agreement supersedes all prior and contemporaneous
agreements, representations, writings, discussions, and understandings of the
parties.

         9.       Counterparts. This Agreement may be executed in any number of
counterparts and any party hereto may execute any such counterpart, each of
which when executed and delivered shall be deemed to be an original and all of
which counterparts taken together shall constitute but one and the same
instrument.

                                       3

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on the date first above written.

/s/ Jerry Moyes                                  /s/ Kent Chapman
----------------------------------------         -------------------------------
Jerry Moyes                                      R. Kent Chapman

/s/ Mark Fabritz                                 /s/ Dick Slater
----------------------------------------         -------------------------------
Mark Fabritz                                     Dick Slater

/s/ Larry Rockwell
----------------------------------------
Larry Rockwell

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1(A)
<SEQUENCE>10
<FILENAME>c72067exv10w1xay.txt
<DESCRIPTION>CENTRAL FREIGHT LINES, INC. 401(K) SAVINGS PLAN
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.1(a)

                           CENTRAL FREIGHT LINES, INC.
                               401(k) SAVINGS PLAN
                           (AS AMENDED AND RESTATED)

<PAGE>

                           CENTRAL FREIGHT LINES, INC.
                               401(k) SAVINGS PLAN
                            (AS AMENDED AND RESTATED)

         CENTRAL FREIGHT LINES, INC., acting by and through its Board of
Directors, does hereby adopt this amendment and restatement of the CENTRAL
FREIGHT LINES, INC. 401(k) SAVINGS PLAN ("Plan") effective, in part, January 1,
1998 and effective, in part, on January 1, 1999. The Plan is for the benefit of
eligible employees of Central Freight Lines, Inc., and its participating
affiliates and is intended to continue to constitute a qualified profit sharing
plan, as described in Internal Revenue Code ("Code") section 401(a), which
includes a qualified cash or deferred arrangement, as described in Code section
401(k).

         CENTRAL FREIGHT LINES, INC. has previously entered into a trust
agreement with VANGUARD FIDUCIARY TRUST COMPANY which shall continue as Trustee
of the Plan. The trust created by such trust agreement is tax exempt pursuant to
Code section 501(a).

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                   <C>
1.       DEFINITIONS...........................................................................        1

2.       ELIGIBILITY...........................................................................       10
         2.1      Eligibility..................................................................       10
         2.2      Ineligible Employees.........................................................       10
         2.3      Ineligible, Terminated or Former Participants................................       10

3.       PARTICIPANT CONTRIBUTIONS.............................................................       11
         3.1      Before-Tax Contribution Election.............................................       11
         3.2      After-Tax Contribution Election..............................................       11
         3.3      Changing a Contribution Election.............................................       11
         3.4      Revoking and Resuming a Contribution Election................................       11
         3.5      Contribution Percentage Limits...............................................       12
         3.6      Refunds When Contribution Dollar Limit Exceeded..............................       12
         3.7      Timing, Posting and Tax Considerations.......................................       13

4.       ROLLOVER CONTRIBUTIONS AND TRANSFERS
                  FROM AND TO OTHER QUALIFIED PLANS............................................       14
         4.1      Rollover Contributions.......................................................       14
         4.2      Transfers From and To Other Qualified Plans..................................       14

5.       EMPLOYER CONTRIBUTIONS................................................................       15
         5.1      Matching Contributions.......................................................       15
         5.2      Profit Sharing Contributions for Employees...................................       15

6.       ACCOUNTING............................................................................       17
         6.1      Individual Participant Accounting............................................       17
         6.2      Trade Date Accounting and Investment Cycle...................................       17
         6.3      Accounting for Investment Funds..............................................       17
         6.4      Payment of Fees and Expenses.................................................       17
         6.5      Accounting for Participant Loans.............................................       18
         6.6      Error Correction.............................................................       18
         6.7      Participant Statements.......................................................       18
         6.8      QDROs........................................................................       18

7.       INVESTMENT FUNDS AND ELECTIONS........................................................       20
         7.1      Investment Funds.............................................................       20
         7.2      Responsibility for Investment Choice.........................................       20
         7.3      Investment Fund Elections....................................................       20
         7.4      Default If No Valid Investment Election......................................       20
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
8.       VESTING & FORFEITURES.................................................................       22
         8.1      Fully Vested Accounts........................................................       22
         8.2      Full Vesting Upon Certain Events.............................................       22
         8.3      Vesting Schedule.............................................................       22
         8.4      Forfeitures of Non-Vested Account Balances...................................       23
         8.5      Use of Forfeiture Account Amounts............................................       23
         8.6      Rehired Employees............................................................       23

9.       PARTICIPANT LOANS.....................................................................       24
         9.1      Participant Loans Permitted..................................................       24
         9.2      Loan Application, Note and Security..........................................       24
         9.3      Spousal Consent..............................................................       24
         9.4      Loan Approval................................................................       24
         9.5      Loan Funding Limits, Account Sources and Funding Order.......................       24
         9.6      Maximum Number of Loans......................................................       25
         9.7      Source and Timing of Loan Funding............................................       25
         9.8      Interest Rate................................................................       25
         9.9      Loan Payment.................................................................       25
         9.10     Loan Payment Hierarchy.......................................................       26
         9.11     Repayment Suspension.........................................................       26
         9.12     Loan Default.................................................................       26
         9.13     Acceleration on Termination .................................................       26

10.      IN-SERVICE WITHDRAWALS................................................................       27
         10.1     In-Service Withdrawals Permitted.............................................       27
         10.2     In-Service Withdrawal Application and Notice.................................       27
         10.3     Spousal Consent..............................................................       27
         10.4     In-Service Withdrawal Approval...............................................       27
         10.5     Payment Form and Medium......................................................       27
         10.6     Source and Timing of In-Service Withdrawal Funding...........................       28
         10.7     Hardship Withdrawals.........................................................       28

11.      DISTRIBUTIONS ONCE EMPLOYMENT ENDS OR AS REQUIRED BY LAW..............................       31
         11.1     Benefit Information, Notices and Election....................................       31
         11.2     Spousal Consent..............................................................       32
         11.3     Payment Form and Medium......................................................       32
         11.4     Source and Timing of Distribution Funding....................................       32
         11.5     Deemed Distribution..........................................................       33
         11.6     Latest Commencement Permitted................................................       33
         11.7     Payment Within Life Expectancy...............................................       34
         11.8     Incidental Benefit Rule......................................................       34
         11.9     Payment to Beneficiary.......................................................       34
         11.10    Beneficiary Designation......................................................       35
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
12.      ADP AND ACP TESTS.....................................................................       36
         12.1     Contribution Limitation Definitions..........................................       36
         12.2     ADP and ACP Tests............................................................       37
         12.3     Correction of ADP and ACP Tests..............................................       37
         12.4     Multiple Use Test............................................................       40
         12.5     Correction of Multiple Use Test..............................................       40
         12.6     Adjustment for Investment Gain or Loss.......................................       40
         12.7     Testing Responsibilities and Required Records................................       40
         12.8     Separate Testing.............................................................       41

13.      MAXIMUM CONTRIBUTION AND BENEFIT LIMITATIONS..........................................       42
         13.1     "Annual Addition" Defined....................................................       42
         13.2     Maximum Annual Addition......................................................       42
         13.3     Avoiding an Excess Annual Addition...........................................       42
         13.4     Correcting an Excess Annual Addition.........................................       42
         13.5     Correcting a Multiple Plan Excess............................................       43
         13.6     "Defined Benefit Fraction" Defined...........................................       43
         13.7     "Defined Contribution Fraction" Defined......................................       43

14.      TOP HEAVY RULES.......................................................................       44
         14.1     Top Heavy Definitions........................................................       44
         14.2     Special Contributions........................................................       45
         14.3     Special Vesting..............................................................       46
         14.4     Adjustment to Combined Limits for Different Plans............................       46

15.      PLAN ADMINISTRATION...................................................................       47
         15.1     Plan Delineates Authority and Responsibility.................................       47
         15.2     Fiduciary Standards..........................................................       47
         15.3     Company Is ERISA Plan Administrator..........................................       47
         15.4     Administrator Duties.........................................................       47
         15.5     Advisors May Be Retained.....................................................       48
         15.6     Delegation of Administrator Duties...........................................       48
         15.7     Committee Operating Rules....................................................       49
         15.8     Choice of Law................................................................       49

16.      MANAGEMENT OF INVESTMENTS.............................................................       50
         16.1     Trust Agreement..............................................................       50
         16.2     Investment Funds.............................................................       51
         16.3     Authority to Hold Cash.......................................................       51
         16.4     Trustee to Act Upon Instructions.............................................       51
         16.5     Administrator Has Right to Vote Registered Investment Company Shares.........       51
         16.6     Authority to Segregate Assets................................................       51
         16.7     Maximum Permitted Investment in Company Stock................................       51
         16.8     Participants Have Right to Vote and Tender Company Stock.....................       51
         16.9     Registration and Disclosure for Company Stock................................       52
</TABLE>

                                     -iii-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
17.      RIGHTS, PROTECTION, CONSTRUCTION AND JURISDICTION.....................................       53
         17.1     Plan Does Not Affect Employment Rights.......................................       53
         17.2     Compliance With USERRA.......................................................       53
         17.3     Limited Return of Contributions..............................................       53
         17.4     Assignment and Alienation....................................................       53
         17.5     Facility of Payment..........................................................       54
         17.6     Reallocation of Lost Participant's Accounts..................................       54
         17.7     Claims Procedure.............................................................       54
         17.8     Construction.................................................................       55
         17.9     Jurisdiction and Severability................................................       55
         17.10    Indemnification by Employer..................................................       55

18.      AMENDMENT, MERGER, DIVESTITURES AND TERMINATION.......................................       57
         18.1     Amendment ...................................................................       57
         18.2     Merger.......................................................................       57
         18.3     Divestitures ................................................................       57
         18.4     Plan Termination and Complete Discontinuance of Contributions................       58
         18.5     Amendment and Termination Procedures.........................................       58
         18.6     Termination of Employer's Participation......................................       59
</TABLE>

                                      -iv-

<PAGE>

1.       DEFINITIONS

         When capitalized, the words and phrases below have the following
         meanings unless different meanings are clearly required by the context:

         1.1      "ACCOUNT". The records maintained for purposes of accounting
                  for a Participant's interest in the Plan. "Account" may refer
                  to one or all of the following accounts which have been
                  created on behalf of a Participant to hold amounts
                  attributable to specific types of Contributions under the
                  Plan, amounts transferred from the Jaguar Fast Freight, Inc.
                  401(k) Savings Plan and amounts rollover from other tax
                  qualified plans.

                  (a)      "BEFORE-TAX MATCHED ACCOUNT". An account created to
                           hold amounts attributable to Before-Tax Contributions
                           which are matched by Matching Contributions.

                  (b)      "BEFORE-TAX MATCHED ACCOUNT-JAGUAR". An account
                           created to hold amounts attributable to Before-Tax
                           Contributions which are matched by Jaguar Fast
                           Freight, Inc.

                  (c)      "BEFORE-TAX NON-MATCHED ACCOUNT". An account created
                           to hold amounts attributable to Before-Tax
                           Contributions which are not matched by Matching
                           Contributions.

                  (d)      "BEFORE-TAX NON-MATCHED ACCOUNT-JAGUAR". An account
                           created to hold amounts attributable to Before-Tax
                           Contributions which were not matched by Jaguar Fast
                           Freight, Inc.

                  (e)      "AFTER-TAX ACCOUNT". An account created to hold
                           amounts attributable to After-Tax Contributions.

                  (f)      "COMPANY MATCH ACCOUNT". An account created to hold
                           amounts attributable to Matching Contributions made
                           on behalf of Employees.

                  (g)      "COMPANY MATCH ACCOUNT-JAGUAR". An account created to
                           hold amounts attributable to Matching Contributions
                           made on behalf of Employees by Jaguar Fast Freight,
                           Inc.

                  (h)      "PROFIT SHARING ACCOUNT". An account created to hold
                           amounts attributable to Profit Sharing Contributions
                           made on behalf of Employees.

                  (i)      "PROFIT SHARING ACCOUNT-JAGUAR". An account created
                           to hold amounts attributable to Profit Sharing
                           Contributions made by Jaguar Fast Freight, Inc.

                  (j)      "ROLLOVER ACCOUNT". An account created to hold
                           amounts attributable to Rollover Contributions.

                                       1

<PAGE>

                  (k)      "ROLLOVER ACCOUNT-JAGUAR". An account created to hold
                           amounts attributable to Rollover Contributions in the
                           Jaguar Fast Freight, Inc. 401(k) Savings Plan

         1.2      "ACP" or "AVERAGE CONTRIBUTION PERCENTAGE". The percentage
                  calculated in accordance with Section 12.1 hereof.

         1.3      "ADMINISTRATOR". The Company, which may delegate all or a
                  portion of the duties of the Administrator under the Plan to a
                  Committee in accordance with Section 15.6 hereof.

         1.4      "ADP" or "AVERAGE DEFERRAL PERCENTAGE". The percentage
                  calculated in accordance with Section 12.1 hereof.

         1.5      "ALTERNATE PAYEE". Any spouse, former spouse, child, or other
                  dependent of a Participant recognized by a domestic relations
                  order as having a right to receive all, or a portion of, a
                  Participant's benefits under the Plan.

         1.6      "ANNUITY ELIGIBLE BALANCE". With regard to a Participant who
                  immediately prior to July 4, 1999 was a participant in the
                  Jaguar Fast Freight, Inc. 401(k) Savings Plan, the vested
                  balance of his or her Before-Tax Matched Account-Jaguar,
                  Before-Tax Non-Matched Account-Jaguar, Company Matched
                  Account-Jaguar, Profit Sharing Account-Jaguar and Rollover
                  Account-Jaguar.

         1.7      "BENEFICIARY". The person or person who are to receive
                  benefits after the death of the Participant pursuant to the
                  "Beneficiary Designation" paragraph in Section 11 hereof.

         1.8      "BREAK IN SERVICE". The end of five (5) consecutive Plan Years
                  [or six (6) consecutive Plan Years if absence from employment
                  was due to a Parental Leave] for which a Participant is
                  credited with no Hours of Service.

         1.9      "CODE". The Internal Revenue Code of 1986 as amended.
                  Reference to any specific Code section shall include such
                  section, any valid regulation promulgated thereunder, and any
                  comparable provision of any future legislation amending,
                  supplementing, or superseding such section.

         1.10     "COMMITTEE". The administrative committee appointed by the
                  Company and charged with the general administration of the
                  Plan in accordance with Section 15.6 hereof.

         1.11     "COMPANY". CENTRAL FREIGHT LINES, INC., a Texas corporation,
                  or any successor by merger, purchase, or otherwise.

                                       2

<PAGE>

         1.12     "COMPANY STOCK". Shares of voting common stock of the Company,
                  its successors or assigns, or any corporation with or into
                  which said corporation may be merged, consolidated, or
                  reorganized.

         1.13     "COMPENSATION".

                  (a)      "COMPENSATION" means the sum of salary paid to an
                           Employee by all Controlled Group Members in the
                           calendar year, plus cash incentive compensation and
                           overtime pay paid to that Employee, but excluding (i)
                           expense allowances and other special payments not
                           paid as regular compensation; (ii) payments pursuant
                           to a tax equalization, relocation, or cost of living
                           program; (iii) payments made as Short-Term Wage
                           Replacement Amounts paid under the Central Freight
                           Lines, Inc. Voluntary Employee Injury Benefit Plan;
                           and (iv) any part of the Company's contributions
                           under this Plan and/or any pension, welfare, stock
                           bonus, stock ownership, or other qualified or
                           non-qualified Plan. Notwithstanding the foregoing,
                           Compensation shall include any salary that would have
                           been paid to such Employee had he not signed a salary
                           deferral agreement that satisfies the requirements of
                           Code Section 401(k), 125 or 129.

                  (b)      "MATCHING CONTRIBUTION". An amount contributed by the
                           Company on an eligible Participant's behalf based
                           upon the amount contributed by the eligible
                           Participant.

                  (c)      "PROFIT SHARING CONTRIBUTION". An amount contributed
                           by the Company on an eligible Participant's behalf
                           and allocated on a pay-based formula or as equal
                           fixed dollar amounts.

                  (d)      "ROLLOVER CONTRIBUTION". An amount contributed by an
                           Eligible Employee which originated from another
                           employer's qualified Plan.

         1.14     "CONTRIBUTION DOLLAR LIMIT". The annual limit placed on each
                  Participant's Before-Tax Contributions, which is $10,000 as of
                  the effective date hereof [as adjusted for the cost of living
                  pursuant to Code sections 402(g)(5) and 415(d).] For purposes
                  of this Section, a Participant's Before-Tax Contributions
                  shall include (i) any employer contribution made under a
                  qualified cash or deferred arrangement as defined in Code
                  section 401(k) to the extent not includible in gross income
                  for the taxable year under Code section 402(e)(3); and (ii)
                  any employer contribution to the extent not includible in
                  gross income for the taxable year under Code section
                  402(h)(1)(B) [determined without regard to Code Section
                  402(g)].

         1.15     "DIRECT ROLLOVER". An Eligible Rollover Distribution that is
                  paid directly to an Eligible Retirement Plan for the benefit
                  of a Distributee.

         1.16     "DISABILITY". A Participant's total and permanent disability
                  which results in his or her inability to work at any job
                  because of a physical or mental impairment which is expected
                  to result in death or last for a long, continued and
                  indefinite duration.

                                       3

<PAGE>

         1.17     "DISTRIBUTEE". An Employee or former Employee, the surviving
                  spouse of an Employee or former Employee, and a spouse or
                  former spouse of an Employee or former Employee determined to
                  be an Alternate Payee under a QDRO.

         1.18     "EFFECTIVE DATE". The date upon which the provisions of this
                  document become effective. This date is January 1, 1999,
                  unless stated otherwise.

         1.19     "ELIGIBLE EMPLOYEE". An Employee of an Employer other than an
                  Employee in a class or group to which the Employer has not
                  extended eligibility for participation in the Plan and except
                  any Employee:

                  (a)      who is treated as an Employee because he or she is a
                           Leased Employee; or

                  (b)      who is a nonresident alien who (i) either receives no
                           earned income [within the meaning of Code section
                           911(d)(2)], from sources within the United States
                           under Code section 861(a)(3); or (ii) receives such
                           earned income from such sources within the United
                           States but such income is exempt from United States
                           income tax under an applicable income tax convention.

         1.20     "ELIGIBLE RETIREMENT PLAN". An individual retirement account
                  described in Code section 408(a), an individual retirement
                  annuity described in Code section 408(b), an annuity plan
                  described in Code section 403(a), or a qualified trust
                  described in Code section 401(a) that accepts a Distributee's
                  Eligible Rollover Distribution, except that with regard to an
                  Eligible Rollover Distribution to a surviving spouse, an
                  Eligible Retirement Plan is an individual retirement account
                  or individual retirement annuity.

         1.21     "ELIGIBLE ROLLOVER DISTRIBUTION". A distribution of all or any
                  portion of the balance to the credit of a Distributee,
                  excluding a distribution to the extent such distribution is
                  required under Code section 401(a)(9), or made as a Hardship
                  Distribution under Code section 401(k)(2)(B)(i)(iv); and the
                  portion of a distribution that is not includible in gross
                  income (determined without regard to the exclusion for net
                  unrealized appreciation with respect to Employer securities).

         1.22     "EMPLOYEE". An individual who is:

                  (a)      directly employed by the Company or any Related
                           Company and for whom any income for such employment
                           is subject to withholding of income or social
                           security taxes; or

                  (b)      a Leased Employee.

         1.23     "EMPLOYER". The Company and any Related Company which adopts
                  the Plan with the approval of the Company.

                                       4
<PAGE>

         1.24     "ERISA". The Employee Retirement Income Security Act of 1974
                  as amended. Reference to any specific ERISA section shall
                  include such section, any valid regulation promulgated
                  thereunder, and any comparable provision of any future
                  legislation amending, supplementing, or superseding such
                  section.

         1.25     "FORFEITURE ACCOUNT". An account holding amounts forfeited by
                  Terminated Participants invested in interest bearing deposits,
                  money market type assets, or funds pending disposition as
                  provided in the Plan and as directed by the Administrator.

         1.26     "FORMER PARTICIPANT". The Plan status of an individual after
                  he or she is determined to be a Terminated Participant and his
                  or her Account is distributed or forfeited.

         1.27     "HCE" or "HIGHLY COMPENSATED EMPLOYEE". An Employee described
                  as a Highly Compensated Employee in Section 12 hereof.

         1.28     "HOUR OF SERVICE". Each hour for which an Employee is entitled
                  to:

                  (a)      payment for the performance of duties for the Company
                           or any Related Company;

                  (b)      payment from the Company or any Related Company for
                           any period during which no duties are performed
                           (irrespective of whether the employment relationship
                           has terminated) due to vacation, holiday, sickness,
                           incapacity (including disability), layoff, leave of
                           absence, jury duty, or military service;

                  (c)      back pay, irrespective of mitigation of damages, by
                           award or agreement with the Company or any Related
                           Company (and these hours shall be credited to the
                           period to which the agreement pertains); or

                  (d)      no payment, but is on a Leave of Absence (and these
                           hours shall be based upon his or her normally
                           scheduled hours per week or a 40-hour week if there
                           is no regular schedule).

                  The crediting of hours for which no duties are performed shall
                  be in accordance with Department of Labor regulation sections
                  2530.200b-2(b) and (c). Actual hours shall be used whenever an
                  accurate record of hours is maintained for an Employee.
                  Otherwise, an equivalent number of hours shall be credited for
                  each payroll period in which the Employee would be credited
                  with at least 1 hour. The payroll period equivalencies are 45
                  hours weekly, 90 hours biweekly, 95 hours semimonthly and 190
                  hours monthly.

                  Hours credited prior to a Break in Service are included.

                                       5

<PAGE>

         1.29     "INELIGIBLE". The Plan status of an individual who is (1) an
                  Employee of the Company but not an Eligible Employee; (2) an
                  Employee of a Related Company which is not then an Employer;
                  or (3) not an Employee.

         1.30     "INELIGIBLE PARTICIPANT". The Plan status of a Participant who
                  is (1) an Employee of the Company but not an Eligible
                  Employee; or (2) an Employee of a Related Company which is not
                  then an Employer.

         1.31     "INVESTMENT FUND" or "FUND". An investment fund as described
                  in Section 16.2 hereof.

         1.32     "LEASED EMPLOYEE". An individual not otherwise an Employee who
                  pursuant to an agreement between the Company or a Related
                  Company and a leasing organization, has performed on a
                  substantially full-time basis for a period of at least 12
                  months, services under the primary direction and control of
                  the Company or a Related Company, unless:

                  (a)      the individual is covered by a money purchase pension
                           Plan maintained by the leasing organization and
                           meeting the requirements of Code section 414(n)(5)
                           (B); and

                  (b)      such individuals do not constitute more than 20% of
                           all Non-Highly Compensated Employees of all Related
                           Companies within the meaning of Code section 414(n)
                           (5)(C)(ii).

         1.33     "LEAVE OF ABSENCE". A period during which an individual is
                  deemed to be an Employee but is absent from active employment,
                  provided that the absence:

                  (a)      was authorized by the Company or a Related Company in
                           accordance with the Company's uniform policies
                           regarding sick or personal leave;

                  (b)      was due to layoff by the Company or a Related Company
                           followed by a return to work within the requirements
                           of the Company's or the Related Company's uniform
                           policies; or

                  (c)      was due to military service in the United States
                           armed forces and the individual returns to active
                           employment within the period during which he or she
                           retains employment rights under federal law.

         1.34     "LOAN ACCOUNT". The record maintained for purposes of
                  accounting for a Participant's loan and payments of principal
                  and interest thereon.

         1.35     "MONTHS OF PARTICIPATION". The month which includes the date a
                  Participant first becomes a Participant and each month
                  thereafter in which he or she remains a Participant while an
                  Employee.

                                       6

<PAGE>

         1.36     "NHCE" or "NON-HIGHLY COMPENSATED EMPLOYEE". An Employee
                  described as a Non-Highly Compensated Employee in Section 12
                  hereof.

         1.37     "NORMAL RETIREMENT DATE". The date a Participant reaches
                  59 1/2 years of age.

         1.38     "OWNER". A person with an ownership interest in the capital,
                  profits, outstanding stock, or voting power of the Company or
                  a Related Company within the meaning of Code section 318 or
                  416 (which exclude indirect ownership through a qualified
                  plan).

         1.39     "PARENTAL LEAVE". The period of absence from work by reason of
                  pregnancy, the birth of an Employee's child, the placement of
                  a child with the Employee in connection with the child's
                  adoption, or caring for such child immediately after birth or
                  placement as described in Code section 410(a)(5)(E).

         1.40     "PARTICIPANT". The Plan status of an Eligible Employee after
                  he or she completes the eligibility requirements and enters
                  the Plan as described in Section 2.1 hereof. An Eligible
                  Employee who makes a Rollover Contribution and/or a Before-Tax
                  Contribution prior to completing the eligibility requirements
                  as described in Section 2.1 shall also be considered a
                  Participant, except that he or she shall not be considered a
                  Participant for purposes of provisions related to
                  Contributions other than a Rollover Contribution and/or a
                  Before-Tax Contribution or for purposes of determining Months
                  of Participation until he or she completes the eligibility
                  requirements and enters the Plan. A Participant's
                  participation continues until his or her employment with the
                  Company and all Related Companies ends and his or her Account
                  is distributed or forfeited.

         1.41     "PAY". The salary, cash incentives, and overtime paid to an
                  Eligible Employee by an Employer while a Participant during
                  the current period. Pay excludes reimbursements or other
                  expense allowances, cash and non-cash fringe benefits, moving
                  expenses, payments paid as Short-Term Wage Replacement under
                  the Central Freight Lines, Inc. Voluntary Employee Injury
                  Benefit Plan, deferred compensation, and welfare benefits.

                  Pay is neither increased by any salary credit nor decreased by
                  any salary reduction pursuant to Code sections 125 or
                  402(e)(3). Pay is limited to $160,000 [as adjusted for the
                  cost of living pursuant to Code sections 401(a)(17), 404(1)
                  and 408(k)(3)(c)] per Plan Year.

         1.42     "PLAN". The Central Freight Lines, Inc. 401(k) Savings Plan
                  set forth in this document as from time to time amended.

         1.43     "PLAN YEAR". The annual accounting period of the Plan and
                  Trust which ends on each December 31.

                                       7

<PAGE>

         1.44     "QDRO". A domestic relations order which the Administrator has
                  determined to be a qualified domestic relations order within
                  the meaning of Code section 414(p).

         1.45     "QUARTER" or "PLAN QUARTER". The thirteen (13) "4-week period"
                  accounting calendar used by the Company with each of the first
                  three quarters being 12 weeks long and the fourth quarter
                  being 16 weeks long.

         1.46     "RELATED COMPANY". With respect to any Employer, that Employer
                  and any corporation, trade, or business which is, together
                  with that Employer, a member of the same controlled group of
                  corporations, a trade or business under common control, or an
                  affiliated service group within the meaning of Code sections
                  414(b), (c), (m) or (o), except that for purposes of Section
                  13 hereof, "within the meaning of Code sections 414(b), (c),
                  (m) or (o), as modified by Code section 415(h)" shall be
                  substituted for the preceding reference to "within the meaning
                  of Code section 414(b), (c), (m) or (o)".

         1.47     "SETTLEMENT DATE". For each Trade Date, the same day, provided
                  the transaction is received before 4:00 p.m. (EST); otherwise
                  the Trustee's next business day.

         1.48     "SPOUSAL CONSENT". The written consent given by a spouse to a
                  Participant's election or waiver of a specified form of
                  benefit or Beneficiary designation. The spouse's consent must
                  acknowledge the effect on the spouse of the Participant's
                  election, waiver, or designation and be duly witnessed by a
                  notary public. Spousal Consent shall be valid only with
                  respect to the spouse who signs the Spousal Consent and only
                  for the particular choice made by the Participant which
                  requires Spousal Consent. A Participant may revoke (without
                  Spousal Consent) a prior election, waiver, or designation that
                  required Spousal Consent at any time before payments begin.
                  Spousal Consent also means a determination by the
                  Administrator that there is no spouse, the spouse cannot be
                  located, or such other circumstances as may be established by
                  applicable law.

         1.49     "TAXABLE INCOME". Compensation in the amount reported by the
                  Company as "wages, tips, other compensation" on Form W-2 or
                  any successor method of reporting under Code section 6041(d).

         1.50     "TERMINATED PARTICIPANT". The Plan status of a Participant who
                  is not an Employee and for whom the Administrator has reported
                  to the Trustee that the Participant's employment has
                  terminated with the Company and all Related Companies.

         1.51     "TRADE DATE". Each day the Investment Funds are valued, which
                  is normally every day the assets of such Funds are traded.

         1.52     "TRUST". The legal entity created by trust agreement entered
                  into between the Company and the Trustee. The Trust is to be
                  part of the Plan and holds the Plan assets which are comprised
                  of the aggregate of Participants' Accounts, any unallocated
                  funds invested in interest bearing deposits, money market type
                  assets, or

                                       8

<PAGE>

                  funds pending allocation to Participants' Accounts or
                  disbursement to pay Plan fees and expenses and the Forfeiture
                  Account.

         1.53     "TRUSTEE". Vanguard Fiduciary Trust Company or any successor
                  Trustee.

         1.54     "YEAR OF VESTING SERVICE". A 12 consecutive month period
                  ending on the last day of a Plan Year in which an Employee is
                  credited with at least 1,000 Hours of Service. Years of
                  Vesting Service shall include service credited with Central
                  Freight Lines, Inc., with Viking Southwest, a division of
                  Viking Freight, Inc., with Vecta Transportation System, Inc.
                  and with Jaguar Fast Freight, Inc. and their predecessors..

                                       9

<PAGE>

2.       ELIGIBILITY

         2.1      Eligibility

                  Each Eligible Employee may become a Participant on the first
                  day of the next payroll period after the date he or she
                  attains age 21 and completes a 12-month eligibility period in
                  which he or she is credited with at least 1,000 Hours of
                  Service. The initial eligibility period begins on the date an
                  Employee first performs an Hour of Service. Subsequent
                  eligibility periods begin with the start of each Plan Year
                  beginning after the first Hour of Service is performed.

                  With regard to an Employee of an Employer who either is not an
                  Eligible Employee or who is an Eligible Employee but who has
                  not yet satisfied the requirements of the preceding paragraph
                  and who through an administrative error entered the Plan, that
                  Employee shall be considered as eligible to participate for
                  purposes of such period he or she participated in error to the
                  extent such period preceded the beginning of the Plan Year.
                  The Employee's participation shall be regarded as ceased on
                  the earlier of the date the error is discovered or the last
                  day of the Plan Year that includes the date the Employee
                  commenced participation in error. Notwithstanding, with regard
                  to an Employee who is a Highly Compensated Employee or who is
                  anticipated to be a Highly Compensated Employee in the next
                  Plan Year based on his or her projected Compensation for the
                  current Plan Year, on the date the error is discovered, the
                  Employee's participation shall be regarded as ceased
                  retroactively to the date his or her participation in error
                  commenced.

         2.2      Ineligible Employees

                  If an Employee completes the above eligibility requirements
                  but is Ineligible at the time participation would otherwise
                  begin (if he or she were not Ineligible), he or she shall
                  become a Participant on the first subsequent date on which he
                  or she is an Eligible Employee.

         2.3      Ineligible, Terminated, or Former Participants

                  An Ineligible, Terminated, or Former Participant may not make
                  or share in Plan Contributions other than such Contributions
                  due to be made on his or her behalf after the date he or she
                  became an Ineligible, Terminated, or Former Participant for
                  periods prior to such date, nor may an Ineligible or
                  Terminated Participant be eligible for a new Plan loan during
                  the period he or she is an ineligible or Terminated
                  Participant, except as described in Section 9.1 below, but he
                  or she shall continue to participate for all other purposes.
                  An Ineligible, Terminated, or Former Participant shall
                  automatically become an active Participant on the date he or
                  she again becomes an Eligible Employee.

                                       10

<PAGE>

3        PARTICIPANT CONTRIBUTIONS

         3.1      Before-Tax Contribution Election

                  An Eligible Employee, after completion of three (3) months of
                  service with the Employer, may elect to reduce his or her Pay
                  by an amount which does not exceed the Contribution Dollar
                  Limit - within the limits described in the Contribution
                  Percentage Limits paragraph of this Section 3 - and have such
                  amount contributed to the Plan by the Employer as a Before-Tax
                  Contribution. The election shall be made in such manner and
                  with such advance notice as prescribed by the Administrator
                  and shall be limited to increments of whole percentages of
                  Pay. In no event shall an Employee's Before-Tax Contributions
                  under the Plan and comparable contributions to all other
                  Plans, contracts, or arrangements of all Related Companies
                  exceed the Contribution Dollar Limit for the Employee's
                  taxable year beginning in the Plan Year.

         3.2      After-Tax Contribution Election

                  Upon becoming a Participant, an Eligible Employee may elect to
                  make After-Tax Contributions to the Plan in an amount which
                  does not exceed the limits described in the Contribution
                  Percentage Limits paragraph of this Section 3. The election
                  shall be made in such manner and with such advance notice as
                  prescribed by the Administrator and shall be limited to
                  increments of whole percentages of Pay.

         3.3      Changing a Contribution Election

                  A Participant who is an Eligible Employee may change his or
                  her Before-Tax and/or After-Tax Contribution election at any
                  time in such manner and with such advance notice as prescribed
                  by the Administrator, and such election shall be effective
                  with the first payroll paid after such date. A Participant's
                  Contribution election made as a percentage of Pay shall
                  automatically apply to Pay increases or decreases.

         3.4      Revoking and Resuming a Contribution Election

                  A Participant may revoke his or her Before-Tax and/or
                  After-Tax Contribution election at any time in such manner and
                  with such advance notice as prescribed by the Administrator,
                  and such revocation shall be effective with the first payroll
                  paid after such date of revocation.

                  A Participant who is an Eligible Employee may resume
                  Before-Tax and/or After-Tax Contributions by making a new
                  election at any time in such manner and with such advance
                  notice as prescribed by the Administrator, and such election
                  shall be effective with the first payroll paid after such date
                  of resumption.

                                       11

<PAGE>

         3.5      Contribution Percentage Limits

                  The Administrator may establish and change from time to time,
                  in writing, without the necessity of amending the Plan and
                  Trust, the separate minimum, if applicable, and maximum
                  Before-Tax and After-Tax Contribution percentages and/or a
                  maximum combined Before-Tax and After-Tax Contribution
                  percentage, prospectively or retrospectively (for the current
                  Plan Year), for all Participants. In addition, the
                  Administrator may establish any lower percentage limits for
                  Highly Compensated Employees as it deems necessary to satisfy
                  the tests described in Section 12 below in order to prevent a
                  Code Section 415 violation. As of the Effective Date,
                  Before-Tax and/or After-Tax Contribution elections may be made
                  in increments of whole percentages of Pay, and the minimum
                  Before-Tax and After-Tax Contribution percentages are 1% and
                  the maximum Contribution percentages are:

<TABLE>
<CAPTION>
                    Highly
Contribution      Compensated         All Other
   Type            Employees        Participants
------------      -----------       ------------
<S>               <C>               <C>
Before-Tax            20%                20%
After-Tax             10%                10%
Sum of Both           20%                20%
</TABLE>

                  Irrespective of the limits that may be established by the
                  Administrator in accordance with the paragraph above, in no
                  event shall the contributions made by or on behalf of a
                  Participant for a Plan Year exceed the maximum allowable under
                  Code section 415.

         3.6      Refunds When Contribution Dollar Limit Exceeded

                  A Participant who makes Before-Tax Contributions for a
                  calendar year to the Plan and comparable contributions to any
                  other qualified defined contribution Plan in excess of the
                  Contribution Dollar Limit may notify the Administrator in
                  writing by the following March 1 (or as late as April 14 if
                  allowed by the Administrator) that an excess has occurred. In
                  this event, the amount of the excess specified by the
                  Participant, adjusted for investment gain or loss, shall be
                  refunded to him or her by April 15 and shall not be included
                  as an Annual Addition under Code Section 415 for the year
                  contributed. The excess amounts shall first be taken from
                  unmatched Before-Tax Contributions and then from matched
                  Before-Tax Contributions. Any Matching Contributions
                  attributable to refunded excess Before-Tax Contributions as
                  described in this Section, adjusted for investment gain or
                  loss, shall be forfeited and used as described in Section 8
                  below or to reduce Contributions made by the Employer as soon
                  as administratively feasible. Refunds or forfeitures shall not
                  include investment gain or loss for the period between the end
                  of the applicable calendar year and the date of distribution.

                                       12

<PAGE>

         3.7      Timing, Posting and Tax Considerations

                  Participants' Contributions, other than Rollover
                  Contributions, may only be made through payroll deduction.
                  Such amounts shall be paid to the Trustee in cash and posted
                  to each Participant's Account(s) as soon as such amounts can
                  reasonably be separated from the Employer's general assets and
                  balanced against the specific amount made on behalf of each
                  Participant. In no event, however, shall such amounts be paid
                  to the Trustee more than 15 business days following the end of
                  the month that includes the date the amounts are deducted from
                  a Participant's Pay (or as that maximum period may be
                  otherwise extended by ERISA). Before-Tax Contributions shall
                  be treated as Contributions made by an Employer in determining
                  tax deductions under Code Section 404(a).

                                       13

<PAGE>

4.       ROLLOVER CONTRIBUTIONS AND TRANSFERS FROM AND TO OTHER QUALIFIED PLANS

         4.1      Rollover Contributions

                  The Administrator may authorize the Trustee to accept a
                  Rollover Contribution in cash or its equivalent directly from
                  an Eligible Employee or as a Direct Rollover from another
                  qualified Plan on behalf of the Eligible Employee even if he
                  or she is not yet a Participant. The Employee shall be
                  responsible for providing satisfactory evidence, in such
                  manner as prescribed by the Administrator, that the amount
                  qualifies as a rollover contribution within the meaning of
                  Code Section 402(c) or 408(d)(3)(A)(ii). Such amounts received
                  directly from an Eligible Employee must be paid to the Trustee
                  in cash or its equivalent within 60 days after the date
                  received by the Eligible Employee from a qualified Plan or
                  conduit individual retirement account. Rollover Contributions
                  shall be posted to the Eligible Employee's Rollover Account as
                  of the date received by the Trustee.

                  If the Administrator later determines that an amount
                  contributed pursuant to the above paragraph did not in fact
                  qualify as a rollover contribution within the meaning of Code
                  Section 402(c) or Section 408(d)(3)(A)(ii), the balance
                  credited to the Participant's Rollover Account shall
                  immediately be (i) segregated from all other Plan assets; (ii)
                  treated as a non-qualified trust established by and for the
                  benefit of the Participant; and (iii) distributed to the
                  Participant. Any such amount shall be deemed never to have
                  been a part of the Plan.

         4.2      Transfers From and To Other Qualified Plans

                  The Administrator may instruct the Trustee to receive assets
                  in cash or in-kind directly from another qualified Plan or
                  transfer assets in cash or in-kind directly to another
                  qualified Plan provided that receipt of a transfer should not
                  be directed if:

                  (a)      any amounts are not exempted by Code Section 401
                           (a)(11)(B) from the annuity requirements of Code
                           Section 417 unless the Plan complies with such
                           requirements; or

                  (b)      any amounts include benefits protected by Code
                           Section 411(d)(6) which would not be preserved under
                           applicable Plan provisions.

                  The Trustee may refuse the receipt of any transfer if:

                  (a)      the Trustee finds the in-kind assets unacceptable; or

                  (b)      instructions for posting amounts to Participants'
                           Accounts are incomplete.

                  Such amounts shall be posted to the appropriate Accounts of
                  Participants as of the date received by the Trustee.

                                       14

<PAGE>

5.       EMPLOYER CONTRIBUTIONS

         5.1      Matching Contributions

                  (a)      Frequency and Eligibility. For each Plan Quarter, the
                           Employer shall make Matching Contributions as
                           described in the following Allocation Method
                           paragraph on behalf of each Participant who has met
                           the eligibility requirements of Section 2.1 above,
                           who made Before-Tax Contributions during the Quarter
                           while an Employee and who was an Employee on the last
                           day of the Quarter.

                  (b)      Allocation Method. The Matching Contributions for
                           each Quarter shall be such amount as shall be
                           determined from time to time by the Company and
                           communicated to the Participants, provided that the
                           Participant's Before-Tax Contributions for the
                           Quarter have not been distributed or withdrawn as of
                           the end of that Quarter and that no Matching
                           Contributions shall be made based upon a
                           Participant's Contributions in excess of 5% of his or
                           her Pay and no Matching Contributions shall be made
                           upon a Participant's Before-Tax Contributions made
                           before the Participant completed the eligibility
                           requirements of Section 2.1 above. Each such eligible
                           Participant's Matching Contribution for the Quarter
                           shall be designated as for deposit to his or her
                           Company Match Account.

                  (c)      Timing, Medium, and Posting. The Employer shall make
                           each Quarter's Matching Contribution in cash as soon
                           as administratively feasible following the end of the
                           Quarter, and for purposes of deducting such
                           Contribution, not later than the Employer's federal
                           tax filing date, including extensions. The Trustee
                           shall post such amount to each Participant's Company
                           Account once the total Contribution received has been
                           balanced against the specific amount to be credited
                           to each Participant's Company Match Account.

         5.2      Profit Sharing Contributions for Employees

                  (a)      Frequency and Eligibility. For each Plan Year, the
                           Employer may make a Profit Sharing Contribution on
                           behalf of each Participant who has completed all
                           eligibility requirements of Section 2.1 above, and
                           who was an Employee on the last day of the Plan Year.

                  (b)      Allocation Method. The Profit Sharing Contribution
                           for each Plan Year shall be in an amount determined
                           by the Employer and allocated among eligible
                           Participants as an equal dollar amount. Each such
                           eligible Participant's share of the Profit Sharing
                           Contribution for the Plan Year shall be designated as
                           for deposit to his or her Profit Sharing Account.

                  (c)      Timing, Medium, and Posting. The Employer shall make
                           each Profit Sharing Contribution in cash as soon as
                           administratively feasible, and for purposes of
                           deducting such Contribution, not later than the
                           Employer's federal tax filing

                                       15

<PAGE>
                           date, including extensions. The Trustee shall post
                           such amount to each Participant's Profit Sharing
                           Account once the total Contribution received has been
                           balanced against the specific amount to be credited
                           to each Participant's Profit Sharing Account.

                                       16

<PAGE>

6.       ACCOUNTING

         6.1      Individual Participant Accounting

                  The Administrator shall maintain an individual set of Accounts
                  for each Participant in order to reflect transactions both by
                  type of Account and investment medium. Financial transactions
                  shall be accounted for at the individual Account level by
                  posting each transaction to the appropriate Account of each
                  affected Participant. Participant Account values shall be
                  maintained in shares for the Investment Funds and in dollars
                  for the Loan Accounts. At any time, the Account value shall be
                  determined using the most recent Trade Date values provided by
                  the Trustee. The Trustee is responsible for maintaining
                  adequate records to account for such.

         6.2      Trade Date Accounting and Investment Cycle

                  Participant Account values shall be determined as of each
                  Trade Date. Financial transactions of the Investment Funds
                  shall be posted to Participants' Accounts as of the Trade
                  Date, based upon the Trade Date values provided by the
                  Trustee, and settled on the Settlement Date.

         6.3      Accounting for Investment Funds

                  Investments in each Investment Fund shall be maintained in
                  shares. The Trustee is responsible for determining the share
                  values of each Investment Fund as of each Trade Date. To the
                  extent an Investment Fund is comprised of collective
                  investment funds of the Trustee or any other entity authorized
                  to offer collective investment funds, the share values shall
                  be determined in accordance with the rules governing such
                  collective investment funds, which are incorporated herein by
                  reference. All other share values shall be determined by the
                  Trustee. The share value of each Investment Fund shall be
                  based on the fair market value of its underlying assets.

         6.4      Payment of Fees and Expenses

                  Except to the extent Plan fees and expenses related to Account
                  maintenance, transaction and Investment Fund management and
                  maintenance, set forth below, are paid by the Employer
                  directly or indirectly through the Forfeiture Account as
                  directed by the Administrator, such fees and expenses shall be
                  paid as set forth below. The Employer may pay a lower portion
                  of the fees and expenses allocable to the Accounts of
                  Participants who are no longer Employees or who are not
                  Beneficiaries unless doing so would result in discrimination.

                  (a)      Account Maintenance: Account maintenance fees and
                           expenses may include, but are not limited to,
                           administrative, Trustee, government annual report
                           preparation, audit, legal, nondiscrimination testing,
                           and fees for any other special services. Account
                           maintenance fees shall be charged to Participants on
                           a per-Participant basis provided that no fee shall
                           reduce a Participant's Account balance below zero.

                                       17

<PAGE>

                  (b)      Transaction: Transaction fees and expenses may
                           include but are not limited to periodic installment
                           payment and loan fees. Transaction fees shall be
                           charged to the Participant's Account involved in the
                           transaction provided that no fee shall reduce a
                           Participant's Account balance below zero.

                  (c)      Investment Fund Management and Maintenance:
                           Management and maintenance fees and expenses related
                           to the Investment Funds shall be charged at the
                           Investment Fund level and reflected in the net gain
                           or loss of each Fund.

                  The Trustee shall have the authority to pay any such fees and
                  expenses, which remain unpaid by the Employer for 60 days,
                  from the Trust.

         6.5      Accounting for Participant Loans

                  Participant loans shall be held in a separate Loan Account of
                  the Participant and accounted for in dollars as an earmarked
                  asset of the borrowing Participant's Account.

         6.6      Error Correction

                  The Administrator may correct any errors or omissions in the
                  administration of the Plan by restoring any Participant's
                  Account balance with the amount that would have been credited
                  to the Account had no error or omission been made. Funds
                  necessary for any such restoration shall be provided through
                  payment made by the Employer or by the Trustee to the extent
                  the error or omission is attributable to actions or inactions
                  of the Trustee, or if the restoration involves an Account
                  holding amounts contributed by an Employer, the Administrator
                  may direct the Trustee to use amounts from the Forfeiture
                  Account.

         6.7      Participant Statements

                  The Administrator shall provide Participants with statements
                  of their Accounts as soon after the end of each quarter of the
                  Plan Year as administratively feasible.

         6.8      QDROs

                  (a)      Period of QDRO Determination. During any period of
                           time the Administrator, a court of competent
                           jurisdiction, or other appropriate person is
                           determining whether a domestic relations order
                           qualifies as a QDRO, the Administrator shall
                           separately account for the amounts which would be
                           payable to the Alternate Payee if the order is
                           determined to be a QDRO. The Administrator may do so
                           by establishing a separate Account for the Alternate
                           Payee.

                                       18

<PAGE>

                           If the domestic relations order is determined to be a
                           QDRO, if not already established as described above,
                           a separate Account shall be established for the
                           amounts which are payable to the Alternate Payee. A
                           determination that a domestic relations order is a
                           QDRO made after the close of the 18- month period
                           beginning with the date payments are specified to
                           begin shall be applied prospectively only.

                           Any such separate Account established shall be valued
                           and accounted for in the same manner as any other
                           Account.

                  (b)      Distributions Pursuant to QDROs. If a QDRO so
                           provides, the portion of a Participant's Account
                           payable to an Alternate Payee and credited to his or
                           her separate Account may be distributed, in a form as
                           permissible under Section 11 hereof and Code Section
                           414(p), to the Alternate Payee at the time specified
                           in the QDRO, regardless of whether the Participant is
                           entitled to a distribution from the Plan at such
                           time. The Alternate Payee shall be provided the
                           notice prescribed by Code Section 402(f).

                  (c)      Participant Loans. Except to the extent required by
                           law, an Alternate Payee on whose behalf a separate
                           Account has been established shall not be entitled to
                           borrow from such Account. If a QDRO specifies that
                           the Alternate Payee is entitled to any portion of the
                           Account of a Participant who has an outstanding loan
                           balance, all outstanding loans shall generally
                           continue to be held in the Participant's Account and
                           shall not be divided between the Participant's and
                           Alternate Payee's Accounts.

                  (d)      Investment Direction. Where a separate Account has
                           been established on behalf of an Alternate Payee and
                           has not yet been distributed, the Alternate Payee may
                           direct the investment of such Account in the same
                           manner as if he or she were a Participant.

                                       19

<PAGE>

7.       INVESTMENT FUNDS AND ELECTIONS

         7.1      Investment Funds

                  Except for Participants' Loan Accounts and any unallocated
                  funds invested in interest bearing deposits, money market type
                  assets or funds, pending allocation to Participants' Accounts
                  or disbursement to pay Plan fees and expenses and the
                  Forfeiture Account, the Trust shall be maintained in various
                  Investment Funds. The Administrator shall select the
                  Investment Funds offered to Participants and may change the
                  number or composition of the Investment Funds subject to the
                  terms and conditions agreed to with the Trustee. The list of
                  the Investment Funds offered under the Plan may be changed
                  from time to time by the Administrator, in writing and agreed
                  to by the Trustee, without the necessity of amending the Plan
                  and Trust.

                  The Administrator may set a maximum percentage of the total
                  election that a Participant may direct into any specific
                  Investment Fund, which maximum, if any, may be changed from
                  time to time by the Administrator, in writing, without the
                  necessity of amending the Plan and Trust.

         7.2      Responsibility for Investment Choice

                  Each Participant shall direct the investment of all of his or
                  her Accounts except to the extent otherwise permitted as
                  described below.

                  Each Participant shall be solely responsible for the selection
                  of his or her Investment Fund choices. No fiduciary with
                  respect to the Plan is empowered to advise a Participant as to
                  the manner in which his or her Accounts are to be invested,
                  and the fact that an Investment Fund is offered shall not be
                  construed to be a recommendation for investment.

         7.3      Investment Fund Elections

                  A Participant shall provide his or her initial investment
                  election upon becoming a Participant and may change his or her
                  investment election at any time in accordance with procedures
                  established by the Administrator and the Trustee. A
                  Participant shall make his or her investment election in any
                  combination of one or any number of the Investment Funds
                  offered in accordance with the procedures established by the
                  Administrator and Trustee. Investment elections received by
                  the Trustee shall be effective on the following Trade Date.

         7.4      Default If No Valid Investment Election

                  The Administrator shall specify an Investment Fund for the
                  investment of that portion of a Participant's Account which is
                  not yet held in an Investment Fund and for which no valid
                  investment election is on file. The Investment Fund so
                  specified

                                       20

<PAGE>

                  may be changed from time to time by the Administrator, in
                  writing, without the necessity of amending the Plan and Trust.

                                       21

<PAGE>

8.       VESTING & FORFEITURES

         8.1      Fully Vested Accounts

                  A Participant shall be fully vested in these Accounts at all
                  times:

                           Before-Tax Matched Account
                           Before-Tax Matched Account-Jaguar
                           Before-Tax Non-Matched Account
                           Before-Tax Non-Matched Account-Jaguar
                           After-Tax Account
                           Company Match Account-Jaguar
                           Profit Sharing Account-Jaguar
                           Rollover Account
                           Rollover Account-Jaguar

         8.2      Full Vesting Upon Certain Events

                  A Participant's entire Account shall become fully vested
                  without regard to his or her Years of Vesting Service once he
                  or she has incurred a Disability, attained his or her Normal
                  Retirement Date as an Employee, or upon his or her termination
                  of employment due to death.

         8.3      Vesting Schedule

                  In addition to the vesting provided above, a Participant's
                  Company Match Account and Profit Sharing Account shall become
                  vested in accordance with the following schedules:

                  Company Match Account and Profit Sharing Account

<TABLE>
<CAPTION>
Years of Vesting                   Vested
     Service                     Percentage
-------------------------------------------
<S>                              <C>
Less than 2                          0%
2 but less than 3                   40%
3 but less than 4                   60%
4 but less than 5                   80%
5 or more                          100%
</TABLE>

                  If the vesting schedule above is changed, the vested
                  percentage for each Participant shall not be less than his or
                  her vested percentage determined as of the last day prior to
                  this change, and for any Participant with at least three Years
                  of Vesting Service when the schedule is changed, vesting shall
                  be determined using the more favorable vesting schedule.

                                       22

<PAGE>

         8.4      Forfeitures of Non-Vested Account Balances

                  A Terminated Participant shall forfeit his or her non-vested
                  Account balance as of the Settlement Date following the date
                  on which he or she receives a distribution of his or her
                  vested account balance. Forfeitures from all Accounts subject
                  to vesting shall be transferred to and maintained in the
                  Forfeiture Account. Forfeitures from all Account types shall
                  be accounted for separately by Account type.

         8.5      Use of Forfeiture Account Amounts

                  An Employer's Forfeiture Account amounts shall be used as of
                  the end of each Quarter to restore Accounts for amounts
                  attributable to the Employer that were previously forfeited,
                  and to pay Plan fees and expenses. Any amount remaining after
                  restoring previous forfeitures and after payment of Plan fees
                  and expenses shall be allocated proportionately to the
                  Participant's Company Match Accounts.

         8.6      Rehired Employees

                  (a)      Service Restoration. If a former Employee again
                           becomes an Employee, all Years of Vesting Service
                           credited when his or her employment last terminated
                           shall be counted in determining his or vested
                           interest.

                  (b)      Account Restoration. If a former Employee again
                           becomes an Employee before he or she has a Break in
                           Service and before he or she has received a
                           distribution of his or her non-vested account
                           balance, the amount forfeited after his or her
                           employment last terminated shall be restored to his
                           or her Account. If a former Employee again becomes an
                           Employee before he or she has a Break in Service but
                           after he or she has received a distribution of his or
                           her non-vested account balance, the amount forfeited
                           after his or her employment last terminated shall be
                           restored to his or her Account only if the former
                           Employee repays the amount of the previous
                           distribution within five (5) years from the date on
                           which he or she again became an Employee. The
                           restoration amount shall come from the Forfeiture
                           Account to the extent possible, and any additional
                           amount needed shall be contributed by the Employer.
                           The vested interest in his or her restored Account
                           shall then be equal to:

                                    V% times (AB + D) - D

                           where:

                           V% = current vested percentage
                           AB = current Account balance
                           D = amount previously distributed from Account

                                       23

<PAGE>

9.       PARTICIPANT LOANS

         9.1      Participant Loans Permitted

                  Loans to Participants and Beneficiaries are permitted pursuant
                  to the terms and conditions set forth in this Section, except
                  that a loan shall not be permitted to a Participant who is no
                  longer an Employee or to a Beneficiary unless such Participant
                  or Beneficiary is otherwise a party-in-interest as defined in
                  ERISA Section 3(14).

         9.2      Loan Application, Note and Security

                  A Participant shall apply for any loan in such manner and with
                  such advance notice as prescribed by the Administrator from
                  time to time. All loans shall be evidenced by a promissory
                  note, secured only by the portion of the Participant's Account
                  from which the loan is made, and the Plan shall have a lien on
                  this portion of his or her Account.

         9.3      Spousal Consent

                  A Participant is not required to obtain Spousal Consent in
                  order to borrow from his or her Account under the Plan.

         9.4      Loan Approval

                  The Administrator, or the Trustee, if otherwise authorized by
                  the Administrator and agreed to by the Trustee, is responsible
                  for determining that a loan request conforms to the
                  requirements described in this Section and granting such
                  request.

         9.5      Loan Funding Limits, Account Sources, and Funding Order

                  The loan amount must meet all of the following limits as
                  determined as of the date the loan is processed and shall be
                  funded from the Participant's Accounts as follows:

                  (a)      Plan Minimum Limit. The minimum amount for any loan
                           is $1,000.

                  (b)      Plan Maximum Limit, Account Sources, and Funding
                           Order. Subject to the legal limit described in (c)
                           below, the maximum a Participant may borrow,
                           including the outstanding balance of existing Plan
                           loans, is 100% of the following of the Participant's
                           Accounts which are fully vested, and the loan amount
                           shall be funded from such Accounts in the priority
                           order as follows:

                                       24

<PAGE>

                                    Before-Tax Non-Matched Account
                                    Before-Tax Matched Account
                                    Company Match Account
                                    Profit Sharing Account
                                    Rollover Account
                                    After-Tax Account

                  (c)      Legal Maximum Limit. The maximum a Participant may
                           borrow, including the outstanding balance of existing
                           Plan loans, is 50% of his or her vested Account
                           balance not to exceed $50,000. However, the $50,000
                           maximum is reduced by the Participant's highest
                           outstanding balance of loans under the Plan during
                           the 12-month period ending on the day before the date
                           on which the loan is made over the outstanding
                           balance of such loans on the date on which the loan
                           is made.

         9.6      Maximum Number of Loans

                  A Participant may have only one loan outstanding at any given
                  time.

         9.7      Source and Timing of Loan Funding

                  A loan to a Participant shall be made solely from the assets
                  of his or her own Account. The available assets shall be
                  determined first by Account and then within each Account used
                  for funding a loan, amounts shall be taken by Investment Fund
                  in direct proportion to the market value of the Participant's
                  interest in each Investment Fund as of the Trade Date on which
                  the loan is processed.

                  The loan shall be funded on the Settlement Date as of which
                  the loan is processed. The Trustee shall make payment to the
                  Participant as soon thereafter as administratively feasible.

         9.8      Interest Rate

                  The interest rate charged on Participant loans shall be a
                  fixed reasonable rate of interest determined by the Trustee
                  which provides the Plan with a return commensurate with the
                  prevailing interest rate charged by persons in the business of
                  lending money for loans which would be made under similar
                  circumstances. The interest rate may be changed from time to
                  time by the Administrator without the necessity of amending
                  the Plan and Trust.

         9.9      Loan Payment

                  Substantially level amortization shall be required of each
                  loan with payments made at least monthly, generally through
                  payroll deduction. Loans may be prepaid in full at any time.
                  The Participant may choose the loan repayment period, not to
                  exceed five years, except that the repayment period may be for
                  any period not to exceed 10 years if the purpose of the loan
                  is to acquire the Participant's principal residence.

                                       25

<PAGE>

         9.10     Loan Payment Hierarchy

                  Loan principal payments shall be credited to the Participant's
                  Accounts in the inverse of the order used to fund the loan.
                  Loan interest shall be credited to the Participant's Accounts
                  in direct proportion to the principal payment. Loan payments
                  credited to Accounts for which the Participant directs
                  investment as described in Section 7 above are credited to the
                  Investment Funds based upon the Participant's current
                  investment election for new Contributions. Loan payments
                  credited to Accounts for which the Participant does not direct
                  investment as described in Section 7 above are credited to the
                  Investment Funds specified by the Administrator for such
                  Accounts.

         9.11     Repayment Suspension

                  The Administrator may agree to a suspension of loan payments
                  for up to 12 months for a Participant who is on a Leave of
                  Absence without pay. During the suspension period, interest
                  shall continue to accrue on the outstanding loan balance. At
                  the expiration of the suspension period, all outstanding loan
                  payments and accrued interest thereon shall be due unless
                  otherwise agreed upon by the Administrator.

         9.12     Loan Default

                  A loan is treated as in default if scheduled loan payments are
                  more than 90 days late. A Participant shall then have 30 days
                  from the time he or she receives written notice of the default
                  and a demand for past due amounts to cure the default before
                  it becomes final.

                  In the event of default, the Administrator may direct the
                  Trustee to report the outstanding principal balance of the
                  loan and accrued interest thereon as a taxable distribution.
                  As soon as a Plan withdrawal or distribution to such
                  Participant would otherwise be permitted, the Administrator
                  may instruct the Trustee to execute upon its security interest
                  in the Participant's Account by distributing the note to the
                  Participant.

         9.13     Acceleration on Termination

                  Upon termination of employment with the Employer, the
                  outstanding balance of a Participant's loan shall be due and
                  payable. Upon termination of the Plan, all Participant loans
                  shall be due and payable.

                                       26

<PAGE>

10.      IN-SERVICE WITHDRAWALS

         10.1     In-Service Withdrawals Permitted

                  In-service withdrawals to a Participant who is an Employee are
                  permitted pursuant to the terms and conditions set forth in
                  this Section and as required by law pursuant to the terms and
                  conditions set forth in Section 11 below.

         10.2     In-Service Withdrawal Application and Notice

                  A Participant shall apply for any in-service withdrawal in
                  such manner and with such advance notice as prescribed by the
                  Administrator. The Participant shall be provided the notice
                  prescribed by Code Section 402(f).

                  Code Sections 401(a)(11) and 417 do not apply to in-service
                  withdrawals under the Plan as described in this Section. An
                  in-service withdrawal may commence less than 30 days after the
                  aforementioned notice is provided, if:

                  (a)      the Participant is clearly informed that he or she
                           has the right to a period of at least 30 days after
                           receipt of such notice to consider his or her option
                           to elect or not elect a Direct Rollover for all or a
                           portion, if any, of his or her in-service withdrawal
                           which shall constitute an Eligible Rollover
                           Distribution; and

                  (b)      the Participant, after receiving such notice,
                           affirmatively elects a Direct Rollover for all or a
                           portion, if any, of his or her in-service withdrawal
                           which shall constitute an Eligible Rollover
                           Distribution or alternatively elects to have all or a
                           portion made payable directly to him or her, thereby
                           not electing a Direct Rollover for all or a portion
                           thereof.

         10.3     Spousal Consent

                  A Participant is not required to obtain Spousal Consent in
                  order to receive an in-service withdrawal under the Plan.

         10.4     In-Service Withdrawal Approval

                  The Administrator, or the Trustee, if otherwise authorized by
                  the Administrator and agreed to by the Trustee, is responsible
                  for determining that an in-service withdrawal request conforms
                  to the requirements described in this Section and granting
                  such request.

         10.5     Payment Form and Medium

                  The form of payment for an in-service withdrawal shall be a
                  single lump sum, and payment shall be made in cash. With
                  regard to the portion of an in-service withdrawal representing
                  an Eligible Rollover Distribution, a Participant may elect a
                  Direct Rollover for all or a portion of such amount.

                                       27

<PAGE>

         10.6     Source and Timing of In-Service Withdrawal Funding

                  An in-service withdrawal to a Participant shall be made solely
                  from the assets of his or her own Account and shall be based
                  on the Account values as of the Trade Date the in-service
                  withdrawal is processed. The available assets shall be
                  determined first by Account and then within each Account used
                  for funding an in-service withdrawal, amounts shall be taken
                  by Investment Fund in direct proportion to the market value of
                  the Participant's interest in each Investment Fund (which
                  excludes his or her Loan Account balance) as of the Trade Date
                  on which the in-service withdrawal is processed.

                  The in-service withdrawal shall be funded on the Settlement
                  Date following the Trade Date as of which the in-service
                  withdrawal is processed. The Trustee shall make payment as
                  soon thereafter as administratively feasible.

         10.7     Hardship Withdrawals

                  (a)      Requirements. A Participant who is an Employee may
                           request the withdrawal of up to the amount necessary
                           to satisfy a financial need, including amounts
                           necessary to pay any federal, state, or local income
                           taxes or penalties reasonably anticipated to result
                           from the withdrawal. Only requests for withdrawals
                           (i) on account of a Participant's "Deemed Financial
                           Need" and (ii) which are "Deemed Necessary" to
                           satisfy the financial need shall be approved.

                  (b)      "Deemed Financial Need". An immediate and heavy
                           financial need relating to:

                           (1)      the payment of unreimbursable medical
                                    expenses described under Code Section 213(d)
                                    incurred (or to be incurred) by the
                                    Employee, his or her spouse, or dependents;

                           (2)      the purchase (excluding mortgage payments)
                                    of the Employee's principal residence;

                           (3)      the payment of unreimbursable tuition,
                                    related educational fees, and room and board
                                    for up to the next 12 months of
                                    post-secondary education for the Employee,
                                    his or her spouse, or dependents; or

                           (4)      the payment of amounts necessary for the
                                    Employee to prevent losing his or her
                                    principal residence through eviction or
                                    foreclosure on the mortgage.

                                       28

<PAGE>

                  (c)      "Deemed Necessary". A withdrawal is "deemed
                           necessary" to satisfy the financial need only if the
                           withdrawal amount does not exceed the financial need
                           and all of these conditions are met:

                           (1)      the Employee has obtained all possible
                                    withdrawals (other than hardship
                                    withdrawals) and nontaxable loans available
                                    from the Plan and all other Plans maintained
                                    by the Employer;

                           (2)      the Administrator shall suspend the Employee
                                    from making any contributions to the Plan
                                    and all other qualified and non-qualified
                                    Plans of deferred compensation and all stock
                                    option or stock purchase plans maintained by
                                    the Employer for 12 months from the date the
                                    withdrawal payment is made; and

                           (3)      the Administrator shall reduce the
                                    Contribution Dollar Limit for the Employee
                                    with regard to the Plan and all other Plans
                                    maintained by the Employer for the calendar
                                    year next following the calendar year of the
                                    withdrawal by the amount of the Employee's
                                    Before-Tax Contributions for the calendar
                                    year of the withdrawal.

                  (d)      Account Sources and Funding Order. All available
                           amounts must first be withdrawn from a Participant's
                           After-Tax Account. The remaining withdrawal amount
                           shall come from the following of the Participant's
                           fully vested Accounts in the priority order as
                           follows:

                                    Rollover Account
                                    Rollover Account-Jaguar
                                    Company Match Account
                                    Company Match Account-Jaguar
                                    Profit Sharing Account
                                    Profit Sharing Account-Jaguar
                                    Before-Tax Matched Account
                                    Before-Tax Matched Account-Jaguar
                                    Before-Tax Non-Matched Account
                                    Before-Tax Non-Matched Account-Jaguar

                           The amount that may be withdrawn from a Participant's
                           Before-Tax Account shall not include any earnings
                           credited to his or her Before-Tax Account.

                  (e)      Minimum Amount. There is no minimum amount for a
                           hardship withdrawal.

                  (f)      Permitted Frequency. There is no restriction on the
                           number of hardship withdrawals permitted to a
                           Participant.

                                       29

<PAGE>

                  (g)      Suspension from Further Contributions. Upon making a
                           hardship withdrawal, a Participant may not make
                           additional Before-Tax or After-Tax Contributions (or
                           additional contributions to all other qualified and
                           non-qualified plans of deferred compensation and all
                           stock option or stock purchase plans maintained by
                           the Employer) for a period of 12 months from the date
                           the withdrawal payment is made.

                                       30

<PAGE>

11.      DISTRIBUTIONS ONCE EMPLOYMENT ENDS OR AS REQUIRED BY LAW

         11.1     Benefit Information, Notices, and Election

                  A Participant, or his or her Beneficiary in the case of his or
                  her death, shall be provided with information regarding all
                  optional times and forms of distribution available, to include
                  the notices prescribed by Code Sections 402(f) and 411(a)(11).
                  Subject to the other requirements of this Section, a
                  Participant, or his or her Beneficiary in the case of his or
                  her death, may elect, in such manner and with such advance
                  notice as prescribed by the Administrator, to have his or her
                  vested Account balance paid to him or her beginning upon any
                  Settlement Date following the Participant's termination of
                  employment with the Employer or, if earlier, at the time
                  required by law as set forth in Section 11.6 below.

                  Notwithstanding, if a Participant's termination of employment
                  with the Employer does not constitute a separation from
                  service for purposes of Code Section 401 (k)(2)(B)(i)(I) or
                  otherwise constitute an event set forth under Code Section
                  401(k)(A)(10)(ii) or (iii) as described in Section 19.3 below,
                  the portion of a Participant's Account subject to the
                  distribution rules of Code Section 401(k) may not be
                  distributed until such time as he or she separates from
                  service for purposes of Code Section 401(k)(2)(B)(i)(I) or, if
                  earlier, upon such other event as described in Code Section
                  401(k)(2)(B) and as provided for in the Plan.

                  A distribution may commence less than 30 days, but more than 7
                  days if such distribution is one to which Code Sections
                  401(a)(11) and 417 apply, after the aforementioned notices are
                  provided, if:

                  (a)      the Participant is clearly informed that he or she
                           has the right to a period of at least 30 days after
                           receipt of such notices to consider the decision as
                           to whether to elect a distribution and if so to elect
                           a particular form of distribution and to elect or not
                           elect a Direct Rollover for all or a portion, if any,
                           of his or her distribution which shall constitute an
                           Eligible Rollover Distribution;

                  (b)      the Participant after receiving such notices,
                           affirmatively elects a distribution and a Direct
                           Rollover for all or a portion, if any, of his or her
                           distribution which shall constitute an Eligible
                           Rollover Distribution or alternatively elects to have
                           all or a portion made payable directly to him or her,
                           thereby not electing a Direct Rollover for all or a
                           portion thereof; and

                  (c)      if such distribution is one to which Code Sections
                           401(a)(11) and 417 apply, the Participant's election
                           includes Spousal Consent.

                                       31

<PAGE>

         11.2     Spousal Consent

                  A Participant is required to obtain Spousal Consent in order
                  to receive a distribution under the Plan if any amount is to
                  be distributed from the Participant's Annuity Eligible Balance
                  and the Participant elects payment in the form of an annuity.

         11.3     Payment Form and Medium

                  A Participant may elect to be paid in any of these forms,
                  except that the form described in (d) is offered solely for
                  the purpose of preserving benefits protected by Code Section
                  411(d)(6) and is only available with regard to the portion of
                  a Participant's benefit attributable to his or her Annuity
                  Eligible Balance:

                  (a)      a single lump sum;

                  (b)      a deferred single lump sum;

                  (c)      periodic installments over a period not to exceed the
                           life expectancy of the Participant and his or her
                           Beneficiary; or

                  (d)      (i)      an annuity for the life of the Participant;

                           (ii)     an annuity for the life of the Participant
                           and upon his or her death 100%, 66-2/3% or 50%
                           (whichever is specified when this option is elected)
                           of the annuity amount will be continued to his or her
                           spouse as his or her continued annuitant, the
                           Participant and his or her spouse;

                           (iii)    an annuity for the joint lives of the
                           Participant and his or her spouse with 100%, 66-2/3%
                           or 50% (whichever is specified when this option is
                           elected) or such amount payable after the death of
                           both the Participant and his or spouse; or

                           (iv)     an annuity for the life of the Participant
                           with installment payments for a period certain, not
                           longer than the life expectancy of the Participant.

                  Any annuity portion permitted shall be provided through the
                  purchase of a non-transferable single premium contract from an
                  insurance company which must conform to the terms of the Plan
                  and which shall be distributed to the Participant or
                  Beneficiary in complete satisfaction of the benefit due.

                  Distributions, other than annuity contracts, shall be made in
                  cash, except to the extent a distribution consists of a loan
                  acceleration as described in Section 9 above. With regard to
                  the portion of a distribution representing an Eligible
                  Rollover Distribution, a Distributee may elect a Direct
                  Rollover for all or a portion of such amount.

                                       32

<PAGE>

         11.4     Source and Timing of Distribution Funding

                  A distribution to a Participant shall be made solely from the
                  assets of his or her own Account and shall be based on the
                  Account values as of the Trade Date the distribution is
                  processed. The available assets shall be determined first by
                  Account and then within each Account used for funding a
                  distribution, amounts shall be taken by Investment Fund in
                  direct proportion to the market value of the Participant's
                  interest in each Investment Fund as of the Trade Date on which
                  the distribution is processed.

                  The distribution shall be funded on the Settlement Date as of
                  which the distribution is processed. The Trustee shall make
                  payment as soon thereafter as administratively feasible.

         11.5     Deemed Distribution

                  For purposes of Section 8 above, if at the time a Participant
                  is determined to be a Terminated Participant, his or her
                  vested Account balance attributable to Accounts subject to
                  vesting as described in Section 8 above, is zero, his or her
                  vested Account balance shall be deemed distributed as of the
                  Settlement Date following the date on which he or she is
                  determined to be a Terminated Participant.

         11.6     Latest Commencement Permitted

                  In addition to any other Plan requirements and unless a
                  Participant elects otherwise, his or her benefit payments
                  shall begin not later than 60 days after the end of the Plan
                  Year in which the Participant's employment with the Employer
                  ends (other than by reason of death) or the Participant
                  attains his or her Normal Retirement Date, whichever is later.
                  However, if the amount of the payment or the location of the
                  Participant or his or her Beneficiary (after a reasonable
                  search) cannot be ascertained by that deadline, payment shall
                  be made no later than 60 days after the earliest date on which
                  such amount or location is ascertained but in no event later
                  than as described below. A Participant's failure to elect in
                  such manner as prescribed by the Administrator to have his or
                  her vested Account balance paid to him or her shall be deemed
                  an election by the Participant to defer his or her
                  distribution.

                  Except with regard to a Participant who is a 5% Owner, a
                  Participant's required beginning date by which benefit
                  payments shall commence is the April 1 of the calendar year
                  following the later of (i) the calendar year in which the
                  Participant attains age 70 1/2; or (ii) the calendar year in
                  which the Participant terminates employment with the Employer.
                  A Participant shall be considered a 5% Owner for this purpose
                  if such Participant is a 5% Owner as defined in Code Section
                  416(i) (determined in accordance with Code Section 416 but
                  without regard to whether the Plan is top heavy) at any time
                  during the Plan Year ending with or within the calendar year
                  in which he or she attains age 66 1/2 or in any subsequent
                  Plan Year.

                                       33

<PAGE>

                  With regard to a Participant who is a 5% Owner, his or her
                  required beginning date by which benefit payments shall
                  commence is the April 1 of the calendar year following the
                  later of (i) the calendar year in which the Participant
                  attains age 70 1/2; or (ii) the earlier of the calendar year
                  with or within which ends the Plan Year in which the
                  Participant becomes a 5% Owner or the calendar year in which
                  the Participant terminates employment with all the Employer.
                  Once distributions commence to a 5% Owner in accordance with
                  the preceding sentence, such distributions may not be
                  discontinued without regard to whether in any subsequent
                  calendar year he or she is an Employee and no longer a 5%
                  Owner.

                  If benefit payments cannot begin at the time required because
                  the location of the Participant cannot be ascertained (after a
                  reasonable search), the Administrator may, at any time
                  thereafter, treat such person's Account as forfeited subject
                  to the provisions of Section 18.6 below.

         11.7     Payment Within Life Expectancy

                  The Participant's payment election must be consistent with the
                  requirement of Code Section 401(a)(9) and Treasury regulations
                  issued thereunder, including Treasury regulation Section
                  1.401(a)(9)-2, which provisions are incorporated by reference,
                  provided that such provisions shall override the other
                  distribution provisions of the Plan only to the extent that
                  they are inconsistent with such other Plan provisions. All
                  payments are to be completed within a period not to exceed the
                  lives or the joint and last survivor life expectancy of the
                  Participant and his or her Beneficiary. The life expectancies
                  of a Participant and his or her Beneficiary, if such
                  Beneficiary is his or her spouse, may be recomputed annually.

         11.8     Incidental Benefit Rule

                  The Participant's payment election must be consistent with the
                  requirement that, if the Participant's spouse is not his or
                  her sole primary Beneficiary, the minimum annual distribution
                  for each calendar year, beginning with the calendar year
                  preceding the calendar year that includes the Participant's
                  required beginning date by which benefit payments shall
                  commence, shall not be less than the quotient obtained by
                  dividing (a) the Participant's vested Account balance as of
                  the last Trade Date of the preceding year by (b) the
                  applicable divisor as determined under the incidental benefit
                  requirements of Code Section 401(a)(9) and the Treasury
                  regulations incorporated herein pursuant to Section 11.6.

         11.9     Payment to Beneficiary

                  Payment to a Beneficiary must either: (1) be completed by the
                  end of the calendar year that contains the fifth anniversary
                  of the Participant's death; or (2) begin by the end of the
                  calendar year that contains the first anniversary of the
                  Participant's death and be completed within the period of the
                  Beneficiary's life or life expectancy, except that:

                                       34

<PAGE>

                  (a)      If the Participant dies after the April 1 of the
                           calendar year that includes the Participant's
                           required beginning date by which benefit payments
                           shall commence, payment to his or her Beneficiary
                           must be made at least as rapidly as provided in the
                           Participant's distribution election;

                  (b)      If the surviving spouse is the Beneficiary, payments
                           need not begin until the end of the calendar year in
                           which the Participant would have attained age 70 1/2
                           and must be completed within the spouse's life or
                           life expectancy; and

                  (c)      If the Participant and the surviving spouse who is
                           the Beneficiary die (1) before the April 1 of the
                           calendar year that includes the Participant's
                           required beginning date by which benefit payments
                           shall commence and (2) before payments have begun to
                           the spouse, the spouse shall be treated as the
                           Participant in applying these rules.

         11.10    Beneficiary Designation

                  Each Participant may complete a beneficiary designation form
                  indicating the Beneficiary who is to receive the Participant's
                  remaining Plan interest at the time of his or her death. The
                  designation may be changed at any time. However, a
                  Participant's spouse shall be the sole primary Beneficiary
                  unless the designation includes Spousal Consent for another
                  Beneficiary. If no proper designation is in effect at the time
                  of a Participant's death or if the Beneficiary does not
                  survive the Participant, the Beneficiary shall be, in the
                  order listed, the:

                  (a)      Participant's surviving spouse;

                  (b)      Participant's children (including legally adopted
                           children), in equal shares, (or if a child does not
                           survive the Participant and that child leaves issue,
                           the issue shall be entitled to that child's share by
                           right of representation);

                  (c)      Participant's parents, in equal shares;

                  (d)      Participant's brothers and sisters, in equal shares;
                           or

                  (e)      Participant's estate.

                                       35

<PAGE>

12.      ADP AND ACP TESTS

         12.1     Contribution Limitation Definitions

                  The following definitions are applicable to this Section 12
                  (where a definition is contained in both Sections 1 and 12,
                  for purposes of Section 12, the Section 12 definition shall be
                  controlling):

                  (a)      "ACP" or "Average Contribution Percentage". The
                           Average Percentage calculated using Contributions
                           allocated to Participants as of a date within the
                           Plan Year.

                  (b)      "ACP Test". The determination of whether the ACP is
                           in compliance with the Basic or Alternative
                           Limitation for a Plan Year (as defined in Section
                           12.2 below).

                  (c)      "ADP" or "Average Deferral Percentage". The Average
                           Percentage calculated using Deferrals allocated to
                           Participants as of a date within the Plan Year.

                  (d)      "ADP Test". The determination of whether the ADP is
                           in compliance with the Basic or Alternative
                           Limitation for a Plan Year (as defined in Section
                           12.2 below).

                  (e)      "Average Percentage". The average of the calculated
                           percentages for Participants within the specified
                           group. The calculated percentage refers to either the
                           "Deferrals" or "Contributions" (as defined in this
                           Section) made on each Participant's behalf for the
                           Plan Year divided by his or her Compensation for the
                           portion of the Plan Year in which he or she was an
                           Eligible Employee while a Participant. (Before-Tax
                           Contributions to the Plan which shall be refunded
                           solely because they exceed the Contribution Dollar
                           Limit are included in the percentage for the HCE
                           Group but not for the NHCE Group.)

                  (f)      "Contributions" shall include Matching and After-Tax
                           Contributions. In addition, Contributions may include
                           Before-Tax Contributions but only to the extent that
                           (1) the Employer elects to use them, (2) they are not
                           used or counted in the ADP Test, and (3) they
                           otherwise satisfy the requirements as prescribed
                           under Code Section 401(m) permitting treatment as
                           Contributions for purposes of the ACP Test.

                  (g)      "Deferrals" shall include Before-Tax Contributions.

                  (h)      "HCE" or "Highly Compensated Employee". With respect
                           to each Employer and Related Companies, an Employee
                           during the Plan Year or preceding Plan Year who (in
                           accordance with Code Section 414(q)):

                                       36

<PAGE>

                           (1)      Was a more than 5% Owner [within the meaning
                                    of Code Section 414(q)(2)] at any time
                                    during the Plan Year or the preceding Plan
                                    Year; or

                           (2)      Received Compensation during the preceding
                                    Plan Year in excess of $90,000 [as adjusted
                                    for such Year pursuant to Code Sections
                                    414(q)(1) and 415(d)], or if the Company
                                    elects for such preceding Plan Year, "in
                                    excess of $90,000 [as adjusted for such Year
                                    pursuant to Code Sections 414(q)(1) and
                                    415(d)] and was a member of the "top-paid
                                    group" [within the meaning of Code section
                                    414(q)(3)] for such preceding Plan Year"
                                    shall be substituted for the preceding
                                    reference to "in excess of $90,000 [as
                                    adjusted for such Year pursuant to Code
                                    sections 414(q)(1) and 415(d)]".

                           A former Employee shall be treated as an HCE if (1)
                           such former Employee was an HCE when he separated
                           from service, or (2) such former Employee was an HCE
                           in service at any time after attaining age 55.

                           The determination of who is an HCE and the
                           determination of the number and identity of Employees
                           in the top-paid group shall be made in accordance
                           with Code Section 414(q).

                  (i)      "HCE Group" and "NHCE Group". With respect to each
                           Employer and Related Companies, if the Plan permits
                           participation prior to an Eligible Employee's
                           satisfaction of the minimum age and service
                           requirements of Code section 410(a)(1)(A), Eligible
                           Employees who have not met the minimum age and
                           service requirements of Code Section 410(a)(1)(A) may
                           be excluded in the determination of the NHCE Group
                           but not in the determination of the HCE Group, for
                           purposes of (i) the ADP Test, if Code Section
                           410(b)(4)(B) is applied in determining whether the
                           401(k) portion of the Plan meets the requirements of
                           Code Section 410(b), or (ii) the ACP Test if Code
                           410(b)(4)(B) is applied in determining whether the
                           401(m) portion of the Plan meets the requirements of
                           Code Section 410(b).

                           (1)      If the Employer maintains two or more Plans
                                    which are subject to the ADP or ACP Test and
                                    are considered as one Plan for purposes of
                                    Code Sections 401(a)(4) or 410(b), all such
                                    Plans shall be aggregated and treated as one
                                    Plan for purposes of meeting the ADP and ACP
                                    Tests, provided that the Plans may only be
                                    aggregated if they have the same Plan Year.

                           (2)      If an HCE is covered by more than one cash
                                    or deferred arrangement or more than one
                                    arrangement permitting employee or matching
                                    contributions maintained by the Employer,
                                    all such Plans shall be aggregated and
                                    treated as one Plan (other than those Plans
                                    that may not be permissively aggregated) for
                                    purposes of calculating the separate
                                    percentage for the HCE which is used in the
                                    determination of the

                                       37

<PAGE>

                                    Average Percentage. For purposes of the
                                    preceding sentence, if such Plans have
                                    different Plan Years, all such Plans ending
                                    with or within the same calendar year shall
                                    be aggregated.

                  (j)      "Multiple Use Test". The test described in Section
                           12.5 which a Plan must meet where the Alternative
                           Limitation [described in Section 12.2(b)] is used to
                           meet both the ADP and ACP Tests.

                  (k)      "NHCE" or "Non-Highly Compensated Employee". An
                           Employee who is not an HCE.

         12.2     ADP and ACP Tests

                  For each Plan Year, the ADP and ACP for the HCE Group must
                  meet either the Basic or Alternative Limitation when compared
                  to the respective preceding Plan Year's ADP and ACP for the
                  preceding Plan Year's NHCE Group, defined as follows:

                  (a)      Basic Limitation. The HCE Group Average Percentage
                           may not exceed 1.25 times the NHCE Group Average
                           Percentage.

                  (b)      Alternative Limitation. The HCE Group Average
                           Percentage is limited by reference to the NHCE Group
                           Average Percentage as follows:

<TABLE>
<CAPTION>
  If the NHCE Group                      Then the Maximum HCE
Average Percentage is:                Group Average Percentage is:
----------------------                ----------------------------
<S>                                  <C>
    Less than 2%                     2 times NHCE Group Average %
      2% to 8%                         NHCE Group Average % plus 2%
    More than 8%                       NA - Basic Limitation applies
</TABLE>

                  Alternatively, the Company may elect to use the Plan Year's
                  ADP for the NHCE Group for the Plan Year and/or the Plan
                  Year's ACP for the NHCE Group for the Plan Year. If such
                  election is made, such election may not be changed except as
                  provided by Internal Revenue Service Notice 98-52.

         12.3     Correction of ADP and ACP Tests

                  If the ADP or ACP Tests are not met, the Administrator shall
                  determine, no later than the end of the next Plan Year, a
                  maximum percentage to be used in place of the calculated
                  percentage for all HCEs that would reduce the ADP and/or ACP
                  for the HCE group by a sufficient amount to meet the ADP and
                  ACP Tests.

                  With regard to each HCE whose Deferral percentage and/or
                  Contribution percentage is in excess of the maximum
                  percentage, a dollar amount of excess Deferrals and/or excess
                  Contributions shall then be determined by (i) subtracting the
                  product of such maximum percentage for the ADP and the HCE's
                  Compensation from the HCE's

                                       38

<PAGE>

                  actual Deferrals, and (ii) subtracting the product of such
                  maximum percentage for the ACP and the HCE's Compensation from
                  the HCEs actual Contributions. Such amounts shall then be
                  aggregated to determine the total dollar amount of excess
                  Deferrals and/or excess Contributions. ADP and/or ACP
                  corrections shall be made in accordance with the leveling
                  method as described below.

                  (a)      ADP Correction. The HCE with the highest Deferral
                           dollar amount shall have his or her Deferral dollar
                           amount reduced in an amount equal to the lesser of
                           the dollar amount of excess Deferrals for all HCEs or
                           the dollar amount that would cause his or her
                           Deferral dollar amount to equal that of the HCE with
                           the next highest Deferral dollar amount. The process
                           shall be repeated until the total of the Deferral
                           dollar amount reductions equals the dollar amount of
                           excess Deferrals for all HCEs.

                           To the extent an HCE's Deferrals were determined to
                           be reduced as described in the paragraph above,
                           Before-Tax Contributions shall, by the end of the
                           next Plan Year, be refunded to the HCE in an amount
                           equal to the actual Deferrals minus the product of
                           the maximum percentage and the HCE's Compensation,
                           except that such amount to be refunded shall be
                           reduced by Before-Tax Contributions previously
                           refunded because they exceeded the Contribution
                           Dollar Limit. The excess amounts shall first be taken
                           from unmatched Before-Tax Contributions and then from
                           matched Before-Tax Contributions. Any Matching
                           Contributions attributable to refunded excess
                           Before-Tax Contributions as described in this
                           Section, adjusted for investment gain or loss, shall
                           be forfeited and used as described in Section 8 above
                           or to reduce Contributions made by an Employer as
                           soon as administratively feasible.

                  (b)      ACP Correction. The HCE with the highest Contribution
                           dollar amount shall have his or her Contribution
                           dollar amount reduced in an amount equal to the
                           lesser of the dollar amount of excess Contributions
                           for all HCEs or the dollar amount that would cause
                           his or her Contribution dollar amount to equal that
                           of the HCE with the next highest Contribution dollar
                           amount. The process shall be repeated until the total
                           of the Contribution dollar amount reductions equals
                           the dollar amount of excess Contributions for all
                           HCEs.

                           To the extent an HCE's Contributions were determined
                           to be reduced as described in the paragraph above,
                           Contributions shall, by the end of the next Plan
                           Year, be refunded to the HCE to the extent vested and
                           forfeited and used as described in Section 8 or to
                           reduce Contributions made by an Employer as soon as
                           administratively feasible to the extent such amounts
                           were not vested as of the end of the Plan Year being
                           tested. The excess amounts shall first be taken from
                           unmatched After-Tax Contributions and then as a
                           proportional combination of matched After-Tax and
                           Matching Contributions.

                  (c)      Investment Fund Sources. Once the amount of excess
                           Deferrals and/or Contributions is determined and with
                           regard to excess Contributions, allocated by type of
                           Contribution, amounts shall be taken by Investment
                           Fund in direct

                                       39

<PAGE>

                           proportion to the market value of the Participant's
                           interest in each Investment Fund (which excludes his
                           or her Loan Account balance) as of the Trade Date on
                           which the correction is processed.

         12.4     Multiple Use Test

                  If the Alternative Limitation (defined in Section 12.2 above)
                  is used to meet both the ADP and ACP Tests, the ADP and ACP
                  for the HCE Group must also comply with the requirements of
                  Code Section 401(m)(9). Such Code Section requires that the
                  sum of the ADP and ACP for the HCE Group (as determined after
                  any corrections needed to meet the ADP and ACP Tests have been
                  made) not exceed the sum (which produces the most favorable
                  result) of:

                  (a)      the Basic Limitation (defined in Section 12.2 above)
                           applied to either the ADP or ACP for the NHCE Group;
                           and

                  (b)      the Alternative Limitation applied to the other NHCE
                           Group percentage.

         12.5     Correction of Multiple Use Test

                  If the multiple use limit is exceeded, the Administrator shall
                  determine a maximum percentage to be used in place of the
                  calculated percentage for all HCEs that would reduce either or
                  both the ADP or ACP for the HCE Group by a sufficient amount
                  to meet the multiple use limit. Any excess shall be handled in
                  the same manner that the distribution of excess Deferrals or
                  Contributions are handled.

         12.6     Adjustment for Investment Gain or Loss

                  Any excess Deferrals or Contributions to be refunded to a
                  Participant or forfeited in accordance with this Section 12
                  shall be adjusted for investment gain or loss. Refunds or
                  forfeitures shall not include investment gain or loss for the
                  period between the end of the applicable Plan Year and the
                  date of distribution.

         12.7     Testing Responsibilities and Required Records

                  The Administrator shall be responsible for ensuring that the
                  Plan meets the ADP Test, the ACP Test, and the Multiple Use
                  Test and that the Contribution Dollar Limit is not exceeded.
                  The Administrator shall maintain records which are sufficient
                  to demonstrate that the ADP Test, the ACP Test, and the
                  Multiple Use Test have been met for each Plan Year for at
                  least as long as the Employer's corresponding tax year is open
                  to audit.

                                       40

<PAGE>

         12.8     Separate Testing

                  Multiple Employers: The determination of HCEs, NHCEs, and the
                  performance of the ADP Test, the ACP Test, and the Multiple
                  Use Test and any corrective action resulting therefrom, shall
                  be conducted separately with regard to the Employees of each
                  Employer (and Related Companies) that is not a Related Company
                  with the other Employer(s).

                  In addition, testing may be conducted separately at the
                  discretion of the Administrator and to the extent permitted
                  under Treasury regulations to any group of Employees for whom
                  separate testing is permissible.

                                       41

<PAGE>

13.      MAXIMUM CONTRIBUTION AND BENEFIT LIMITATIONS

         13.1     "Annual Addition" Defined

                  The sum of all amounts allocated to the Participant's Account
                  for a Plan Year which are contributions (except for rollovers
                  or transfers from another qualified Plan), forfeitures, and if
                  the Participant is a Key Employee (pursuant to Section 14
                  below) for the applicable or any prior Plan Year, medical
                  benefits provided pursuant to Code Section 419A(d)(1). For
                  purposes of this Section 13.1, "Account" also includes a
                  Participant's account in all other defined contribution Plans
                  currently or previously maintained by any Related Company. The
                  Plan Year refers to the year to which the allocation pertains,
                  regardless of when it was allocated. The Plan Year shall be
                  the Code Section 415 limitation year.

         13.2     Maximum Annual Addition

                  The Annual Addition to a Participant's accounts under the Plan
                  and any other defined contribution Plan maintained by any
                  Related Company for any Plan Year shall not exceed the lesser
                  of (1) 25% of his or her Compensation or (2) $30,000 [as
                  adjusted for the cost of living pursuant to Code Section
                  415(d)].

         13.3     Avoiding an Excess Annual Addition

                  If at any time during a Plan Year the allocation of any
                  additional Contributions would produce an excess Annual
                  Addition for such year, Contributions to be made for the
                  remainder of the Plan Year shall be limited to the amount
                  needed for each affected Participant to receive the maximum
                  Annual Addition.

         13.4     Correcting an Excess Annual Addition

                  Upon the discovery of an excess Annual Addition to a
                  Participant's Account (resulting from forfeitures,
                  allocations, reasonable error in determining Participant
                  compensation, or the amount of elective contributions or other
                  facts and circumstances acceptable to the Internal Revenue
                  Service) the excess amount (adjusted to reflect investment
                  gains) shall first be returned to the Participant to the
                  extent of his or her After-Tax Contributions and then to the
                  extent of his or her Before-Tax Contributions (however, to the
                  extent After-Tax and/or Before-Tax Contributions were matched,
                  the applicable Matching Contributions shall be forfeited in
                  proportion to the returned matched After-Tax and/or Before-Tax
                  Contributions), and the remaining excess, if any, shall be
                  forfeited by the Participant, and together with forfeited
                  Matching Contributions, used as described in Section 8 above
                  or to reduce Contributions made by an Employer as soon as
                  administratively feasible.

                                       42

<PAGE>

         13.5     Correcting a Multiple Plan Excess

                  If a Participant whose Account is credited with an excess
                  Annual Addition received allocations to more than one defined
                  contribution Plan, the excess shall be corrected by reducing
                  the Annual Addition to this Plan but only after all possible
                  reductions have been made to all other defined contribution
                  Plans.

                                       43

<PAGE>

14.      TOP HEAVY RULES

         14.1     Top Heavy Definitions

                  When capitalized, the following words and phrases have the
                  following meanings when used in this Section:

                  (a)      "Aggregation Group". The group consisting of each
                           qualified Plan of an Employer (and its Related
                           Companies) (1) in which a Key Employee is a
                           Participant or was a Participant during the
                           determination period (regardless of whether such Plan
                           has terminated); or (2) which enables another Plan in
                           the group to meet the requirements of Code Sections
                           401(a)(4) or 410(b). The Employer may also treat any
                           other qualified Pplan as part of the group if the
                           group would continue to meet the requirements of Code
                           Sections 401(a)(4) and 410(b) with such Plan being
                           taken into account.

                  (b)      "Determination Date". The last Trade Date of the
                           preceding Plan Year or, in the case of the Plan's
                           first year, the last Trade Date of the first Plan
                           Year.

                  (c)      "Key Employee". A current or former Employee (or his
                           or her Beneficiary) who at any time during the
                           five-year period ending on the Determination Date
                           was:

                           (1)      an officer of a Related Company whose
                                    Compensation (i) exceeds 50% of the amount
                                    in effect under Code Section 415(b)(1)(A)
                                    and (ii) places him within the following
                                    highest paid group of officers:

<TABLE>
<CAPTION>
  Number of Employees
not Excluded Under Code        Number of Highest Paid
   Section 414(g)(8)              Officers Included
----------------------------------------------------------
<S>                            <C>
     Less than 30                       3

      30 to 500                10% of the number of Employees
                               not excluded under Code section
                               414(q)(8)

    More than 500                      50
</TABLE>

                           (2)      a more than 5% Owner;

                           (3)      a more than 1% Owner whose Compensation
                                    exceeds $150,000; or

                           (4)      a more than 0.5% Owner who is among the 10
                                    Employees owning the largest interest in a
                                    Related Company and whose Compensation
                                    exceeds the amount in effect under Code
                                    Section 415(c)(1)(A).

                                       44

<PAGE>

                  (d)      "Plan Benefit". The sum as of the Determination Date
                           of (1) an Employee's Account, (2) the present value
                           of his or her other accrued benefits provided by all
                           qualified Plans within the Aggregation Group, and (3)
                           the aggregate distributions made within the five-year
                           period ending on such date. Plan Benefits shall
                           exclude rollover contributions and Plan-to-Plan
                           transfers which are both employee initiated and from
                           a Plan maintained by a non-related employer.

                  (e)      "Top Heavy". The Plan's status when the Plan Benefits
                           of Key Employees account for more than 60% of the
                           Plan Benefits of all Employees who have performed
                           services at any time during the five-year period
                           ending on the Determination Date. The Plan Benefits
                           of Employees who were, but are no longer, Key
                           Employees because they have not been an officer or
                           Owner during the five-year period, are excluded in
                           the determination.

         14.2     Special Contributions

                  (a)      Minimum Contribution Requirement. For each Plan Year
                           in which the Plan is Top Heavy, the Employer shall
                           not allow any contributions (other than a Rollover
                           Contribution from a Plan maintained by a non-related
                           employer) to be made by or on behalf of any Key
                           Employee unless the Employer makes a contribution
                           (other than contributions made by an Employer in
                           accordance with a Participant's salary deferral
                           election or contributions made by an Employer based
                           upon the amount contributed by a Participant) on
                           behalf of all Participants who were Eligible
                           Employees as of the last day of the Plan Year in an
                           amount equal to at least 3% of each such
                           Participant's Taxable Income. The Administrator shall
                           remove any such contributions (including applicable
                           investment gain or loss) credited to a Key Employee's
                           Account in violation of the foregoing rule and return
                           them to the Employer or Employee to the extent
                           permitted by the Limited Return of Contributions
                           paragraph of Section 18 below.

                  (b)      Overriding Minimum Benefit. Notwithstanding,
                           contributions shall be permitted on behalf of Key
                           Employees if the Employer also maintains a defined
                           benefit Plan which automatically provides a benefit
                           which satisfies the Code Section 416(c)(1) minimum
                           benefit requirements, including the adjustment
                           provided in Code Section 416(h)(2)(A), if applicable.
                           If the Plan is part of an aggregation group in which
                           a Key Employee is receiving a benefit and no minimum
                           is provided in any other Plan, a minimum contribution
                           of at least 3% of Taxable Income shall be provided to
                           the Participants specified in the preceding
                           paragraph. In addition, the Employer may offset a
                           defined benefit minimum by contributions (other than
                           contributions made by an Employer in accordance with
                           a Participant's salary deferral election for
                           contributions made by an Employer based upon the
                           amount contributed by a Participant) made to the
                           Plan.

                                       45

<PAGE>

         14.3     Special Vesting

                  If the Plan becomes Top Heavy after the Effective Date, all
                  Employees shall thereafter be fully vested in all Accounts.

                                       46

<PAGE>

15.      PLAN ADMINISTRATION

         15.1     Plan Delineates Authority and Responsibility

                  Plan fiduciaries include the Company, the Administrator, the
                  Committee, and/or the Trustee, as applicable, whose specific
                  duties are delineated in this Plan and on the accompanying
                  trust agreement. In addition, Plan fiduciaries also include
                  any other person to whom fiduciary duties or responsibility is
                  delegated with respect to the Plan. Any person or group may
                  serve in more than one fiduciary capacity with respect to the
                  Plan. To the extent permitted under ERISA Section 405, no
                  fiduciary shall be liable for a breach by another fiduciary.

         15.2     Fiduciary Standards

                  Each fiduciary shall:

                  (a)      discharge his or her duties in accordance with the
                           Plan and the Trust to the extent they are consistent
                           with ERISA;

                  (b)      use that degree of care, skill, prudence, and
                           diligence that a prudent person acting in a like
                           capacity and familiar with such matters would use in
                           the conduct of an enterprise of a like character and
                           with like aims;

                  (c)      act with the exclusive purpose of providing benefits
                           to Participants and their Beneficiaries and defraying
                           reasonable expenses of administering the Plan;

                  (d)      diversify Plan investments to the extent such
                           fiduciary is responsible for directing the investment
                           of Plan assets so as to minimize the risk of large
                           losses, unless under the circumstances it is clearly
                           prudent not to do so; and

                  (e)      treat similarly situated Participants and
                           Beneficiaries in a uniform and nondiscriminatory
                           manner.

         15.3     Company Is ERISA Plan Administrator

                  The Company is the Plan Administrator, within the meaning of
                  ERISA Section 3(16) and Code Section 414(g), which is
                  responsible for compliance with all reporting and disclosure
                  requirements, except those that are explicitly the
                  responsibility of the Trustee under applicable law. The
                  Administrator and/or Committee shall have any necessary
                  authority to carry out such functions through the actions of
                  the Administrator, duly appointed officers of the Company,
                  and/or the Committee.

         15.4     Administrator Duties

                  The Administrator shall have the sole and absolute discretion
                  to interpret the provisions of the Plan and the Trust, other
                  than the provisions which relate to the Trustee (including,
                  without limitation, by supplying omissions from, correcting

                                       47

<PAGE>

                  deficiencies in, or resolving inconsistencies or ambiguities
                  in the language of the Plan), to determine the rights and
                  status under the Plan of Participants and other persons, to
                  decide disputes arising under the Plan, and to make any
                  determination or findings with respect to the benefits payable
                  thereunder and the person entitled thereto as may be required
                  for the purpose of the Plan. In furtherance thereof, but
                  without limiting the foregoing, the Administrator is hereby
                  granted the following specific authorities which it shall
                  discharge in its sole and absolute discretion in accordance
                  with the terms of the Plan (as interpreted, to the extent
                  necessary, by the Administrator):

                  (a)      determine who is eligible to participate, if a
                           contribution qualifies as a rollover contribution,
                           the allocation of Contributions, and the eligibility
                           for loans, in-service withdrawals, and distributions;

                  (b)      determine the fact of a Participant's death and of
                           any Beneficiary's right to receive the deceased
                           Participant's interest based upon such proof and
                           evidence as it deems necessary;

                  (c)      establish and review at least annually a funding
                           policy bearing in mind both the short-run and
                           long-run needs and goals of the Plan; and to the
                           extent Participants may direct their own investments,
                           the funding policy shall focus on which Investment
                           Funds are available for Participants to use; and

                  (d)      adjudicate claims pursuant to the claims procedure
                           described in Section 18 below.

                  Actions taken in good faith by the Administrator shall be
                  conclusive and binding on all interested parties and shall be
                  given the maximum possible deference allowed by law.

         15.5     Advisors May be Retained

                  The Administrator may retain such agents and advisors
                  (including attorneys, accountants, actuaries, consultants,
                  record keepers, investment counsel, and administrative
                  assistants) as it considers necessary to assist it in the
                  performance of its duties. The Administrator shall also comply
                  with the bonding requirements of ERISA Section 412.

         15.6     Delegation of Administrator Duties

                  The Company, as Administrator of the Plan, has appointed a
                  Committee to administer the Plan on its behalf. The Company
                  shall provide the Trustee with the names and specimen
                  signatures of any persons authorized to serve as Committee
                  members and act as or on its behalf. Any Committee member
                  appointed by the Company shall serve at the pleasure of the
                  Company but may resign by written notice to the Company.
                  Committee members shall serve without compensation from the
                  Plan for such services. Except to the extent that the Company
                  otherwise

                                       48

<PAGE>

                  provides, any delegation of duties to a Committee shall carry
                  with it the full discretionary authority of the Administrator
                  to complete such duties.

         15.7     Committee Operating Rules

                  (a)      Actions of Majority. Any act delegated by the Company
                           to the Committee may be done by a majority of its
                           members. The majority may be expressed by a vote at a
                           meeting or in writing without a meeting, and a
                           majority action shall be equivalent to an faction of
                           all Committee members.

                  (b)      Meetings. The Committee shall hold meetings upon such
                           notice, place, and times as it determines necessary
                           to conduct its functions properly.

                  (c)      Reliance by Trustee. The Committee may authorize one
                           or more of its members to execute documents on its
                           behalf and may authorize one or more of its members
                           or other individuals who are not members to give
                           written direction to the Trustee in the performance
                           of its duties. The Committee shall provide such
                           authorization in writing to the Trustee with the name
                           and specimen signatures of any person authorized to
                           act on its behalf. The Trustee shall accept such
                           direction and rely upon it until notified in writing
                           that the Committee has revoked the authorization to
                           give such direction. The Trustee shall not be deemed
                           to be on notice of any change in the membership of
                           the Committee, parties authorized to direct the
                           Trustee in the performance of its duties, or the
                           duties delegated to and by the Committee until
                           notified in writing.

         15.8     Choice of Law

                  The construction, validity, and administration of this Plan
                  shall be governed by the laws of the State of Texas, except to
                  the extent such laws are not preempted by ERISA.

                                       49

<PAGE>

16.      MANAGEMENT OF INVESTMENTS

         16.1     Trust Agreement

                  All Plan assets shall be held by the Trustee in trust in
                  accordance with the trust agreement and with those provisions
                  of the Plan which relate to the Trustee for use in providing
                  Plan benefits and paying Plan fees and expenses not paid
                  directly by the Employer. Plan benefits shall be drawn solely
                  from the Trust and paid by the Trustee as directed by the
                  Administrator. Notwithstanding, the Company may appoint, with
                  the approval of the Trustee, another trustee to hold and
                  administer Plan assets which do not meet the requirements of
                  Section 16.2 below.

         16.2     Investment Funds

                  The Administrator is hereby granted authority to direct the
                  Trustee in the selection of one or more Investment Funds. The
                  number and composition of Investment Funds may be changed from
                  time to time without the necessity of amending the Plan. The
                  Trustee may establish reasonable limits on the number of
                  Investment Funds as well as the acceptable assets for any such
                  Investment Fund. Each of the Investment Funds may be comprised
                  of any of the following:

                  (a)      shares of a registered investment company, whether or
                           not the Trustee or any of its affiliates is an
                           advisor to or other service provider to such company,
                           provided an investment in such is exempt from the
                           prohibited transaction restrictions of the Code and
                           ERISA;

                  (b)      collective investment funds maintained by the Trustee
                           or any other fiduciary to the Plan which are
                           available for investment by trusts which are
                           qualified under Code Sections 401(a) and 501(a);

                  (c)      individual equity and fixed income securities which
                           are readily tradeable on the open market;

                  (d)      guaranteed investment contracts issued by a bank or
                           insurance company;

                  (e)      interest bearing deposits; and

                  (f)      Company stock.

                  Any Investment Fund assets invested in a collective investment
                  fund shall be subject to all the provisions of the instruments
                  establishing and governing such fund. These instruments,
                  including any subsequent amendments, are hereby adopted by the
                  Plan and are incorporated herein by reference.

                                       50

<PAGE>

         16.3     Authority to Hold Cash

                  The Trustee shall have the authority to cause the investment
                  manager of each Investment Fund to maintain sufficient deposit
                  or money market type assets in each Investment Fund to handle
                  the Fund's liquidity and disbursement needs.

         16.4     Trustee to Act Upon Instructions

                  The Trustee shall carry out instructions to invest assets in
                  the Investment Funds as soon as practicable after such
                  instructions are received from the Administrator,
                  Participants, or Beneficiaries. Such instructions shall remain
                  in effect until changed by the Administrator, Participants, or
                  Beneficiaries.

         16.5     Administrator Has Right to Vote Registered Investment Company
                  Shares

                  The Administrator shall be entitled, but not required, to vote
                  proxies or exercise any shareholder rights relating to shares
                  held on behalf of the Plan in a registered investment company.

         16.6     Authority to Segregate Assets

                  The Administrator may direct the Trustee to split an
                  Investment Fund into two or more funds in the event any assets
                  in the Fund are illiquid or the value is not readily
                  determinable. In the event of such segregation, the
                  Administrator shall give instructions to the Trustee on what
                  value to use for the split-off assets, and the Trustee shall
                  not be responsible for confirming such value.

         16.7     Maximum Permitted Investment in Company Stock

                  If the Company provides for a Company Stock fund, the fund
                  shall be comprised of Company Stock and sufficient deposit or
                  money market type assets to handle the funds liquidity in
                  disbursement needs. The fund may be as large as necessary to
                  comply with Participants' and Beneficiaries' investment
                  elections as well as the total investments of Participants'
                  Before - Tax Matched Account, Before Tax Non-Matched Account,
                  After-Tax Account, Company Matched Account, Profit Sharing
                  Account, and Rollover Account.

         16.8     Participants Have Right to Vote and Tender Company Stock

                  Each Participant or Beneficiary shall be entitled to instruct
                  the Trustee as to voting or tendering any full or partial
                  shares of Company Stock held on his or her behalf in the
                  Company Stock fund. Prior to such voting or tendering of
                  Company Stock, each Participant or Beneficiary shall receive a
                  copy of the proxy solicitation or other material relating to
                  such vote or tender decision and a form for the Participant or
                  Beneficiary to complete which confidentially instructs the
                  Trustee to vote or tender such shares in the manner indicated
                  by the Participant or Beneficiary. Upon receipt of such
                  instructions, the Trustee shall act with respect to such
                  shares as instructed.

                                       51

<PAGE>

                  With regard to shares of Company Stock for which the Trustee
                  receives no voting or tendering instructions from Participants
                  or Beneficiaries, the Trustee shall vote such shares in the
                  same proportions as the total company shares for which voting
                  or tendering instructions were received were voted.

         16.9     Registration and Disclosure for Company Stock

                  The Administrator shall be responsible for determining the
                  applicability (and if applicable, complying with) the
                  requirements of the Securities Act of 1933 as amended and any
                  State or other applicable Blue Sky law. The Administrator
                  shall also specify what restrictive legend or transfer
                  restriction, if any, is required to be set forth on the
                  certificates for the securities and the procedure to be
                  followed by the trustee to effectuate a resale of said
                  securities.

                                       52

<PAGE>

17.      RIGHTS, PROTECTION, CONSTRUCTION, AND JURISDICTION

         17.1     Plan Does Not Affect Employment Rights

                  The Plan does not provide any employment rights to any
                  Employee. The Employer expressly reserves the right to
                  discharge an Employee at any time, with or without cause,
                  without regard to the effect such discharge would have upon
                  the Employee's interest in the Plan.

         17.2     Compliance With USERRA

                  Notwithstanding any provision of the Plan to the contrary with
                  regard to an Employee who terminates employment with the
                  Employer and after serving in the uniformed services again
                  becomes an Employee, contributions shall be made and benefits
                  and service credit shall be provided with respect to his or
                  her qualified military service (as defined in USERRA) in
                  accordance with Code Section 414(u).

         17.3     Limited Return of Contributions

                  Except as provided in this paragraph, (1) Plan assets shall
                  not revert to the Employer nor be diverted for any purpose
                  other than the exclusive benefit of Participants or their
                  Beneficiaries; and (2) a Participant's vested interest shall
                  not be subject to divestment. As provided in ERISA Section
                  403(c)(2), the actual amount of a Contribution or portion
                  thereof made by the Employer (or the current value of such if
                  a net loss has occurred) may revert to the Employer if:

                  (a)      such Contribution or portion thereof is made by
                           reason of a mistake of fact:

                  (b)      initial qualification of the Plan under Code Section
                           401(a) is not received and a request for such
                           qualification is made within the time prescribed
                           under Code Section 401(b) (the existence of and
                           Contributions under the Plan are hereby conditioned
                           upon such qualification); or

                  (c)      such Contribution or portion thereof is not
                           deductible under Code Section 404 (such Contributions
                           are hereby conditioned upon such deductibility) in
                           the taxable year of the Employer for which the
                           Contribution is made.

                  The reversion to the Employer must be made (if at all) within
                  one year of the mistaken payment, the date of denial of
                  qualification, or the date of disallowance of deduction, as
                  the case may be. A Participant shall have no rights under the
                  Plan with respect to any such reversion.

         17.4     Assignment and Alienation

                  As provided by Code Section 401(a)(13) and to the extent not
                  otherwise required by law, no benefit provided by the Plan may
                  be anticipated, assigned, or alienated except:

                                       53

<PAGE>

                  (a)      to create, assign, or recognize a right to any
                           benefit with respect to a Participant pursuant to a
                           QDRO; or

                  (b)      to use a Participant's vested Account balance as
                           security for a loan from the Plan which is permitted
                           pursuant to Code Section 4975.

         17.5     Facility of Payment

                  If a Plan benefit is due to be paid to a minor or if the
                  Administrator reasonably believes that any payee is legally
                  incapable of giving a valid receipt and discharge for any
                  payment due him or her, the Administrator shall have the
                  payment of the benefit, or any part thereof, made to the
                  person (or persons or institution) whom it reasonably believes
                  is caring for or supporting the Payee unless it has received
                  due notice of claim therefor from a duly appointed guardian or
                  conservator of the Payee. Any payment shall, to the extent
                  thereof, be a complete discharge of any liability under the
                  Plan to the Payee.

         17.6     Reallocation of Lost Participant's Accounts

                  If the Administrator cannot locate a person entitled to
                  payment of a Plan benefit after a reasonable search, the
                  Administrator may at any time thereafter treat such person's
                  Account as forfeited and use such amount as described in
                  Section 8 above or to reduce Contributions made by an Employer
                  as soon as administratively feasible. If such person
                  subsequently presents the Administrator with a valid claim for
                  the benefit, such person shall be paid the amount treated as
                  forfeited, plus interest thereon at the rate of six percent
                  (6.0%) to the date of determination. The Administrator shall
                  pay the amount through an additional amount contributed by the
                  Employer or direct the Trustee to pay the amount from the
                  Forfeiture Account.

         17.7     Claims Procedure

                  (a)      Right to Make Claim. An interested party who
                           disagrees with the Administrator's determination of
                           his or her right to Plan benefits must submit a
                           written claim and exhaust this claim procedure before
                           legal recourse of any type is sought. The claim must
                           include the important issues the interested party
                           believes support the claim. The Administrator,
                           pursuant to the authority provided in the Plan, shall
                           either approve or deny the claim.

                  (b)      Process for Denying a Claim. The Administrator's
                           partial or complete denial of an initial claim must
                           include an understandable written response covering
                           (1) the specific reasons why the claim is being
                           denied (with reference to the pertinent Plan
                           provisions), and (2) the steps necessary to perfect
                           the claim and obtain a final review.

                  (c)      Appeal of Denial and Final Review. The interested
                           party may make a written appeal of the
                           Administrator's initial decision, and the
                           Administrator shall

                                       54

<PAGE>

                           respond in the same manner and form as prescribed for
                           denying a claim initially.

                  (d)      Time Frame. The initial claim, its review, appeal,
                           and final review shall be made in a timely fashion
                           subject to the following time table:

<TABLE>
<CAPTION>
              Action                         Days to Respond From Last Action
-----------------------------------------------------------------------------
<S>                                          <C>
Administrator determines benefit                           NA
Interested party files initial request                   60 days
Administrator's initial decision                         90 days
Interested party requests final review                   60 days
Administrator's final decision                           60 days
</TABLE>

                           However, the Administrator may take up to twice the
                           maximum response time for its initial and final
                           review if it provides an explanation within the
                           normal period of why an extension is needed and when
                           its decision shall be forthcoming.

         17.8     Construction

                  Headings are included for reading convenience. The text shall
                  control if any ambiguity or inconsistency exists between the
                  headings and the text. The singular and plural shall be
                  interchanged wherever appropriate. References to Participant
                  shall include Alternate Payee and/or Beneficiary when
                  appropriate and even if not otherwise already expressly
                  stated.

         17.9     Jurisdiction and Severability

                  The Plan and the accompanying trust agreement shall be
                  construed, regulated, and administered under ERISA and other
                  applicable federal laws, and where not otherwise preempted, by
                  the laws of the State of Utah. If any provision of the Plan
                  shall become invalid or unenforceable, that fact shall not
                  affect the validity or enforceability of any other provision
                  of the Plan. All provisions of the Plan shall be so construed
                  as to render them valid and enforceable in accordance with
                  their intent.

         17.10    Indemnification by Employer

                  The Employer hereby agrees to indemnify all Plan fiduciaries
                  against any and all liabilities resulting from any action or
                  inaction, (including a Plan termination in which the Company
                  fails to apply for a favorable determination from the Internal
                  Revenue Service with respect to the qualification of the Plan
                  upon its termination), in relation to the Plan (1) including
                  (without limitation) expenses reasonably incurred in the
                  defense of any claim relating to the Plan or its assets and
                  amounts paid in any settlement relating to the Plan or its
                  assets, but (2) excluding liability resulting from actions or
                  inactions made in bad faith or resulting from the negligence
                  or willful misconduct of the Trustee. The Company shall have
                  the right, but not the obligation,

                                       55

<PAGE>

                  to conduct the defense of any action to which this Section
                  applies. The Plan fiduciaries are not entitled to indemnity
                  from the Plan assets relating to any such action.

                                       56

<PAGE>

18.      AMENDMENT, MERGER, DIVESTITURES, AND TERMINATION

         18.1     Amendment

                  The Company reserves the right to amend the Plan at any time,
                  to any extent, and in any manner it may deem necessary or
                  appropriate. The Company shall be responsible for adopting any
                  amendments necessary to maintain the qualified status of the
                  Plan and the accompanying trust agreement under Code Sections
                  401(a) and 501(a). If the Committee is acting as the
                  Administrator in accordance with Section 15.6 above, it shall
                  have the authority to adopt Plan amendments which have no
                  substantial adverse financial impact upon any Employer or the
                  Plan. All interested parties shall be bound by any amendment
                  provided that no amendment shall:

                  (a)      become effective unless it has been adopted in
                           accordance with the procedures set forth in Section
                           18.5 below;

                  (b)      except to the extent permissible under ERISA and the
                           Code, make it possible for any portion of the Trust
                           assets to revert to an Employer or to be used for or
                           diverted to any purpose other than for the exclusive
                           benefit of Participants and Beneficiaries entitled to
                           Plan benefits and to defray reasonable expenses of
                           administering the Plan;

                  (c)      decrease the rights of any Employee to benefits
                           accrued (including the elimination of optional forms
                           of benefits) to the date on which the amendment is
                           adopted, or if later, the date upon which the
                           amendment becomes effective, except to the extent
                           permitted under ERISA and the Code; nor

                  (d)      permit an Employee to be paid any portion of his or
                           her Account subject to the distribution rules of Code
                           Section 401(k) unless the payment would otherwise be
                           permitted under Code Section 401(k)

         18.2     Merger

                  The Plan may not be merged or consolidated with nor may its
                  assets or liabilities be transferred to another Plan unless
                  each Participant and Beneficiary would, if the resulting Plan
                  were then terminated, receive a benefit just after the merger,
                  consolidation, or transfer which is at least equal to the
                  benefit which would be received if either Plan had terminated
                  just before such event.

         18.3     Divestitures

                  In the event of a sale by an Employer which is a corporation
                  of: (1) substantially all of the Employer's assets used in a
                  trade or business to an unrelated corporation, or (2) a sale
                  of such Employer's interest in a subsidiary to an unrelated
                  entity or individual, lump sum distributions shall be
                  permitted from the Plan, except as provided below to
                  Participants with respect to Employees who continue employment

                                       57

<PAGE>

                  with the corporation acquiring such assets or who continue
                  employment with such subsidiary, as applicable.

                  Notwithstanding, distributions shall not be permitted if the
                  purchaser agrees, in connection with the sale, to be
                  substituted as the Company as the sponsor of the Plan or to
                  accept a transfer in a transaction subject to Code Section
                  414(l)(1) of the assets and liabilities representing the
                  Participants' benefits into a Plan of the purchaser or a Plan
                  to be established by the purchaser.

         18.4     Plan Termination and Complete Discontinuance of Contributions

                  The Company may, at any time and for any reason, terminate the
                  Plan in accordance with the procedures set forth in Section
                  18.5 below, or completely discontinue contributions. Upon
                  either of these events or in the event of a partial
                  termination of the Plan within the meaning of Code Section
                  411(d)(3), the Accounts of each affected Employee who has not
                  yet incurred a Break in Service shall be fully vested.

                  In the event of the Plan's termination, if no successor Plan
                  is established or maintained, lump sum distributions shall be
                  made in accordance with the terms of the Plan as in effect at
                  the time of the Plan's termination or as thereafter amended
                  provided that a post-termination amendment shall not be
                  effective to the extent that it violates Section 18.1 above
                  unless it is required in order to maintain the qualified
                  status of the Plan upon its termination. The authority of the
                  Employer and of the Trustee under the accompanying trust
                  agreement shall continue beyond the Plan's termination date
                  until all Trust assets have been liquidated and distributed.

         18.5     Amendment and Termination Procedures

                  The following procedural requirements shall govern the
                  adoption of any amendment or termination (a "Change") of the
                  Plan:

                  (a)      The Company may adopt any Change by action of its
                           board of directors in accordance with its normal
                           procedures.

                  (b)      The Committee, if acting as Administrator in
                           accordance with Section 15.6 above, may adopt any
                           amendment within the scope of its authority provided
                           under Section 18.1 above and in the manner specified
                           in Section 15.7(a) above.

                  (c)      Any Change must be (1) set forth in writing, and (2)
                           signed and dated by an executive officer of the
                           Company, or in the case of an amendment adopted by
                           the Committee, at least one of its members.

                                       58

<PAGE>

                  (d)      If the effective date of any Change is not specified
                           in the document setting forth the Change, it shall be
                           effective as of the date it is signed by the last
                           person whose signature is required, except to the
                           extent that another effective date is necessary to
                           maintain the qualified status of the Plan and the
                           accompanying trust under Code Sections 401(a) and
                           501(a).

                  (e)      A copy of any Change shall be provided to the
                           Trustee.

                  (f)      No Change in the Plan affecting the Trustee in its
                           role as Trustee under the Plan or in any other
                           capacity shall become effective until it is accepted
                           in writing by the Trustee (which acceptance shall not
                           unreasonably be withheld).

         18.6     Termination of Employer's Participation

                  Any Employer may, at any time and for any reason, terminate
                  its Plan participation by action of its board of directors in
                  accordance with its normal procedures. Written notice of such
                  action shall be signed and dated by an executive officer of
                  the Employer and delivered to the Company. If the effective
                  date of such action is not specified, it shall be effective on
                  or ass soon as reasonably practicable after the date of
                  delivery. Upon the Employer's request, the Company may
                  instruct the Trustee and the Administrator to spin off all
                  affected Accounts and underlying assets into a separate
                  qualified Plan under which the Employer shall assume the
                  powers and duties of the Company. Alternatively, the Company
                  may continue to maintain the Accounts under the Plan.

         This amendment and restatement of the Central Freight Lines, Inc.,
401(k) Savings Plan, as set forth in this document, is hereby adopted this 30th
day of August, 2000, and effective on the date first written above.

                                             CENTRAL FREIGHT LINES, INC.

                                             By: /s/ Douglas E. Quicksall
                                                 -------------------------------
                                                    Douglas E. Quicksall
                                             Title: Executive Vice President and
                                                    Chief Financial Officer

                                       59

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1(B)
<SEQUENCE>11
<FILENAME>c72067exv10w1xby.txt
<DESCRIPTION>FIRST AMENDMENT TO 401(K) SAVINGS PLAN
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.1(b)

                                 FIRST AMENDMENT
                                       TO
                           CENTRAL FREIGHT LINES, INC.
                               401(k) SAVINGS PLAN
                           (EFFECTIVE JANUARY 1, 2002)

         The CENTRAL FREIGHT LINES, INC. 401(k) SAVINGS PLAN (as amended and
restated August 30, 200), the "Plan", is hereby amended, effective January 1,
2002, by this the First Amendment to the Plan. The purpose for this First
Amendment to the Plan is to allow Catch-Up Contributions, provided for in
Section 414(v) of the Internal Revenue Code of 1986, as amended, to be made to
the Plan.

         1)       A Participant, who is an Eligible Employee and who has
                  attained 50 years of age before the end of a Plan Year,
                  beginning after December 31, 2001, may elect to reduce his or
                  her Pay by an amount which does not exceed the Dollar Limit
                  for Catch-Up Contributions for that Plan Year, and have such
                  additional amount contributed to the Plan by the Employer as a
                  Catch-Up Contribution for that Plan Year. The initial
                  election, and any change, revocation or resumption of the
                  election, shall be made in such manner and with such advance
                  notice as shall be prescribed by the Administrator and shall
                  be limited to increments of whole percentages of Pay. In no
                  event shall the amount of an Employee's Catch-Up Contribution
                  exceed the lesser of (i) the Dollar Limit for Catch-Up
                  Contributions for the Plan Year in which the Catch-Up
                  Contributions are made (as adjusted for cost-of-living,
                  pursuant to Code Section 414(v)(2)(c)), or (ii) the excess of
                  the Participant's Compensation for that Plan Year over his
                  Before-Tax Contributions for such Plan Year.

         2)       The annual Dollar Limit for Catch-Up Contributions is:

<TABLE>
<CAPTION>
For Plan Year Ending                   Dollar Limit
--------------------                   ------------
<S>                                    <C>
December 31, 2002                         $1,000
December 31, 2003                         $2,000
December 31, 2004                         $3,000
December 31, 2005                         $4,000
December 31, 2006, and thereafter         $5,000
</TABLE>

                  For Plan Years ending December 31, 2006, and thereafter, the
                  Dollar Limit for Catch-Up Contributions will be adjusted
                  annually for cost-of-living, pursuant to the provisions of
                  Code Section 414(v)(2)(c).

<PAGE>

         3)       All Catch-Up Contributions made to the Plan shall be received
                  and held by the Plan in accordance with the provisions of
                  Section 414(v) of the Internal Revenue Code and the
                  regulations thereunder.

         4)       CENTRAL FREIGHT LINES, INC. reserves the right, at any time,
                  to change or amend this First Amendment to the CENTRAL FREIGHT
                  LINES, INC. 401(k) SAVINGS PLAN, either prospectively or
                  retroactively, in order to keep the Plan in compliance with
                  Section 414(v) of the Internal Revenue Code of 1986, as
                  amended.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2(A)
<SEQUENCE>12
<FILENAME>c72067exv10w2xay.txt
<DESCRIPTION>CENTRAL FREIGHT LINES, INC. INCENTIVE STOCK PLAN
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.2(a)

                           CENTRAL FREIGHT LINES, INC.
                              INCENTIVE STOCK PLAN

                                  (AS AMENDED)

         1.       PURPOSE AND SCOPE OF THE PLAN. The purpose of this incentive
stock plan is to attract and retain the best available personnel for positions
of substantial responsibility, to provide additional incentive to Employees and
Consultants of the Company, and to promote the success of the Company's
business. Options granted under the Plan may be Incentive Stock Options,
Nonstatutory Stock Options, Restricted Stock Awards, Reload Options, Other Stock
Based Awards, or Other Benefits at the discretion of the Board and, if required
by the Board, as reflected in the terms of written Award agreements. Incentive
Stock Options shall only be granted to Employees. The Plan shall not confer upon
any Participant any right with respect to continuation of an employment or
consulting relationship with the Company, nor shall it interfere in any way with
an employee's right or the Company's right to terminate the employment or
consulting relationship at any time.

         2.       DEFINITIONS. As used in this Incentive Stock Plan, the
following definitions shall apply:

                  (a)      "Award" shall mean Incentive Stock Options,
         Nonstatutory Stock Options, Restricted Stock Awards, Reload Options,
         Other Stock Based Awards, or Other Benefits granted pursuant to the
         Plan.

                  (b)      "Board" shall mean the Committee, if one has been
         appointed, or the Board of Directors of the Company, if no Committee is
         appointed.

                  (c)      "Code" shall mean the Internal Revenue Code of 1986,
         as amended.

                  (d)      "Common Stock" shall mean the Common Stock of the
         Company, par value $1.00 per share.

                  (e)      "Company" shall mean Central Freight Lines, Inc., a
         Texas corporation, or any permitted successor that assumes the
         obligations under this Plan by agreement or operation of law.

                  (f)      "Committee" shall mean the Committee appointed by the
         Board of Directors in accordance with Section 4 of the Plan, if one is
         appointed.

                  (g)      "Consultant" shall mean any person who is engaged by
         the Company, Parent, or any Subsidiary to render consulting services
         and is compensated for such consulting services or any other person
         determined by the Board to have performed services for or on behalf of
         the Company which merits the grant of an Award, and any director of the
         Company whether compensated for such services or not.

                                       -1-

<PAGE>

                  (h)      "Continuous Status as an Employee" shall mean the
         absence of any interruption or termination of service as an Employee.
         Continuous Status as an Employee shall not be considered interrupted in
         the case of sick leave, military leave, or any other leave of absence
         approved by the Board; provided that such leave is for a period of not
         more than 90 days or reemployment upon the expiration of such leave is
         guaranteed by contract or statute.

                  (i)      "Director" shall mean a member of the Board of
         Directors of the Company, Parent, or any Subsidiary.

                  (j)      "Employee" shall mean any person, including officers
         and directors, employed by the Company, Parent, or any Subsidiary of
         the Company. The payment of a director's fee shall not be sufficient to
         constitute "employment."

                  (k)      "Exchange Act" shall mean the Securities Exchange Act
         of 1934, as amended.

                  (l)      "Fair Market Value" shall mean:

                  (i)      If the Common Stock is at the time listed or admitted
                  to trading on a stock exchange, The Nasdaq Stock Market, or an
                  over-the-counter market, the closing price of the Common Stock
                  on the date the determination of value is to be established
                  pursuant to the Award agreement or notice, as such prices are
                  reported by the exchange, The Nasdaq Stock Market, or a
                  publication of general circulation selected by the Board and
                  regularly reporting the market price of the Common Stock, to
                  the extent consistent with applicable laws and regulations. If
                  no reported quotation or sale of Common Stock takes place on
                  the date in question, the last reported closing sale price of
                  the Common Stock prior to such date shall be determinative; or

                  (ii)     If the Common Stock is not at the time listed or
                  admitted to trading on a stock exchange, The Nasdaq Stock
                  Market, or an over-the-counter market, the price of the Common
                  Stock on the date the determination of value is to be
                  established pursuant to the Award agreement or notice, as
                  reflected in the most recent valuation of the Common Stock by
                  an independent third-party appraiser engaged by the Company to
                  the extent consistent with applicable laws and regulations;
                  provided, a Participant may demand the Company conduct a
                  valuation of the Common Stock if the most recent valuation is
                  dated more than 13 months prior to the date the value is to be
                  determined.

         If no reported quotation or sale of Common Stock takes place on the
         date in question, the last reported closing sale price of the Common
         Stock prior to such date shall be determinative.

                                      -2-

<PAGE>

                  (m)      "Immediate Family Member" shall mean the spouse,
         children, or grandchildren of the Participant.

                  (n)      "Incentive Stock Option" shall mean an Option
         intended to qualify as an incentive stock option within the meaning of
         Section 422 of the Code.

                  (o)      "Nonstatutory Stock Option" shall mean an Option not
         intended to qualify as an Incentive Stock Option.

                  (p)      "Option" shall mean a stock option granted pursuant
         to the Plan.

                  (q)      "Optioned Stock" shall mean the Common Stock subject
         to an Option.

                  (r)      "Other Stock Based Awards" shall mean awards valued
         in whole or in part by reference to, or otherwise based on, the
         Company's Common Stock.

                  (s)      "Other Benefits" shall mean types of Awards granted
         under this Plan as determined by the Board in addition to those
         specifically provided.

                  (t)      "Parent" shall mean a "parent corporation," whether
         now or hereafter existing, as defined in Section 424(e) of the Code.

                  (u)      "Participant" shall mean an Employee or Consultant
         who receives an Award.

                  (v)      "Plan" shall mean this Incentive Stock Plan.

                  (w)      "Reload Option" shall mean an Option to purchase for
         cash or shares a number of shares of Common Stock up to (i) the number
         of shares of Common Stock used to exercise the underlying option, and
         (ii) the number of shares of Common Stock used to satisfy any tax
         withholding requirement incident to the exercise of the underlying
         option, in either case through the use of shares of Common Stock or
         vested options.

                  (x)      "Restricted Stock" shall mean shares of Common Stock
         which are subject to the restrictions described in this Plan and such
         other terms and conditions as the Board may prescribe.

                  (y)      "Share" shall mean a share of the Common Stock, as
         adjusted in accordance with Section 12 of the Plan.

                  (z)      "Subsidiary" shall mean a "subsidiary corporation,"
         whether now or hereafter existing, as defined in Section 424(f) of the
         Code.

         3.       STOCK SUBJECT TO THE PLAN. Subject to the provisions of
Section 12 of the Plan, the maximum aggregate number of shares which may be
optioned, sold, or granted through Awards under the Plan is 5,000,000 shares of
Common Stock. The Shares may be authorized,

                                      -3-

<PAGE>

but unissued, or reacquired Common Stock. If an Option should expire or become
unexercisable for any reason without having been exercised in full, the
unpurchased Shares which were subject to the Option shall become available for
future grant under the Plan, unless the Plan shall have been terminated. Any
shares of Restricted Stock which are forfeited shall again be available for
Awards under the Plan. Fractional shares shall not be issued. The Board will
determine the manner in which fractional share values will be treated. Each
Award shall state the total number of shares of Common Stock subject to such
Award. Shares issued under the Plan and later repurchased by the Company shall
become available for future grant or sale under the Plan.

         4.       ADMINISTRATION OF THE PLAN.

                  (a)      Procedure. The Plan shall be administered by the
         Board of Directors of the Company or a committee appointed by the Board
         in accordance with this Section 4.

                  (i)      Subject to Section 4.(a)(ii), the Board of Directors
                  may appoint a committee consisting of not less than two
                  members of the Board of Directors to administer the Plan on
                  behalf of the Board of Directors, subject to such terms and
                  conditions as the Board of Directors may prescribe. Once
                  appointed, the committee shall continue to serve until
                  otherwise directed by the Board of Directors. Members of the
                  Board who are either eligible for Awards or have been granted
                  Awards may vote on any matters affecting the administration of
                  the Plan or the grant of any Awards pursuant to the Plan,
                  except that no such member shall act upon the granting of an
                  Award to himself or herself, but may be counted in determining
                  the existence of a quorum at any meeting of the Board during
                  which action is taken with respect to the granting of Awards
                  to him or her. Anything to the contrary notwithstanding,
                  Awards granted to Directors shall be approved by the full
                  Board of Directors.

                  (ii)     If the Company registers any class of any equity
                  security pursuant to Section 12 of the Exchange Act, from the
                  effective date of such registration until six months after the
                  termination of such registration, any grants of Awards to
                  officers or directors shall only be made by the Board of
                  Directors or a Committee satisfying the provisions of Rule
                  16b-3(b)(3) under the Exchange Act, or any successor rule,
                  each as amended from time-to-time with respect to exempting
                  grants under employee benefit plans. Once appointed, the
                  Committee shall continue to serve until otherwise directed by
                  the Board of Directors.

                  (ii)     Subject to Sections 4.(a)(i) and 4.(a)(ii), from time
                  to time the Board of Directors may increase the size of the
                  Committee and appoint additional members of the Committee,
                  remove members (with or without cause), and appoint new
                  members, fill vacancies however caused, or remove all members
                  of the Committee and thereafter directly administer the Plan.

                  (b)      Powers of the Board. Subject to the provisions of the
         Plan, the Board shall have the authority, in its discretion: (i) to
         grant Incentive Stock Options, Nonstatutory Stock Options, Restricted
         Stock Awards, Reload Options concurrently with

                                      -4-

<PAGE>

         the grant of any Award of Incentive Stock Options or Nonstatutory Stock
         Options, Other Stock Based Awards, and Other Benefits; (ii) to
         determine, upon review of relevant information and in accordance with
         Section 2.(l) of the Plan, the Fair Market Value of the Common Stock;
         (iii) to determine the exercise price per share of Options to be
         granted, which exercise price shall be determined in accordance with
         Section 8.(a) of the Plan; (iv) to determine the Employees and
         Consultants to whom, and the time or times at which, Awards shall be
         granted and the number of shares to be represented by each Award; (v)
         to interpret the Plan; (vi) to prescribe, amend, and rescind rules and
         regulations relating to the Plan; (vii) to determine the terms and
         provisions of each Award granted (which need not be identical) and,
         with the consent of the holder of the Award, modify or amend each
         Award; (viii) to accelerate or defer (with the consent of the
         Participant) the exercise or vesting date of any Award, consistent with
         the provisions of Section 5 of the Plan; (ix) to authorize any person
         to execute on behalf of the Company any instrument required to
         effectuate the grant of an Award previously granted by the Board; and
         (x) to make all other determinations deemed necessary or advisable for
         the administration of the Plan.

                  (c)      Effect of Board's Decision. All decisions,
         determinations, and interpretations of the Board shall be final and
         binding on all Participants and any other holders of any Awards granted
         under the Plan.

         5.       ELIGIBILITY.

                  (a)      Generally. Awards may be granted only to Employees
         and Consultants. Incentive Stock Options may be granted only to
         Employees. An Employee or Consultant who has been granted an Award may,
         if he is otherwise eligible, be granted an additional Award or Awards.

                  (b)      Limitations on Incentive Stock Options. The aggregate
         Fair Market Value (determined as of the date of grant) of Common Stock
         with respect to which Incentive Stock Options are exercisable for the
         first time by any Participant during any calendar year (under all plans
         of the Company, Parent, or any Subsidiary) shall not exceed $100,000.
         If the Fair Market Value (determined as of the date of grant) of Common
         Stock with respect to which Incentive Stock Options are exercisable for
         the first time by any Participant during any calendar year exceeds
         $100,000, then the Options for the first $100,000 worth of Common Stock
         to become exercisable in such calendar year shall be Incentive Stock
         Options and the Options for the amount in excess of $100,000 that
         become exercisable in that calendar year shall be Nonstatutory Stock
         Options. In the event that the Code or the regulations promulgated
         thereunder are amended after the date of the Plan to provide for a
         different limit on the Fair Market Value of Common Stock permitted to
         be subject to Incentive Stock Options, such different limit shall be
         automatically incorporated in this Section 5.(b) and shall apply to any
         Incentive Stock Options granted after the effective date of such
         amendment.

                                      -5-

<PAGE>

                  (c)      Other Stock Based Awards. The Board shall have the
         right to grant Other Stock Based Awards which may include, without
         limitation, the grant of Common Stock based on certain conditions,
         including short-term incentives or the issuance of Common Stock in lieu
         of cash under other incentive or deferred compensation programs of the
         Company.

                  (d)      Other Benefits. The Board shall have the right to
         provide Other Benefits, if the Board believes that such Awards would
         further the purposes for which this Plan was established.

         6.       TERM OF PLAN. The Plan shall become effective upon the earlier
to occur of its adoption by the Board of Directors or its approval by the
stockholders of the Company as described in Section 18 of the Plan. It shall
continue in effect for a term of ten (10) years unless sooner terminated under
Section 14 of the Plan.

         7.       TERM OF AWARDS. The term of each Incentive Stock Option shall
be ten (10) years from the date of grant or such shorter term as may be provided
in any notice or agreement evidencing such Award; provided, however, in the case
of an Incentive Stock Option granted to a Participant who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent
or Subsidiary, the term of the Incentive Stock Option shall be five (5) years
from the date of grant or such shorter time as may be provided in the Incentive
Stock Option agreement. The foregoing notwithstanding, if the Code or
regulations promulgated thereunder are subsequently amended to provide for a
different percentage of voting power or maximum option term for Incentive Stock
Options, such new limits shall be automatically incorporated in this Section 7
and shall apply to any Incentive Stock Options granted after the effective date
of such amendment. The term of each Reload Option shall be equal to the
remaining option term of the underlying Option. The term of each Award, if
applicable, that is not an Incentive Stock Option or Reload Option shall be
determined by the Board and set forth in the agreement or notification relating
to Nonstatutory Stock Options, Restricted Stock, Other Stock Based Awards, or
Other Benefits.

         8.       EXERCISE PRICE AND CONSIDERATION.

                  (a)      Exercise Price. The per Share exercise price for the
         Shares to be issued pursuant to exercise of an Option shall be such
         price as is determined by the Board, but shall be subject to the
         following:

                  (i)      In the case of an Incentive Stock Option, any
                  restrictions imposed by the Code at the time of grant, which
                  restrictions currently are as follows:

                           (A)      grants to an Employee who, at the time of
                           the grant of such Incentive Stock Option, owns stock
                           representing more than ten percent (10%) of the
                           voting power of all classes of stock of the Company
                           or any Parent or Subsidiary, shall have a per Share
                           exercise price no less than 110% of the Fair Market
                           Value per Share on the date of grant; or

                                      -6-

<PAGE>

                           (B)      grants to any other Employee shall have a
                           per Share exercise price no less than 100% of the
                           Fair Market Value per Share on the date of grant.

                  (ii)     In the case of Nonstatutory Stock Options, at any
                  price per Share determined by the Board.

                  (iii)    In the case of Reload Options, unless otherwise
                  established by the Board, the exercise price per share of
                  Common Stock deliverable upon the exercise of a Reload Option
                  shall be the Fair Market Value of a share of Common Stock on
                  the date the grant of the Reload Option becomes effective.

                  (b)      Consideration for Restricted Stock, Other Stock Based
         Awards, and Other Benefits. In the case of Restricted Stock, an award
         of Restricted Stock may provide that the Participant be required to
         furnish such consideration for the Award as the Board shall determine,
         or may be issued in exchange for past services or other legal
         consideration. An Award of Restricted Stock may provide that such
         Restricted Stock may be exchanged during the Restricted Period for
         other Restricted Stock upon such terms and conditions as the Board may
         permit or shall require. Payment under or a settlement of any Other
         Stock Based Awards and Other Benefits shall be made in such manner and
         at such times as the Board may determine.

                  (c)      Form of Consideration. The consideration to be paid
         for the Shares to be issued upon exercise of an Option or grant of an
         Award, including the method of payment, shall be determined by the
         Board and may consist entirely of (i) cash, (ii) check, (iii) other
         Shares of Common Stock having a Fair Market Value on the date of
         surrender equal to the aggregate exercise price of the Shares as to
         which the Option shall be exercised, (iv) vested and exercisable (but
         unexercised) Options valued at the difference between the exercise
         price and Fair Market Value of the Shares, or (v) any combination of
         such methods of payment, or other consideration and method of payment
         for the issuance of Shares to the extent permitted under the Texas
         Business Corporation Act. In making its determination as to the type of
         consideration to accept, the Board shall consider whether acceptance of
         the consideration may be reasonably expected to benefit the Company.

         9.       EXERCISE OF OPTION.

                  (a)      Generally. Any Option granted under the Plan shall be
         exercisable at such times and under such conditions as determined by
         the Board, including performance criteria with respect to the Company
         and/or the Participant, and as shall be permissible under the terms of
         the Plan. An Option may not be exercised for a fraction of a Share.
         Anything to the contrary notwithstanding, each Reload Option is fully
         exercisable two years from the effective date of grant (or if fewer
         than two years remain until the termination of this Plan, then such
         Reload Option shall be exercisable within 90 days prior to termination
         of the Plan).

                                      -7-

<PAGE>

                  (b)      Procedure. An Option shall be deemed to be exercised
         when written notice of exercise (if applicable, in the form required by
         the Nonstatutory or Incentive Stock Option agreement or notice) has
         been given to the Company in accordance with the terms of the Option by
         the person entitled to exercise the Option and full payment for the
         Shares with respect to which the Option is exercised has been received
         by the Company. Full payment may, as authorized by the Board, consist
         of any consideration and method of payment allowable under Section 8 of
         the Plan. Until the issuance (as evidenced by the appropriate entry on
         the books of the Company or of a duly authorized transfer agent of the
         Company) of the stock certificate evidencing such Shares, no right to
         vote or receive dividends or any other rights as a stockholder shall
         exist with respect to the Optioned Stock, notwithstanding the exercise
         of the Option. The Company shall issue (or cause to be issued) the
         stock certificate promptly upon exercise of the Option. No adjustment
         will be made for a dividend or other right for which the record date is
         prior to the date the stock certificate is issued, except as provided
         in Section 12 of the Plan. Exercise of an Option in any manner shall
         result in a decrease in the number of Shares which may be available,
         both for purposes of the Plan and for purchase under the Option, by the
         number of Shares as to which the Option is exercised.

         10.      CONDITIONS AND RESTRICTIONS AFFECTING AWARDS.

                  (a)      Certain Events Affecting Exercisability of Incentive
         Stock Options.

                  (i)      Termination of Status as an Employee. With respect to
                  Incentive Stock Options, in the event of termination of a
                  Participant's Continuous Status as an Employee, such
                  Participant may, but only within three (3) months after such
                  event of termination of a Participant's Continuous Status as
                  an Employee (but in no event later than the date of expiration
                  of the term of the Incentive Stock Option as set forth in the
                  Incentive Stock Option agreement or notice), exercise his
                  Incentive Stock Option to the extent that he was entitled to
                  exercise it at the date of termination. To the extent that he
                  was not entitled to exercise the Incentive Stock Option at the
                  date of such termination, or if he does not exercise the
                  Incentive Stock Option (which he was entitled to exercise)
                  within the time specified in this Subsection the Incentive
                  Stock Option shall terminate.

                                      -8-

<PAGE>

                  (ii)     Disability of Participant. With respect to Incentive
                  Stock Options, notwithstanding the provision of Section
                  10.(a)(i) above, in the event of termination of a
                  Participant's Continuous Status as an Employee as a result of
                  his total and permanent disability (as defined in Section
                  22(e)(3) of the Code), he may, but only within twelve (12)
                  months following the date of termination (but in no event
                  later than the date of expiration of the term of the Incentive
                  Stock Option as set forth in the Incentive Stock Option
                  agreement or notice), exercise his Incentive Stock Option to
                  the extent he was entitled to exercise it at the date of
                  termination. To the extent that he was not entitled to
                  exercise the Incentive Stock Option at the date of
                  termination, or if he does not exercise the Incentive Stock
                  Option (which he was entitled to exercise) within the time
                  specified herein, the Incentive Stock Option shall terminate.

                  (iii)    Death of Participant. With respect to Incentive Stock
                  Options, in the event of the death of a Participant:

                           (A)      who is at the time of his death an Employee
                           of the Company and who shall have been in Continuous
                           Status as an Employee since the date of grant of the
                           Incentive Stock Option, the Incentive Stock Option
                           may be exercised, at any time within twelve (12)
                           months following the date of death (but in no event
                           later than the date of expiration of the term of the
                           Incentive Stock Option as set forth in the Incentive
                           Stock Option agreement or notice), by the
                           Participant's estate or by a person who acquired the
                           right to exercise the Incentive Stock Option by
                           bequest or inheritance, but only to the extent that
                           the Participant had the right to exercise the
                           Incentive Stock Option at the date of death; or

                           (B)      which occurs within three (3) months after
                           the termination of Continuous Status as an Employee,
                           the Incentive Stock Option may be exercised, at any
                           time within twelve (12) months following the date of
                           death (but in no event later than the date of
                           expiration of the term of the Incentive Stock Option
                           as set forth in the Incentive Stock Option agreement
                           or notice), by the Participant's estate or by a
                           person who or entity which acquired the right to
                           exercise the Incentive Stock Option by bequest or
                           inheritance, but only to the extent of the right to
                           exercise that had accrued at the date of termination.

                                      -9-

<PAGE>

                  (b)      Certain Conditions Affecting Restricted Stock Awards.

                  (i)      Restriction. Except as provided in Section
                  10.(b)(iii), at the time of an Award of Restricted Stock, the
                  Board may establish in its discretion, for each Participant a
                  vesting schedule and a period of time ("Restricted Period")
                  during which Restricted Stock may not be sold, assigned,
                  transferred, pledged, or otherwise encumbered, except as
                  hereinafter provided. Except for such restrictions as may be
                  provided in the Restricted Stock agreement or notice and
                  subject to this Subsection 10.(b), the Participant shall have
                  all rights of a stockholder with respect to such Restricted
                  Stock. The Board, in its discretion, may accelerate the time
                  at which any or all of the restrictions shall lapse with
                  respect to any shares of Restricted Stock prior to the
                  expiration of the Restricted Period or remove any or all of
                  such restrictions, as it deems appropriate.

                  (ii)     Registration and Redelivery of Restricted Stock. Each
                  certificate of Restricted Stock shall be registered in the
                  name of the Participant and deposited by the Participant,
                  together with a stock power endorsed in blank, with the
                  Company. During the Restricted Period, the Restricted Stock
                  shall remain in the possession of the Company. At the end of
                  the Restricted Period, the Company shall redeliver to the
                  Participant (or the Participant's legal representative or
                  personal representative) the certificates of Common Stock
                  deposited pursuant to this Subsection 10.(b)(ii). The Common
                  Stock so delivered to the Participant shall no longer be
                  subject to the provisions of this Subsection 10.(b).

                  (iii)    Termination of Employment. Unless the Restricted
                  Stock agreement otherwise provides, in the event the
                  Participant's employment with the Company and/or its
                  Subsidiaries or Parent is terminated for reasons other than
                  death, total and permanent disability (as defined in Section
                  22(e)(3) of the Code), or retirement, all Restricted Stock
                  awarded to such Participant which is still subject to
                  restriction shall be forfeited. For the purposes of this
                  Subsection 10.(b)(iii), the forfeiture period for each Award
                  of Restricted Stock shall be separately calculated from the
                  date of the Award. Unless the Restricted Stock agreement
                  otherwise provides, the restrictions contained in Subsection
                  10.(b)(i) shall terminate on the Participant's death, total
                  and permanent disability (as defined in Section 22(e)(3) of
                  the Code), or attainment of age sixty-five (65).

                  (c)      Certain Conditions Affecting Reload Options.

                  (i)      Non-Qualification as Incentive Stock Option.
                  Notwithstanding the fact that the underlying Option may be an
                  Incentive Stock Option, a Reload Option is not intended to
                  qualify as an Incentive Stock Option.

                  (ii)     Reload Option Amendment. Each Incentive Stock Option
                  and Nonstatutory Stock Option agreement or notice shall state
                  whether the Board has authorized Reload Options with respect
                  to the underlying options. Upon the exercise of an underlying
                  option, any additional Reload Option must be evidenced

                                      -10-

<PAGE>

                  by an amendment to the underlying agreement or notice or by a
                  new notice from the Board.

                  (iii)    Termination of Employment. No additional Reload
                  Options shall be granted to Participants when Options are
                  exercised pursuant to the terms of this Plan following
                  termination of the Participant's employment.

                  (iv)     Application Sections. Applicable sections regarding
                  the manner of payment, restrictions, death, retirement, total
                  or permanent disability (as defined in Section 22(e)(3) of the
                  Code) of the Participant, and similar provisions relating to
                  the underlying Option, are incorporated by reference in this
                  Subsection 10.(c) as though fully set forth herein.

                  (d)      Certain Conditions Affecting Other Stock Based Awards
         and Other Benefits. Unless the agreement or notice relating to the
         Other Stock Based Awards or Other Benefits otherwise provides, except
         in the event of the Participant's death, total or permanent disability
         (as defined in Section 22(e)(3) of the Code), or retirement after
         attaining age 65, in the event that the Participant terminates
         employment with the Company and/or its Subsidiaries or Parent prior to
         the time benefits become payable pursuant to Awards of Other Stock
         Based Awards or Other Benefits, such Awards shall be immediately
         forfeited. Unless the agreement or notice relating to the Other Stock
         Based Awards or Other Benefits otherwise provides, in the event of the
         Participant's death, total or permanent disability (as defined in
         Section 22(e)(3) of the Code), or retirement after attaining age 65,
         the Company shall pay to the Participant (or the Participant's legal
         representative or personal representative) the amount that would have
         been payable to the Participant had the Participant satisfied all of
         the requirements contained in the agreement relating to such Award
         calculated as of the date of the occurrence of an event described in
         this sentence.

         11.      TRANSFERABILITY OF OPTIONS.

                  (a)      Incentive Stock Options. Incentive Stock Options may
         not be sold, pledged, assigned, hypothecated, transferred, or disposed
         of in any manner other than by will or by the laws of descent or
         distribution and may be exercised, during the lifetime of the
         Participant, only by the Participant.

                                      -11-

<PAGE>

                  (b)      Awards Other than Incentive Stock Options. All Awards
         other than Incentive Stock Options may be transferred by the
         Participant to (i) Immediate Family Members, (ii) a trust or trusts for
         the exclusive benefit of Immediate Family Members Approved Trusts,
         (iii) a partnership, limited liability company, or corporation in which
         Immediate Family Members or Approved Trusts are the only partners,
         members, or stockholders, or (iv) if specifically permitted in the
         agreement or notice, other persons or entities, provided that
         subsequent transfers of transferred Awards shall be prohibited except
         for transfers to the Participant or transfers by will or the laws of
         descent and distribution. Following transfer, the Awards shall continue
         to be subject to the same terms and conditions as were applicable
         immediately prior to transfer, provided that the term "Participant"
         shall be deemed to refer to the transferee.

         12.      ADJUSTMENTS UPON CERTAIN CHANGES.

                  (a)      In the event of any change in the outstanding Common
         Stock by reason of a stock split, stock dividend, combination,
         reclassification, or exchange of Common Stock, recapitalization,
         merger, consolidation, or other event, the shares of Common Stock
         authorized hereunder and outstanding Awards, as applicable, shall be
         proportionately adjusted by the Board in its sole discretion and any
         such judgment shall be binding and conclusive on all persons. Provided,
         however, in the case of Incentive Stock Options, no such adjustment
         shall be made if the result thereof would be that the excess of (i) the
         aggregate Fair Market Value of the new or substituted shares over (ii)
         the aggregate exercise price of such shares is more than (x) the excess
         of the aggregate Fair Market Value of all shares subject to the Option
         immediately before such substitutions or assumption over (y) the
         aggregate exercise price of such shares, or that the new Option or the
         assumption of the old Option gives the Participant additional benefits
         which the Participant did not have under the old Option.

                  (b)      Notwithstanding anything in the Plan to the contrary,
         agreements or notices with respect to Awards may contain change of
         control provisions for the benefit of the Participant as the Board
         shall approve (such approval to be conclusively evidenced by the
         execution and delivery of such agreements or notices to the
         Participants). Change of control provisions shall mean provisions to
         protect Participant's interest in the Plan should the Company, its
         stock or its assets be acquired by another person or entity, or should
         the Participant's employment terminate in connection therewith.

         13.      TIME OF GRANTING AWARDS. The date of grant of an Award, for
all purposes, shall be the date on which the Board makes the determination
granting that Award or such other effective date as the Board may specify in its
grant of the Award. Notice of the determination shall be given to each Employee
or Consultant to whom an Award is so granted within a reasonable time after the
date of such grant.

                                      -12-

<PAGE>

         14.      AMENDMENT AND TERMINATION OF THE PLAN.

                  (a)      Amendment and Termination. The Board may amend or
         terminate the Plan from time to time in such respects as the Board may
         deem advisable; provided that the following revisions or amendments
         shall require approval of the stockholders of the Company:

                           i.       any change in the designation of the class
                                    of persons eligible to be granted Awards;

                           ii.      if the Company has a class of equity
                                    securities registered under Section 12 of
                                    the Exchange Act at the time of such
                                    revision or amendment, any material increase
                                    in the benefits accruing to Participants
                                    under the Plan who have already received
                                    Awards; or

                           iii.     if otherwise required by any applicable
                                    laws.

                  (b)      Effect of Amendment or Termination. Any amendment or
         termination of the Plan shall not affect Awards already granted and
         those Awards shall remain in full force and effect as if this Plan had
         not been amended or terminated, unless mutually agreed otherwise
         between the Participant and the Board, which agreement must be in
         writing and signed by the Participant and the Company.

         15.      CONDITIONS UPON ISSUANCE OF SHARES. Shares shall not be issued
pursuant to the exercise or grant of an Award unless the exercise or grant of
such Award and the issuance and delivery of Shares shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933, as amended, the Exchange Act, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange or quotation system upon
which the Shares may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such compliance. In the case
of officers and other persons subject to Section 16(b) of the Exchange Act, the
Board, in its discretion, may impose limitations upon the exercise, delivery, or
payment of any Award which it believes are necessary or desirable in order to
comply with Section 16(b) of the Act and the rules and regulations thereunder.
The Board may require any person receiving Common Stock hereunder to acknowledge
that such Common Stock is being acquired for investment purposes and not with a
view for resale or distribution and such Common Stock shall not be sold or
transferred unless in accordance with applicable law and regulations. If the
Company, as part of an offering of securities or otherwise, finds it desirable
because of legal or regulatory requirements to reduce the period during which
Options may be exercised, the Board may, in its discretion and without the
holders' consent, so reduce such period on not less than fifteen (15) days'
written notice to the holders thereof.

         16.      RESERVATION OF SHARES. The Company, during the term of this
Plan, shall at all times reserve and keep available the number of Shares as
shall be sufficient to satisfy the requirements of the Plan. The inability of
the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company's counsel to be necessary to the lawful
issuance or sale of any Shares under the Plan, shall relieve the Company of any

                                      -13-

<PAGE>

liability in respect of the failure to issue or sell the Shares as to which the
requisite authority shall not have been obtained.

         17.      AWARD AGREEMENT. Awards shall be evidenced by written
agreements or notices in form as the Board shall approve.

         18.      STOCKHOLDER APPROVAL. Continuance of the Plan shall be subject
to approval as required by law by the stockholders of the Company within twelve
(12) months after the date the Plan is adopted by the Board of Directors.

         19.      TAX WITHHOLDING. The Board shall have sole discretion whether
to withhold stock sufficient to satisfy any withholding or other tax due with
respect the exercise of an Option, the vesting of Restricted Stock or any
similar transaction under the Plan, or to demand such amounts in cash. Any tax
withholding effected in shares of Common Stock must comply with Rule 16b-3 (or
any successor), if applicable, and other applicable laws.

         20.      NON-UNIFORM DETERMINATIONS. The Board's determinations,
including without limitation, (a) the Participants' right to receive Awards, (b)
the form, amount, and timing of Awards, (c) the terms, conditions, and
provisions of Awards (including vesting and forfeiture provisions), and (d) the
agreements or notices evidencing the same, need not be uniform and may be made
by it selectively among Participants who receive, or who are eligible to
receive, Awards under the Plan, whether or not such Participants are similarly
situated.

         21.      RESTRICTIONS ON EXERCISE. To the extent required to comply
with Rule 16b-3, no Participant receiving an award under this Plan may dispose
of Common Stock awarded under the Plan prior to the expiration of six months
from the date of grant or dispose of an Option awarded under the Plan, or its
underlying Common Stock, prior to the expiration of six months from the date of
acquisition of the Option.

         22.      INDEMNIFICATION. Board members shall be indemnified and held
harmless by the Company from any loss, liability, or expense that may be imposed
upon or incurred by such present or past Board member in connection with or
resulting from any claim, action, or proceeding in which the member is involved
by reason of any action taken or failure to act under the Plan; provided such
member shall give the Company an opportunity, at its own expense, to defend the
same. The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such persons may be entitled under the
Company's Articles of Incorporation or Bylaws, as a matter or law, or otherwise,
or any power that the Company may have to indemnify them or hold them harmless.

         23.      REQUIREMENTS OF LAW. Awards, agreements, notices, and the
issuance of shares of Common Stock shall be subject to applicable laws, rules,
and regulations, and to such approvals by any governmental agencies or
securities exchanges or quotation systems as may be required. The Board shall
determine whether any Option or Common Stock issued hereunder is required to be
registered under the Securities Act of 1933 or may be issued under an exemption.
In its sole discretion, the Company may, but is not obliged to, file a
registration statement covering Common Stock issued under the Plan.

                                      -14-

<PAGE>

         24.      LEGEND ON STOCK CERTIFICATES. Unless Common Stock issued under
the Plan has been previously registered, issued Common Stock shall bear the
following or similar legend:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933 (the "1933 Act") or under
         the securities laws of any state and may not be transferred, assigned,
         sold, or hypothecated unless a registration statement under the 1933
         Act and the applicable state laws shall be in effect with respect
         thereto or an opinion of counsel satisfactory to the Corporation shall
         be received to the effect that registration under the 1933 Act and
         applicable state securities laws is not required."

                                  * * * * * * *

         Adopted by joint action of the Board of Directors and sole shareholder
of Central Freight Lines, Inc. on May 6, 1997.

                                      -15-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2(B)
<SEQUENCE>13
<FILENAME>c72067exv10w2xby.txt
<DESCRIPTION>FORM OF STOCK OPTION AGREEMENT
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.2(b)

                             STOCK OPTION AGREEMENT

         THIS STOCK OPTION AGREEMENT (this "Agreement") is made as of
____________ (the "Grant Date") to document a stock option grant effective
___________ (the "Effective Date") between Central Freight Lines, Inc., a Nevada
corporation (the "Company"), and ______________________, a key employee of an
operating subsidiary of the Company (the "Optionee").

                                   BACKGROUND

         By this Agreement, the Company and the Optionee desire to establish the
terms upon which the Company is willing to grant to the Optionee, and upon which
the Optionee is willing to accept from the Company, an option to purchase shares
of Class A Common Stock of the Company ("Common Stock"). The option is granted
under the Company's Incentive Stock Plan (the "Plan") adopted by the Board of
Directors and Stockholders effective May 6, 1997, and assumed by the Company
from Central Freight Lines, Inc., a Texas corporation, on December 31, 2000.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed in the Plan.

                                   AGREEMENTS

1.       Grant of Stock Option. Subject to the terms and conditions herein and
in the Plan, the Company grants to the Optionee the right and option (the
"Option") to purchase from the Company all or any part of an aggregate
<<Address2>> shares of Common Stock, authorized but unissued or, at the option
of the Company, treasury stock if available (the "Option Shares"). To the extent
allowable, the grant of Option Shares is intended to qualify as an incentive
stock option ("ISO"), as such term is defined under Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"). The exercise price of the Option
Shares shall be $_____ per share (the "Purchase Price").

2.       Exercise of Option. Subject to the terms and conditions of this
Agreement and the Plan, the vested portion of the Option may be exercised only
by completing and signing a written notice in substantially the following form:

                  I hereby exercise [all/part of] the Option granted to me by
                  Central Freight Lines, Inc., a Nevada corporation, and elect
                  to purchase ____________________ (__________) shares of the
                  Company's Class A Common Stock for $_____ per share.

3.       Payment of Purchase Price. Payment of the Purchase Price may be made as
follows:

         a.       In United States dollars in cash or by check, bank draft, or
                  money order payable to the Company.

                                       1

<PAGE>

         b.       At the sole discretion of the Board, through the delivery of
                  shares of Common Stock with an aggregate Fair Market Value at
                  the date of such delivery equal to the Purchase Price.

         c.       At the sole discretion of the Board, through the surrender of
                  part of the Option or other exercisable options having a
                  difference between (i) the exercise price of such surrendered
                  Options and (ii) the Fair Market Value of the Common Stock
                  equal to the Purchase Price.

         d.       At the sole discretion of the Board, in any combination of
                  Sections 3.a., 3.b., and 3.c. above.

The Board in its sole discretion shall determine acceptable methods for
surrendering Common Stock or options as payment upon exercise of the Option and
may impose such limitations and conditions on the use of Common Stock or options
to exercise the Option as it deems appropriate. Among other factors, the Board
will consider the restrictions of Rule 16b-3 of the Exchange Act or any
successor rule.

4.       Vesting and Exercisability of Option. Subject to the provisions of
Sections 5, 7, and 8 hereof, the Option shall vest and may be exercised by the
Optionee in whole or in part from time to time, but only in accordance with the
following schedule:

<TABLE>
<CAPTION>
                                             Cumulative Percentage of Option Shares Vested and as
              Date                                     to which Option may be Exercised
              ----                                     --------------------------------
<S>                                          <C>
First Anniversary of Effective Date                                   20%
Second Anniversary of Effective Date                                  40%
Third Anniversary of Effective Date                                   60%
Fourth Anniversary of Effective Date                                  80%
Fifth Anniversary of Effective Date                                  100%
</TABLE>

Not withstanding anything herein to the contrary, no vesting shall occur in the
event of termination of Optionee's Continuous Status as an Employee or if the
Option has otherwise terminated under this Agreement prior to such date.

5.       Termination of Option. The Option, to the extent not already exercised,
shall terminate upon the first to occur of the following dates:

         a.       The date on which the Optionee's employment by the Company is
                  terminated; provided, that if such termination (i) is
                  voluntary, or (ii) occurs due to (x) retirement with the
                  consent of the Board, (y) death, or (z) disability (which for
                  all ISOs shall have the meaning ascribed in Section 22(e) of
                  the Code) the Option shall terminate as set forth in
                  Paragraphs b., c., and d., respectively;

         b.       Thirty (30) days after voluntary termination;

                                       2

<PAGE>

         c.       Three years after termination due to retirement with the
                  consent of the Board or disability (provided, that Optionee
                  recognizes that he or she may not receive ISO tax treatment as
                  to any part of the Option exercised more than twelve (12)
                  months after termination of employment due to disability or
                  three (3) months after termination due to retirement);

         d.       Twelve (12) months after the Optionee's death; or

         e.       Notwithstanding any other provision herein, the date ten years
                  after the Grant Date.

6.       Adjustments. In the event of any stock split, reverse stock split,
stock dividend, business combination, reclassification, or similar event, the
number of Optioned Shares (including any Option Shares outstanding after
termination of employment or death) and the Purchase Price per share shall be
proportionately and appropriately adjusted without any change in the aggregate
Purchase Price to be paid therefor upon exercise of the Option. The
determination by the Board as to the terms of any of the foregoing adjustments
shall be final, binding, and conclusive.

7.       Liquidation, Sale of Assets, or Merger. In the event of a proposed
dissolution or liquidation of the Company, the Option shall terminate
immediately prior to the consummation of such proposed action, unless otherwise
provided by the Board. In the event of a proposed sale of all or substantially
all of the assets of the Company, or the merger of the Company with or into
another corporation, the Option shall become immediately exercisable with
respect to all then outstanding Option Shares (whether or not vested) and the
Optionee may elect, during the period commencing on the date that such sale or
merger is consummated and ending at the closing of business on the thirtieth
(30th) day following the date of such sale or merger, to exercise the Option in
whole or in part. In the event the thirtieth (30th) day referred to in this
Section shall fall on a day that is not a business day, then the thirtieth
(30th) day shall be deemed to be the next following business day.

8.       Acquisition. If any person, corporation, or other entity or group
thereof other than Jerry Moyes, Ronald Moyes, and entities or trusts controlled
by either (the "Acquiror"), acquires (an "Acquisition"), other than by merger or
consolidation or purchase from the Company, the beneficial ownership (as that
term is used in Section 13(d)(1) of the Exchange Act and the rules and
regulations promulgated thereunder) of shares of the Company's stock which, when
added to any other shares, the beneficial ownership of which is held by the
Acquiror, shall have the right to cast more than 51% of the votes that are
entitled to be cast at meetings of stockholders, any portion of the Option that
was not currently exercisable prior to the date of the Acquisition shall become
immediately exercisable and the Optionee may elect, during the period commencing
on the date of the Acquisition and ending at the closing of business on the
thirtieth (30th) day following the date of the Acquisition, to exercise the
Option in whole or in part. In the event the thirtieth (30th) day referred to in
this Section 8 shall fall on a day that is not a business day, then the
thirtieth (30th) day shall be deemed to be the next following business day.

9.       Notices. Any notice to be given under the terms of the Agreement
("Notice") shall be addressed to the Company in care of its President at 5601 W.
Waco Drive, Waco, Texas 76710, or at

                                       3

<PAGE>

its then current corporate headquarters. Notice to be given to the Optionee
shall be addressed to him or her by hand delivery or at his or her then current
residential address as appearing on the payroll records. Notice shall be deemed
duly given when enclosed in a properly sealed envelope and deposited by
certified mail, return receipt requested, in a post office or branch post office
regularly maintained by the United States Government.

10.      Transferability of Option. The Option shall not be transferable by the
Optionee and may be exercised during the life of the Optionee only by the
Optionee, unless otherwise set forth in the Plan.

11.      Optionee Not a Stockholder. The Optionee shall not be deemed for any
purposes to be a stockholder of the Company with respect to any of the Option
Shares except to the extent that the Option has been exercised, payment made,
and a stock certificate issued.

12.      Disputes or Disagreements. The Optionee agrees, for himself and his
personal representatives, that any disputes or disagreements which arise under
or as a result of or pursuant to this Agreement shall be determined by the Board
in its sole discretion, and that any interpretation by the Board of the terms of
this Agreement shall be final, binding, and conclusive.

13.      Withholding. The Optionee acknowledges that under certain
circumstances, including but not limited to a "disqualifying disposition" of an
ISO under Section 422(a)(i) of the Code, Optionee may recognize ordinary income,
which, for tax purposes, is considered payment of wages for services. As a
result, the Company may have certain tax withholding and reporting obligations.
The Company shall not be obligated to issue any stock certificate upon the
exercise of the right to purchase, or the transfer of, Option Shares until the
Optionee has delivered sufficient funds to cover all income, FICA, FUTA and
other applicable tax withholding. Optionee shall notify the Company of any
disqualifying disposition of Option Shares (currently, any disposition within
two years of the Grant Date or one year of the exercise date) and take all
actions necessary for the Company to obtain a tax deduction if compensation
income is deemed to result from any exercise or disposition. Optionee shall
indemnify and hold the Company harmless against any loss it may experience as a
result of Optionee's failure to comply with this Section 13. At the Board's sole
discretion, to satisfy the Company's withholding obligations, the Company may
retain such number of shares of Common Stock subject to the exercised Option
which have an aggregate Fair Market Value on the date of exercise equal to the
Company's aggregate federal, state, local, and foreign tax withholding
obligations as a result of the exercise of the Option by Optionee. The Board may
consider the Optionee's preference in making such determination, but the
Optionee acknowledges that the Board is under no obligation to follow or even
consider Optionee's preference, and that the Board will consider the Section 16
restrictions of the Exchange Act, including the holding period, advance notice
and election windows required for any withholding of shares to be exempt.

14.      Right of First Refusal. The Optionee may sell or transfer any or all of
the Common Stock owned by him or her to any person who makes a good faith, bona
fide offer therefor, but prior to an initial public offering of the Common Stock
of the Company, the Company shall have the right of first refusal to purchase
such Common Stock from the Optionee as set forth below. The Optionee shall give
prior notice in writing (the "Offer Notice") to the Company of each intended
sale or transfer, which Offer Notice shall contain all the terms of the proposed
transfer or disposition,

                                       4

<PAGE>

including, without limitation, the name and address of the prospective
transferee, the purchase price and other terms and conditions of payment, and
the number of shares of Common Stock to be disposed of by the Optionee (such
shares being referred to herein as the "Offered Stock"). The Optionee shall
specifically represent and warrant in such Offer Notice that the above terms
reflect an actual bona fide offer that the Optionee intends to accept, subject
to compliance with the terms of this Agreement. The Company shall have a prior
right to purchase the Offered Stock on the terms and conditions set forth in
this Section 14. The price and terms to the Company under this right of first
refusal shall be the price and terms set forth in the Offer Notice.

         a.       By notice (the "Company Notice") to the Optionee given not
                  more than thirty (30) days after the date of the mailing of
                  the Offer Notice, the Company shall specify if it desires to
                  purchase all, but not less than all, of the Offered Stock.

         b.       If, after following the procedures outlined in Section 14.a.
                  above, the Offered Stock is not subscribed for by the Company,
                  the Optionee, for a period of sixty (60) days following
                  expiration of the thirty (30) day period provided in Section
                  14.a., shall then be free to sell the Offered Stock, free and
                  clear of all the restrictions contained in this Agreement, but
                  only to the purchaser named in the Offer Notice and only upon
                  the terms specified therein. If the Optionee fails to
                  consummate such sale to such purchaser on such terms and
                  conditions within such sixty (60) day period, any sale or
                  other transfer by the Optionee to any person shall again be
                  subject to the right of first refusal specified in this
                  Section 14.

         c.       If the Company subscribes for the Offered Stock, then such
                  Offered Stock shall be sold to the Company. On a date no later
                  than fifteen days (15) days following the date of the Company
                  Notice the Company shall deliver to the Secretary of the
                  Company for delivery to the Optionee upon delivery of the
                  certificates provided herein, together with stock powers
                  attached thereto, the amount of the purchase price for the
                  Offered Stock.

         d.       The Company's right of first refusal with respect to the
                  Offered Stock shall expire on the date of the initial public
                  offering of the Common Stock of the Company, and thereafter
                  any right of the Company to repurchase its outstanding stock
                  shall be governed by federal and state securities laws.

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed by its duly authorized officer, and the Optionee has hereunto affixed
his or her signature.

CENTRAL FREIGHT LINES, INC.,                      OPTIONEE
a Nevada corporation

By: _________________________________________     ______________________________
    Robert V. Fasso, Chief Executive Officer

                                       5

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>14
<FILENAME>c72067exv10w3.txt
<DESCRIPTION>FORM OF OUTSIDE DIRECTOR STOCK OPTION AGREEMENT
<TEXT>
<PAGE>
                                                                    EXHIBIT 10.3

                     OUTSIDE DIRECTOR STOCK OPTION AGREEMENT

         THIS OUTSIDE DIRECTOR STOCK OPTION AGREEMENT (this "Agreement") is made
as of _______________ (the "Grant Date"), between Central Freight Lines, Inc., a
Nevada corporation (the "Company"), and the undersigned, a non-employee director
of the Company (the "Optionee").

                                   BACKGROUND

         The Company has determined that to reward its non-employee directors
for their contributions to the profitable growth of the Company, the Company
should provide such directors a chance to participate financially in the success
of the Company by developing an equity interest in it. By this Agreement, the
Company and the Optionee desire to establish the terms upon which the Company is
willing to grant to the Optionee, and upon which the Optionee is willing to
accept from the Company, an option to purchase shares of Class A Common Stock of
the Company ("Common Stock").

                                   AGREEMENTS

         1.       Grant of Stock Option. Subject to the terms and conditions in
this Agreement, the Company grants to the Optionee the right and option (the
"Option") to purchase from the Company all or any part of an aggregate twenty
thousand (20,000) shares of Common Stock, authorized but unissued or, at the
option of the Company, treasury stock if available (the "Option Shares"). The
exercise price for the Option Shares shall be ________ per share (the "Purchase
Price"). The Option shall be a nonstatutory stock option.

         2.       Exercise of Option. Subject to the terms and conditions of
this Agreement, the vested portion of the Option may only be exercised by
completing and signing a written notice in substantially the following form:

                  I hereby exercise [all/part of] the Option granted to me by
                  Central Freight Lines, Inc., a Nevada corporation, on
                  _____________, and elect to purchase _____________________
                  shares of the Company's Class A Common Stock for ________ per
                  share.

         3.       Exercise and Term of Options. The term of the Option shall be
ten (10) years from the Grant Date. The Option may be exercised in whole or in
part with respect to vested shares at any time during the term of the Option. No
fractional shares will be issued upon exercise of the Option and, if the
exercise results in a fractional interest, an amount will be paid in cash equal
to the value of such fractional interest based on the fair market value of the
Common Stock on the date of exercise. The Option shall be deemed to be exercised
upon receipt by the Company from the Optionee of written notice of exercise as
set forth in Section 2, accompanied by full payment for the shares subject to
such exercise. To the extent permitted by law, and consistent with Rule 16b-3
under the Securities Exchange Act of 1934, as amended (the

<PAGE>

"Exchange Act"), Optionee, in lieu of paying the Purchase Price in full in cash,
may make payment in Common Stock already owned by the Optionee, or in the value
of surrendered options to purchase Common Stock which are then exercisable,
valued at fair market value on the date of exercise, as partial or full payment
of the Purchase Price. As soon as practicable after receipt of full payment, the
Company shall deliver to the Optionee a certificate or certificates representing
the acquired shares of Common Stock.

         4.       Vesting and Exercisability of Option. Subject to the
provisions of Sections 5, 7, and 8 hereof, the Option shall vest irrespective of
whether Optionee continues as a director of the Company and may be exercised by
the Optionee in whole or in part from time to time, but only in accordance with
the following schedule:

<TABLE>
<CAPTION>
                                        Cumulative Percentage of Option Shares Vested and as
               Date                               to which Option may be Exercised
               ----                               --------------------------------
<S>                                     <C>
First Anniversary of Grant Date                                20%
Second Anniversary of Grant Date                               40%
Third Anniversary of Grant Date                                60%
Fourth Anniversary of Grant Date                               80%
Fifth Anniversary of Grant Date                               100%
</TABLE>

Notwithstanding anything herein to the contrary, no vesting shall occur in the
event the Option has been terminated under this Agreement prior to such date.

         5.       Termination of Option. The Option, to the extent not already
exercised, shall terminate upon the first to occur of the following dates:

                  (a)      Death. If the Optionee dies during the term of the
         Option, the Option may be exercised at any time within twelve (12)
         months following the date of death, but only to the extent the Optionee
         was entitled to exercise the Option on the date of death. To the extent
         the decedent was not entitled to exercise the Option on the date of
         death, or if the Optionee's estate, or person who acquired the right to
         exercise the Option by bequest or inheritance, does not exercise that
         portion of the Option that he was entitled to exercise within the time
         specified herein, the Option shall terminate.

                  (b)      End of Term. The Option shall terminate on the date
         ten years after the Grant Date.

         6.       Adjustments. In the event of any stock split, reverse stock
split, stock dividend, business combination, reclassification, or similar event,
the number of Option Shares and the Purchase Price per share shall be
proportionately and appropriately adjusted without any change in the aggregate
Purchase Price to be paid therefor upon exercise of the Option. The
determination by the Board of Directors of the Company (the "Board") as to the
terms of any of the foregoing adjustments shall be final, binding, and
conclusive.

         7.       Acceleration Upon Certain Changes. In the event of the
proposed dissolution or liquidation of the Company, the Option shall terminate
immediately prior to the consummation of such proposed action. In the event of a
proposed sale of all or substantially all of the assets of the Company, or the
merger of the Company with or into another corporation, the Option shall

                                        2

<PAGE>

become immediately exercisable with respect to all then outstanding Option
Shares (whether or not vested) and the Optionee may elect, during the period
commencing on the date that such sale or merger is consummated and ending at the
closing of business on the thirtieth (30th) day following the date of such sale
or merger, to exercise the Option in whole or in part. In the event the
thirtieth (30th) day referred to in this Section 7 shall fall on a day that is
not a business day, then the thirtieth (30th) day shall be deemed to be the next
following business day.

         8.       Acquisition. If any person, corporation, or other entity or
group thereof other than Jerry Moyes, Ronald Moyes, and entities or trusts
controlled by either (the "Acquiror"), acquires (an "Acquisition"), other than
by merger or consolidation or purchase from the Company, the beneficial
ownership (as that term is used in Section 13(d)(1) of the Exchange Act and the
rules and regulations promulgated thereunder) of shares of the Company's stock
which, when added to any other shares, the beneficial ownership of which is held
by the Acquiror, shall have the right to cast more than 51% of the votes that
are entitled to be cast at meetings of stockholders, any portion of the Option
that was not currently exercisable prior to the date of the Acquisition shall
become immediately exercisable and the Optionee may elect, during the period
commencing on the date of the Acquisition and ending at the closing of business
on the thirtieth (30th) day following the date of the Acquisition, to exercise
the Option in whole or in part. In the event the thirtieth (30th) day referred
to in this Section 8 shall fall on a day that is not a business day, then the
thirtieth (30th) day shall be deemed to be the next following business day.

         9.       Notices. Any notice to be given under the terms of this
Agreement ("Notice") shall be addressed to the Company in care of its President
at 5601 W. Waco Drive, Waco, Texas 76702-2638, or at its then current corporate
headquarters. Notice to be given to the Optionee shall be addressed to him by
hand delivery or at his then current residential address as appearing on the
Company's records. Notice shall be deemed duly given when enclosed in a properly
sealed envelope and deposited by certified mail, return receipt requested, in a
post office or branch post office regularly maintained by the United States
Government.

         10.      Optionee Not a Stockholder. The Optionee shall not be deemed
for any purposes to be a stockholder of the Company with respect to any of the
Option Shares except to the extent that the Option has been exercised, payment
made, and a stock certificate issued.

         11.      Disputes or Disagreements. The Optionee agrees, for himself
and his personal representatives, that any disputes or disagreements which arise
under or as a result of or pursuant to this Agreement shall be determined by the
Board in its sole discretion, and that any interpretation by the Board of the
terms of this Agreement shall be final, binding, and conclusive.

         12.      Non-Transferability. The Option granted pursuant to this
Agreement is not transferable by the Optionee other than by will, under the laws
of descent and distribution, or pursuant to a qualified domestic relations
order, and is exercisable during the Optionee's lifetime only by the Optionee or
the Optionee's guardian or legal representative. Any transfer contrary to this
Section 12 shall nullify the Option.

         13.      Withholding. The Optionee acknowledges that the exercise of
the right to purchase all or any part of the Option Shares may require the
Optionee to recognize ordinary income, and, as a result, the Company shall incur
certain tax withholding and reporting obligations. The Company shall not be
obligated to issue any stock certificate upon the exercise

                                       3

<PAGE>

of the right to purchase Option Shares until the Optionee has delivered
sufficient funds to cover all income, FICA, FUTA, and other applicable tax
withholding. At the Board's sole discretion, to satisfy the Company's
withholding obligations, the Company may retain such number of Option Shares as
have an aggregate fair market value on the date of exercise equal to the
Company's aggregate, federal, state, local, and foreign tax withholding
obligations as a result of the exercise of the Option by Optionee. The Board may
consider the Optionee's preference in making such determination, but the
Optionee acknowledges that the Board is under no obligation to follow or even
consider Optionee's preference, and that the Board will consider the Section 16
restrictions of the Exchange Act, including the holding period, advance notice,
and election windows required for any withholding of shares to be exempt.

         14.      Right of First Refusal. The Optionee may sell or transfer any
or all of the Common Stock owned by him to any person who makes a good faith,
bona fide offer therefor, but prior to an initial public offering of the Common
Stock of the Company, the Company shall have the right of first refusal to
purchase such Common Stock from the Optionee as set forth below. The Optionee
shall give prior notice in writing (the "Offer Notice") to the Company of each
intended sale or transfer, which Offer Notice shall contain all the terms of the
proposed transfer or disposition, including, without limitation, the name and
address of the prospective transferee, the purchase price and other terms and
conditions of payment, and the number of shares of Common Stock to be disposed
of by the Optionee (such shares being referred to herein as the "Offered
Stock"). The Optionee shall specifically represent and warrant in such Offer
Notice that the above terms reflect an actual bona fide offer that the Optionee
intends to accept, subject to compliance with the terms of this Agreement. The
Company shall have a prior right to purchase the Offered Stock on the terms and
conditions set forth in this Section 14. The price and terms to the Company
under this right of first refusal shall be the price and terms set forth in the
Offer Notice.

         a.       By notice (the "Company Notice") to the Optionee given not
                  more than thirty (30) days after the date of the mailing of
                  the Offer Notice, the Company shall specify if it desires to
                  purchase all, but not less than all, of the Offered Stock.

         b.       If, after following the procedures outlined in Section 14.a.
                  above, the Offered Stock is not subscribed for by the Company,
                  the Optionee, for a period of sixty (60) days following
                  expiration of the thirty (30) day period provided in Section
                  14.a., shall then be free to sell the Offered Stock, free and
                  clear of all the restrictions contained in this Agreement, but
                  only to the purchaser named in the Offer Notice and only upon
                  the terms specified therein. If the Optionee fails to
                  consummate such sale to such purchaser on such terms and
                  conditions within such sixty (60) day period, any sale or
                  other transfer by the Optionee to any person shall again be
                  subject to the right of first refusal specified in this
                  Section 14.

         c.       If the Company subscribes for the Offered Stock, then such
                  Offered Stock shall be sold to the Company. On a date no later
                  than fifteen (15) days following the date of the Company
                  Notice, the Company shall deliver to the Secretary of the
                  Company for delivery to the Optionee upon delivery of the
                  certificates provided herein, together with stock powers
                  attached thereto, the amount of the purchase price for the
                  Offered Stock.

                                       4

<PAGE>

         d.       The Company's right of first refusal with respect to the
                  Offered Stock shall expire on the date of the initial public
                  offering of the Common Stock of the Company, and thereafter
                  any right of the Company to repurchase its outstanding stock
                  shall be governed by federal and state securities laws.

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed by its duly authorized officer, and the Optionee has hereunto affixed
his signature.

CENTRAL FREIGHT LINES, INC.,                      OPTIONEE
a Nevada corporation

By: __________________________________________    ______________________________
    Patrick J. Curry, Executive Vice President

                                       5

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(A)
<SEQUENCE>15
<FILENAME>c72067exv10w4xay.txt
<DESCRIPTION>REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(a)

                         REVOLVING CREDIT LOAN AGREEMENT

                           dated as of April 30, 2002

                                     between

                          CENTRAL FREIGHT LINES, INC.,
                               A TEXAS CORPORATION
                                   as Borrower

                                       and

                                  SUNTRUST BANK
                                    as Lender

<PAGE>

                         REVOLVING CREDIT LOAN AGREEMENT

         THIS REVOLVING CREDIT LOAN AGREEMENT (this "Agreement") is made and
entered into as of April 30, 2002, by and between CENTRAL FREIGHT LINES, INC., a
Texas corporation (the "Borrower") and SUNTRUST BANK, a Georgia state banking
corporation (the "Lender").

                              W I T N E S S E T H:

         WHEREAS, the Borrower has requested that the Lender establish a
$8,000,000 revolving credit and letter of credit facility for Borrower;

         WHEREAS, subject to the terms and conditions of this Agreement, the
Lender is willing to establish the requested revolving credit and letter of
credit facility.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Borrower and the Lender agree as follows:

                                    ARTICLE 1

                            DEFINITIONS; CONSTRUCTION

         SECTION 1.1 DEFINITIONS. In addition to the other terms defined herein,
the following terms used herein shall have the meanings herein specified (to be
equally applicable to both the singular and plural forms of the terms defined):

         "ADVANCE" or "ADVANCES" shall mean any advance of funds under or any
extension of credit (including the issuance of a Letter of Credit hereunder)
made pursuant to this Agreement. The terms "ADVANCE," "LOAN" and "REVOLVING
LOAN" may be used interchangeably hereunder.

         "AFFILIATE" shall mean, as to any Person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, such Person.

         "BASE RATE" shall mean the per annum rate which the Lender publicly
announces from time to time to be its prime lending rate, as in effect from time
to time. The Lender's prime lending rate is a reference rate and does not
necessarily represent the lowest or best rate charged to customers. The Lender
may make commercial loans or other loans at rates of interest at, above or below
the Lender's prime lending rate. Each change in the Lender's prime lending rate
shall be effective from and including the date such change is publicly announced
as being effective.

         "BUSINESS DAY" shall mean any day other than a Saturday, Sunday or
other day on which commercial banks in Nashville, Tennessee or Atlanta, Georgia
are authorized or required by law to close.

<PAGE>

         "CAPITAL LEASE OBLIGATIONS" of any Person shall mean all obligations of
such Person to pay rent or other amounts under any lease (or other arrangement
conveying the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance
with GAAP.

         "CENTRAL REFRIGERATED" shall mean Central Refrigerated, Inc., a
Nebraska corporation, a Subsidiary of Borrower.

         "CHANGE IN CONTROL" shall mean the occurrence of one or more of the
following events: (a) any sale, lease, exchange or other transfer (in a single
transaction or a series of related transactions) of all or substantially all of
the assets of the Borrower to any Person or "group" (within the meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder in effect on the date hereof), (b) the acquisition of
ownership, directly or indirectly, beneficially or of record, by any Person or
"group" (within the meaning of the Securities Exchange Act of 1934 and the rules
of the Securities and Exchange Commission thereunder as in effect on the date
hereof) of 30% or more of the outstanding shares of the voting stock of the
Borrower; or (c) occupation of a majority of the seats (other than vacant seats)
on the board of directors of the Borrower by Persons who were neither (i)
nominated by the current board of directors or (ii) appointed by directors so
nominated.

         "CHANGE IN LAW" shall mean (i) the adoption of any applicable law, rule
or regulation after the date of this Agreement, (ii) any change in any
applicable law, rule or regulation, or any change in the interpretation or
application thereof, by any Governmental Authority after the date of this
Agreement, or (iii) compliance by the Lender with any request, guideline or
directive (whether or not having the force of law) of any Governmental Authority
made or issued after the date of this Agreement.

         "CLOSING DATE" shall mean April 30, 2002.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended and in
effect from time to time.

         "CONTINGENT OBLIGATION" means, as to any Person, any direct or indirect
liability of that Person with respect to any Indebtedness, lease, dividend,
guaranty, letter of credit or other obligation (each a "PRIMARY OBLIGATION") of
another Person (the "PRIMARY OBLIGOR"), whether or not contingent, (a) to
purchase, repurchase or otherwise acquire any such primary obligation or any
property constituting direct or indirect security therefor, or (b) to advance or
provide funds (i) for the payment or discharge of any such primary obligation,
or (ii) to maintain working capital or equity capital of the primary obligor in
respect of any such primary obligation or otherwise to maintain the net worth or
solvency or any balance sheet item, level of income or financial condition of
such primary obligor, or (c) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor thereof to make payment of such primary
obligation, or (d) otherwise to assure or hold harmless the owner of any such
primary obligation against loss or failure or

<PAGE>

inability to perform in respect thereof. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determinable amount of
the primary obligation in respect of which such Contingent Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof.

         "CONTROL" shall mean the power, directly or indirectly, either to (i)
vote 30% or more of securities having ordinary voting power for the election of
directors (or persons performing similar functions) of a Person or (ii) direct
or cause the direction of the management and policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. The
terms "CONTROLLING", "CONTROLLED BY", and "UNDER COMMON CONTROL WITH" have
meanings correlative thereto.

         "DEFAULT" shall mean any condition or event that, with the giving of
notice or the lapse of time or both, would constitute an Event of Default.

         "DEFAULT RATE" shall mean the Base Rate plus two percent (2%) per
annum.

         "DOLLAR(S)" and the sign "$" shall mean lawful money of the United
States of America.

         "EBITDA" shall mean, for the Borrower for any period, an amount equal
to the sum of (a) Net Income for such period plus (b) to the extent deducted in
determining Net Income for such period, (i) Interest Expense, (ii) income tax
expense, and (iii) depreciation and amortization.

         "EBITDAR" shall mean, for the Borrower for any period, an amount equal
to the sum of (a) EBITDA and (b) Lease Expense.

         "ENVIRONMENTAL LAWS" shall mean all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by or with any Governmental
Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, Release or threatened Release of any
Hazardous Material or to health and safety matters.

         "ENVIRONMENTAL LIABILITY" shall mean any liability, contingent or
otherwise (including any liability for damages, costs of environmental
investigation and remediation, costs of administrative oversight, fines, natural
resource damages, penalties or indemnities), of the Borrower directly or
indirectly resulting from or based upon (a) any actual or alleged violation of
any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) any actual or
alleged exposure to any Hazardous Materials, (d) the Release or threatened
Release of any Hazardous Materials or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended from time to time, and any successor statute.

<PAGE>

         "ERISA AFFILIATE" shall mean any trade or business (whether or not
incorporated), which, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for the purposes of
Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

         "ERISA EVENT" shall mean (a) any "reportable event", as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a
Plan (other than an event for which the 30-day notice period is waived); (b) the
existence with respect to any Plan of an "accumulated funding deficiency" (as
defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d)
of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator appointed by the PBGC of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the
Borrower or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is
expected to be, insolvent or in reorganization, within the meaning of Title IV
of ERISA.

         "EVENT OF DEFAULT" shall have the meaning provided in Article 8.

         "FISCAL PERIOD" shall mean any thirteen 4 week period during a fiscal
year of Borrower which ends on December 31. Such 4 week periods shall run
consecutively during any fiscal year and shall be numerically designated herein
beginning with the Fiscal Period 1 commencing on January 1 and ending on January
28 of any fiscal year.

         "GAAP" shall mean generally accepted accounting principles in the
United States applied on a consistent basis and subject to the terms of Section
1.2.

         "GOVERNMENTAL AUTHORITY" shall mean the government of the United States
of America, any other nation or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to
government.

         "GUARANTY" shall mean that certain Guaranty executed by Parent in favor
of Lender of even date herewith whereby Parent guarantees the Obligations, as
such may be amended and/or restated from time to time.

         "HAZARDOUS MATERIALS" means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas,

<PAGE>

infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law.

         "HEDGING AGREEMENTS" shall mean interest rate swap, cap or collar
agreements, interest rate future or option contracts, currency swap agreements,
currency future or option contracts, commodity agreements and other similar
agreements or arrangements designed to protect against fluctuations in interest
rates, currency values or commodity values entered into by Borrower and Lender
(or an Affiliate thereof) with respect to all or any portion of the Obligations.

         "INDEBTEDNESS" of any Person shall mean, without duplication (i) all
obligations of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii)
all obligations of such Person in respect of the deferred purchase price of
property or services (other than trade payables incurred in the ordinary course
of business), (iv) all obligations of such Person under any conditional sale or
other title retention agreement(s) relating to property acquired by such Person,
(v) all Capital Lease Obligations of such Person, (vi) all obligations,
contingent or otherwise, of such Person in respect of letters of credit,
acceptances or similar extensions of credit, (vii) all Guarantees of such Person
of the type of Indebtedness described in clauses (i) through (vi) above, (viii)
all Indebtedness of a third party secured by any Lien on property owned by such
Person, whether or not such Indebtedness has been assumed by such Person, (ix)
all obligations of such Person, contingent or otherwise, to purchase, redeem,
retire or otherwise acquire for value any common stock of such Person, and (x)
Off-Balance Sheet Liabilities. The Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture in which such Person is a
general partner or a joint venturer, except to the extent that the terms of such
Indebtedness provide that such Person is not liable therefor.

         "INTEREST EXPENSE" shall mean, for the Borrower for any period
determined in accordance with GAAP, the sum of (i) total cash interest expense,
including without limitation the interest component of any payments in respect
of Capital Lease Obligations capitalized or expensed during such period (whether
or not actually paid during such period) and/or in respect to any interest rate
hedging or swap agreement.

         "INTEREST PERIOD" shall mean, with respect to any Advance, a period of
one, two or three months, as the Borrower may request; provided, that:

                  (i)      the initial Interest Period for any Advance shall
         commence on the date of such Advance and each Interest Period occurring
         thereafter in respect of such Advance shall commence on the day on
         which the next preceding Interest Period expires;

                  (ii)     if any Interest Period would otherwise end on a day
         other than a Business Day, such Interest Period shall be extended to
         the next succeeding Business Day, unless such Business Day falls in
         another calendar month, in which case such Interest Period would end on
         the next preceding Business Day;

                  (iii)    any Interest Period which begins on the last Business
         Day of a calendar month or on a day for which there is no numerically
         corresponding day in the calendar

<PAGE>

         month at the end of such Interest Period shall end on the last Business
         Day of such calendar month; and

                  (iv)     no Interest Period may extend beyond the Maturity
         Date.

         "LC DISBURSEMENT" shall mean a payment made by the Lender pursuant to a
Letter of Credit.

         "LC DOCUMENTS" shall mean the Letters of Credit and all applications,
agreements and instruments relating to the Letters of Credit.

         "LC EXPOSURE" shall mean, at any time, the sum of (i) the aggregate
undrawn amount of all outstanding Letters of Credit at such time, plus (ii) the
aggregate amount of all LC Disbursements that have not been reimbursed by or on
behalf of the Borrower at such time.

         "LEASE ADJUSTED FUNDED DEBT" shall mean the sum of (i) Total Debt, (ii)
the present value of all future Lease Payments (calculated using a discount rate
equal to 10%), and (iii) all Contingent Obligations of Borrower.

         "LEASE ADJUSTED LEVERAGE RATIO" shall mean the ratio of Lease Adjusted
Funded Debt to EBITDAR, calculated on a rolling thirteen Fiscal Period basis.

         "LEASE EXPENSE" shall mean, for any period, the aggregate amount of
fixed and contingent rentals payable by the Borrower with respect to leases of
real and personal property (excluding Capital Lease Obligations) determined in
accordance with GAAP for such period.

         "LEASE PAYMENTS" means the gross amount of all lease or rental
payments, whether or not characterized as rent, of Borrower, excluding payments
in respect of Capital Lease Obligations constituting Indebtedness or in respect
of any synthetic lease obligations.

         "LETTER OF CREDIT" shall mean any letter of credit issued pursuant to
Section 2.9 by the Lender for the account of the Borrower.

         "LIBOR" shall mean for any applicable Interest Period the rate per
annum for deposits in Dollars for a period equal to such Interest Period
appearing on that page of the Bloomberg's Service which displays British
Banker's Association Interest Settlement Rates for deposits in Dollars (or if
page or service shall cease to be available, such other page on that service or
such other service designated by the British Banker's Association for the
display of such Association's Interest Settlement Rates for Dollar deposits) as
of 11:00 a.m. (London, England time) on the day that is two Business Days prior
to the first day of such Interest Period; provided, that if such rate or service
is not available to the Lender for any reason, LIBOR shall mean the rate of
interest determined by the Lender to be the average (rounded upward, if
necessary, to the nearest 1/100th of 1%) of the rates per annum at which
deposits in Dollars are offered to the Lender two Business Days preceding the
first day of such Interest Period by leading banks in the London interbank
market as of 10:00 a.m. (Nashville, Tennessee time) for a period equal to such
Interest Period and in an amount comparable to the amount of the Revolving
Commitment.

<PAGE>

         "LIEN" shall mean any mortgage, pledge, security interest, lien
(statutory or otherwise), charge, encumbrance, hypothecation, assignment,
deposit arrangement, or other arrangement having the practical effect of the
foregoing or any preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any capital lease having
the same economic effect as any of the foregoing).

         "LOAN DOCUMENTS" shall mean, collectively, this Agreement, the
Revolving Credit Note, the LC Documents, the Security Agreement, the Moyes Note
Assignment, the Guaranty, and any and all other instruments, agreements,
documents and writings executed in connection with any of the foregoing.

         "MATERIAL ADVERSE EFFECT" shall mean, with respect to any event, act,
condition or occurrence of whatever nature (including any adverse determination
in any litigation, arbitration, or governmental investigation or proceeding),
whether singly or in conjunction with any other event or events, act or acts,
condition or conditions, occurrence or occurrences whether or not related, a
material adverse change in, or a material adverse effect on, (i) the business,
results of operations, financial condition, assets, liabilities or prospects of
the Borrower, (ii) the ability of Borrower and Parent to perform any of their
respective obligations under the Loan Documents, (iii) the rights and remedies
of the Lender under any of the Loan Documents or (iv) the legality, validity or
enforceability of any of the Loan Documents.

         "MATURITY DATE" shall mean April 30, 2004.

         "MOYES NOTE" shall mean that certain $8,000,000 promissory note dated
as of the date hereof, executed by Jerry C. Moyes in favor of Borrower, and any
permitted amendments thereto or restatements thereof.

         "MOYES NOTE ASSIGNMENT" shall mean that certain security agreement
executed by Borrower, Jerry C. Moyes and Lender of even date herewith whereby
Borrower grants Lender, as security for the Obligations, a security interest in
the Moyes Note.

         "MULTIEMPLOYER PLAN" shall have the meaning set forth in Section
4001(a)(3) of ERISA.

         "NET INCOME" shall mean, for any period, the net income (or loss) of
the Borrower (or Central Refrigerated, as the case may be) for such period
determined in accordance with GAAP, but excluding therefrom (to the extent
otherwise included therein) (i) any extraordinary gains, (ii) any gains
attributable to write-ups of assets, and (iii) any equity interest of the
Borrower in the unremitted earnings of any Person.

         "OBLIGATIONS" shall mean all amounts owing by the Borrower to the
Lender pursuant to or in connection with this Agreement or any other Loan
Document, including without limitation, all principal, interest (including any
interest accruing after the filing of any petition in bankruptcy or the
commencement of any insolvency, reorganization or like proceeding relating to
the Borrower, whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding), all reimbursement obligations, fees, expenses,
indemnification and reimbursement

<PAGE>

payments, costs and expenses (including all fees and expenses of counsel to the
Lender incurred pursuant to this Agreement or any other Loan Document), whether
direct or indirect, absolute or contingent, liquidated or unliquidated, now
existing or hereafter arising hereunder or thereunder, together with all
renewals, extensions, modifications or refinancings thereof.

         "OFF-BALANCE SHEET LIABILITIES" of any Person shall mean (i) any
repurchase obligation or liability of such Person with respect to accounts or
notes receivable sold by such Person, (ii) any liability of such Person under
any sale and leaseback transactions which do not create a liability on the
balance sheet of such Person, (iii) any liability of such Person under any
so-called "synthetic" lease transaction or (iv) any obligation arising with
respect to any other transaction which is the functional equivalent of or takes
the place of borrowing but which does not constitute a liability on the balance
sheet of such Person.

         "PARENT" shall mean Central Freight Lines, Inc., a Nevada corporation.

         "PAYMENT OFFICE" shall mean the office of the Lender located at 201
Fourth Avenue North, Nashville, Tennessee 37219, or such other location as to
which the Lender shall have given written notice to the Borrower.

         "PBGC" shall mean the Pension Benefit Guaranty Corporation referred to
and defined in ERISA, and any successor entity performing similar functions.

         "PERMITTED ENCUMBRANCES" shall mean

                  (i)      Liens imposed by law for taxes not yet due or which
         are being contested in good faith by appropriate proceedings and with
         respect to which adequate reserves are being maintained in accordance
         with GAAP;

                  (ii)     statutory Liens of landlords and Liens of carriers,
         warehousemen, mechanics, materialmen and other Liens imposed by law
         created in the ordinary course of business for amounts not yet due or
         which are being contested in good faith by appropriate proceedings and
         with respect to which adequate reserves are being maintained in
         accordance with GAAP;

                  (iii)    pledges and deposits made in the ordinary course of
         business in compliance with workers' compensation, unemployment
         insurance and other social security laws or regulations;

                  (iv)     deposits to secure the performance of bids, trade
         contracts, leases, statutory obligations, surety and appeal bonds,
         performance bonds and other obligations of a like nature, in each case
         in the ordinary course of business;

                  (v)      judgment and attachment liens not giving rise to an
         Event of Default or Liens created by or existing from any litigation or
         legal proceeding that are currently being contested in good faith by
         appropriate proceedings and with respect to which adequate reserves are
         being maintained in accordance with GAAP; and

<PAGE>

                  (vi)     easements, zoning restrictions, rights-of-way and
         similar encumbrances on real property imposed by law or arising in the
         ordinary course of business that do not secure any monetary obligations
         and do not materially detract from the value of the affected property
         or materially interfere with the ordinary conduct of business of the
         Borrower;

provided, that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness.

         "PERMITTED INVESTMENTS" shall mean:

                  (i)      direct obligations of, or obligations the principal
         of and interest on which are unconditionally guaranteed by, the United
         States (or by any agency thereof to the extent such obligations are
         backed by the full faith and credit of the United States), in each case
         maturing within one year from the date of acquisition thereof;

                  (ii)     certificates of deposit, bankers' acceptances and
         time deposits maturing within 180 days of the date of acquisition
         thereof issued or guaranteed by or placed with, and money market
         deposit accounts issued or offered by, any domestic office of any
         commercial bank organized under the laws of the United States or any
         state thereof which has a combined capital and surplus and undivided
         profits of not less than $500,000,000;

                  (iii)    fully collateralized repurchase agreements with a
         term of not more than 30 days for securities described in clause (i)
         above and entered into with a financial institution satisfying the
         criteria described in clause (iii) above; and

                  (iv)     mutual funds investing solely in any one or more of
         the Permitted Investments described in clauses (i) through (iv) above.

         "PERSON" shall mean any individual, partnership, firm, corporation,
association, joint venture, limited liability company, trust or other entity, or
any Governmental Authority.

         "PLAN" means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or
any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.

         "REGULATION D" shall mean Regulation D of the Board of Governors of the
Federal Reserve System, as the same may be in effect from time to time, and any
successor regulations.

         "RELATED PARTIES" shall mean, with respect to any specified Person,
such Person's Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and such Person's Affiliates.

<PAGE>

         "RELEASE" means any release, spill, emission, leaking, dumping,
injection, pouring, deposit, disposal, discharge, dispersal, leaching or
migration into the environment (including ambient air, surface water,
groundwater, land surface or subsurface strata) or within any building,
structure, facility or fixture.

         "RESPONSIBLE OFFICER" shall mean any of the president, the chief
executive officer, the chief operating officer, the chief financial officer, the
treasurer or a vice president of the Borrower or such other representative of
the Borrower as may be designated in writing by any one of the foregoing with
the consent of the Lender; and, with respect to the financial covenants only,
the chief financial officer or the treasurer of the Borrower.

         "REVOLVING COMMITMENT" shall mean the obligation of the Lender to make
Advances to the Borrower, subjection to Section 2.1 hereof, in an aggregate
principal amount not exceeding $8,000,000.

         "REVOLVING CREDIT NOTE" shall mean that certain $8,000,000 Revolving
Credit Note issued by Borrower to the order of Lender of even date herewith, as
such may be amended and/or restated from time to time. The Revolving Credit Note
may periodically be referred to herein as the "NOTE."

         "SECURITY AGREEMENT" shall mean that certain Security Agreement
executed by Borrower in favor of Lender of even date herewith whereby Borrower
grants Lender a security interest in certain personal property of Borrower as
collateral for the Obligations, as such may be amended and/or restated from time
to time.

         "SPP" shall mean Southwest Premier Properties, LLC,.

         "SUBSIDIARY" shall mean, with respect to any Person (the "PARENT"), any
corporation, partnership, joint venture, limited liability company, association
or other entity the accounts of which would be consolidated with those of the
parent in the parent's consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any
other corporation, partnership, joint venture, limited liability company,
association or other entity (i) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting
power, or in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, Controlled or held, or (ii) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of
the parent or by the parent and one or more subsidiaries of the parent.

         "TANGIBLE NET WORTH" shall mean as of any date, (i) the total assets of
the Borrower that would be reflected on the Borrower's balance sheet as of such
date prepared in accordance with GAAP, minus the sum of (i) the total
liabilities of the Borrower that would be reflected on the Borrower's balance
sheet as of such date prepared in accordance with GAAP, (ii) the amount of any
write-up in the book value of any assets resulting from a revaluation thereof or
any write-up in excess of the cost of such assets acquired reflected on the
balance sheet of the Borrower as of such date prepared in accordance with GAAP
and (iii) the net book amount of all assets of the

<PAGE>

Borrower that would be classified as intangible assets on a balance sheet of the
Borrower as of such date prepared in accordance with GAAP.

         "TAXES" shall mean any and all present or future taxes, levies,
imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

         "TOTAL DEBT" shall mean, as of any date of determination, all
Indebtedness of the Borrower that would be reflected on a balance sheet of the
Borrower prepared in accordance with GAAP as of such date.

         "TYPE," when used in reference to an Advance, refers to whether the
rate of interest on such Advance is determined by reference to LIBOR or the Base
Rate. Accordingly, Advances may be referred to herein as "LIBOR ADVANCES" or
"BASE RATE ADVANCES."

         "WITHDRAWAL LIABILITY" shall mean liability to a Multiemployer Plan as
a result of a complete or partial withdrawal from such Multiemployer Plan, as
such terms are defined in Part I of Subtitle E of Title IV of ERISA.

         SECTION 1.2 ACCOUNTING TERMS AND DETERMINATION. Unless otherwise
defined or specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared, in
accordance with GAAP as in effect from time to time.

         SECTION 1.3 TERMS GENERALLY. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms.

                                    ARTICLE 2

                       AMOUNT AND TERMS OF THE COMMITMENTS

         SECTION 2.1 REVOLVING LOANS AND REVOLVING CREDIT NOTE. Subject to the
terms and conditions set forth herein, the Lender agrees to make Advances to the
Borrower on a revolving credit basis, from time to time until the Maturity Date,
in an aggregate principal amount outstanding at any time that will not result in
the sum of the principal amount of Advances then outstanding plus the
outstanding LC Exposure to exceed the Revolving Commitment.

         SECTION 2.2 PAYMENT TERMS. Payment terms for the Revolving Loan shall
be set forth herein and in the Note. All amounts owed by Borrower to Lender
pursuant to this Agreement, the Note, or any Loan Document shall be due and
payable in full on the Maturity Date.

         SECTION 2.3 BORROWING PROCEDURES FOR THE LOAN. Prior to 10:00 a.m.
central standard time on the same Business Day of a proposed Base Rate Advance
and at least three Business Days prior to any proposed LIBOR Advance, Borrower
shall present a Borrowing Request in the form of Exhibit 2.3 attached hereto and
any other documentation that Lender may reasonably require in connection with
any such Advance. The following individuals are authorized to

<PAGE>

request an Advance on behalf of Borrower: Patrick J. Curry, Robert V. Fasso and
Linda Cookie Kutnie. Lender shall make Advances by depositing the funds into
Borrower's operating account with Lender on the same Business Day of a request
for a Base Rate Advance and three Business Days following a request for a LIBOR
Advance. Each request by Borrower for an Advance shall constitute a
representation and warranty by Borrower, as of the date of the request and as of
the date of the Advance, that (a) the officers of Borrower do not have any
knowledge of any Default or Event of Default and (b) the representations and
warranties contained in Article 4 hereof are true and correct, except as to
changes occurring after the date of this Agreement caused by transactions
permitted under this Agreement.

         SECTION 2.4 INTEREST.

                  (a)      Base Rate Advances.

                           (i)      Interest shall accrue on all Base Rate
                  Advances at a variable rate of interest equal to the Base
                  Rate; provided, that interest shall accrue at the Default Rate
                  following the occurrence of any Event of Default (regardless
                  of whether notice thereof has been given to Borrower).
                  Interest shall accrue on the basis of a 360 day year.

                           (ii)     Borrower shall have the option to convert
                  any Base Rate Advance to a LIBOR Advance by providing Lender
                  with a Notice of Continuation/Conversion in the form of
                  Exhibit 2.4 attached hereto three Business Days prior to the
                  date of the requested conversion. Each such Notice of
                  Continuation/Conversion shall be irrevocable and shall specify
                  (A) the Advance to which such notice applies and (B) the
                  Interest Period applicable thereto after giving effect to such
                  conversion. Subsequent to any conversion to a LIBOR Advance in
                  accordance herewith, such Advance shall then be governed in
                  accordance with Section 2.4(b) hereof and such other
                  provisions of this Agreement as may be applicable to LIBOR
                  Advances.

                  (b)      LIBOR Advances.

                           (i)      Interest shall accrue on all LIBOR Advances
                  at a variable rate of interest equal to LIBOR plus 175 basis
                  points per annum at such Interest Period as shall be specified
                  by Borrower in the applicable Borrowing Request; provided,
                  that interest shall accrue at the Default Rate following the
                  occurrence of any Event of Default (regardless of whether
                  notice thereof has been given to Borrower). Interest shall
                  accrue on the basis of a 360 day year.

                           (ii)     Borrower shall have the option at the end of
                  any Interest Period in respect to any Advance (A) to continue
                  such Interest Period, (B) to convert such Interest Period, or
                  (C) to convert such LIBOR Advance to a Base Rate Advance by
                  providing Lender with a Notice of Continuation/Conversion in
                  the form of Exhibit 2.4 attached hereto three Business Days
                  prior to the end of the then applicable Interest Period. Each
                  such Notice of Continuation/Conversion shall be

<PAGE>

                  irrevocable and shall specify (A) the Advance to which such
                  notice applies, (B) the Interest Period applicable thereto
                  after giving effect to such continuation/conversion, as
                  applicable, and (C) whether such LIBOR Advance will be
                  converted to a Base Rate Advance. If, on the expiration of any
                  Interest Period in respect of any LIBOR Advance, the Borrower
                  shall have failed to deliver a Notice of
                  Continuation/Conversion, then, unless such LIBOR Advance is
                  repaid as provided herein, the Borrower shall be deemed to
                  have elected to continue such Advance at the previously
                  applicable Interest Period. Subsequent to any conversion to a
                  Base Rate Advance in accordance herewith, such Advance shall
                  then be governed in accordance with Section 2.4(a) hereof and
                  such other provisions of this Agreement as may be applicable
                  to Base Rate Advances.

         SECTION 2.5 OPTIONAL PREPAYMENTS AND TERMINATION OF COMMITMENTS.

                  (a)      The Borrower shall have the right at any time and
         from time to time to prepay any Advance, in whole or in part, without
         premium or penalty; provided, that if an Advance or any portion thereof
         is prepaid on a date other than the last day of the Interest Period
         applicable thereto, the Borrower shall also pay all amounts required
         pursuant to Section 2.6.

                  (b)      Upon at least two Business Days prior written notice
         (or telephonic notice promptly confirmed in writing) to the Lender
         (which notice shall be irrevocable), the Borrower may reduce the
         Revolving Commitment in part or terminate the Revolving Commitment in
         whole; provided, that (i) any partial reduction pursuant to this
         Section 2.5(b) shall be in an amount of at least $500,000 and any
         larger multiple of $100,000, and (ii) no such reduction shall be
         permitted which would reduce the Revolving Commitment (after giving
         effect thereto and any concurrent prepayments made under Section
         2.5(a)) to an amount less than the outstanding Revolving Loans plus the
         outstanding LC Exposure.

         SECTION 2.6 FUNDING INDEMNITY. In the event of the payment of any
principal of an LIBOR Advance other than on the last day of the Interest Period
applicable thereto (including as a result of an Event of Default), subject to
any continuation or conversion thereof in accordance with Section 2.4(b) hereof,
then the Borrower shall compensate the Lender, within five (5) Business Days
after written demand from the Lender, for any loss, cost or expense attributable
to such event. Such loss, cost or expense shall be deemed to include an amount
determined by the Lender to be the excess, if any, of (a) the amount of interest
that would have accrued on the principal amount of such LIBOR Advance if such
event had not occurred at the interest rate applicable to such LIBOR Advance for
the period from the date of such event to the last day of the then current
Interest Period therefor (or in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such LIBOR
Advance) over (b) the amount of interest that would accrue on the principal
amount of such LIBOR Advance for the same period if the interest rate was set on
the date such LIBOR Advance was prepaid or converted or the date on which the
Borrower failed to borrow, convert or continue such LIBOR Advance. A certificate
as to any additional amount payable under this Section submitted to the Borrower
by the Lender shall be conclusive, absent manifest error.

<PAGE>

         SECTION 2.7 FEES.

                  (a)      COMMITMENT FEE. The Borrower agrees to pay to the
         Lender a commitment fee which shall accrue at 0.25% per annum on the
         daily amount of the unused Revolving Commitment up to the Maturity
         Date. Accrued commitment fees shall be payable in arrears on the last
         day of each March, June, September and December of each year and on the
         Maturity Date, commencing on the first such date after the Closing
         Date. Commitment fees shall accrue on the basis of a 360 day year.

                  (b)      LETTER OF CREDIT FEES. The Borrower agrees to pay to
         the Lender a letter of credit fee which shall accrue at 1.75% per annum
         on the average daily amount of the Lender's LC Exposure (excluding any
         portion thereof attributable to unreimbursed LC Disbursements), as well
         as the Lender's standard fees with respect to issuance, amendment,
         renewal or extension of any Letter of Credit or processing of drawings
         thereunder. Accrued letter of credit fees shall be payable in arrears
         on the last day of each March, June, September and December of each
         year and on the Maturity Date, commencing on the first such date after
         the Closing Date. Letter of credit fees shall accrue on the basis of a
         360 day year.

                  (c)      CLOSING FEE. The Borrower shall pay to the Lender a
         closing fee equal to $20,000. The closing fee shall be due and payable
         on the Closing Date.

         SECTION 2.8 PAYMENTS GENERALLY. The Borrower shall make each payment
required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements) prior to 2:00 p.m. (Central Time), on the
date when due, in immediately available funds, without set-off or counterclaim.
Any amounts received after such time on any date may, in the discretion of the
Lender, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the
Lender at its Payment Office. If any payment hereunder shall be due on a day
that is not a Business Day, the date for payment shall be extended to the next
succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be made payable for the period of such extension. All
payments hereunder shall be made in Dollars.

         SECTION 2.9 LETTERS OF CREDIT.

                  (a)      Prior to the Maturity Date, the Lender agrees to
         issue, at the request of the Borrower, Letters of Credit for the
         account of the Borrower on the terms and conditions hereinafter set
         forth; provided, that (i) each Letter of Credit shall expire on the
         earlier of (A) the date one year after the date of issuance of such
         Letter of Credit (or in the case of any renewal or extension thereof,
         one year after such renewal or extension) and (B) the date that is one
         (1) Business Days prior to the Maturity Date; (ii) each Letter of
         Credit shall be in a stated amount of at least $100,000; and (iii) the
         Borrower may not request any Letter of Credit, if, after giving effect
         to such issuance, the LC Exposure plus the outstanding Revolving Loans
         would exceed the Revolving Commitment.

<PAGE>

                  (b)      To request the issuance of a Letter of Credit (or any
         amendment, renewal or extension of an outstanding Letter of Credit),
         the Borrower shall give the Lender irrevocable written notice at least
         three (3) Business Days prior to the requested date of such issuance
         specifying the date (which shall be a Business Day) such Letter of
         Credit is to be issued (or amended, extended or renewed, as the case
         may be), the expiration date of such Letter of Credit, the amount of
         such Letter of Credit , the name and address of the beneficiary thereof
         and such other information as shall be necessary to prepare, amend,
         renew or extend such Letter of Credit. In addition to the satisfaction
         of the conditions in Article 3, the issuance of such Letter of Credit
         (or any amendment which increases the amount of such Letter of Credit)
         will be subject to the further conditions that such Letter of Credit
         shall be in such form and contain such terms as the Lender shall
         approve and that the Borrower shall have executed and delivered any
         additional applications, agreements and instruments relating to such
         Letter of Credit as the Lender shall reasonably require; provided, that
         in the event of any conflict between such applications, agreements or
         instruments and this Agreement, the terms of this Agreement shall
         control.

                  (c)      The Lender shall examine all documents purporting to
         represent a demand for payment under a Letter of Credit promptly
         following its receipt thereof. The Lender shall notify the Borrower of
         such demand for payment and whether the Lender has made or will make a
         LC Disbursement thereunder; provided, that any failure to give or delay
         in giving such notice shall not relieve the Borrower of its obligation
         to reimburse the Lender with respect to such LC Disbursement. The
         Borrower shall be irrevocably and unconditionally obligated to
         reimburse the Lender for any LC Disbursements paid by the Lender in
         respect of such drawing, without presentment, demand or other
         formalities of any kind.

                  (d)      If any Event of Default shall occur and be
         continuing, on the Business Day that the Borrower receives notice from
         the Lender demanding the deposit of cash collateral pursuant to this
         paragraph, the Borrower shall (within three (3) Business Days after
         written notice from Lender) deposit in an account with the Lender, in
         the name of the Lender and for the benefit of the Lender, an amount in
         cash equal to the LC Exposure as of such date plus any accrued and
         unpaid interest thereon; provided, that the obligation to deposit such
         cash collateral shall become effective immediately, and such deposit
         shall become immediately due and payable, with demand or notice of any
         kind, upon the occurrence of any Event of Default with respect to the
         Borrower described in clause (g) or (h) of Section 8.1. Such deposit
         shall be held by the Lender as collateral for the payment and
         performance of the obligations of the Borrower under this Agreement.
         The Lender shall have exclusive dominion and control, including the
         exclusive right of withdrawal, over such account. Other than any
         interest earned on the investment of such deposits, which investments
         shall be made at the option and sole discretion of the Lender and at
         the Borrower's risk and expense, such deposits shall not bear interest.
         Interest and profits, if any, on such investments shall accumulate in
         such account. Moneys in such account shall applied by the Lender to
         reimburse itself for LC Disbursements for which it had not been
         reimbursed and to the extent so applied, shall be held for the
         satisfaction of

<PAGE>

         the reimbursement obligations of the Borrower for the LC Exposure at
         such time or, if the maturity of the Revolving Loan has been
         accelerated, be applied to satisfy other obligations of the Borrower
         under this Agreement. If the Borrower is required to provide an amount
         of cash collateral hereunder as a result of the occurrence of an Event
         of Default, such amount (to the extent not so applied as aforesaid)
         shall be returned to the Borrower with three Business Days after all
         Events of Default have been cured or waived.

                  (e)      The Borrower's obligation to reimburse LC
         Disbursements hereunder shall be absolute, unconditional and
         irrevocable and shall be performed strictly in accordance with the
         terms of this Agreement under all circumstances whatsoever.

                  (f)      Each Letter of Credit shall be subject to the Uniform
         Customs and Practices for Documentary Credits (1993 Revision),
         International Chamber of Commerce Publication No. 500, as the same may
         be amended from time to time, and, to the extent not inconsistent
         therewith, the governing law of this Agreement set forth in Section
         9.5.

         SECTION 2.10 COLLATERAL. The Obligations shall be secured by the
Security Agreement and the Moyes Note Assignment.

         SECTION 2.11 USURY. The parties to this Agreement intend to conform
strictly to applicable usury laws as presently in effect. Accordingly, if the
transactions contemplated hereby would be usurious under applicable law
(including the laws of the United States of America and the State of Tennessee),
then, in that event, notwithstanding anything to the contrary in any Loan
Document, Borrower and Lender agree as follows: i) the aggregate of all
consideration that constitutes interest under applicable law which is contracted
for, charged, or received under any of the Loan Documents or otherwise in
connection with the Obligations, shall under no circumstance exceed the maximum
lawful rate of interest permitted by applicable law, and any excess shall be
credited on the Obligations by the holder thereof (or, if the Obligations shall
have been paid in full, refunded to Borrower); and ii) if the maturity of the
Obligations is accelerated by reason of an election of the holder resulting from
any Event of Default or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest may never include
more than the maximum amount of interest permitted by applicable law, and excess
interest, if any, for which this Agreement provides, or otherwise, shall be
canceled automatically as of the date of such acceleration or prepayment and, if
previously paid, shall be credited on the Obligations (or, if the Obligations
shall have been paid in full, refunded to Borrower).

                                    ARTICLE 3

          CONDITIONS PRECEDENT TO REVOLVING LOAN AND LETTERS OF CREDIT

         SECTION 3.1 CONDITIONS TO EFFECTIVENESS. The obligations of the Lender
to make the initial Revolving Loan and to issue the initial Letter of Credit
hereunder is subject to the receipt by the Lender of the following in form and
substance reasonably satisfactory to the Lender:

<PAGE>

                  (a)      The Loan Documents duly executed, including without
         limitation this Agreement and the Note;

                  (b)      certified copies of resolutions of the Board of
         Directors of Borrower authorizing and ratifying the execution,
         delivery, and performance of this Agreement and all Loan Documents;

                  (c)      certificates of existence or good standing for
         Borrower certified by the Secretary of the State of Texas;

                  (d)      a copy of Borrower's articles of incorporation and
         bylaws (including all amendments thereto), certified by the secretary
         of Borrower; and

                  (e)      payment of the closing fee as described in Section
         2.7(c) hereof.

         SECTION 3.2 EACH CREDIT EVENT. The obligation of the Lender to make any
Advance or to issue, amend, renew or extend any Letter of Credit is subject to
the satisfaction of the following conditions:

                  (a)      at the time of and immediately after giving effect to
         such Advance or the issuance, amendment, renewal or extension of such
         Letter of Credit, as applicable, no Default or Event of Default shall
         exist;

                  (b)      all representations and warranties of Borrower and
         Parent set forth in the Loan Documents shall be true and correct in all
         material respects on and as of the date of such Advance or the date of
         issuance, amendment, extension or renewal of such Letter of Credit, in
         each case before and after giving effect thereto; and

                  (c)      since the date of the most recent financial
         statements of the Borrower described in Section 5.1(a), there shall
         have been no change which has had or could reasonably be expected to
         have a Material Adverse Effect.

The making of each Advance and each issuance, amendment, extension or renewal of
any Letter of Credit shall be deemed to constitute a representation and warranty
by the Borrower on the date thereof as to the matters specified in paragraphs
(a), (b) and (c) of this Section 3.2.

                                    ARTICLE 4

                         REPRESENTATIONS AND WARRANTIES

         The Borrower represents and warrants to the Lender as follows:

         SECTION 4.1 EXISTENCE; POWER. The Borrower (i) is duly organized,
validly existing and in good standing as a corporation under the laws of the
jurisdiction of its organization, (ii) has all requisite power and authority to
carry on its business as now conducted, and (iii) is duly qualified to do
business, and is in good standing, in each jurisdiction where such qualification
is

<PAGE>

required, except where a failure to be so qualified could not reasonably be
expected to result in a Material Adverse Effect.

         SECTION 4.2 ORGANIZATIONAL POWER; AUTHORIZATION. The execution,
delivery and performance by Borrower of the Loan Documents to which it is a
party are within Borrower's organizational powers and have been duly authorized
by all necessary organizational, and if required, stockholder action. This
Agreement has been duly executed and delivered by the Borrower, and constitutes,
and each other Loan Document to which Borrower is a party, when executed, will
constitute, valid and binding obligations of the Borrower, enforceable against
it in accordance with their respective terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity.

         SECTION 4.3 GOVERNMENTAL APPROVALS; NO CONFLICTS. The execution,
delivery and performance by the Borrower and the Parent of the Loan Documents,
as applicable, (a) do not require any consent or approval of, registration or
filing with, or any action by, any Governmental Authority, except those as have
been obtained or made and are in full force and effect or where the failure to
do so, individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect, (b) will not violate any applicable law or
regulation or the charter, by-laws or other organizational documents of the
Borrower or Parent, as applicable, or any order of any Governmental Authority,
(c) will not violate or result in a default under any indenture, material
agreement or other material instrument binding on the Borrower or Parent, as
applicable, or any of their respective assets or give rise to a right thereunder
to require any payment to be made by the Borrower or Parent, and (d) will not
result in the creation or imposition of any Lien on any asset of the Borrower or
Parent, except Liens (if any) created under the Loan Documents.

         SECTION 4.4 FINANCIAL STATEMENTS. The Borrower has furnished to the
Lender (i) the audited balance sheet of the Borrower as of December 31, 2001 and
the related statements of income, shareholders' equity and cash flows for the
fiscal year then ended and (ii) the unaudited balance sheet of the Borrower as
at the end of Period Three (3) of 2002, and the related unaudited statements of
income and cash flows for the fiscal quarter and year-to-date period then
ending, certified by a Responsible Officer. Such financial statements fairly
present the financial condition of the Borrower as of such dates and the results
of operations for such periods in conformity with GAAP consistently applied,
subject to year end audit adjustments and the absence of footnotes in the case
of the statements referred to in clause (ii). Since December 31, 2001, there
have been no changes with respect to the Borrower which have had or could
reasonably be expected to have, singly or in the aggregate, a Material Adverse
Effect.

         SECTION 4.5 LITIGATION AND ENVIRONMENTAL MATTERS.

                  (a)      No litigation, investigation or proceeding of or
         before any arbitrators or Governmental Authorities is pending against
         or, to the knowledge of the Borrower, threatened against or affecting
         the Borrower or Parent (i) as to which there is a reasonable
         possibility of an adverse determination that could reasonably be
         expected to have, either individually or in the aggregate, a Material
         Adverse Effect or (ii) which in any manner

<PAGE>

         draws into question the validity or enforceability of this Agreement or
         any other Loan Document.

                  (b)      Neither Borrower nor Parent (i) has failed to comply
         with any Environmental Law or to obtain, maintain or comply with any
         permit, license or other approval required under any Environmental Law,
         (ii) has become subject to any Environmental Liability, (iii) has
         received notice of any claim with respect to any Environmental
         Liability or (iv) knows of any basis for any Environmental Liability.

         SECTION 4.6 COMPLIANCE WITH LAWS AND AGREEMENTS. The Borrower and
Parent are in compliance with (a) all applicable laws, rules, regulations and
orders of any Governmental Authority, and (b) all indentures, agreements or
other instruments binding upon it or its properties, except where
non-compliance, either singly or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

         SECTION 4.7 INVESTMENT COMPANY ACT, ETC. Neither Borrower nor Parent is
(a) an "investment company", as defined in, or subject to regulation under, the
Investment Company Act of 1940, as amended, (b) a "holding company" as defined
in, or subject to regulation under, the Public Utility Holding Company Act of
1935, as amended or (c) otherwise subject to any other regulatory scheme
limiting its ability to incur debt.

         SECTION 4.8 TAXES. The Borrower and Parent have timely filed or caused
to be filed all Federal income tax returns and all other material tax returns
that are required to be filed by them, and have paid all taxes shown to be due
and payable on such returns or on any assessments made against it or its
property and all other taxes, fees or other charges imposed on it or any of its
property by any Governmental Authority, except (i) to the extent the failure to
do so would not have a Material Adverse Effect or (ii) where the same are
currently being contested in good faith by appropriate proceedings and for which
the Borrower or Parent has set aside on its books adequate reserves.

         SECTION 4.9 MARGIN REGULATIONS. None of the proceeds of any of the
Revolving Loan or Letters of Credit will be used for "purchasing" or "carrying"
any "margin stock" with the respective meanings of each of such terms under
Regulation U as now and from time to time hereafter in effect or for any purpose
that violates the provisions of the applicable Margin Regulations.

         SECTION 4.10 ERISA. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect. The present value of all accumulated
benefit obligations under each Plan (based on the assumptions used for purposes
of Statement of Financial Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than
$100,000 the fair market value of the assets of such Plan, and the present value
of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Standards No. 87) did
not, as of the date of the most recent financial statements

<PAGE>

reflecting such amounts, exceed by more than $100,000 the fair market value of
the assets of all such underfunded Plans.

         SECTION 4.11 OWNERSHIP OF PROPERTY.

                  (a)      Borrower has good title to, or valid leasehold
         interests in, all of its real and personal property material to the
         operation of its business.

                  (b)      Borrower owns, or is licensed, or otherwise has the
         right, to use, all patents, trademarks, service marks, trade names,
         copyrights and other intellectual property material to its business,
         and the use thereof by the Borrower does not infringe on the rights of
         any other Person, except for any such infringements that, individually
         or in the aggregate, would not have a Material Adverse Effect.

         SECTION 4.12 DISCLOSURE. The Borrower has disclosed to the Lender all
agreements, instruments, and corporate or other restrictions to which the
Borrower is subject, and all other matters known to any of them, that,
individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. None of the reports, financial statements, certificates
or other information furnished by or on behalf of the Borrower to the Lender in
connection with the negotiation of this Agreement or any other Loan Document or
delivered hereunder or thereunder (as modified or supplemented by any other
information so furnished) contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, taken as a
whole, in light of the circumstances under which they were made, not misleading.

         SECTION 4.13 LABOR RELATIONS. Except for existing negotiations between
Borrower and the Teamsters with respect to the Las Vegas, Nevada terminal, there
are no strikes, lockouts or other material labor disputes or grievances against
the Borrower or Parent, or to the Borrower's knowledge, threatened against or
affecting the Borrower or Parent, and no significant unfair labor practice,
charges or grievances are pending against the Borrower, or to the Borrower's
knowledge, threatened against either of them before any Governmental Authority.
All payments due from the Borrower pursuant to the provisions of any collective
bargaining agreement have been paid or accrued as a liability on the books of
the Borrower, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

         SECTION 4.14 SUBSIDIARIES. Central Refrigerated and Central
Receivables, Inc., a Nevada corporation, are the sole Subsidiaries of Borrower.

                                    ARTICLE 5

                              AFFIRMATIVE COVENANTS

         The Borrower covenants and agrees that so long as the Lender has a
Revolving Commitment hereunder or any fee or any LC Disbursement remains unpaid
or any Letter of Credit remains outstanding:

<PAGE>

         SECTION 5.1 FINANCIAL STATEMENTS AND OTHER INFORMATION. The Borrower
will deliver to the Lender:

                  (a)      as soon as available and in any event within 120 days
         after the end of each fiscal year of Borrower, a copy of the annual
         audited report for such fiscal year for the Parent and the Borrower,
         containing a consolidated and consolidating balance sheet of the Parent
         and the Borrower and Central Refrigerated as of the end of such fiscal
         year and the related consolidated and consolidating statements of
         income, stockholders' equity and cash flows (together with all
         footnotes thereto) of the Parent, Borrower and Central Refrigerated for
         such fiscal year, setting forth in each case in comparative form the
         figures for the previous fiscal year, all in reasonable detail and
         reported on by independent public accountants of nationally recognized
         standing (without a "going concern" or like qualification, exception or
         explanation and without any qualification or exception as to scope of
         such audit) to the effect that such financial statements present fairly
         in all material respects the financial condition and the results of
         operations of the Parent, Borrower and Central Refrigerated for such
         fiscal year on a consolidated and consolidating basis in accordance
         with GAAP and that the examination by such accountants in connection
         with such consolidating financial statements has been made in
         accordance with generally accepted auditing standards;

                  (b)      as soon as available and in any event within 45 days
         after the end of FISCAL PERIODS 3,6 AND 9 of each fiscal year of the
         Borrower, an unaudited consolidating balance sheet of the Borrower and
         Central Refrigerated (the balance sheet of Central Refrigerated shall
         be based on calendar quarters and not Fiscal Periods) (and consolidated
         for the Parent and the Borrower) as of the end of such Fiscal Periods
         and the related unaudited consolidating statements of income and cash
         flows of the Borrower and Central Refrigerated (and consolidated for
         the Parent and the Borrower) for such Fiscal Periods and the then
         elapsed portion of such fiscal year, setting forth in each case in
         comparative form the figures for the corresponding Fiscal Period and
         the corresponding portion of the previous fiscal year, all certified by
         the chief financial officer or treasurer of the Borrower as presenting
         fairly in all material respects the financial condition and results of
         operations of the Parent, Borrower and Central Refrigerated in
         accordance with GAAP, subject to normal year-end audit adjustments and
         the absence of footnotes; and

                  (c)      concurrently with the delivery of the financial
         statements referred to in clauses (a) and (b) above, a certificate from
         Borrower's chief financial officer or treasurer setting forth in
         reasonable detail calculations demonstrating compliance (or lack
         thereof) with Article 6 (and, as applicable, with Section 5.11(b)).

         SECTION 5.2 NOTICES OF MATERIAL EVENTS. The Borrower will furnish to
the Lender prompt written notice of the following:

                  (a)      the occurrence of any Default or Event of Default;

                  (b)      the filing or commencement of any action, suit or
         proceeding by or before any arbitrator or Governmental Authority
         against or, to the knowledge of the Borrower,

<PAGE>

         affecting the Borrower or Parent which, if adversely determined, could
         reasonably be expected to result in a Material Adverse Effect;

                  (c)      the occurrence of any event or any other development
         by which the Borrower or Parent (i) fails to comply with any
         Environmental Law or to obtain, maintain or comply with any permit,
         license or other approval required under any Environmental Law, (ii)
         becomes subject to any Environmental Liability, (iii) receives notice
         of any claim with respect to any Environmental Liability, or (iv)
         becomes aware of any basis for any Environmental Liability and in each
         of the preceding clauses, which individually or in the aggregate, could
         reasonably be expected to result in a Material Adverse Effect;

                  (d)      the occurrence of any ERISA Event that alone, or
          together with any other ERISA Events that have occurred, could
         reasonably be expected to result in liability of the Borrower or Parent
         in an aggregate amount exceeding $100,000; and

                  (e)      any other development that results in, or could
         reasonably be expected to result in, a Material Adverse Effect.

         Each notice delivered under this Section shall be accompanied by a
written statement of a Responsible Officer setting forth the details of the
event or development requiring such notice and any action taken or proposed to
be taken with respect thereto.

         SECTION 5.3 EXISTENCE; CONDUCT OF BUSINESS. The Borrower will do or
cause to be done all things necessary to preserve, renew and maintain in full
force and effect its legal existence and its respective rights, licenses,
permits, privileges, franchises, patents, copyrights, trademarks and trade names
material to the conduct of its business and will continue to engage in the same
business as presently conducted or such other businesses that are reasonably
related thereto.

         SECTION 5.4 COMPLIANCE WITH LAWS, ETC. The Borrower will comply with
all laws, rules, regulations and requirements of any Governmental Authority
applicable to its properties, except where the failure to do so, either
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect.

         SECTION 5.5 PAYMENT OF OBLIGATIONS. The Borrower will pay and discharge
at or before maturity, all of its obligations and liabilities (including without
limitation all tax liabilities and claims that could result in a statutory Lien)
before the same shall become delinquent or in default, except where (a) the
validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) the Borrower has set aside on its books adequate reserves with
respect thereto in accordance with GAAP, and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material
Adverse Effect.

         SECTION 5.6 BOOKS AND RECORDS. The Borrower will keep proper books of
record and account in which full, true and correct entries shall be made of all
dealings and transactions in relation to its business and activities to the
extent necessary to prepare the consolidating financial statements of Borrower
and Central Refrigerated in conformity with GAAP.

<PAGE>

         SECTION 5.7 VISITATION, INSPECTION, ETC. The Borrower will permit any
representative of the Lender to visit and inspect its properties, to examine its
books and records and to make copies and take extracts therefrom, and to discuss
its affairs, finances and accounts with any of its officers and with its
independent certified public accountants, all at such reasonable times and as
often as the Lender may reasonably request after reasonable prior notice to the
Borrower.

         SECTION 5.8 MAINTENANCE OF PROPERTIES; INSURANCE. The Borrower will (a)
keep and maintain all property material to the conduct of its business in good
working order and condition, ordinary wear and tear except where the failure to
do so, either individually or it the aggregate, could not reasonably be expected
to result in a Material Adverse Effect and (b) maintain with financially sound
and reputable insurance companies, insurance with respect to its properties and
business against loss or damage of the kinds customarily insured against by
companies in the same or similar businesses operating in the same or similar
locations.

         SECTION 5.9 USE OF PROCEEDS AND LETTERS OF CREDIT. The Borrower will
use the proceeds of the Revolving Loan to (a) payoff any and all Indebtedness
owed by Borrower to Compass Bank and (b) finance working capital needs and for
other general corporate purposes of the Borrower. No part of the proceeds of any
Loan will be used, whether directly or indirectly, for any purpose that would
violate any rule or regulation of the Board of Governors of the Federal Reserve
System, including Regulations T, U or X. All Letters of Credit will be used for
general corporate purposes.

         SECTION 5.10 CENTRAL REFRIGERATED.

                  (a)      Borrower will maintain the separate and distinct
         corporate and legal nature of Borrower and Central Refrigerated in all
         respects, including but not limited to exercising all distinct
         corporate formalities and maintaining separate boards of directors,
         minute books, officers, headquarters, payroll, operations, employees
         and bank accounts.

                  (b)      Central Refrigerated will have a Net Income of at
         least $1,500,000 measured from May 1, 2002 to October 31, 2002. In the
         event Central Refrigerated fails to satisfy said minimum Net Income
         requirement, Borrower shall, at Lender's option, sell or otherwise
         dispose of such portion of Central Refrigerated so as to make Central
         Refrigerated no longer an Affiliate of Borrower; provided, that such
         sale or disposition shall take place within sixty (60) days of
         Borrower's receipt of Lender's written notice of its intention to
         exercise the option granted hereunder; provided further, that the
         option granted to Lender hereunder shall terminate sixty (60) days
         after Lender receives written notice of Central Refrigerated's failure
         to comply with the minimum Net Income requirement set forth herein in
         accordance with Section 5.1(c) hereof.

<PAGE>

                                    ARTICLE 6

                               FINANCIAL COVENANTS

         The Borrower covenants and agrees that so long as the Lender has its
Revolving Commitment hereunder or any fee or any LC Disbursement remains unpaid
or any Letter of Credit remains outstanding:

         SECTION 6.1 MINIMUM TANGIBLE NET WORTH. The Borrower will not permit
its Tangible Net Worth at any time to be less than $25,000,000, plus 50% of Net
Income on a cumulative basis as of the last day of Fiscal Periods 3, 6, 9 and 13
of any fiscal year of Borrower; provided, that if Net Income is negative for any
such period the amount added for such period shall be zero and such negative Net
Income shall not reduce the amount of Net Income added from any previous period.

         SECTION 6.2 MINIMUM EBITDA. The Borrower will maintain an EBITDA as of
the last day of the periods set forth below of not less than the amounts set
forth below:

                  From January 1, 2002 to
                  the last day of Fiscal Period 4, 2002         $5,563,000;

                  From January 1, 2002 to
                  the last day of Fiscal Period 7, 2002         $13,118,000;

                  From January 1, 2002 to
                  the last day of Fiscal Period 10, 2002        $23,410,000; and

                  From January 1, 2002 to
                  the last day of Fiscal Period 13, 2002
                  and thereafter on a rolling
                  thirteen Fiscal Period basis                  $34,946,000.

         SECTION 6.3 MAXIMUM LEASE ADJUSTED LEVERAGE RATIO. For the period
ending with Fiscal Period No. 13 of 2002, the Borrower shall maintain a Lease
Adjusted Leverage Ratio of not greater than 3.0 to 1.0, measured on a rolling
thirteen Fiscal Period basis. Thereafter, the Borrower will maintain a Lease
Adjusted Leverage Ratio of not greater than the ratios set forth below measured
on a rolling thirteen Fiscal Period basis as of the last day of each Fiscal
Period 3, 6, 9 and 13 during the calendar years set forth below:

                  2003                                          3.0 to 1.0; and

                  2004 and thereafter                           2.5 to 1.0.

                                    ARTICLE 7

                               NEGATIVE COVENANTS

<PAGE>

         The Borrower covenants and agrees that so long as the Lender has its
Revolving Commitment hereunder or any fee or any LC Disbursement remains unpaid
or any Letter of Credit remains outstanding:

         SECTION 7.1 INDEBTEDNESS. The Borrower will not create, incur, assume
or suffer to exist any Indebtedness, except:

                  (a)      Indebtedness created pursuant to the Loan Documents;

                  (b)      Indebtedness existing on the date hereof and set
         forth on Schedule 7.1 and extensions, renewals and replacements of any
         such Indebtedness that do not increase the outstanding principal amount
         thereof (immediately prior to giving effect to such extension, renewal
         or replacement) or shorten the maturity or the weighted average life
         thereof;

                  (c)      Indebtedness incurred to finance the acquisition of
         any capital assets (including Capital Lease Obligations); provided,
         that (i) such Indebtedness is incurred prior to or within 90 days after
         such acquisition, (ii) any extensions, renewals, and replacements of
         any such Indebtedness do not increase the outstanding principal amount
         thereof (immediately prior to giving effect to such extension, renewal
         or replacement) or shorten the maturity or the weighted average life
         thereof, and (iii) the aggregate principal amount of such Indebtedness
         does not exceed $20,000,000 at any time outstanding; and

                  (d)      other unsecured Indebtedness in an aggregate
         principal amount not to exceed $1,000,000 at any time outstanding.

         SECTION 7.2 NEGATIVE PLEDGE. The Borrower will not create, incur,
assume or suffer to exist any Lien on any of its assets or property now owned or
hereafter acquired or, except:

                  (a)      Liens created in favor of the Lender pursuant to the
         Loan Documents;

                  (b)      Permitted Encumbrances;

                  (c)      any Liens on any property or asset of the Borrower
         existing on the Closing Date set forth on Schedule 7.2; provided, that
         such Lien shall not apply to any other property or asset of the
         Borrower; and

                  (d)      purchase money Liens upon any capital assets to
         secure the purchase price of such capital assets (including Liens
         securing any Capital Lease Obligations); provided, that (i) such Lien
         secures Indebtedness permitted by Section 7.1(c), (ii) such Lien
         attaches to such asset concurrently or within 90 days after the
         acquisition thereof; (iii) such Lien does not extend to any other
         asset; and (iv) the Indebtedness secured thereby does not exceed the
         cost of acquiring such capital assets; and

                  (e)      extensions, renewals, or replacements of any Lien
         referred to in paragraphs (a) through (d) of this Section; provided,
         that the principal amount of the

<PAGE>

         Indebtedness secured thereby is not increased and that any such
         extension, renewal or replacement is limited to the assets originally
         encumbered thereby.

         SECTION 7.3 FUNDAMENTAL CHANGES.

                  (a)      The Borrower will not merge into or consolidate into
         any other Person, or permit any other Person to merge into or
         consolidate with it, or sell, lease, transfer or otherwise dispose of
         (in a single transaction or a series of transactions) all or
         substantially all of its assets (in each case, whether now owned or
         hereafter acquired) or liquidate or dissolve.

                  (b)      The Borrower will not engage to any material extent
         in any business other than businesses of the type conducted by the
         Borrower on the date hereof and businesses reasonably related thereto.

         SECTION 7.4 INVESTMENTS, LOANS, ETC. The Borrower will not purchase,
hold or acquire any common stock, evidence of indebtedness or other securities
(including any option, warrant, or other right to acquire any of the foregoing)
of, make or permit to exist any loans or advances to, guarantee any obligations
of, or make or permit to exist any investment or any other interest in, any
other Person, including without limitation Central Refrigerated (all of the
foregoing being collectively called "INVESTMENTS"), or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other
Person, including without limitation Central Refrigerated, that constitute a
business unit, except:

                  (a)      Investments (other than Permitted Investments)
         existing on the date hereof and set forth on Schedule 7.4;

                  (b)      Permitted Investments; and

                  (c)      The Moyes Note.

         SECTION 7.5 SALE OF ASSETS. The Borrower will not convey, sell, lease,
assign, transfer or otherwise dispose of, any of its assets, business or
property, whether now owned or hereafter acquired, except:

                  (a)      the sale or other disposition for fair market value
         of obsolete or worn out property or other property not necessary for
         operations disposed of in the ordinary course of business;

                  (b)      the sale of inventory in the ordinary course of
         business; and

                  (c)      the sale of real property constituting existing
         terminals to SPP for fair market value, in connection with a sale and
         leaseback transaction with SPP.

         SECTION 7.6 TRANSACTIONS WITH AFFILIATES. The Borrower will not sell,
lease or otherwise transfer any property or assets to, or purchase, lease or
otherwise acquire any property

<PAGE>

or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except in the ordinary course of business at prices and on terms and
conditions not less favorable to the Borrower than could be obtained on an
arm's-length basis from unrelated third parties. Notwithstanding the foregoing,
Borrower will not transfer, sell or lease any material asset to Central
Refrigerated. Notwithstanding the foregoing, the prohibitions of this Section
shall not apply to the transactions described in Section 7.5(c) hereof nor shall
they prohibit group purchasing by Borrower of property purchased on behalf of
Central Refrigerated and which is subsequently conveyed to Central Refrigerated
on an arms-length basis and in the ordinary course of business.

         SECTION 7.7 SALE AND LEASEBACK TRANSACTIONS. Except as described in
Section 7.5(c) hereof, the Borrower will not enter into any arrangement,
directly or indirectly, whereby it shall sell or transfer any property, real or
personal, used or useful in its business, whether now owned or hereinafter
acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property
sold or transferred.

         SECTION 7.8 AMENDMENT TO MATERIAL DOCUMENTS. The Borrower will not
amend, modify or waive any of its rights in a manner materially adverse to the
Lender under its certificate of incorporation, bylaws or other organizational
documents.

         SECTION 7.9 ACCOUNTING CHANGES. The Borrower will not make any
significant change in accounting treatment or reporting practices, except as
required by GAAP, or change the fiscal year of the Borrower.

         SECTION 7.10 SUBSIDIARIES. Borrower will not create any additional
Subsidiaries.

         SECTION 7.11 DIVIDENDS. Borrower will not pay or declare any dividends
during any fiscal year in excess of 40% of Borrower's Net Income for such fiscal
year.

                                    ARTICLE 8

                                EVENTS OF DEFAULT

         SECTION 8.1 EVENTS OF DEFAULT. If any of the following events (each an
"Event of Default") shall occur:

                  (a)      the Borrower shall fail to pay any principal of any
         Advance or of any reimbursement obligation in respect of any LC
         Disbursement when and as the same shall become due and payable, whether
         at the due date thereof or at a date fixed for prepayment or otherwise;
         or

                  (b)      the Borrower shall fail to pay any interest on any
         Advance or any fee or any other amount (other than an amount payable
         under clause (a) of this Article) payable under this Agreement or any
         other Loan Document, when and as the same shall become due and payable,
         and such failure shall continue unremedied for a period of three (3)
         Business Days; or

<PAGE>

                  (c)      any representation or warranty made or deemed made by
         or on behalf of the Borrower or Parent in or in connection with this
         Agreement or any other Loan Document (including the Schedules attached
         thereto) and any amendments or modifications hereof or waivers
         hereunder, or in any certificate, report, financial statement or other
         document submitted to the Lender or the Lenders by Borrower or Parent
         or any representative of Borrower or Parent pursuant to or in
         connection with this Agreement or any other Loan Document shall prove
         to be incorrect when made or deemed made or submitted; or

                  (d)      the Borrower shall fail to observe or perform any
         covenant or agreement contained in Sections 5.2, 5.3 (with respect to
         the Borrower's existence) or Articles 6 or 7; or

                  (e)      the Borrower shall fail to observe or perform any
         covenant or agreement contained in this Agreement (other than those
         referred to in clauses (a), (b) and (d) above), and such failure shall
         remain unremedied for 30 days after the earlier of (i) any officer of
         the Borrower becomes aware of such failure, or (ii) notice thereof
         shall have been given to the Borrower by the Lender; or

                  (f)      the Borrower (whether as primary obligor or as
         guarantor or other surety) shall fail to pay any principal of or
         premium or interest on any Indebtedness that is outstanding, when and
         as the same shall become due and payable (whether at scheduled
         maturity, required prepayment, acceleration, demand or otherwise), and
         such failure shall continue after the applicable grace period, if any,
         specified in the agreement or instrument evidencing such Indebtedness;
         or any other event shall occur or condition shall exist under any
         agreement or instrument relating to such Indebtedness and shall
         continue after the applicable grace period, if any, specified in such
         agreement or instrument, if the effect of such event or condition is to
         accelerate, or permit the acceleration of, the maturity of such
         Indebtedness; or any such Indebtedness shall be declared to be due and
         payable; or required to be prepaid or redeemed (other than by a
         regularly scheduled required prepayment or redemption), purchased or
         defeased, or any offer to prepay, redeem, purchase or defease such
         Indebtedness shall be required to be made, in each case prior to the
         stated maturity thereof; or

                  (g)      the Borrower, Parent or Central Refrigerated shall
         (i) commence a voluntary case or other proceeding or file any petition
         seeking liquidation, reorganization or other relief under any federal,
         state or foreign bankruptcy, insolvency or other similar law now or
         hereafter in effect or seeking the appointment of a custodian, trustee,
         receiver, liquidator or other similar official of it or any substantial
         part of its property, (ii) consent to the institution of , or fail to
         contest in a timely and appropriate manner, any proceeding or petition
         described in clause (i) of this Section, (iii) apply for or consent to
         the appointment of a custodian, trustee, receiver, liquidator or other
         similar official for the Borrower, Parent or Central Refrigerated or
         for a substantial part of any of their assets, (iv) file an answer
         admitting the material allegations of a petition filed against it in

<PAGE>

         any such proceeding, (v) make a general assignment for the benefit of
         creditors, or (vi) take any action for the purpose of effecting any of
         the foregoing; or

                  (h)      an involuntary proceeding shall be commenced or an
         involuntary petition shall be filed seeking (i) liquidation,
         reorganization or other relief in respect of the Borrower, Parent or
         Central Refrigerated or their debts, or any substantial part of their
         assets, under any federal, state or foreign bankruptcy, insolvency or
         other similar law now or hereafter in effect or (ii) the appointment of
         a custodian, trustee, receiver, liquidator or other similar official
         for the Borrower, Parent or Central Refrigerated or for a substantial
         part of any of their assets, and in any such case, such proceeding or
         petition shall remain undismissed for a period of 60 days or an order
         or decree approving or ordering any of the foregoing shall be entered;
         or

                  (i)      the Borrower, Parent or Central Refrigerated shall
         become unable to pay, shall admit in writing its inability to pay, or
         shall fail to pay, its debts as they become due; or

                  (j)      an ERISA Event shall have occurred that, when taken
         together with other ERISA Events that have occurred, could reasonably
         be expected to result in liability to the Borrower in an aggregate
         amount exceeding $250,000; or

                  (k)      any judgment or order for the payment of money in
         excess of $500,000 in the aggregate shall be rendered against the
         Borrower, and either (i) enforcement proceedings shall have been
         commenced by any creditor upon such judgment or order or (ii) there
         shall be a period of 30 consecutive days during which a stay of
         enforcement of such judgment or order, by reason of a pending appeal or
         otherwise, shall not be in effect; or

                  (l)      any non-monetary judgment or order shall be rendered
         against the Borrower that could reasonably be expected to have a
         Material Adverse Effect, and there shall be a period of 30 consecutive
         days during which a stay of enforcement of such judgment or order, by
         reason of a pending appeal or otherwise, shall not be in effect; or

                  (m)      a Change in Control shall occur or exist for Borrower
         or Parent; or

                  (n)      a default or event of default shall occur under any
         other Loan Document, including without limitation a default by Parent
         under the Guaranty; or

                  (o)      a default or event of default shall occur under any
         document evidencing Indebtedness owed by Borrower to Lender, including
         without limitation any Hedging Agreement; or

                  (p)      Robert Fasso shall no longer serve as chief executive
         officer of Borrower; or

<PAGE>

                  (q)      any liability (or liabilities), as determined in
         accordance with GAAP, of Central Refrigerated exceeding $100,000,
         whether individually or in the aggregate, shall at any time become a
         liability (or liabilities) of Borrower.

then, and in every such event (other than an event with respect to the Borrower
described in clause (g) or (h) of this Section) and at any time thereafter
during the continuance of such event, the Lender may, by notice to the Borrower,
take any or all of the following actions, at the same or different times: (i)
terminate its Revolving Commitment; (ii) declare the principal of and any
accrued interest on the Revolving Loan, and all other Obligations owing
hereunder, to be, whereupon the same shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower and (iii) exercise all remedies contained in
any other Loan Document; and that, if an Event of Default specified in either
clause (g) or (h) shall occur, the Revolving Commitment shall automatically
terminate and the principal of the Revolving Loan then outstanding, together
with accrued interest thereon, and all fees, and all other Obligations shall
automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower.

                                    ARTICLE 9

                                  MISCELLANEOUS

         SECTION 9.1 NOTICES.

                  (a)      Except in the case of notices and other
         communications expressly permitted to be given by telephone, all
         notices and other communications to any party herein to be effective
         shall be in writing and shall be delivered by hand or overnight courier
         service, mailed by certified or registered mail or sent by telecopy, as
         follows:

                           To the Borrower:    Central Freight Lines, Inc.
                                               5601 West Waco Drive
                                               Waco, Texas 76710
                                               Attention: Patrick J. Curry
                                               Telecopy Number: (254) 741-5289

<PAGE>

                           With a copy to:     Earl Scudder, Esq.
                                               Scudder Law Firm, P.C., L.L.O.
                                               411 Building
                                               411 South 13th Street
                                               Lincoln, Nebraska 68508
                                               Telecopy Number: (402) 435-4239

                           To the Lender:      SunTrust Bank
                                               201 Fourth Avenue North
                                               Nashville, TN 37219
                                               Attention: Bill Crawford
                                               Telecopy Number: (615) 748-5269

                  Any party hereto may change its address or telecopy number for
         notices and other communications hereunder by notice to the other
         parties hereto. All such notices and other communications shall, when
         transmitted by overnight delivery, or faxed, be effective when
         delivered for overnight (next-day) delivery, or transmitted in legible
         form by facsimile machine, respectively, or if mailed, upon the third
         Business Day after the date deposited into the mails or if delivered,
         upon delivery; provided, that notices delivered by mail to the Lender
         shall not be effective until actually received by the Lender at its
         address specified in this Section 9.1.

                  (b)      Any agreement of the Lender herein to receive certain
         notices by telephone or facsimile is solely for the convenience and at
         the request of the Borrower. The Lender shall be entitled to rely on
         the authority of any Person purporting to be a Person authorized by the
         Borrower to give such notice and the Lender shall not have any
         liability to the Borrower or other Person on account of any action
         taken or not taken by the Lender in reliance upon such telephonic or
         facsimile notice. The obligation of the Borrower to repay the Revolving
         Loan and all other Obligations hereunder shall not be affected in any
         way or to any extent by any failure of the Lender to receive written
         confirmation of any telephonic or facsimile notice or the receipt by
         the Lender of a confirmation which is at variance with the terms
         understood by the Lender to be contained in any such telephonic or
         facsimile notice.

         SECTION 9.2 WAIVER; AMENDMENTS.

                  (a)      No failure or delay by the Lender in exercising any
         right or power hereunder or any other Loan Document, and no course of
         dealing between the Borrower and the Lender, shall operate as a waiver
         thereof, nor shall any single or partial exercise of any such right or
         power or any abandonment or discontinuance of steps to enforce such
         right or power, preclude any other or further exercise thereof or the
         exercise of any other right or power hereunder or thereunder. The
         rights and remedies of the Lender hereunder and under the other Loan
         Documents are cumulative and are not exclusive of any rights or
         remedies provided by law. No waiver of any provision of this Agreement
         or any other Loan Document or consent to any departure by the Borrower
         therefrom shall in

<PAGE>

         any event be effective unless the same shall be permitted by paragraph
         (b) of this Section, and then such waiver or consent shall be effective
         only in the specific instance and for the purpose for which given.
         Without limiting the generality of the foregoing, the making of a Loan
         or the issuance of a Letter of Credit shall not be construed as a
         waiver of any Default or Event of Default, regardless of whether the
         Lender may have had notice or knowledge of such Default or Event of
         Default at the time.

                  (b)      No amendment or waiver of any provision of this
         Agreement or the other Loan Documents, nor consent to any departure by
         the Borrower therefrom, shall in any event be effective unless the same
         shall be in writing and signed by the Borrower and the Lender and then
         such waiver or consent shall be effective only in the specific instance
         and for the specific purpose for which given.

         SECTION 9.3 EXPENSES; INDEMNIFICATION.

                  (a)      The Borrower shall pay (i) all reasonable,
         out-of-pocket costs and expenses of the Lender (including, without
         limitation, the reasonable fees, charges and disbursements of outside
         counsel and the allocated cost of inside counsel) in connection with
         the preparation and administration of the Loan Documents and any
         amendments, modifications or waivers thereof (whether or not the
         transactions contemplated in this Agreement or any other Loan Document
         shall be consummated), and (ii) all out-of-pocket costs and expenses
         (including, without limitation, the reasonable fees, charges and
         disbursements of outside counsel and the allocated cost of inside
         counsel) incurred by the Lender in connection with the enforcement or
         protection of its rights in connection with this Agreement, including
         its rights under this Section, or in connection with any Advance made
         or any Letters of Credit issued hereunder, including all such
         out-of-pocket expenses incurred during any workout, restructuring or
         negotiations thereof.

                  (b)      The Borrower shall indemnify the Lender and each
         Related Party of the Lender (each, an "INDEMNITEE") against, and hold
         each of them harmless from, any and all costs, losses, liabilities,
         claims, damages and related expenses, including the fees, charges and
         disbursements of any counsel for any Indemnitee, which may be incurred
         by or asserted against any Indemnitee arising out of, in connection
         with or as a result of (i) the execution or delivery of this Agreement
         or any other agreement or instrument contemplated hereby, the
         performance by the parties hereto of their respective obligations
         hereunder or the consummation of any of the transactions contemplated
         hereby, (ii) any Advance or Letter of Credit or any actual or proposed
         use of the proceeds therefrom (including any refusal by the Lender to
         honor a demand for payment under a Letter of Credit if the documents
         presented in connection with such demand do not strictly comply with
         the terms of such Letter of Credit), (iii) any actual or alleged
         presence or release of Hazardous Materials on or from any property
         owned by the Borrower or any Environmental Liability related in any way
         to the Borrower or (iv) any actual or prospective claim, litigation,
         investigation or proceeding relating to any of the foregoing, whether
         based on contract, tort, or any other theory and regardless of whether
         any Indemnitee is a party thereto; provided, that the Borrower shall
         not be obligated to

<PAGE>

         indemnify any Indemnitee for any of the foregoing arising out of such
         Indemnitee's gross negligence or willful misconduct as determined by a
         court of competent jurisdiction in a final and nonappealable judgment.

                  (c)      The Borrower shall pay, and hold the Lender harmless
         from and against, any and all present and future stamp, documentary,
         and other similar taxes with respect to this Agreement and any other
         Loan Documents, any collateral described therein, or any payments due
         thereunder, and save the Lender harmless from and against any and all
         liabilities with respect to or resulting from any delay or omission to
         pay such taxes.

                  (d)      To the extent permitted by applicable law, the
         Borrower shall not assert, and hereby waives, any claim against any
         Indemnitee, on any theory of liability, for special, indirect,
         consequential or punitive damages (as opposed to actual or direct
         damages) arising out of, in connection with or as a result of, this
         Agreement or any agreement or instrument contemplated hereby, the
         transactions contemplated therein, any Loan or the Letter of Credit or
         the use of proceeds thereof.

                  (e)      All amounts due under this Section shall be payable
         promptly after written demand therefor.

         SECTION 9.4 SUCCESSORS AND ASSIGNS.

                  (a)      The provisions of this Agreement shall be binding
         upon and inure to the benefit of the parties hereto and their
         respective successors and assigns, except that the Borrower may not
         assign or transfer any of its rights hereunder without the prior
         written consent of the Lender (and any attempted assignment or transfer
         by the Borrower without such consent shall be null and void).

                  (b)      The Lender may at any time assign to one or more
         assignees all or a portion of its rights and obligations under this
         Agreement and the other Loan Documents (including all or a portion of
         its Revolving Commitment and the Revolving Loan and LC Exposure at the
         time owing to it); provided, that the Borrower must give its prior
         written consent (which consent shall not be unreasonably withheld or
         delayed) to any assignment, except an assignment to an Affiliate of the
         Lender or during the occurrence and continuation of a Default or an
         Event of Default. Upon the execution and delivery of an assignment
         agreement by the Lender and such assignee and payment by such assignee
         of an amount equal to the purchase price agreed between the Lender and
         such assignee, such assignee shall become a party to this Agreement and
         the other Loan Documents and shall have the rights and obligations of a
         Lender under this Agreement, and the Lender shall be released from its
         obligations hereunder to a corresponding extent.

                  (c)      The Lender may at any time, without the consent of
         the Borrower, sell participations to one or more banks or other
         entities (a "PARTICIPANT") in all or a portion of the Lender's rights
         and obligations under this Agreement; provided, that (i) the Lender's
         obligations under this Agreement shall remain unchanged, (ii) the
         Lender shall remain solely responsible to the other parties hereto for
         the performance of its obligations

<PAGE>

         hereunder, and (iii) the Borrower shall continue to deal solely and
         directly with the Lender in connection with the Lender's rights and
         obligations under this Agreement and the other Loan Documents. Any
         agreement between the Lender and the Participant with respect to such
         participation shall provide that the Lender shall retain the sole right
         and responsibility to enforce this Agreement and the other Loan
         Documents and the right to approve any amendment, modification or
         waiver of this Agreement and the other Loan Documents; provided, that
         such participation agreement may provide that such Lender will not,
         without the consent of the Participant, agree to any amendment,
         modification or waiver of this Agreement described in the first proviso
         of Section 9.2(b) that affects the Participant.

                  (d)      The Lender may at any time pledge or assign a
         security interest in all or any portion of its rights under this
         Agreement and the Revolving Credit Note to secure its obligations to a
         Federal Reserve Bank without complying with this Section; provided,
         that no such pledge or assignment shall release the Lender from any of
         its obligations hereunder or substitute any such pledgee or assignee
         for such Lender as a party hereto.

         SECTION 9.5 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.

                  (a)      This Agreement and the other Loan Documents shall be
         construed in accordance with and be governed by the law (without giving
         effect to the conflict of law principles thereof) of the State of
         Tennessee.

                  (b)      The Borrower hereby irrevocably and unconditionally
         submits, for itself and its property, to the non-exclusive jurisdiction
         of the United States District Court of the Middle District of
         Tennessee, and of any state court of the State of Tennessee and any
         appellate court from any thereof, in any action or proceeding arising
         out of or relating to this Agreement or any other Loan Document or the
         transactions contemplated hereby or thereby, or for recognition or
         enforcement of any judgment, and each of the parties hereto hereby
         irrevocably and unconditionally agrees that all claims in respect of
         any such action or proceeding may be heard and determined in such
         Tennessee state court or, to the extent permitted by applicable law,
         such Federal court. Each of the parties hereto agrees that a final
         judgment in any such action or proceeding shall be conclusive and may
         be enforced in other jurisdictions by suit on the judgment or in any
         other manner provided by law. Nothing in this Agreement or any other
         Loan Document shall affect any right that the Lender may otherwise have
         to bring any action or proceeding relating to this Agreement or any
         other Loan Document against the Borrower or its properties in the
         courts of any jurisdiction.

                  (c)      The Borrower irrevocably and unconditionally waives
         any objection which it may now or hereafter have to the laying of venue
         of any such suit, action or proceeding described in paragraph (b) of
         this Section and brought in any court referred to in paragraph (b) of
         this Section. Each of the parties hereto irrevocably waives, to the
         fullest extent permitted by applicable law, the defense of an
         inconvenient forum to the maintenance of such action or proceeding in
         any such court.

<PAGE>

                  (d)      Each party to this Agreement irrevocably consents to
         the service of process in the manner provided for notices in Section
         9.1. Nothing in this Agreement or in any other Loan Document will
         affect the right of any party hereto to serve process in any other
         manner permitted by law.

         SECTION 9.6 WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

         SECTION 9.7 RIGHT OF SETOFF. In addition to any rights now or hereafter
granted under applicable law and not by way of limitation of any such rights,
the Lender shall have the right, at any time or from time to time upon the
occurrence and during the continuance of an Event of Default, without prior
notice to the Borrower, any such notice being expressly waived by the Borrower
to the extent permitted by applicable law, to set off and apply against all
deposits (general or special, time or demand, provisional or final) of the
Borrower at any time held or other obligations at any time owing by the Lender
to or for the credit or the account of the Borrower against any and all
Obligations held by the Lender, irrespective of whether the Lender shall have
made demand hereunder and although such Obligations may be unmatured. The Lender
agrees promptly to notify the Borrower after any such set-off and any
application made by the Lender; provided, that the failure to give such notice
shall not affect the validity of such set-off and application.

         SECTION 9.8 COUNTERPARTS; INTEGRATION. This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate
counterparts (including by telecopy), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. This
Agreement, the other Loan Documents, and any separate letter agreement(s)
relating to any fees payable to the Lender constitute the entire agreement among
the parties hereto and thereto regarding the subject matters hereof and thereof
and supersede all prior agreements and understandings, oral or written,
regarding such subject matters.

         SECTION 9.9 SURVIVAL. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the other party hereto and shall survive
the execution and delivery of this Agreement and the making of any

<PAGE>

Revolving Loan and issuance of any Letters of Credit, regardless of any
investigation made by such other party or on its behalf and notwithstanding that
the Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding and
so long as the Revolving Commitment has not expired or terminated. All
representations and warranties made herein, in the certificates, reports,
notices, and other documents delivered pursuant to this Agreement shall survive
the execution and delivery of this Agreement and the other Loan Documents, and
the making of the Revolving Loan.

         SECTION 9.10 SEVERABILITY. Any provision of this Agreement or any other
Loan Document held to be illegal, invalid or unenforceable in any jurisdiction,
shall, as to such jurisdiction, be ineffective to the extent of such illegality,
invalidity or unenforceability without affecting the legality, validity or
enforceability of the remaining provisions hereof or thereof; and the
illegality, invalidity or unenforceability of a particular provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

         SECTION 9.11 CONFIDENTIALITY. The Lender agrees to take normal and
reasonable precautions to maintain the confidentiality of any information
designated in writing as confidential and provided to it by the Borrower, Parent
or Central Refrigerated, except that such information may be disclosed (i) to
any Related Party of the Lender, including without limitation accountants, legal
counsel and other advisors, (ii) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (iii) to the extent
requested by any regulatory agency or authority, (iv) to the extent that such
information becomes publicly available other than as a result of a breach of
this Section, or which becomes available to the Lender or any Related Party of
the Lender on a nonconfidential basis from a source other than the Borrower, (v)
in connection with the exercise of any remedy hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder,
and (ix) subject to provisions substantially similar to this Section 9.11, to
any actual or prospective assignee or Participant, or (vi) with the consent of
the Borrower. Any Person required to maintain the confidentiality of any
information as provided for in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such information as such Person would
accord its own confidential information. Lender shall give PRIOR written notice
to Borrower of disclosures made under subsections (ii) through (vi) hereof.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                               BORROWER:

                               CENTRAL FREIGHT LINES, INC.,
                               a Texas Corporation

                               By: /s/ Pat Curry
                                   ---------------------------------------------

                               Title:  Executive Vice President

                               LENDER:

                               SUNTRUST BANK

                               By: /s/ William H. Crawford
                                   ---------------------------------------------

                               Title:  Vice President

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(B)
<SEQUENCE>16
<FILENAME>c72067exv10w4xby.txt
<DESCRIPTION>1ST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.4(b)

               FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
                  AND FIRST AMENDMENT TO REVOLVING CREDIT NOTE

         THIS FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT AND FIRST
AMENDMENT TO REVOLVING CREDIT NOTE (the "Amendment") is made this the 26th day
of June, 2002, by and between SUNTRUST BANK (the "Lender"), and CENTRAL FREIGHT
LINES, INC., a Texas corporation (the "Borrower").

                                    RECITALS:

         A.       Borrower and Lender entered into that certain Revolving Credit
Loan Agreement April 30, 2002 (as amended from time to time, the "Loan
Agreement"). In connection with the Loan Agreement, Borrower executed a
Revolving Credit Note dated April 30, 2002 (as amended from time to time, the
"Revolving Credit Note").

         B.       The Borrower has requested that Lender amend the Loan
Agreement and the Revolving Credit Note to increase the principal amount
available thereunder.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement and the Revolving Credit Note.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement and the
Revolving Credit Note are hereby amended and modified as follows:

         Section 1.        The principal amount available under the Revolving
Credit Note is amended from $8,000,000 to $14,000,000.

         Section 2.        The definition of "Revolving Commitment" in
Section 1.1 of the Loan Agreement is deleted and the following is substituted in
lieu thereof:

                  "Revolving Commitment" shall mean the obligation of the Lender
         to make Advances to the Borrower, subject to Section 2.1 hereof, in an
         aggregate principal amount not exceeding $14,000,000.

         Section 3.        All other references to $8,000,000 as the
Revolving Commitment and the principal amount of the Revolving Credit Note, as
set forth in the Loan Agreement are hereby amended to conform to the amendments
as expressed in this Amendment.

         Section 4.        Except as provided herein, the Loan Agreement, the
Revolving Credit Note and the Guaranty shall remain unamended and shall be in
full force and effect.

         Section 5.        This modification shall be governed by and
construed in accordance with the laws of the State of Tennessee.

<PAGE>

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

                                   CENTRAL FREIGHT LINES, INC., a Texas
                                   corporation

                                   By: /s/ Jeff Hale
                                       ------------------------------------

                                   Title: CFO

                                   SUNTRUST BANK

                                   By: /s/ William H. Crawford
                                       ------------------------------------

                                   Title: Vice President

                                       2
<PAGE>

                              CONSENT OF GUARANTOR

         The undersigned, as Guarantor under a Guaranty dated as of April 30,
2002, hereby executes this First Amendment to Revolving Credit Loan Agreement
and First Amendment to Revolving Credit Note to evidence its consent thereto, as
well as the transactions contemplated thereby, and agrees that its Guaranty
remains in full force and effect for the Loan Agreement and the Note, as
increased and as amended.

                                   CENTRAL FREIGHT LINES, INC.,
                                   a Nevada corporation

                                   By: /s/ Jeff Hale

Date: June 26, 2002
                                   Title: CFO

                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(C)
<SEQUENCE>17
<FILENAME>c72067exv10w4xcy.txt
<DESCRIPTION>2ND AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.4(c)

               SECOND AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
                  AND FIRST AMENDMENT TO REVOLVING CREDIT NOTE

         THIS SECOND AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT AND SECOND
AMENDMENT TO REVOLVING CREDIT NOTE (the "Amendment") is made this the fifth day
of February, 2003, by and between SUNTRUST BANK (the "Lender"), and CENTRAL
FREIGHT LINES, INC., a Texas corporation (the "Borrower").

                                    RECITALS:

         A.       Borrower and Lender entered into that certain Revolving Credit
Loan Agreement April 30, 2002 (as previously amended and as amended from time to
time, the "Loan Agreement"). In connection with the Loan Agreement, Borrower
executed a Revolving Credit Note dated April 30, 2002 (as previously amended and
as amended from time to time, the "Revolving Credit Note").

         B.       The Borrower has requested that Lender amend the Loan
Agreement and the Revolving Credit Note to increase the principal amount
available thereunder and to make other amendments to the Loan Agreement as set
forth herein.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement and the Revolving Credit Note.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement and the
Revolving Credit Note are hereby amended and modified as follows:

         Section 1.        The principal amount available under the Revolving
Credit Note is amended from $14,000,000 to $24,000,000 for the period commencing
as of the date of this Amendment and ending on May 5, 2003. On May 5, 2003, the
principal amount available under the Revolving Credit Note shall be reduced to
$14,000,000.

         Section 2.        The definition of "Revolving Commitment" in
Section 1.1 of the Loan Agreement is deleted and the following is substituted in
lieu thereof:

                  "Revolving Commitment" shall mean the obligation of the Lender
         to make Advances to the Borrower, subject to Section 2.1 hereof, in an
         aggregate principal amount not exceeding $24,000,000. On May 5, 2003,
         the Revolving Commitment shall be reduced to $14,000,000

         Section 3.        All other references to $14,000,000 as the Revolving
Commitment and the principal amount of the Revolving Credit Note, as set forth
in the Loan Agreement are hereby amended to conform to the amendments as
expressed in this Amendment.

<PAGE>

         Section 4.        Section 1.1 of the Loan Agreement concerning
"Definitions" is hereby amended to add the following definition:

                  "Moyes Guaranty" shall mean that certain Guaranty executed by
         Jerry C. Moyes and Lender dated February 5, 2003, pursuant to which
         Jerry C. Moyes guarantees, in accordance with the terms thereof, a
         portion of the Obligations, as such guaranty may be amended or restated
         from time to time.

         Section 5.        Article 8 of the Loan Agreement concerning "Events
of Default" is amended to add the following as subsection (r) thereof as an
additional Event of Default:

                  (r)      A default or event of default occurs under the terms
of the Moyes Guaranty.

         Section 6.        Section 6.1 of the Loan Agreement concerning "Minimum
Tangible Net Worth" is amended to substitute $30,669,000 for $25,000,000 and to
commence the addition of 50% of Net Income to such new base net worth beginning
January 1, 2003. In addition, as of the closing of any initial public offering
of equity securities by the Borrower, Minimum Tangible Net Worth shall be
increased by the net proceeds to the Borrower, Parent, and its consolidated
group less a dividend of all previously taxed income, less a separation payment
to Central Refrigerated of up to $8.5 million (and notwithstanding anything to
the contrary, such payment is hereby approved and any default under the Loan
Agreement is waived), and less the booking of a non-cash deferred tax liability
upon conversion to a C corporation.

         Section 7.        Section 6.2 concerning Minimum EBITDA is deleted and
the following is substituted in lieu thereof:

                  SECTION 6.2       MINIMUM EBITDA. The Borrower will maintain
         its EBITDA as of the last day of the periods set forth below of not
         less than the amounts set forth below:

<TABLE>
<S>                                            <C>
From January 1, 2003 to                        $  7,000,000
the last day of the first fiscal quarter

From January 1, 2003 to                        $ 17,000,000
the last day of the second fiscal quarter

From January 1, 2003 to                        $ 28,000,000
the last day of the third fiscal quarter

From January 1, 2003 to
the last day of the fiscal year 2003
and thereafter on a rolling
four fiscal quarter basis                      $ 38,000,000
</TABLE>

         Section 8.        Effective December 31, 2002, Section 6.3 concerning
"Maximum Lease Adjusted Leverage Ratio" is deleted and the following is
substituted in lieu thereof:

                  SECTION 6.3       MAXIMUM LEASE ADJUSTED LEVERAGE RATIO. The
         Lease Adjusted Leverage Ratio of the Borrower for the period ending
         December 31, 2002 shall not be

                                       2
<PAGE>

         greater than 3.5 to 1.0. Thereafter, the Borrower shall maintain a
         Lease Adjusted Leverage Ratio not greater than the ratios set forth
         below, measured on a rolling thirteen Fiscal Period basis, for the
         periods set forth below:

<TABLE>
<S>                                <C>
End of 1st Quarter of 2003         3.5 to 1.0
End of 2nd Quarter of 2003         3.25 to 1.0
End of 3rd Quarter of 2003         3.0 to 1.0
End of 4th Quarter of 2003         2.75 to 1.0
</TABLE>

         Section 9.        Section 7.4 of the Loan Agreement concerning
"Investments, Loans, Etc." is amended to the extent that the aggregate amount of
the Moyes Note and all other loans to Jerry Moyes and his Affiliates may be
increased from $8,000,000 principal amount to $18,000,000.

         Section 10.       Section 7.11 shall be amended to read as follows:

                  "Borrower will not pay or declare any dividends during any
         fiscal year in excess of 40% of Borrower's Net Income for such fiscal
         year; provided, that contemporaneously with an initial public offering,
         Borrower and Parent may declare and pay a dividend equal to all
         previously taxed S corporation income."

         Section 11.       Concurrently with the execution and delivery of this
Amendment, Borrower shall pay Lender a fee of $50,000.00.

         Section 12.       Section 5.9 of the Loan Agreement concerning "Use of
Proceeds and Letter of Credit" is amended to the extent that up to $10,000,000
of proceeds of the Revolving Loan may be used to increase loans to Moyes or his
Affiliates under the Moyes Note or otherwise.

         Section 13.       The following affirmative covenant is added as
Section 5.12 of the Loan Agreement:

                  SECTION 5.12      PERMANENT PREPAYMENT OF REVOLVING CREDIT
         LOAN. In the event the Borrower (or the Parent) shall complete a public
         offering of its shares, the Borrower will require that the Moyes Note
         shall be permanently repaid in full and terminated. Borrower and Parent
         shall make it a condition to any advance to or for the benefit of Moyes
         and/or his Affiliates that, in the event the indebtedness of SPP is
         refinanced and produces proceeds in excess of $45,000,000, the
         Revolving Credit Note shall be permanently prepaid with the first
         $10,000,000 of such excess proceeds thereof (or if the excess is less
         than $10,000,000, the full amount of such excess), and the Revolving
         Commitment shall be permanently reduced by such prepayment. In the
         event of a prepayment in accordance with the immediately preceding
         sentence, the Moyes Guaranty shall be reduced dollar-for-dollar with
         the amount of such prepayment, and upon prepayment of the entire
         $10,000,000, the Moyes Guaranty shall terminate in its entirety and be
         of no further force or effect whatsoever.

         Section 14.       As a condition subsequent to Lender's execution of
this Amendment, within thirty (30) days after the date hereof, Jerry C. Moyes
shall: (i) execute and deliver to Lender a mortgage (or deed of trust, as
applicable) granting a first-priority mortgage lien (or deed of trust lien, as
applicable) on his truck terminals leased to Borrower located in Fort Worth,

                                       3
<PAGE>

Beaumont, and Eagle Pass, Texas. Prior to the deliver of such mortgages (or
deeds of trust), Borrower shall deliver title reports to Lender which fully
disclose all material liens and encumbrances. The failure to comply with this
affirmative covenant shall be an Event of Default under Section 8.1(d).

         Section 15.       Lender acknowledges that Borrower is owed a
receivable amounting to approximately $1,000,000 by former director Ronald Moyes
relating to the purchase of tires by Ronald Moyes from Borrower and waives any
default arising from such transactions, including any default arising under
Sections 7.4 and 7.6 of the Loan Agreement. It is Borrower's intent to work down
the receivable, but it may be necessary to facilitate further purchases by Mr.
Moyes during 2003, which Lender agrees to permit, without default, so long as
the total amount outstanding at any one time does not exceed $1,000,000.

         Section 16.       Effective as of the making of the prepayment required
by new Section 5.12 of the Loan Agreement (as set forth in Section 13 above),
Section 7.11 shall be amended to permit SPP to raise the rent charged under the
SPP Lease to an amount not to exceed the amount derived by applying a
capitalization rate equal to the greater of (x) eight percent per annum or (y)
four percentage points greater than the treasury rate for US government
securities having a maturity most nearly equal to the remaining lease term at
the time such rate is established, multiplied by an assumed value of the
properties of $90,000,000. Such rental amount may be increased by applying the
same formula to the purchase price of any additional property purchased by SPP
and rented by Borrower for use in its operations after the date hereof.

         Section 17.       Lender acknowledges that, effective January 1, 2003,
Borrower has changed its fiscal year to a year ending December 31 consisting of
four quarters, each containing 13 weeks, from its former fiscal year ended
December 31 consisting of three quarters of 12 weeks and a fourth quarter of 16
weeks. Lender consents to such change and waives any default arising therefrom.

         Section 18.       Lender acknowledges that, effective December
31, 2002, Borrower disposed of Central Refrigerated by transferring the stock of
Central Refrigerated to Jerry Moyes and the Moyes Family Trust in exchange for,
among other things, the cancellation of debt in the principal amount of $14.7
million owed by Borrower to such persons. Parent also agreed to make a
separation payment of $8.3 million to Central Refrigerated solely out of
offering proceeds should Parent complete an initial public offering. Lender
consents to such disposition and waives any default arising therefrom, including
from the separation payment.

         Section 19.       Except as provided herein, the Loan Agreement, the
Revolving Credit Note and the Guaranty shall remain unamended and shall be in
full force and effect.

         Section 20.       This modification shall be governed by and construed
pin accordance with the laws of the State of Tennessee.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

                                   CENTRAL FREIGHT LINES, INC.,
                                   a Texas corporation

                                   By: /s/ Jeff Hale
                                       ----------------------------------------

                                   Title: CFO

                                   SUNTRUST BANK

                                   By: /s/ Allen Oakley
                                       ----------------------------------------

                                   Title: Managing Director

                                       5
<PAGE>

                              CONSENT OF GUARANTOR

         The undersigned, as Guarantor under a Guaranty dated as of April 30,
2002, hereby executes this Second Amendment to Revolving Credit Loan Agreement
and First Amendment to Revolving Credit Note to evidence its consent thereto, as
well as the transactions contemplated thereby, and agrees that its Guaranty
remains in full force and effect for the Loan Agreement and the Note, as
increased and as amended.

                                    CENTRAL FREIGHT LINES, INC.,
                                    a Nevada corporation

                                    By: /s/ Jeff Hale

Date: February 5, 2003
                                    Title: CFO

                                       6

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(D)
<SEQUENCE>18
<FILENAME>c72067exv10w4xdy.txt
<DESCRIPTION>3RD AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(d)

               THIRD AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT

         THIS THIRD AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into this 21 day of March, 2003, by and between SUNTRUST
BANK, a Georgia state banking corporation (the "Lender"), and CENTRAL FREIGHT
LINES, INC., a Texas corporation (the "Borrower").

                                    RECITALS:

         A.       Borrower and Lender entered into that certain Revolving Credit
Loan Agreement dated April 30, 2002, as most recently amended by that certain
Second Amendment to Revolving Credit Loan Agreement and Second Amendment to
Revolving Credit Note dated February 5, 2003 (as amended, the "Loan Agreement").

         B.       The Borrower has requested that Lender amend the Loan
Agreement as set forth herein.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:

         Section 1.        The minimum Tangible Net Worth requirement set forth
in Section 6.1 of the Loan Agreement for all periods through December 31, 2002
is hereby changed to a flat amount equal to $25,500,000 with no additions
thereto.

         Section 2.        As of January 1, 2003 and on a going forward basis
thereafter, Section 6.1 of the Loan Agreement concerning "Minimum Tangible Net
Worth" is amended to substitute $25,500,000 for $30,669,000 and to commence the
addition of 50% of Net Income and 100% of all equity proceeds, both measured on
a cumulative basis as of the last day of each Fiscal Quarter of Borrower for
each Fiscal Year of Borrower, to such new base net worth; provided, that if Net
Income is negative for any period the amount added for such period shall be zero
and such negative Net Income shall not reduce the amount of Net Income added
from any previous period. In addition, as of the closing of any initial public
offering of equity securities by the Borrower, Minimum Tangible Net Worth shall
be increased by the net proceeds to the Borrower, Parent, and its consolidated
group less a dividend of all previously taxed income, less a separation payment
to Central Refrigerated of up to $8.5 million (and notwithstanding anything to
the contrary, such payment is hereby approved and any default under the Loan
Agreement is waived), and less the booking of a non-cash deferred tax liability
upon conversion to a C corporation.

         Section 3.        The minimum EBITDA requirement set forth in
Section 6.2 of the Loan Agreement for the measurement period ending December 31,
2002 is hereby amended to substitute $32,000,000 for $34,946,000. There is no
change to the minimum EBITDA requirements commencing January 1, 2003 as such are
currently set forth in the Loan Agreement.

         Section 4.        Except as provided herein, the Loan Agreement, and
the Revolving Credit Note and the Guaranty executed in connection therewith,
shall remain unamended and shall be in full force and effect.

         Section 5.        This modification shall be governed by and construed
in accordance with the laws of the State of Tennessee.

<PAGE>

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

                                    CENTRAL FREIGHT LINES, INC.,
                                    A Texas corporation

                                    By: /s/ Jeff Hale
                                        ----------------------------------------

                                    Title: CFO

                                    SUNTRUST BANK

                                    By: /s/ William H. Crawford
                                        ----------------------------------------

                                    Title: Vice President

                              CONSENT OF GUARANTOR

         The undersigned, as Guarantor under a Guaranty dated as of April 30,
2002, hereby executes this Third Amendment to Revolving Credit Loan Agreement to
evidence its consent thereto and agrees that its Guaranty remains in full force
and effect for the Loan Agreement and the Revolving Credit Note executed in
connection therewith, as amended.

                                    CENTRAL FREIGHT LINES, INC.,
                                    a Nevada corporation

                                    By: /s/ Jeff Hale
                                        ----------------------------------------
Date: March 21, 2003
                                    Title: CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(E)
<SEQUENCE>19
<FILENAME>c72067exv10w4xey.txt
<DESCRIPTION>4TH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.4(e)

               FOURTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT

         THIS FOURTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into this 19th day of May, 2003, by and between SUNTRUST
BANK, a Georgia state banking corporation (the "Lender"), and CENTRAL FREIGHT
LINES, INC., a Texas corporation (the "Borrower").

                                   RECITALS:

         A.       Borrower and Lender entered into that certain Revolving Credit
Loan Agreement dated April 30, 2002, as most recently amended by that certain
Third Amendment to Revolving Credit Loan Agreement dated March 21, 2003, and as
such may be further amended and/or restated in the future (the "Loan
Agreement"),

         B.       The Borrower and the Lender desire to amend the Loan Agreement
as set forth herein.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:

         Section 1.        The definition of "Maturity Date" set forth in
Section 1.1 of the Loan Agreement is hereby amended and restated as follows:

                  "MATURITY DATE" shall mean June 30, 2004.

         Section 2.        The definition of "Revolving Commitment" set forth in
Section 1.1 of the Loan Agreement is hereby amended and restated as follows:

                  "REVOLVING COMMITMENT" shall mean the obligation of the Lender
         to make Advances to the Borrower, subject to Section 2.1 hereof, in an
         aggregate principal amount not exceeding $19,000,000.

         Section 3.        The definition of "Revolving Credit Note" set forth
in Section 1.1 of the Loan Agreement is hereby amended and restated as follows:

                  "REVOLVING CREDIT NOTE" shall mean that certain $8,000,000
         Revolving Credit Note issued by Borrower to the order of Lender dated
         April 30, 2002, as most recently amended by that certain Third
         Amendment to Revolving Credit Note dated May 19th, 2003 whereby the
         principal amount of the note was increased to $19,000,000, and as such
         may be further amended and/or restated in the future. The Revolving
         Credit Note may periodically be referred to herein as the "NOTE."

         Section 4.        All other references to the amount of the Revolving
Commitment and the principal amount of the Revolving Credit Note, as set forth
in the Loan Agreement, are hereby amended to conform to Sections 2 and 3 hereof.

         Section 5.        In connection with the execution of this Amendment,
Borrower shall pay to Lender a fee equal to $50,000.

<PAGE>

         Section 6.        Except as provided herein, the Loan Agreement shall
remain unamended in full force and effect.

         Section 7.        This modification shall be governed by and construed
in accordance with the laws of the State of Tennessee.

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

                                    BORROWER:

                                    CENTRAL FREIGHT LINES, INC.

                                    By: /s/ Jeff Hale
                                        ----------------------------------------

                                    Title: CFO

                                    LENDER:

                                    SUNTRUST BANK

                                    By: /s/ Ned Spitzer
                                        ----------------------------------------

                                    Title: Vice President


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(F)
<SEQUENCE>20
<FILENAME>c72067exv10w4xfy.txt
<DESCRIPTION>5TH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.4(f)

               FIFTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT

         THIS FIFTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into as of the 5th day of July, 2003, by and between
SUNTRUST BANK, a Georgia state banking corporation (the "Lender"), and CENTRAL
FREIGHT LINES, INC., a Texas corporation (the "Borrower").

                                    RECITALS:

         A.       Borrower and Lender entered into that certain Revolving Credit
Loan Agreement dated April 30, 2002, as most recently amended by that certain
Fourth Amendment to Revolving Credit Loan Agreement dated May ____, 2003 (the
"Loan Agreement").

         B.       The Borrower and the Lender desire to amend the Loan Agreement
as set forth herein.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:

         Section 1.        The minimum Tangible Net Worth requirement set forth
in Section 6.1 of the Loan Agreement for the fiscal quarter ending as of July 5,
2003 is hereby changed to a flat amount equal to $26,500,000 with no additions
thereto.

         Section 2.        As of July 6, 2003 and on a going forward basis
thereafter, Section 6.1 of the Loan Agreement concerning "Minimum Tangible Net
Worth" is amended to substitute $26,500,000 for $25,500,000 and to commence the
addition of 50% of Net Income and 100% of all equity proceeds, both measured on
a cumulative basis as of the last day of each Fiscal Quarter of Borrower for
each Fiscal Year of Borrower, to such new base net worth; provided, that if Net
Income is negative for any period the amount added for such period shall be zero
and such negative Net Income shall not reduce the amount of Net Income added
from any previous period. In addition, as of the closing of any initial public
offering of equity securities by the Borrower, Minimum Tangible Net Worth shall
be increased by the net proceeds to the Borrower, Parent, and its consolidated
group less a dividend of all previously taxed income, less a separation payment
to Central Refrigerated of up to $8.5 million (and notwithstanding anything to
the contrary, such payment is hereby approved and any default under the Loan
Agreement is waived), and less the booking of a non-cash deferred tax liability
upon conversion to a C corporation.

         Section 3.        Except as provided herein, the Loan Agreement shall
remain unamended in full force and effect.

         Section 4.        This modification shall be governed by and construed
in accordance with the laws of the State of Tennessee.

<PAGE>

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

BORROWER:                                    LENDER:

CENTRAL FREIGHT LINES, INC.                  SUNTRUST BANK

By: /s/ Jeff Hale                            By: /s/ William H. Crawford
    --------------------------------             -------------------------------

Title: CFO                                   Title: Director

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(G)
<SEQUENCE>21
<FILENAME>c72067exv10w4xgy.txt
<DESCRIPTION>6TH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(g)


               SIXTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT


         THIS SIXTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into as of the ____ day of September, 2003, by and
between SUNTRUST BANK, a Georgia state banking corporation (the "Lender"), and
CENTRAL FREIGHT LINES, INC., a Texas corporation (the "Borrower").


                                    RECITALS:

         A. Borrower and Lender entered into that certain Revolving Credit Loan
Agreement dated April 30, 2002, as most recently amended by that certain Fifth
Amendment to Revolving Credit Loan Agreement dated as of July 5, 2003 (the "Loan
Agreement"),

         B. The Borrower and the Lender desire to amend the Loan Agreement as
set forth herein.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:

         Section 1. The definition of "Maturity Date" set forth in Section 1.1
of the Loan Agreement is hereby amended and restated as follows:

                  "MATURITY DATE" shall mean October 31, 2004.

         Section 2. Except as provided herein, the Loan Agreement shall remain
unamended in full force and effect.

         Section 3. This modification shall be governed by and construed in
accordance with the laws of the State of Tennessee.

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.


BORROWER:                                   LENDER:
--------                                    -------

CENTRAL FREIGHT LINES, INC.                 SUNTRUST BANK

By:      /s/ Jeff Hale                      By:      /s/ William H. Crawford
   --------------------------------            ---------------------------------

Title:   CFO                                Title:   Director, SunTrust Bank
      -----------------------------               ------------------------------



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(H)
<SEQUENCE>22
<FILENAME>c72067exv10w4xhy.txt
<DESCRIPTION>7TH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(h)


              SEVENTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT


         THIS SEVENTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into as of the ____ day of September, 2003, by and
between SUNTRUST BANK, a Georgia state banking corporation (the "Lender"), and
CENTRAL FREIGHT LINES, INC., a Texas corporation (the "Borrower").


                                    RECITALS:

         A. Borrower and Lender entered into that certain Revolving Credit Loan
Agreement dated April 30, 2002, as most recently amended by that certain Sixth
Amendment to Revolving Credit Loan Agreement (the "Loan Agreement"),

         B. Borrower and Lender desire to exclude from certain covenants
$4,000,000.00 of claims reserves made in the period ended July 5, 2003.

         C. The Borrower and the Lender desire to amend the Loan Agreement as
set forth herein.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:

         Section 1. The minimum Tangible Net Worth requirement set forth in
Section 6.1 of the Loan Agreement for the fiscal quarter ending as of July 5,
2003 is hereby changed to a flat amount equal to $22,500,000.00 with no
additions thereto.

         Section 2. The minimum EBITDA requirement set forth in Section 6.2 of
the Loan Agreement for the measurement period ending July 5, 2003 is hereby
amended to substitute $13,000,000.00 for $17,000,000.00. There is no change to
the minimum EBITDA requirements commencing January 1, 2003 as such are currently
set forth in the Loan Agreement.

         Section 3. Section 8.1(p) of the Loan Agreement is hereby amended and
restated as follows:

                  (p) Robert Fasso shall no longer serve as chief executive
         officer of Borrower, provided that this Event of Default shall be
         deleted from this Agreement in the event that Borrower raises at least
         $50,000,000 in equity from an initial public offering; or

         Section 4. Except as provided herein, the Loan Agreement shall remain
unamended in full force and effect.

         Section 5. This modification shall be governed by and construed in
accordance with the laws of the State of Tennessee.

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

BORROWER:                                    LENDER:
--------                                     -------

CENTRAL FREIGHT LINES, INC.                  SUNTRUST BANK

By:      /s/ Jeff Hale                       By:      /s/ William H. Crawford
   ---------------------------------            --------------------------------

Title:   CFO                                 Title:   Director, SunTrust Bank
      ------------------------------               -----------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(I)
<SEQUENCE>23
<FILENAME>c72067exv10w4xiy.txt
<DESCRIPTION>3RD AMENDMENT TO REVOLVING CREDIT NOTE
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(i)


                    THIRD AMENDMENT TO REVOLVING CREDIT NOTE


         THIS THIRD AMENDMENT TO REVOLVING CREDIT NOTE (the "Amendment") is made
this the 19th day of May, 2003, by and between SUNTRUST BANK, a Georgia state
banking corporation (the "Lender"), and CENTRAL FREIGHT LINES, INC., a Texas
corporation (the "Borrower").


                                    RECITALS:

         A. Borrower executed in favor of Lender an $8,000,000 Revolving Credit
Note dated April 30, 2002, as most recently amended by that certain Second
Amendment to Revolving Credit Loan Agreement and Second Amendment to Revolving
Credit Note dated February 5, 2003 whereby the principal amount of such note was
increased to $24,000,000 until May 5, 2003 at which time said principal amount
was reduced to $14,000,000 (as more particularly described therein), and as such
may be further amended and/or restated in the future (the "Note").

         B. The Borrower has requested that Lender amend the Note to increase
the principal amount available thereunder to $19,000,000. Lender is willing to
extend such additional credit to Borrower conditioned upon, among other things,
the execution of this Amendment.

         C. Terms not defined herein shall have the meanings ascribed to such
terms in the Note.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Note is hereby amended
and modified as follows:

         Section 1. The principal amount available under the Note is hereby
increased to $19,000,000.

         Section 2. The fourth paragraph of the Note is hereby amended and
restated as follows:

                  This Note shall be payable as follows: (a) commencing on the
         31st day of May, 2003 and on the last Business Day of each consecutive
         month thereafter through and including May 31, 2004, the Borrower shall
         pay to the Lender an amount equal to all then accrued interest; and (b)
         this Note shall mature on June 30, 2004, at which time the Borrower
         shall pay to the Lender an amount equal to all outstanding principal,
         plus all accrued and unpaid interest.

         Section 3. Except as provided herein, the Note shall remain unamended
in full force and effect.

         Section 4. This modification shall be governed by and construed in
accordance with the laws of the State of Tennessee.


<PAGE>

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.


                                    BORROWER:
                                    ---------

                                    CENTRAL FREIGHT LINES, INC.

                                    By:      /s/ Jeff Hale
                                       -----------------------------------------

                                    Title:   CFO
                                          --------------------------------------




                                     LENDER:
                                     -------

                                     SUNTRUST BANK

                                     By:      /s/ Ned Spitzer
                                        ----------------------------------------

                                     Title:   Vice President
                                           -------------------------------------






                              CONSENT OF GUARANTOR


         The undersigned, as Guarantor under a Guaranty dated as of April 30,
2002, hereby executes this Third Amendment to Revolving Credit Note to evidence
its consent thereto, as well as the transactions contemplated thereby, and
agrees that its Guaranty remains in full force and effect for the Note, as
increased and as amended.



                                     CENTRAL FREIGHT LINES, INC.,
                                     a Nevada corporation


                                     By:      /s/ Jeff Hale
                                        ----------------------------------------
Date:  May 19th, 2003
                                     Title:   CFO
                                           -------------------------------------




                                       2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4(J)
<SEQUENCE>24
<FILENAME>c72067exv10w4xjy.txt
<DESCRIPTION>3RD AMENDMENT TO REVOLVING CREDIT NOTE
<TEXT>
<PAGE>
                                                                 EXHIBIT 10.4(j)


                    THIRD AMENDMENT TO REVOLVING CREDIT NOTE


         THIS THIRD AMENDMENT TO REVOLVING CREDIT NOTE (the "Amendment") is made
as of the ______ day of September, 2003, by and between SUNTRUST BANK (the
"Lender"), and CENTRAL FREIGHT LINES, INC., a Texas corporation (the
"Borrower").


                                    RECITALS:

         A. Borrower issued to the order of Lender a Revolving Credit Note dated
April 30, 2002, as most recently amended by a Second Amendment to Revolving
Credit Loan Agreement and Second Amendment to Revolving Credit Note dated
February 5, 2003 (the "Revolving Credit Note").

         B. The Borrower and Lender desire to amend the Note as provided herein.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement and the
Revolving Credit Note are hereby amended and modified as follows:

         1. The fourth paragraph of the Note is hereby amended and restated as
follows:

                  This Note shall be payable as follows: (a) commencing on the
         30th day of September, 2003 and on the last Business Day of each
         consecutive month thereafter through and including September 30, 2004,
         the Borrower shall pay to the Lender an amount equal to all then
         accrued interest; and (b) this Note shall mature on October 31, 2004,
         at which time the Borrower shall pay to the Lender an amount equal to
         all outstanding principal, plus all accrued and unpaid interest.

         2. The Note is not amended in any other respect.

         3. The Borrower reaffirms its obligations under the Note, as amended,
and the Borrower agrees that its obligations thereunder are valid and binding,
enforceable in accordance with its terms, subject to no defense, counterclaim,
or objection.

         IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.

                                    CENTRAL FREIGHT LINES, INC.,
                                    a Texas corporation


                                    By:      /s/ Jeff Hale
                                       -----------------------------------------

                                    Title:   CFO
                                          --------------------------------------

                                    SUNTRUST BANK


                                    By:      /s/ William H. Crawford
                                       -----------------------------------------

                                    Title:   Director, SunTrust Bank
                                          --------------------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>25
<FILENAME>c72067exv10w5.txt
<DESCRIPTION>GUARANTY DATED APRIL 30, 2002
<TEXT>
<PAGE>

                                                                    EXHIBIT 10.5

                                    GUARANTY

         THIS GUARANTY ("GUARANTY") is executed as of April 30, 2002 by CENTRAL
FREIGHT LINES, INC., a Nevada corporation (the "GUARANTOR"), in favor of
SUNTRUST BANK, a Georgia state banking corporation (the "LENDER").

                                    RECITALS:

         A.       Central Freight Lines, Inc., a Texas corporation (the
"BORROWER"), and Lender are concurrently herewith entering into a Revolving
Credit Loan Agreement of even date herewith (as such may be amended and/or
restated from time to time, the "LOAN AGREEMENT"), and pursuant to the Loan
Agreement, Borrower issued to the order of Lender that certain $8,000,000
Revolving Credit Note (as such may be amended and/or restated from time to time,
the "NOTE") of even date herewith. Capitalized terms not otherwise defined
herein shall have such meaning as set forth in the Loan Agreement.

         B.       The Lender has required, as one of the conditions to making
Advances to Borrower in accordance with the Loan Agreement and the Note, that
the Guarantor guarantee payment of the "Indebtedness" (as defined herein).

         NOW, THEREFORE, in order to induce Lender to extend credit under the
Loan Agreement and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Guarantor hereby agrees as follows:

                                    ARTICLE 1

                                  DEFINED TERMS

         SECTION  1.1      Defined Terms. Terms not defined herein shall have
the meanings ascribed to such terms in the Loan Agreement. The following terms
shall have the following meanings herein, unless the context expressly requires
otherwise:

                  "INDEBTEDNESS" means any and all indebtedness and obligations
         of Borrower under the Loan Agreement, the Note or any of the Loan
         Documents, and any and all extensions, renewals and replacements
         thereof regardless of:

                           (a)      whether such indebtedness is presently
                  existing or hereafter incurred or arising;

                           (b)      whether such indebtedness is from time to
                  time reduced and thereafter increased or entirely extinguished
                  and thereafter reincurred; and/or

                           (c)      whether such indebtedness arises with or
                  without notice to Guarantor.

<PAGE>

                  "OBLIGOR(S)" means any and all indorsers, accommodation
         parties, guarantors (other than Guarantor) and other Persons who are
         now or in the future become liable or contingently liable for payment
         of any of the Indebtedness.

                  "PERSON" means any natural person, individual, corporation,
         partnership, joint venture, limited liability company, association,
         joint stock company, trust, unincorporated organization, securities
         exchange, government, or any agency or political subdivision thereof,
         or any other form of entity, whether acting in an individual, fiduciary
         or other capacity.

         SECTION 1.2       General Construction; Captions. All definitions and
other terms used in this Guaranty shall be equally applicable to the singular
and plural forms thereof, and all references to any gender shall include all
other genders. The words "hereof", "herein" and "hereunder" and words of similar
import when used in this Guaranty shall refer to this Guaranty as a whole and
not to any particular provision of this Guaranty, and Section, subsection,
schedule and exhibit references are to this Guaranty unless otherwise specified.
The captions in this Guaranty are for convenience only, and in no way limit the
provisions hereof.

                                    ARTICLE 2

                                    GUARANTY

         SECTION 2.1       GUARANTY OF PAYMENT. Guarantor hereby unconditionally
and irrevocably guarantees the timely payment and performance of the
Indebtedness as and when due.

         SECTION 2.2       GUARANTY UNCONDITIONAL. Guarantor's guarantee of the
Indebtedness is absolute and unconditional. Without limiting the foregoing, the
validity of this Guaranty and Guarantor's obligations hereunder shall not be
impaired by any event whatsoever, including without limitation any of the
following, whether or not with notice to or consent of Guarantor:

                  (a)      any change in the time, place or manner of payment or
         performance, or any release, waiver, indulgence, compromise,
         settlement, increase, decrease, extension, renewal, acceleration,
         impairment or termination (voluntary or otherwise) with respect to the
         Indebtedness;

                  (b)      any release, exchange, indulgence, compromise, or
         settlement with respect to Borrower, any other Obligor, or any failure
         to take, perfect or protect any lien or interest intended as collateral
         for the Indebtedness;

                  (c)      any modification, amendment, restatement or
         replacement (in whole or in part) of any documents, agreements or
         instruments evidencing, comprising, securing, guarantying or otherwise
         relating to the Indebtedness;

                  (d)      any failure by Lender to exercise diligence in the
         collection of the Indebtedness or perfect its interest in any
         collateral for the Indebtedness, or any action, omission or delay on
         the part of Lender or any other Person to assert or enforce any claim,
         demand, right, power or remedy referred to, conferred in or arising
         under this Guaranty or any of the other instruments, agreements,
         contracts or documents evidencing,

                                       2
<PAGE>

         comprising, securing, guarantying or otherwise relating to, executed or
         delivered in connection with the Indebtedness;

                  (e)      the voluntary or involuntary liquidation of, sale or
         other disposition of all or substantially all the assets of, cessation
         of business of, marshalling of assets and liabilities of, receivership
         of, financial decline of, insolvency of, bankruptcy of, assignment for
         the benefit of creditors of, reorganization of, arrangement of,
         composition with creditors or readjustment of, or other similar
         proceedings affecting the Borrower;

                  (f)      the merger, consolidation or dissolution of the
         Borrower or a change in a Borrower's form, business, operations or
         management; and/or

                  (g)      the termination of any relationship between Guarantor
         and any Borrower.

         SECTION 2.3       GUARANTY IRREVOCABLE. Guarantor's guarantee of the
Indebtedness is irrevocable. This Guaranty cannot be canceled by Guarantor and
shall remain in full force and effect until full and final payment and discharge
of the Indebtedness.

         SECTION 2.4       PRIMARY LIABILITY OF GUARANTOR. This Guaranty
constitutes a guarantee of payment and performance and not of collection.
Accordingly, Lender may enforce this Guaranty against Guarantor without first
making demand on any other Person, or taking action against any collateral for
the Indebtedness, or instituting collection proceedings upon the Indebtedness.
Guarantor's liability for the Indebtedness is primary, and not secondary.
Guarantor's liability for the Indebtedness is joint and several with all
Obligors, and Guarantor shall not be entitled to satisfy this Guaranty by
contributing ratably with any Obligor or otherwise paying less than the entire
unpaid Indebtedness. If any event occurs that would allow Lender to accelerate
all or any part of the Indebtedness, but such acceleration is prevented by law
or otherwise, Guarantor agrees that for purposes of this Guaranty the
Indebtedness shall be deemed accelerated, and Guarantor shall make payment on
demand to Lender as required hereunder.

         SECTION 2.5       BANKRUPTCY AND INSOLVENCY. Without limitation,
Guarantor's obligations hereunder shall not be limited by: (a) the filing of a
petition in bankruptcy by or against Borrower or the appointment of a trustee,
receiver, custodian, conservator, or other similar appointment over a Borrower
or any of the Borrower's assets under any jurisdiction, or (b) any order,
ruling, or action taken by any Person in any such proceeding.

         SECTION 2.6       RECOVERY OF AVOIDED PAYMENTS. If any amount applied
by Lender to the Indebtedness is subsequently challenged by a bankruptcy trustee
or debtor-in-possession, or any other Person asserting standing to seek
avoidance, as an avoidable transfer on the grounds that the payment constituted
a preferential payment or a fraudulent conveyance under state law or the
Bankruptcy Code or any successor statute thereto or on any other grounds, Lender
may, at its option and in its sole discretion, elect whether and to what extent
to contest such challenge. If Lender contests the avoidance action, all costs of
the proceeding, including Lender's attorneys' fees, will become part of the
Indebtedness. If any of the contested amounts are successfully avoided (whether
through settlement or otherwise), the avoided amount will become part of the
Indebtedness hereunder. If Lender elects not to contest the avoidance action,
Lender may tender

                                       3
<PAGE>

the amount subject to the avoidance action to the bankruptcy court, trustee,
debtor-in-possession or other appropriate Person, and the amount so advanced
shall become part of the Indebtedness guaranteed hereunder.

         SECTION 2.7       WAIVERS BY GUARANTOR. Guarantor hereby waives the
following rights, defenses and benefits of law or equity with respect to this
Guaranty:

                  (a)      presentment, protest, demand, notice and proof of
         reliance on this Guaranty, and the filing of claims with a court in the
         event of bankruptcy of Borrower or any Obligor;

                  (b)      any right to require Lender to marshal assets or
         proceed first against Borrower, any collateral for the Indebtedness or
         any Obligor, and all rights under T.C.A Section 47-12-101 or any
         similar statute;

                  (c)      all rights or setoff, counterclaim, or recoupment
         with respect to the Indebtedness;

                  (d)      any claim or defense based on impairment of
         collateral or impairment of recourse or any requirement of diligence on
         the part of Lender in collecting the Indebtedness or in taking,
         perfecting, protecting or proceeding against any collateral for the
         Indebtedness or any Obligor; and/or

                  (e)      any right of notice or consent, including without
         limitation notice of or consent to: (i) any release, addition,
         exchange, sale, waiver, indulgence, compromise, settlement, increase,
         decrease, extension, renewal, acceleration, impairment, or termination
         of or with respect to the Indebtedness, any collateral for the
         Indebtedness or any Obligor; and (ii) except for notice required under
         applicable laws that cannot be waived by Guarantor, any notice of
         foreclosure or disposition of any collateral for the Indebtedness.

         SECTION 2.8       SUBORDINATION. Guarantor agrees that upon the
occurrence of an Event of Default under the Indebtedness, any presently existing
or hereafter arising loan or extension of credit made by Guarantor to Borrower
and any other presently existing or hereafter arising obligation of Borrower to
Guarantor (including without limitation any rights of subrogation, contribution
or similar rights) shall be fully subordinate to the Indebtedness as to both
payment and collection. Accordingly, Guarantor agrees not to accept any payment
whatsoever from Borrower or to allow any payment by Borrower on Guarantor's
behalf until this Guaranty has been satisfied in full and terminated and
released by Lender.

                                    ARTICLE 3

                          GUARANTOR'S REPRESENTATIONS,
                            WARRANTIES AND COVENANTS

         Guarantor hereby represents and warrants to Lender, and covenants with
Lender, as follows:

                                       4
<PAGE>

         SECTION 3.1       IN FURTHERANCE OF BUSINESS PURPOSES. The extension of
credit to Borrower by Lender is a direct financial benefit to Guarantor and the
execution of this Guaranty is made in furtherance of the business purposes of
Guarantor.

         SECTION 3.2       EXISTENCE AND STATUS. Guarantor is a corporation duly
organized, legally existing, and in good standing under the laws of the State of
Nevada.

         SECTION 3.3       CORPORATE POWER AND AUTHORIZATION. Guarantor is duly
authorized and empowered to execute, deliver, and perform under this Guaranty;
Guarantor's board of directors have authorized Guarantor to execute and perform
under this Guaranty; and all other corporate action on Guarantor's part required
for the due execution, delivery, and performance of this Guaranty has been duly
and effectively taken.

         SECTION 3.4       LEGAL AND BINDING AGREEMENT. The execution, delivery
and performance of this Guaranty will not violate any provisions of the articles
of incorporation or bylaws of Guarantor or any judicial or administrative order
or governmental law or regulation applicable to Guarantor, and this Guaranty is
valid and binding in every respect according to its terms, subject to no
defense, counterclaim, set-off or objection of any kind, except, as to
enforcement only, the effect of applicable bankruptcy, reorganization,
insolvency, moratorium, fraudulent conveyance and other similar laws relating to
or affecting the rights of creditors generally.

         SECTION 3.5       NO CONSENT REQUIRED. Guarantor's execution and
performance of this Guaranty do not require the consent of or the giving of
notice to any other Person.

         SECTION 3.6       LITIGATION. Guarantor is not presently a defendant in
any material pending counterclaim, litigation, arbitration or administrative
proceeding or the subject of any investigation; there is no material
counterclaim, litigation, arbitration, administrative proceeding or
investigation threatened against Guarantor; and Guarantor is not subject to any
outstanding court or administrative order. Guarantor covenants to give Lender
prompt written notice of any material counterclaim, litigation, administrative
proceeding or investigation that may hereafter be instituted or threatened
against Guarantor, whether or not Guarantor's liability under such proceeding
would be covered by insurance.

         SECTION 3.7       SOLVENCY. Guarantor is solvent as of the date of
execution of this Guaranty, after giving effect to this Guaranty, and is
generally paying its debts as they become due. The fair value of Guarantor's
assets substantially exceeds the sum total of Guarantor's liabilities.

         SECTION 3.8       NO DEFAULT. Guarantor is not in default in any
respect that affects its business, Properties, operations, or condition,
financial or otherwise, under any material indenture, mortgage, deed of trust,
credit agreement, note, agreement, or other contract to which Guarantor is a
party or by which it or its Properties are bound.

         SECTION 3.9       EXISTENCE; NO CONDUCT OF BUSINESS. Guarantor will do
or cause to be done all things necessary to preserve, renew and maintain in full
force and effect its legal existence. Guarantor will not engage in any business
or activity or hold any assets or property, other than to serve as holding
company which owns all the outstanding shares of the Borrower.

                                       5
<PAGE>

         SECTION 3.10      NEGATIVE PLEDGE. The Borrower will not create, incur,
assume or suffer to exist any Lien on any of its assets or property now owned or
hereafter acquired except in favor of Lender.

                                    ARTICLE 4

                      CERTAIN EVENTS REQUIRING PERFORMANCE

         SECTION 4.1       EVENTS. Upon the occurrence of any of the following
events, regardless of whether any of the Indebtedness has been accelerated, is
past due, or is in default, Guarantor shall immediately and without notice pay
to Lender an amount equal to all the outstanding Indebtedness and all other
amounts due hereunder, and Lender shall be entitled to enforce the provisions
hereof, and to exercise any other rights, powers, and remedies provided
hereunder or otherwise available in law or in equity:

                  (a)      Guarantor fails to perform or observe any agreement,
         covenant or provision contained in this Guaranty; or

                  (b)      any warranty, representation or other statement by or
         on behalf of the Guarantor contained in this Guaranty or in financial
         statements or certificates provided to Lender by or on behalf of
         Guarantor is false or misleading in any material respect; or

                  (c)      any bankruptcy case, assignment for the benefit of
         creditors, receivership or other state, federal or foreign insolvency
         proceeding is commenced with respect to the Guarantor; or Guarantor
         becomes insolvent or is generally not paying its debts as they become
         due; or Guarantor discontinues its usual business or commences to
         dissolve, wind-up or liquidate itself; or

                  (d)      An Event of Default occurs under the Loan Agreement.

         SECTION 4.2       CUMULATIVE REMEDIES. The remedies provided Lender in
this Guaranty are cumulative and are not exclusive of any other remedies that
may be available to Lender under any other document or at law or equity.

                                    ARTICLE 5

                            MISCELLANEOUS PROVISIONS

         SECTION 5.1       SURVIVAL. All warranties, representations, and
covenants made by Guarantor herein shall be deemed to have been relied upon by
Lender and the holder(s) from time to time of the Indebtedness and shall survive
the delivery to Lender of this Guaranty regardless of any investigation made by
Lender or the holder(s) from time to time of the Indebtedness.

         SECTION 5.2       ASSIGNMENT. This Guaranty shall be binding upon the
heirs, successors and assigns of Guarantor, except that Guarantor shall not
assign any rights or delegate any obligations arising hereunder without the
prior written consent of Lender. Lender may assign and transfer this Guaranty in
whole or in part to any assignee of all or part of the Indebtedness,

                                       6
<PAGE>

without notice to or consent of Guarantor. Lender's successors and assigns shall
have the right to rely upon this Guaranty with respect to the Indebtedness and
any additional transactions with a Subsidiary Borrower, its successors and
assigns, in reliance hereon, in the same manner and with the same force and
effect as if such successor or assign were specifically named as Lender herein.

         SECTION 5.3       NOTICES. All notices, requests, demands, directions
and other communications (collectively "notices") required under this Guaranty
shall be in writing (including communication by facsimile transmission) and
shall be sent by hand, by registered or certified mail return receipt requested,
by overnight courier service maintaining records of receipt, or by facsimile
transmission with confirmation in writing mailed first-class, in all cases with
charges prepaid. Any such properly given notice shall be effective upon the
earlier of receipt or (a) the date delivered by hand, or (b) the third Business
Day after being mailed, or (c) the following Business Day if sent by overnight
courier service, or (d) upon sender's receipt of transmission confirmation, if
sent by facsimile. All notices shall be addressed as follows:

         If to Guarantor:                        If to Lender:

         Central Freight Lines, Inc.             SunTrust Bank
         5601 West Waco Drive                    201 Fourth Avenue North
         Waco, TX 76710                          Nashville, TN 37219
         Attention: Patrick Curry                Attention: Bill Crawford
         Telecopy: (254) 741-5289                Telecopy: (615) 748-5269

All notices shall be sent to the applicable party at the address stated above or
in accordance with the last unrevoked written direction from such party to the
other party hereto.

         SECTION 5.4       SEVERABILITY. Should any provision of this Guaranty
be invalid or unenforceable for any reason, the remaining provisions hereof
shall remain in full effect.

         SECTION 5.5       APPLICABLE LAW. The validity, construction and
enforcement of this Guaranty and all other documents executed with respect to
the Indebtedness shall be determined according to the internal laws of
Tennessee.

         SECTION 5.6       Jurisdiction; Venue; Service of Process. GUARANTOR
AND LENDER HEREBY IRREVOCABLY CONSENT TO THE JURISDICTION OF THE COURTS LOCATED
IN DAVIDSON COUNTY, TENNESSEE, INCLUDING WITHOUT LIMITATION FEDERAL COURTS
SITTING IN THE MIDDLE DISTRICT OF TENNESSEE AND THE CHANCERY COURT FOR DAVIDSON
COUNTY, TENNESSEE, FOR ANY SUIT BROUGHT OR ACTION COMMENCED IN CONNECTION WITH
THIS GUARANTY.

         SECTION 5.7       Jury Waiver. GUARANTOR AND LENDER HEREBY KNOWINGLY,
WILLINGLY AND IRREVOCABLY WAIVE THEIR RIGHTS TO DEMAND A JURY TRIAL IN ANY
ACTION OR PROCEEDING INVOLVING THIS GUARANTY.

         SECTION 5.8       WAIVER OF DAMAGES. In any action to enforce this
Guaranty, Guarantor hereby irrevocably and unconditionally waives any and all
rights under the laws of any state to

                                       7
<PAGE>

claim or recover any special, exemplary, punitive, consequential or other
damages other than actual direct damages.

         SECTION 5.9       COSTS AND EXPENSES. Guarantor agrees to pay all costs
and expenses, including, without limitation, fees and expenses of attorneys,
paralegals, accountants, auditors, and consultants, and compensation for time
spent by Lender's employees or consultants, that Lender may incur in enforcing
the terms of this Guaranty against Guarantor or in protecting Lender's rights
hereunder.

         SECTION 5.10      INDULGENCE NOT WAIVER. Lender's indulgence in the
existence of a default with respect to the Indebtedness or under this Guaranty
or any other departure from the terms of this Guaranty shall not prejudice any
of Lender's rights, including without limitation Lender's rights to make demand
and recover from Guarantor. No waiver, amendment, release or modification of
this Guaranty shall be established by conduct, custom or course of dealing.

         SECTION 5.11      AMENDMENT AND WAIVER IN WRITING. No provision of this
Guaranty can be amended or waived, except by a statement in writing signed by
the party against which enforcement of the amendment or waiver is sought.

         SECTION 5.12      COUNTERPARTS. This Guaranty may be executed in any
number of counterparts (by facsimile transmission or otherwise), each of which,
when so executed, shall be deemed an original, but all such counterparts shall
constitute but one and the same instrument.

                                       8
<PAGE>

         This Guaranty is executed as of the date first written above.

                                    GUARANTOR:

                                    CENTRAL FREIGHT LINES, INC.
                                    a Nevada Corporation

                                    By: /s/ Pat Curry
                                        ----------------------------------------

                                    Title: Executive Vice President

                                    LENDER:

                                    SUNTRUST BANK

                                    By: /s/ William H. Crawford
                                        ----------------------------------------

                                    Title: Vice President

                                       9

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>26
<FILENAME>c72067exv10w6.txt
<DESCRIPTION>SECURITY AGREEMENT DATED APRIL 30, 2002
<TEXT>
<PAGE>

                                                                    EXHIBIT 10.6

                               SECURITY AGREEMENT

Borrower/Debtor:                                   Lender/Secured Party:

Central Freight Lines, Inc.,                       SunTrust Bank
a Texas Corporation                                201 Fourth Avenue North
5601 West Waco Drive                               Nashville, Tennessee 37219
Waco, Texas 76710

         THIS SECURITY AGREEMENT is entered into this 30th day of April, 2002,
by and among CENTRAL FREIGHT LINES, INC., a Texas corporation with its chief
executive and principal office located at the address set forth above
("BORROWER"), JERRY C. MOYES ("MOYES"), an individual and resident of the State
of Arizona and SUNTRUST BANK, a Georgia state banking corporation with offices
located at the address set forth above ("LENDER").

                                   BACKGROUND:

         A.       Borrower and Lender have executed that certain Loan Agreement
dated as of the date hereof (as now or hereafter amended, modified, extended,
supplemented and/or restated, the "LOAN AGREEMENT"), and one of the conditions
of the Loan Agreement is that Borrower enter into this Agreement and grant
Lender a security interest in certain property of Borrower (as described herein)
to secure repayment of all indebtedness described in Section 2 hereof.

         B.       Borrower is the holder and payee of that certain $8,000,000
promissory note dated as of the date hereof executed by Moyes (as it may be
amended or restated or replaced in accordance with the terms hereof, the "Moyes
Note"). Moyes joins in the execution of this Security Agreement to acknowledge
the security interest hereby and to make other representations, warranties and
covenants as set forth herein.

         C.       Terms not defined herein shall have the meanings ascribed to
such terms in the Loan Agreement.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1.       SECURITY INTEREST. As security for the repayment of the
Indebtedness (as defined in Section 2), Borrower hereby collaterally assigns to
Lender and grants Lender a security interest in all of Borrower's present and
future right, title and interest in and to the Moyes Note, including but not
limited to amounts payable, or other rights of Borrower arising under the Moyes
Note, whether such amounts or rights exist or hereafter arise including all
proceeds attributable to or arising from any of such property (collectively, the
"Collateral").

         2.       INDEBTEDNESS. The security interest in the Collateral shall
secure prompt and full performance and payment of the following (the
"INDEBTEDNESS"):

<PAGE>

                  (a)      Indebtedness evidenced by a Revolving Credit Note of
         even date herewith executed by Borrower to Lender pursuant to the Loan
         Agreement, and all extensions and modifications and renewals thereof,
         all whether now existing or hereafter arising (as extended, replaced,
         amended and/or restated from time to time, the "NOTE"), and all
         indebtedness and obligations of Borrower to Lender at any time
         evidenced by or arising under or in connection with this Agreement, the
         Loan Agreement, the Note, any obligation of Borrower under a Hedging
         Agreement, or any other loan document executed in connection with the
         Loan Agreement and/or the Note (collectively, the "LOAN DOCUMENTS");
         and

                  (b)      All costs and expenses incurred by Lender in
         enforcing or protecting its rights with respect to the Collateral or
         the indebtedness secured by the Collateral, including, but not limited
         to, attorneys' fees.

         3.       BORROWER'S GENERAL REPRESENTATIONS AND WARRANTIES. Borrower
hereby represents and warrants to Lender that the following are true and
correct:

                  (a)      Borrower is the sole and lawful owner of the
         Collateral, and has an unrestricted right to grant a security interest
         in the Collateral.

                  (b)      There are no claims, liens, security interests or
         encumbrances against the Collateral.

                  (c)      Borrower has concurrently herewith delivered the
         original of the Moyes Note to Lender, and such instrument represents
         the entire agreement between Borrower and Moyes with respect to the
         subject matter thereof;

                  (d)      Borrower is duly authorized and empowered to execute,
         deliver, and perform its obligations under this Agreement. All
         corporate action required for Borrower's due execution, delivery, and
         performance of this Agreement has been duly and effectively taken.
         Borrower's execution and performance of this Agreement will not
         conflict with its articles or by-laws or any other document or
         instrument to which it is a party or by which Borrower or it property
         is subject.

         4.       MOYES' GENERAL REPRESENTATIONS AND WARRANTIES. Moyes hereby
represents and warrants to Lender that the following are true and correct:

                  (a)      Moyes is the sole obligor under the Moyes Note;

                  (b)      There are no agreements or documents, other than the
         Moyes Note, which govern or otherwise affect the terms of payment as
         set forth in the Moyes Note;

                  (c)      To the best of his knowledge, there are no claims,
         liens, security interests or encumbrances against the Moyes Note;

                  (d)      Moyes' execution and performance of his obligations
         under this Agreement will not conflict with any other document or
         instrument to which he is a party or by which any of his property is
         subject; and

                                       2
<PAGE>

                  (e)      The Moyes Note is fully recourse to Moyes and is a
         valid and binding obligation of Moyes, without any rights of setoff,
         counterclaim or other defenses against Borrower.

         5.       BORROWER'S GENERAL COVENANTS. Borrower hereby covenants and
agrees that, until the Indebtedness shall have been paid in full and the Loan
Agreement is terminated:

                  (a)      Borrower shall keep the Collateral free from any
         adverse lien, security interest or encumbrance (other than the security
         interest granted herein). Borrower is not authorized to, and shall not,
         sell, transfer, deliver, dispose of, encumber or grant security
         interests in the Collateral.

                  (b)      Borrower shall and does hereby agree to indemnify and
         hold Lender harmless against all claims, defenses, liabilities and
         costs (including attorneys' fees) arising out of or in connection with
         Borrower's ownership of the Collateral.

                  (c)      Borrower shall ensure that Lender's security interest
         in the Collateral is now, and will at all times hereafter remain, a
         perfected, first priority security interest. Borrower shall (at its
         expense) execute, obtain, deliver and (if applicable) file or record
         all financing statements, consents, notices, control agreements and
         other documents, and take all other actions, that Lender may reasonably
         deem necessary or advisable to perfect or protect Lender's security
         interest in the Collateral against the interests of third parties. To
         the extent permitted by law, Borrower hereby authorizes Lender to file
         a financing statement, in the applicable filing office, describing the
         Collateral. Borrower agrees to pay all costs, taxes and fees payable in
         connection with any such filings. Lender is hereby irrevocably
         appointed Borrower's attorney-in-fact, which appointment is coupled
         with an interest, to do all acts and things that Lender may deem
         necessary to perfect and/or continue the perfection of the security
         interest created by this Agreement and to protect the Collateral.
         Borrower further agrees to pay all costs, taxes and fees payable in
         connection with the filing or recording of any financing statements,
         amendments, continuation statements or other filings.

                  (d)      Borrower shall not change its chief executive offices
         and principal places of business without giving Lender at least thirty
         (30) days prior written notice thereof and (at Borrower's expense)
         taking all steps necessary or advisable to preserve the perfection and
         priority of the security interests granted to Lender herein.

                  (e)      Borrower shall not change its name or the state in
         which it is formed, without giving Lender at least thirty (30) days
         prior written notice thereof and (at Borrower's expense) taking all
         steps necessary or advisable to preserve the perfection and priority of
         the security interests granted to Lender herein.

                  (f)      Borrower will maintain adequate books and records
         pertaining to the Collateral, in such detail, as Lender shall
         reasonably require. Borrower will make a notation upon the Note (and
         any permitted replacements thereof) to evidence Lender's security
         interest hereunder.

                                       3
<PAGE>

         6.       BORROWER NOTIFICATION. Borrower will promptly notify Lender of
any default or breach by Moyes under the Moyes Note or any event that would have
a material adverse effect on the financial condition of Moyes or Lender's
security interest in the Collateral.

         7.       JOINT COVENANTS OF BORROWER AND MOYES. Borrower and Moyes each
severally covenant and agree that, until the Indebtedness is paid in full and
the Loan Agreement is terminated:

                  (a)      Neither Borrower or Moyes will amend, restate, modify
         or replace the Moyes Note or enter into any other indebtedness between
         them, without the written consent of Lender;

                  (b)      Borrower and Moyes agree and acknowledge that upon
         the occurrence of an Event of Default or any continuation thereof, the
         Lender may accelerate and demand full payment by Moyes of all amounts
         outstanding under the Moyes Note, and Moyes shall make such payments
         directly to Lender (for application to the Indebtedness) upon written
         demand therefor. Moyes shall make such payment without any set-off,
         counterclaim, or defenses he may have against Borrower;

                  (c)      Neither Borrower nor Moyes may assign any right,
         title, interest or obligation under the Moyes Note without the written
         consent of Lender.

                  (d)      The Borrower shall not waive or release any of its
         rights or any obligations of Moyes under the Moyes Note or terminate
         the Moyes Note (except upon full payment thereof) without the written
         consent of Lender.

         8.       SPECIAL REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF
BORROWER. With respect to the Collateral, Borrower represents, warrants and
agrees with Lender as follows:

                  (a)      Representations. The original of the Note has been
         delivered to Lender, and such Note is the only original thereof and is
         genuine and in all respects, and arises out of a bona fide
         indebtedness; the amount of the Note represented as owing is the
         correct amount actually and unconditionally owing; and the Note
         complies with applicable law.

                  (b)      Collections. Effective upon the occurrence of and
         during the continuation of an Event of Default, Lender shall have the
         right to receive all payments under the Moyes Note and at Borrower's
         expense, enforce, collect and receive all amounts owing on the Moyes
         Note. Borrower will notify Moyes to make payment of all amounts due
         under the Moyes Note directly to Lender. Any such amounts transmitted
         to Lender may be deposited in an account in the name of Lender and
         under its dominion and control pending its application to the
         Indebtedness. Borrower shall not have any right, title or interest in
         said account or in the amounts at any time to the credit thereof. All
         proceeds so received by Lender shall be applied to the Indebtedness,
         whether or not such Indebtedness shall by its terms then be due in
         accordance with the Loan Agreement. Following the occurrence of an
         Event of Default and during a continuation thereof, amounts received by
         Borrower under the Moyes Note shall not be commingled with Borrower's
         other property, but shall be segregated, held by Borrower in trust for
         Lender

                                       4
<PAGE>

         as Lender's exclusive property and immediately delivered by Borrower to
         Lender in the identical form as that in which received, with proper
         endorsements.

                  (c)      Reports. Together with the fiscal period financial
         information required under the Loan Agreement, Borrower shall submit to
         Lender statements of the outstanding principal balance under the Moyes
         Note.

         9.       BORROWER'S USE OF THE COLLATERAL. As long as no Event of
Default has occurred, Borrower may collect all amounts paid thereunder, subject
to any conditions set forth in this Agreement. Upon the occurrence of an Event
of Default and during a continuation thereof, Borrower's right to collect any
amounts paid under the Collateral shall terminate automatically until further
written notice from Lender.

         10.      EVENTS OF DEFAULT. Any of the following events shall be
considered an "EVENT OF DEFAULT" (and shall be considered a "DEFAULT" pending
the passage of time, giving of notice or other condition specified below):

                  (a)      Loan Agreement. An "Event of Default," as such term
         is defined in the Loan Agreement, occurs; or

                  (b)      Perfection. Lender's security interest in the
         Collateral fails to be a perfected, first-priority security interest
         therein; or

                  (c)      Moyes Default. Moyes shall default under or breach
         any provision of the Moyes Note; or

                  (d)      Representations and Warranties. Any representation,
         warranty, statement, certification or data made or furnished by or on
         behalf of Borrower or Moyes hereunder is incorrect in any material
         respect as of the date as of which the facts therein set forth were
         stated or certified; or

                  (e)      Obligations. Borrower or Moyes fails to perform any
         of its respective promises, agreements, covenants or obligations (which
         failure or breach is not otherwise an Event of Default under any other
         subsections hereof) contained in or required by this Agreement and such
         failure is not cured within twenty (20) days from Lender's written
         notice thereof; or

                  (f)      Collateral. The Collateral is sold, transferred,
         assigned, encumbered or otherwise disposed of without the prior written
         consent of Lender; or

                  (g)      Insolvency. Any bankruptcy case, assignment for the
         benefit of creditors, receivership or other state, federal or foreign
         insolvency proceeding is commenced with respect to Moyes, or Moyes
         becomes insolvent or is generally not paying his debts as they become
         due.

         11.      REMEDIES. Upon the occurrence of any Event of Default, and at
any time thereafter, at the option of Lender, any and all Indebtedness shall
become immediately due and payable without presentment or demand or any notice
to Borrower or any other entity obligated

                                       5
<PAGE>

thereon, and Lender shall have and may exercise any or all of the rights and
remedies of a secured party under the applicable Uniform Commercial Code as now
or hereafter adopted (the "UCC"), and as otherwise contractually granted herein
or under any other applicable law or under any other agreement executed by
Borrower in favor of Lender. Lender shall have the right to collect on the
Collateral, to demand full payment of the Moyes Note within thirty (30) days of
written demand by Lender, and to exercise and enforce any of Borrower's rights
with respect to any Collateral (including supporting obligations), all in any
manner authorized or permitted under the UCC. Lender shall apply the proceeds
thereof toward payment of the Indebtedness in the manner as set forth in the
Loan Agreement.

         12.      WAIVERS. Except as expressly provided herein, and to the
fullest extent permitted by law, Borrower and Moyes hereby waive (i)
presentment, demand and protest and notice of presentment, protest, default, non
payment; (ii) any bond or security that might be required by any court before
allowing Lender to exercise any of Lender's remedies; (iii) any marshalling of
assets, or any right to compel Lender to resort first or in any particular order
to any other collateral or other entities before enforcing its rights as to the
Collateral; (iv) the benefit of all valuation, appraisement and exemption laws
(v) notice of acceptance hereof; and (vi) any other claims and defenses based on
principles of suretyship or impairment of collateral.

         13.      GENERAL AUTHORITY. Effective immediately but exercisable by
Lender (or by any person or entity designated by Lender) only upon the
occurrence of and during the continuation of an Event of Default, Borrower
hereby irrevocably appoints Lender (or any person or entity designated by
Lender) as Borrower's true and lawful attorney-in-fact, which appointment is
hereby coupled with an interest, with full power of substitution, in Lender's
name or Borrower's name or otherwise, for Lender's sole use and benefit, but at
Borrower's cost and expense, to exercise at any time and from time to time all
or any of the following powers with respect to all or any of the Collateral:

                  (a)      To receive all payments under the Moyes Note;

                  (b)      To take or bring, in Borrower's name or Lender's
         name, all actions, suits or proceedings deemed by Lender necessary or
         desirable to effect collection of the Moyes Note, and to compromise or
         adjust payments under the Moyes Note;

                  (c)      To require payment of the entire principal balance
         and all accrued interest or other payments under the Moyes Note (as set
         forth in Section 11 hereof), whether or not due and whether or not a
         default exists under the terms of the Moyes Note; and

                  (d)      In general, to do all things necessary to perform the
         terms of this Agreement and to take any action or proceedings that
         Lender deems necessary or appropriate to protect and preserve Lender's
         security interest in the Collateral.

In any event, however, Lender's exercise of or failure to exercise any such
authority shall in no manner affect Borrower's liability to Lender hereunder or
in connection with the Indebtedness; Lender shall be under no obligation or duty
to exercise any of the powers hereby conferred upon Lender; and Lender shall
have no liability for any act or failure to act in connection with the
Collateral.

                                       6
<PAGE>

         14.      LENDER'S POWERS AND LIMITED DUTIES.

                  (a)      Lender shall be under no duty to collect any amount
         that may be or become due under the Collateral, to redeem or realize on
         Collateral, to collect principal or interest, to make any presentments,
         demands or notices of protest in connection with the Collateral, to
         take any steps necessary to preserve rights in any instrument against
         third parties or to preserve rights against prior parties, to remove
         any liens or to do anything for the enforcement, collection or
         protection of Collateral, except to the extent, if any, that the UCC
         requires Lender to use reasonable care with respect to Collateral while
         in its possession; and

                  (b)      Without limiting the generality of any of the
         foregoing, Lender shall be in no way liable to or responsible for any
         diminution in the value of the Collateral from any cause whatsoever.

         15.      MISCELLANEOUS

                  (a)      Notices. Any notices, requests, demands, directions
         and other communications (collectively "Notices") required under this
         Agreement shall be in writing and shall be deemed to be communicated
         upon the earliest of (i) personal delivery, (ii) the third business day
         after the record is deposited in the United States mail, with prepaid
         postage, for delivery by registered or certified mail with return
         receipt requested, (iii) the business day after the notice is
         delivered, with prepaid postage, for overnight delivery, to a
         nationally known courier service maintaining records of receipt and
         (iv) twelve (12) hours after sender receives confirmation of successful
         transmission by facsimile. Except as expressly provided otherwise
         herein, all notices shall be communicated to the following addresses:

         If to Lender:                        If to Borrower:
         SunTrust Bank                        Central Freight Lines, Inc.
         201 Fourth Avenue, North             5601 West Waco Drive
         Nashville, Tennessee 37219           Waco, Texas  76710
         Attention: Bill Crawford             Attention: Patrick J. Curry
         Telecopy: (615) 748-5269             Telecopy: (254) 741-5289

         If to Moyes:                         With a copy to:
         Jerry Moyes                          Scudder Law Firm
         2200 South 75th Avenue               411 Building
         P. O. Box 29243                      411 S. 13th Street
         Phoenix, Arizona 85038-9243          Lincoln, Nebraska 68508
         Telecopy: (623) 907-7503             Attention: Earl Scudder
                                              Telecopy: (402) 435-4239

         The applicable address stated above shall be effective for a party
         until the party changes such address by writing communicated by such
         party in accordance with this Section.

                                       7
<PAGE>

                  (b)      Invalidity. If any one or more of the provisions
         contained in this Agreement for any reason shall be held invalid,
         illegal, or unenforceable in any respect, such invalidity, illegality,
         or unenforceability shall not affect any other provision of this
         Agreement.

                  (c)      Survival of Agreements. All representations and
         warranties of Borrower and Moyes in this Agreement and all covenants
         and agreements in this Agreement not fully performed before the
         execution of this Agreement shall survive the execution hereof.

                  (d)      Successors and Assigns. This Agreement shall be
         binding on and inure to the benefit of Lender and its successors and
         assigns, shall be binding on Borrower, its permitted successors and
         assigns, and Moyes, his estate and his permitted successors or assigns.
         Lender may assign the Indebtedness and/or enter into participation or
         syndication agreements with other lenders on such terms and conditions
         as Lender shall deem advisable. Neither Borrower nor Moyes shall assign
         their respective rights or delegate their respective duties under this
         Agreement without the written consent of Lender.

                  (e)      Renewal, Extension, or Rearrangement. All provisions
         of this Agreement relating to Indebtedness shall apply with equal force
         and effect to each and all promissory notes or other agreements
         executed hereafter that in whole or in part represent a renewal,
         extension for any period, increase, or rearrangement of any part of the
         Indebtedness originally represented by any part of such other
         Indebtedness.

                  (f)      Waivers. No custom, conduct, action or course of
         dealing on the part of Lender, its officers, employees, consultants, or
         agents, nor any failure or delay by Lender with respect to exercising
         any right, power, or privilege of Lender hereunder shall operate as a
         waiver thereof. Lender may from time to time waive any requirement
         hereof, including any conditions precedent, but no waiver shall be
         effective unless in writing and signed by Lender. The execution by
         Lender of any waiver shall not obligate Lender to grant any further,
         similar, or other waivers. No waivers shall be implied hereunder as a
         result of Lender's disbursements or investigations or any other action
         other than a specific written waiver.

                  (g)      Amendments. This Agreement may not be modified or
         amended except in writing signed by Borrower, Moyes and Lender.

                  (h)      Remedies. All remedies provided in this Agreement
         shall be cumulative, in addition to all other remedies available to
         Lender under any other agreement or the principles of law and equity or
         pursuant to any other body of law, statutory or otherwise, and the
         exercise or partial exercise of any such right or remedy shall not
         preclude the exercise of any other right or remedy. All such remedies
         may be exercised separately, successively or concurrently

                  (i)      No Fiduciary Relationship. Nothing contained herein
         or in any related document shall be deemed to create any partnership,
         joint venture or other fiduciary relationship among Lender, Borrower
         and Moyes for any purpose.

                                       8
<PAGE>

                  (j)      Time of Essence. Time is of the essence with regard
         to each and every provision of this Agreement.

                  (k)      Costs, Expenses, and Taxes. Borrower agrees to pay on
         demand all out-of-pocket costs and expenses of Lender (including the
         reasonable fees and out-of-pocket expenses of Lender's attorneys)
         incurred by Lender in connection with enforcement of this Agreement, or
         in the protection of Lender's rights hereunder. Upon Lender's request,
         Borrower shall promptly reimburse Lender for all amounts expended,
         advanced, or incurred by Lender in endeavoring to satisfy any
         obligation of Borrower under this Agreement, or to perfect a lien in
         favor of Lender, or to protect the Collateral or to collect the
         Indebtedness, or to enforce or protect the rights of Lender under this
         Agreement, and all such amounts shall bear interest the default rate
         payable under the Note (but not in excess of the maximum rate permitted
         under applicable law) until paid in full. All obligations under this
         Section shall be part of the Indebtedness and shall survive any
         termination of this Agreement.

                  (l)      Counterparts. This Agreement may be executed in any
         number of counterparts or counterpart signature pages (by facsimile
         transmission or otherwise), each of which, when so executed, shall be
         deemed an original, but all such counterparts shall constitute but one
         and the same instrument.

                  (m)      Distribution of Information. Under the terms and
         provisions of the Loan Agreement, Borrower hereby authorizes Lender, as
         Lender may elect in its sole discretion, to discuss with and furnish to
         any affiliate of Lender, to any government or self-regulatory agency
         with jurisdiction over Lender, or to any participant or prospective
         participant, all financial statements, audit reports and other
         information pertaining to Borrower and/or its subsidiaries whether such
         information was provided by Borrower or prepared or obtained by Lender
         or third parties. Neither Lender nor any of its employees, officers,
         directors or agents make any representation or warranty regarding any
         audit reports or other analyses of Borrower which Lender may elect to
         distribute, whether such information was provided by Borrower or
         prepared or obtained by Lender or third parties, nor shall Lender or
         any of its employees, officers, directors or agents be liable to any
         party receiving a copy of such reports or analyses for any inaccuracy
         or omission contained in such reports or analyses or relating thereto.

                  (n)      Jurisdiction; Venue; Service of Process. BORROWER,
         MOYES AND LENDER HEREBY IRREVOCABLY CONSENT TO THE JURISDICTION OF THE
         COURTS LOCATED IN DAVIDSON COUNTY, TENNESSEE, INCLUDING FEDERAL COURTS
         SITTING IN THE MIDDLE DISTRICT OF TENNESSEE AND THE CHANCERY COURT FOR
         DAVIDSON COUNTY, TENNESSEE, FOR ANY SUIT BROUGHT OR ACTION COMMENCED IN
         CONNECTION WITH THIS AGREEMENT. Borrower and Moyes irrevocably consent
         to the service of process of any such courts in any such action or
         proceeding by registered or certified mail, postage prepaid, return
         receipt requested, to Borrower at the address provided pursuant to
         Section 15(a) hereof, and agree that such service shall become
         effective thirty (30) days after such mailing. However, nothing herein
         shall affect the right of Lender, Moyes or Borrower to serve process in
         any other manner permitted by law or to

                                       9
<PAGE>

         commence legal proceedings or otherwise proceed against Lender, Moyes
         or Borrower in any other jurisdiction. This Section does not confer or
         expand any standing to Borrower to bring any cause of action.

                  (o)      Jury Waiver. EACH OF BORROWER, MOYES AND LENDER
         HEREBY KNOWINGLY, WILLINGLY AND IRREVOCABLY WAIVES THEIR RIGHTS TO
         DEMAND A JURY TRIAL IN ANY ACTION OR PROCEEDING INVOLVING THIS
         AGREEMENT.

                  (p)      Waiver of Damages. IN ANY ACTION TO ENFORCE THIS
         AGREEMENT, EACH OF THE PARTIES HERETO, HEREBY IRREVOCABLY AND
         UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS UNDER THE LAWS OF ANY STATE
         TO CLAIM OR RECOVER ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR
         OTHER DAMAGES OTHER THAN ACTUAL DIRECT DAMAGES.

                  (q)      Governing Law. This Agreement constitutes a contract
         made under and shall be construed and interpreted in accordance with
         the laws of the State of Tennessee (without regard to its rules on
         conflicts of laws), except to the extent, if any, that the location of
         the Borrower or the Collateral may require the application of other law
         to govern the perfection of security interests in the Collateral.

                  (r)      No Third Party Beneficiary. This Agreement is for the
         sole benefit of Lender, Moyes and Borrower and is not for the benefit
         of any third party.

                  (s)      Dealings With Borrower. It is expressly understood
         and agreed that, notwithstanding anything else contained in this
         Agreement, Lender may for all purposes hereof deal solely with Borrower
         in connection therewith, and nothing herein or in any other Loan
         Document shall be construed so as to require dealings with, consent of
         or notice to any other entities, parties or persons, including Moyes.

                  (t)      Further Assurances. Borrower and Moyes agree that
         they will without further consideration execute and deliver such other
         documents and take such other action as Lender may reasonably request
         from time to time to implement the transactions contemplated hereby.

                  (u)      Continuation and Survival. All covenants, agreements,
         representations and warranties made in or pursuant to this Agreement
         shall be deemed continuing and made at and as of the date hereof and at
         and as of all times thereafter. All statements contained in any
         certificate, financial statement or other instrument delivered by
         Borrower pursuant to or in connection with this Agreement shall
         constitute additional representations and warranties made under this
         Agreement.

         16.      CONSTRUCTION AND USAGE.

                  (a)      Defined Terms. In addition to other words and terms
         defined in this Agreement, the following terms have the following
         meanings herein, unless the context expressly requires otherwise:

                                       10
<PAGE>

                  "BUSINESS DAY" means any day other than a Saturday, Sunday or
         day on which commercial banks are authorized to close under the laws of
         the State of Tennessee.

                  "ENTITY" or "PERSON" means any individual, corporation,
         partnership, joint venture, association, limited liability company,
         joint stock company, trust, unincorporated organization, government, or
         any agency or political subdivision thereof, or any other form of
         entity.

                  "HEREOF", "HEREIN" and "HEREUNDER" and words of similar import
         in this Agreement refer to this Agreement as a whole and not to any
         particular provision, and references to Sections, subsections,
         schedules and exhibits are to this Agreement unless otherwise
         specified.

                  "INCLUDES" and "INCLUDING" and words of similar import are
         inclusive and not exclusive terms, and are not intended to create any
         limitation.

                  (b)      Usage; Captions. All definitions and other terms used
         in this Agreement are equally applicable to the singular and plural
         forms thereof, and all references to any gender include all other
         genders. The captions in this Agreement are for convenience only, and
         in no way limit or amplify the provisions hereof.

                  (c)      UCC Terms. Terms used in this Agreement that are
         defined in Article 9 of the UCC shall have the same meanings herein,
         except as otherwise expressly provided or amplified (but not limited)
         herein.

                  (d)      References to Documents and Laws. All defined terms
         and references in this Agreement with respect to any agreements, notes,
         instruments, certificates or other documents shall be deemed to refer
         to such documents and to any amendments, modifications, renewals,
         extensions, replacements, restatements, substitutions and supplements
         of and to such documents. Unless otherwise provided, all references to
         statutes and related regulations shall include any amendments thereof
         and any successor statutes and regulations.

                  (e)      Exhibits. The exhibits and schedules attached to this
         Agreement are incorporated in this Agreement and shall be considered a
         part of this Agreement, except that in the event of any conflict
         between an exhibit and this Agreement, the provisions of this Agreement
         shall prevail over the exhibit.

                  (f)      Computations; Accounting Principles. Where the
         character or amount of any asset or liability or item of income or
         expense is required to be determined, or any consolidation or other
         accounting computation is required to be made for the purposes of this
         Agreement, such determination or calculation, to the extent applicable
         and except as otherwise specified in this Agreement, shall be made in
         accordance with generally accepted accounting principles applied on a
         consolidated basis consistent with those in effect on the date hereof.

                                       11
<PAGE>

         17.      ENTIRE AGREEMENT.

                  (a)      Complete Agreement. This Agreement, together with the
         Note, the Loan Agreement and the other Loan Documents, represents the
         entire and complete agreement between the parties hereto with respect
         to the subject matter hereof and supersedes any and all other
         agreements, promises or representations existing prior to or made
         simultaneously with this Agreement, whether written, oral or implied.
         Any oral statements regarding the subject matter of this Agreement are
         merged herein.

                                       12
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed and delivered as
of the date set forth above.

BORROWER:                                    LENDER:

CENTRAL FREIGHT LINES, INC.,                 SUNTRUST BANK
a Texas Corporation

By: /s/ Pat Curry                            By: /s/ William H. Crawford
    ----------------------------                 -------------------------------

Name: Patrick J. Curryt                      Name: William H. Crawford

Title: Executive Vice President              Title: Vice President

                                             /s/ Jerry C. Moyes
                                             -----------------------------------
                                             JERRY C. MOYES

                                       13

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>27
<FILENAME>c72067exv10w7.txt
<DESCRIPTION>NOTE DATED APRIL 30, 2002
<TEXT>
<PAGE>

                                                                    EXHIBIT 10.7

                                      NOTE

$8,000,000.00                                                     April 30, 2002

         FOR VALUE RECEIVED, JERRY C. MOYES, an individual residing in Arizona
(the "Maker") promises to pay to the order of CENTRAL FREIGHT LINES, INC., a
Texas corporation (the "Holder"), the principal sum of EIGHT MILLION and No/100
DOLLARS ($8,000,000.00), payable on October 30, 2003, together wigh interest
from the date hereof on the unpaid principal balance at a per annum rate equal
to LIBOR plus 225 basis points. "LIBOR" shall mean the rate per annum for
deposits for a period equal to three months appearing on that page of the
Bloomberg's Service that displays British Banker's Association Interest
Settlement Rates for deposits in dollars as of 11:00 a.m. (London, England time)
on the day that is two business days prior to the date first above written. Both
principal and interest are payable in lawful money of the United States of
America to the Holder at its headquarters in Waco, Texas, or any such location
designated by the Holder, in same day funds.

         The Maker may, at any time and from time to time, prepay this Note in
whole or in part, without penalty. All payments received hereunder shall be
first applied to interest due and the balance, if any, to principal.

         Should it become necessary in the opinion of the Holder to collect or
enforce this Note, the Maker agrees to pay all costs, charges, and
disbursements, including, without limitation, attorneys' fees and court costs,
incurred by the Holder in collecting or enforcing the payment of this Note. The
Maker waives presentment for payment, demand, protest and notice of demand, and
protest and nonpayment.

         This Note shall be governed by, interpreted, and enforced in accordance
with the laws of the State of Texas, excluding its principles of conflict of
law.

         IN WITNESS WHEREOF, this Note has been executed on the date and year
first above written.

                                                 JERRY C. MOYES

                                                 /s/ Jerry Moyes
                                                 -------------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8(A)
<SEQUENCE>28
<FILENAME>c72067exv10w8xay.txt
<DESCRIPTION>LOAN AGREEMENT DATED APRIL 30, 2002
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.8(a)

                                 LOAN AGREEMENT

                           DATED AS OF APRIL 30, 2002

                                      AMONG

                           CENTRAL RECEIVABLES, INC.,
                                   AS BORROWER

                                       AND

                           CENTRAL FREIGHT LINES, INC,
                                   AS SERVICER

                                       AND

                       THREE PILLARS FUNDING CORPORATION,
                                    AS LENDER

                                       AND

                         SUNTRUST CAPITAL MARKETS, INC.,
                                AS ADMINISTRATOR

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                             PAGE
                                                                                                             ----
<S>                                                                                                          <C>
ARTICLE I DEFINITIONS ..................................................................................       1

SECTION 1.1 DEFINED TERMS...............................................................................       1
SECTION 1.2 OTHER DEFINITIONAL PROVISIONS...............................................................      17
SECTION 1.3 OTHER TERMS.................................................................................      18
SECTION 1.4 COMPUTATION OF TIME PERIODS.................................................................      18

ARTICLE II LENDER'S COMMITMENT, BORROWING PROCEDURES AND THE LENDER NOTE ...............................      18

SECTION 2.1 LENDER'S COMMITMENT.........................................................................      18
SECTION 2.2 BORROWING PROCEDURES........................................................................      18
SECTION 2.3 FUNDING.....................................................................................      19
SECTION 2.4 REPRESENTATION AND WARRANTY ................................................................      19
SECTION 2.5 EARLY TERMINATION OF LENDER'S COMMITMENT....................................................      19
SECTION 2.6 VOLUNTARY TERMINATION OF LENDER'S COMMITMENT; REDUCTION OF FACILITY LIMIT ..................      19
SECTION 2.7 NOTE........................................................................................      19

ARTICLE III INTEREST, FEES, ETC. .......................................................................      20

SECTION 3.1 INTEREST RATES .............................................................................      20
SECTION 3.2 INTEREST, PAYMENT DATES.....................................................................      20
SECTION 3.3 INTEREST ALLOCATIONS........................................................................      21
SECTION 3.4 FEES........................................................................................      21
SECTION 3.5 COMPUTATION OF INTEREST AND FEES............................................................      21

ARTICLE IV REPAYMENTS AND PREPAYMENTS; DISTRIBUTION OF COLLECTIONS......................................      21

SECTION 4.1 REPAYMENTS AND PREPAYMENTS..................................................................      21
SECTION 4.2 APPLICATION OF COLLECTIONS..................................................................      22
SECTION 4.3 APPLICATION OF CERTAIN PAYMENTS.............................................................      23
SECTION 4.4 DUE DATE EXTENSION .........................................................................      23
SECTION 4.5 MAKING OF PAYMENTS..........................................................................      23

ARTICLE V SECURITY INTEREST ............................................................................      24

SECTION 5.1 GRANT OF SECURITY...........................................................................      24
SECTION 5.2 ADMINISTRATOR APPOINTED ATTORNEY-IN-FACT....................................................      25
SECTION 5.3 ADMINISTRATOR MAY PERFORM...................................................................      25
SECTION 5.4 RELEASE OF COLLATERAL.......................................................................      25

ARTICLE VI INCREASED COSTS, ETC. .......................................................................      26
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                           <C>
SECTION 6.1 INCREASED COSTS.............................................................................      26
SECTION 6.2 FUNDING LOSSES..............................................................................      27
SECTION 6.3 WITHHOLDING TAXES...........................................................................      27

ARTICLE VII CONDITIONS TO BORROWING.....................................................................      28

SECTION 7.1 INITIAL LOAN................................................................................      28
SECTION 7.2 ALL LOANS...................................................................................      29

ARTICLE VIII REPRESENTATIONS AND WARRANTIES.............................................................      30

SECTION 8.1 ORGANIZATION AND GOOD STANDING, ETC.........................................................      30
SECTION 8.2 POWER AND AUTHORITY; DUE AUTHORIZATION......................................................      30
SECTION 8.3 NO VIOLATION................................................................................      31
SECTION 8.4 VALIDITY AND BINDING NATURE.................................................................      31
SECTION 8.5 GOVERNMENT APPROVALS........................................................................      31
SECTION 8.6 SOLVENCY....................................................................................      31
SECTION 8.7 MARGIN REGULATIONS..........................................................................      31
SECTION 8.8 QUALITY OF TITLE............................................................................      32
SECTION 8.9 OFFICES.....................................................................................      32
SECTION 8.10 COMPLIANCE WITH APPLICABLE LAWS; LICENSES, ETC.............................................      32
SECTION 8.11 NO PROCEEDINGS.............................................................................      32
SECTION 8.12 INVESTMENT COMPANY ACT, ETC................................................................      33
SECTION 8.13 ELIGIBLE RECEIVABLES.......................................................................      33
SECTION 8.14 ACCURACY OF INFORMATION....................................................................      33
SECTION 8.15 NO MATERIAL ADVERSE CHANGE.................................................................      33
SECTION 8.16 TRADE NAMES AND SUBSIDIARIES...............................................................      33
SECTION 8.17 ACCOUNTS...................................................................................      33
SECTION 8.18 SALES BY ORIGINATOR........................................................................      34

ARTICLE IX COVENANTS OF BORROWER AND SERVICER...........................................................      34

SECTION 9.1 AFFIRMATIVE COVENANTS.......................................................................      34
SECTION 9.2 NEGATIVE COVENANTS OF BORROWER AND SERVICER.................................................      41

ARTICLE X SIGNIFICANT EVENTS AND THEIR EFFECT...........................................................      42

SECTION 10.1 EVENTS OF DEFAULT..........................................................................      42
SECTION 10.2 AMORTIZATION EVENTS........................................................................      43
SECTION 10.3 EFFECT OF SIGNIFICANT EVENT................................................................      44

ARTICLE XI THE SERVICER.................................................................................      44

SECTION 11.1 CENTRAL AS INITIAL SERVICER................................................................      44
SECTION 11.2 CERTAIN DUTIES OF SERVICER.................................................................      45
SECTION 11.3 SERVICING COMPENSATION.....................................................................      48
SECTION 11.4 AGREEMENT NOT TO RESIGN....................................................................      48
SECTION 11.5 DESIGNATION OF SERVICER....................................................................      49
SECTION 11.6 TERMINATION................................................................................      49
SECTION 11.7 SERVICER EVENTS OF DEFAULT.................................................................      49
</TABLE>

                                      iii

<PAGE>

<TABLE>
<S>                                                                                                           <C>
ARTICLE XII ADMINISTRATOR...............................................................................      50

SECTION 12.1 AUTHORIZATION AND ACTION...................................................................      50
SECTION 12.2 ADMINISTRATOR AND AFFILIATES...............................................................      50

ARTICLE XIII ASSIGNMENTS................................................................................      51

SECTION 13.1 RESTRICTIONS ON ASSIGNMENTS................................................................      51
SECTION 13.2 DOCUMENTATION..............................................................................      51
SECTION 13.3 RIGHTS OF ASSIGNEE.........................................................................      51
SECTION 13.4 NOTICE OF ASSIGNMENT.......................................................................      51

ARTICLE XIV INDEMNIFICATION.............................................................................      52

SECTION 14.1 GENERAL INDEMNITY OF BORROWER..............................................................      52
SECTION 14.2 INDEMNITY OF SERVICER......................................................................      52

ARTICLE XV MISCELLANEOUS................................................................................      52

SECTION 15.1 NO WAIVER; REMEDIES........................................................................      52
SECTION 15.2 AMENDMENTS, ETC. ..........................................................................      53
SECTION 15.3 NOTICES, ETC...............................................................................      53
SECTION 15.4 COSTS, EXPENSES AND TAXES..................................................................      53
SECTION 15.5 BINDING EFFECT; SURVIVAL...................................................................      54
SECTION 15.6 CAPTIONS AND CROSS REFERENCES..............................................................      54
SECTION 15.7 SEVERABILITY...............................................................................      54
SECTION 15.8 GOVERNING LAW..............................................................................      55
SECTION 15.9 COUNTERPARTS...............................................................................      55
SECTION 15.10 SUBMISSION TO JURISDICTION; WAIVER OF TRIAL BY JURY.......................................      55
SECTION 15.11 NO RECOURSE AGAINST LENDER................................................................      55
SECTION 15.12 NO PROCEEDINGS............................................................................      55
SECTION 15.13 LIMITATION ON PAYMENTS....................................................................      56
SECTION 15.14 CONFIDENTIALITY OF AGREEMENT..............................................................      56
SECTION 15.15 ENTIRE AGREEMENT..........................................................................      56
</TABLE>

EXHIBITS

Exhibit A Form of Borrowing Request (Section 2.2)
Exhibit B Form of Lender Note (Section 2.7)
Exhibit C Form of Period Report (Section 9.1(e)(ii))
Exhibit D Form of Borrowing Base Certificate (Section 7.1(m))
Exhibit E Form of Collection Account Agreement
Exhibit F [Reserved]
Exhibit G Form of Originator Note
Exhibit H Form of Withdrawal Certificate (Section 11.2(d)

                                       iv

<PAGE>

SCHEDULES

Schedule I Description of Collection Account, Depository Account and LockBox
Schedule II [Reserved]
Schedule III Form of Contract
Schedule IV Description of Proceedings
Schedule V Collateral Review Requirements
Schedule VI Notice Addresses
Schedule VII Fiscal Periods

                                       v

<PAGE>

                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT is made and entered into as of April 30, 2002,
among CENTRAL RECEIVABLES, INC., a Nevada corporation ("Central Receivables" or
the "Borrower"), CENTRAL FREIGHT LINES, INC., a Nevada corporation ("Central
Nevada"), as initial servicer hereunder (in such capacity the "Servicer"), THREE
PILLARS FUNDING CORPORATION ("TPFC"), a Delaware corporation (together with its
successors and permitted assigns, "Lender"), and SUNTRUST CAPITAL MARKETS, INC.,
a Tennessee corporation, as agent and administrator for Lender (in such
capacity, together with its successor and assigns in such capacity, the
"Administrator.")

                                   BACKGROUND

1.       Borrower desires that Lender extend financing to Borrower on the terms
and subject to the conditions set forth herein.

2.       Lender is willing to provide such financing on the terms and subject to
the conditions set forth in this Agreement.

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.1 DEFINED TERMS.

         As used in this Agreement, the following terms have the following
meanings:

Accounts Receivable Turnover Ratio: For any Due Period, the ratio computed as of
the last day of such Due Period by dividing (i) the aggregate amount of Sales
during the most recent thirteen (13) Due Periods by (ii) the rolling thirteen
(13) Due Period average of the aggregate Unpaid Balance of Receivables.

Administrator: As defined in the Preamble

Administrator's Account: As defined in Section 4.5.

Advance Rate: The percentage equal to (i) 100% minus (ii) the Reserve
Percentage. Adverse Claim: A Lien, security interest, pledge, charge or
encumbrance, or similar right or claim of any Person.

<PAGE>

Affected Party: Each of Lender, any Liquidity Bank, any Credit Bank, any
permitted assignee of Lender, any Credit Bank or any Liquidity Bank, any Support
Provider and any holder of a participation interest in the rights and
obligations of any Liquidity Bank or Credit Bank under the Liquidity Agreement
or the Credit Agreement, as the case may be, Administrator and any holding
company of Bank.

Affiliate: Of any Person means any other Person that (i) directly or indirectly
controls, is controlled by or is under common control with such Person or (ii)
is an officer or director of such Person. A Person shall be deemed to be
"controlled by" another Person if such other Person possesses, directly or
indirectly, power (A) to vote 15% or more of the securities (on a fully diluted
basis) having ordinary voting power for the election of directors or managing
partners of such other Person, or (B) to direct or cause the direction of the
management and policies of such other Person whether by contract or otherwise.

Aggregate Unpaid Balance: At any time, the aggregate Unpaid Balance of all
Eligible Receivables at such time.

Agreement: This Loan Agreement, as it may be amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof.

Allocations: As defined in Section 3.3.

Alternative Rate: For any Interest Period, an interest rate per annum equal to
either (i) the LIBOR Rate or (ii) if the LIBOR Rate is unavailable for any
reason, the Base Rate.

Alternative Rate Allocation: As defined in Section 3.3.

Amortization Event: Any of the events described in Section 10.2.

Applicable Margin: As defined in the Fee Letter.

Bank: SunTrust Bank, a Georgia banking corporation.

Bankruptcy Code: The United States Bankruptcy Reform Act of 1978, (11 U.S.C.
Section 101, et seq.) as amended.

Base Rate: On any date, a fluctuating rate of interest per annum equal to the
higher of (i) the Prime Rate and (ii) the Federal Funds Rate most recently
determined by Bank plus 0.50%.

Borrower: As defined in the Preamble.

Borrowing Base: At any time an amount equal to (i) the Advance Rate times (ii)
an amount equal to (a) the Aggregate Unpaid Balance at such time, minus (b) the
sum of (I) the aggregate Excess Concentration Amount for all Obligors at such
time and (II) the amount by which the aggregate of the Unpaid Balance of all
Eligible Receivables with payment terms that exceed 65 days form the date of
creation of such Receivables exceeds 20% of the Aggregate Unpaid Balance.

                                       2

<PAGE>

Borrowing Base Certificate: As defined in Section 7.1(m).

Borrowing Base Deficit: An amount equal to the excess of (i) the aggregate
principal amount of all outstanding Loans under the Lender Note over (ii) the
sum of the Borrowing Base plus all Collections on deposit in the Collection
Account.

Borrowing Request: As defined in Section 2.2.

Business Day: Any day on which (i) Bank is not authorized or required to be
closed for business in Atlanta, Georgia and (ii) commercial banks in New York
City are not authorized or required to be closed and, in the case of a Rate
Setting Day, banks are open for business in London, England.

Charge-Off: Any Receivable not previously deemed a Defaulted Receivable that is
written off by Servicer or should, in accordance with the Collection Policy, be
written off.

Closing Date: The date of the first Loan hereunder.

Code: The Internal Revenue Code of 1986, as amended, or any successor statute
thereto, including the regulations promulgated thereunder.

Collateral: As defined in Section 5.1(a)(iv).

Collateral Review: As defined in Section 9.1(e)(v).

Collection Account: That certain bank account numbered 7021693416 maintained
with SunTrust Bank, which is identified as "Central Receivables Collection
Account", in the Borrower's name and pledged, on a first-priority basis, to the
Administrator pursuant to Section 5.1(a).

Collection Account Agreement: Any agreement by and among Borrower, Servicer,
Originator, Administrator and a Collection Account Bank, in substantially the
form attached hereto as Exhibit E or such other form approved by Administrator,
specifying the rights of Lender and Administrator in the Collection Account or
Depository Account, as the case may be. Collection Account Bank: SunTrust Bank
or any bank holding the Depository Account. Collection Policy: Those collection
and credit policies of Originator with respect to Receivables, as amended from
time to time in accordance with this Agreement.

Collections: (i) All payments received in respect of the Receivables, in the
form of cash, checks, wire transfers, ACH transfers or any other form of payment
in accordance with the terms of a Receivable or otherwise, (ii) all proceeds
from the sale or other disposition of any collateral securing a Receivable,
(iii) any repurchase amounts, (iv) any insurance proceeds or sales tax refund
payments received in respect of a Receivable and (v) any indemnification,
recourse payments or other amounts payable to Borrower or Originator in respect
of a Receivable pursuant to this Agreement, the Receivables Purchase Agreement
or otherwise.

                                       3

<PAGE>

Commercial Paper Notes: Short-term promissory notes issued by Lender to fund its
Loans or investments in receivables or other financial assets.

Commercial Paper Rate: For any day during any Interest Period, the per annum
rate equivalent to the sum of (i) the weighted average of the per annum rates
paid or payable by TPFC from time to time as interest on or otherwise in respect
of the Commercial Paper Notes issued by TPFC that are allocated, in whole or in
part, by Administrator (on behalf of TPFC) to fund or maintain the advances
outstanding under the Lender Note, and (ii) the commissions and charges charged
by placement agents and commercial paper dealers with respect to such Commercial
Paper Notes.

Commitment Termination Date: The earliest to occur of (i) the Scheduled
Commitment Termination Date, (ii) the date of any termination of Lender's
Commitment pursuant to Section 2.5, (iii) the date of any termination of
Lender's Commitment, in whole, by Borrower pursuant to Section 2.6, and (iv) the
effective date on which Lender's Commitment is terminated pursuant to Section
10.3.

Concentration Limit: (i) For any Obligor that is not a Special Obligor and (A)
whose short term unsecured debt rating is greater than or equal to both A-3 by
S&P and P-3 by Moody's, or (B) in the absence of short term unsecured debt
ratings by both Rating Agencies, whose long term unsecured debt rating is
greater than or equal to both BBB- by S&P and Baa3 by Moody's, 5% of the
Aggregate Unpaid Balance; and (ii) for any other Obligor that is not a Special
Obligor, 2% of the Aggregate Unpaid Balance. The Concentration Limit for the
Special Obligor shall be 10% of the Aggregate Unpaid Balance, or if the long
term unsecured debt rating of the Special Obligor shall be less than or equal to
BBB- by S&P and Baa3 by Moody's, 5% of the Aggregate Unpaid Balance.

Consolidated Net Income: For any period, the net after tax income (or loss) of
Central Nevada and its Subsidiaries determined on a consolidated basis in
accordance with GAAP.

Contract: Either a written agreement between Originator and a Person, or an
invoice delivered to a Person by Originator, pursuant to which such Person is
obligated to pay Originator for services or merchandise.

Central Nevada: As defined in the Preamble.

Central Receivables: As defined in the Preamble.

Central Texas: Central Freight Lines, Inc., a Texas corporation.

Covered Taxes: As defined in Section 6.3(a).

CP Allocation: As defined in Section 3.3.

Credit Advance: A drawing under a letter of credit issued pursuant to a Credit
Agreement for the account of Lender, a loan to Lender under a Credit Agreement
or any other advance or disbursement of funds to Lender or for Lender's account
pursuant to a Credit Agreement or any such letter of credit, in each case to the
extent such drawing, loan, advance or disbursement has not been repaid or
reimbursed to Credit Bank in accordance with the related Credit Agreement.

                                       4

<PAGE>

Credit Agreement: Includes any program-wide agreement entered into by any Credit
Bank providing for the issuance of one or more letters of credit for the account
of Lender, the issuance of one or more surety bonds for which Lender is
obligated to reimburse the applicable Credit Bank for any drawings hereunder,
the sale by Lender to any Credit Bank of receivables or other financial assets
owned or held by Lender (or portions thereof) and/or the making of loans and/or
other extensions of credit to Lender in connection with its commercial paper
program, together with any cash collateral agreement, letter of credit, surety
bond or other agreement or instrument executed and delivered in connection
therewith (but excluding the Liquidity Agreement, or similar agreement, or any
voluntary advance agreement).

Credit Bank: Includes Bank and any other or additional bank or other Person
(other than Borrower or other customer of Lender or any liquidity provider as
such) now or hereafter extending credit or a purchase commitment to or for the
account of Lender or issuing a letter of credit, surety bond or other
instrument, in each case to support any obligations arising under or in
connection with Lender's commercial paper program.

Credit Sales: For any Due Period, the aggregate amount of all trade receivables
with credit terms of any kind originated by the Originator during such Due
Period.

Days Sales Outstanding Ratio or DSO Ratio: For any Due Period, the ratio
computed as of the last day of such Due Period by dividing (i) 360 by (ii) the
Accounts Receivable Turnover Ratio for such Due Period.

Debt: Of any Person means, without duplication, (i) all indebtedness of such
Person for borrowed money, (ii) all indebtedness of such Person for the deferred
purchase price of property or services (other than property and services
purchased, and expense accruals and deferred compensation items arising, in the
ordinary course of business), (iii) all obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments (other than performance,
surety and appeal bonds arising in the ordinary course of business), (iv) all
indebtedness of such Person created or arising under any conditional sale or
other title retention agreement with respect to property acquired by such Person
(even though the rights and remedies of the seller or lender under such
agreement in the event of default are limi ted to repossession or sale of such
property), (v) all obligations of such Person under leases which have been or
should be, in accordance with GAAP, recorded as capital leases, to the extent
required to be so recorded, (vi) all reimbursement, payment or similar
obligations of such Person, contingent or otherwise, under acceptance, letter of
credit or similar facilities (other than letters of credit in support of trade
obligations or in connection with workers' compensation, unemployment insurance,
old-age pensions and other social security benefits in the ordinary course of
business), (vii) all net obligations of such Person in respect of interest rate
swap, cap, collar, swaption, option or similar agreements, (viii) all
obligations arising in connection with a sale or other transfer of any of such
Person's financial assets which are, or are intended to be, classified as loans
for federal tax purposes, (A) all Debt referred to in clauses (i) through (vii)
above guaranteed directly or indirectly by such Person, or in effect guaranteed
directly or indirectly by such Person through an agreement to pay or purchase
such Debt or to advance or supply funds for the payment or purchase of such
Debt, (B) to purchase, sell or lease (as lessee or lessor) property, or to
purchase or sell services, primarily for the purpose of enabling the debtor to
make payment of such Debt or to assure the holder of such Debt against loss in
respect of such Debt, (C) to supply funds to or

                                       5

<PAGE>

in any other manner invest in the debtor (including any agreement to pay for
property or services irrespective of whether such property is received or such
services are rendered) or (D) otherwise to assure a creditor against loss in
respect of such Debt, and (ix) all Debt referred to in clauses (i) through
(viii) above secured by (or for which the holder of such Debt has an existing
right, contingent or otherwise, to be secured by) any lien, security interest or
other charge or encumbrance upon or in property (including, without limitation,
accounts and contract rights) owned by such Person, even though such Person has
not assumed or become liable for the payment of such Debt.

Default Rate: As defined in Section 3.1(ii).

Default Ratio: With respect to any Due Period, the ratio (expressed as a
percentage) computed as of the last day of such Due Period, by dividing (i) the
sum of (without double counting) (A) the Unpaid Balance of Receivables that
became Defaulted Receivables during such Due Period and (B) the Unpaid Balance
of Receivables that became Charge-Offs during such Due Period by (ii) Sales for
the Due Period four (4) Due Periods prior to such Due Period.

Defaulted Receivable: Any Receivable (i) which has been, or should have been,
written off as uncollectible by the Servicer in accordance with the Collection
Policy, (ii) as to which, at the end of any Due Period, any payment, or part
thereof, remains unpaid for 91 days or more past the due date for such payment,
determined by reference to the original contractual payment terms of such
Receivable or (iii) as to which the Obligor thereon has suffered an Event of
Bankruptcy.

Delinquency Ratio: With respect to any Due Period, the ratio (expressed as a
percentage) computed as of the last day of such Due Period, by dividing (i) the
Unpaid Balance of Receivables which are Delinquent Receivables as of the last
day of such Due Period by (ii) an amount equal to the Aggregate Unpaid Balance
as of the last day of such Due Period, minus the aggregate Excess Concentration
Amount as of the last day of such Due Period.

Delinquent Receivables: A Receivable (other than a Defaulted Receivable) as to
which all or any part of a scheduled payment remains unpaid for 61 days or more
from the original due date for such payment.

Deposit Date: As defined in Section 11.2(d)(ii).

Depository Account: The account described on Schedule I, which is identified as
"Central Receivables Depository Account", in the Borrower's name and pledged, on
a first-priority basis, to the Administrator pursuant to Section 5.1(a).

Dilution Horizon Ratio: With respect to any Due Period, the ratio computed as of
the last day of such Due Period by dividing (i) the sum of (A) Sales for such
Due Period and (B) 61% of Sales for the immediately preceding Due Period by (ii)
an amount equal to the Aggregate Unpaid Balance as of the last day of such Due
Period, minus the aggregate Excess Concentration Amount as of the last day of
such Due Period.

Dilution Ratio: With respect to any Due Period, the ratio (expressed as a
percentage) computed as of the last day of such Due Period, by dividing (i)
Dilutions for such Due Period by (ii) Credit Sales for the Due Period one Due
Period prior to such Due Period.

                                       6

<PAGE>

Dilution Reserve: With respect to any Due Period the product of (i) the sum of
(A) the product of (1) the Stress Factor times (2) the Expected Dilution Ratio
plus (B) the product of (1) the positive difference, if any, between (x) the
Dilution Spike Rate less (y) the Expected Dilution Ratio times (2) a ratio
computed by dividing (A) the Dilution Spike Rate by (B) the Expected Dilution
Ratio times (ii) the Dilution Horizon Ratio.

Dilutions: With respect to any Due Period, the aggregate amount of returns,
allowances, net credits, and any other non-cash reductions to the Sales that
occurred or were made, granted or incurred during such Due Period.

Dilution Spike Rate: With respect to any Due Period, the highest Dilution Ratio
over the most recent thirteen (13) Due Periods.

Distribution Date: The 20th day of each calendar month (beginning in the month
immediately following the month in which the initial Loan is made hereunder) or,
if such day is not a Business Day, the Business Day immediately thereafter.

Documents: All documentation relating to the Receivables including, without
limitation, the Contracts, billing statements and computer records and programs.

Dollar(s) and the sign $: Lawful money of the United States of America.

Due Period: Each Fiscal Period.

Eligible Receivables: Each Receivable:

         (i) that was created in compliance with the Collection Policy in the
         regular and ordinary course of the business of Originator;

         (ii) that was created pursuant to a Contract that complies with
Originator's standard administration and documentation policies and procedures;

         (iii) as to which Administrator (on behalf of the Secured Parties) has
         a valid and enforceable first priority security interest;

         (iv) which (A) on the date such Receivable is calculated in the
Borrowing Base, is not a Delinquent Receivable or (B) is not a Defaulted
Receivable;

         (v) as to which, at the time of the sale of such Receivable to
         Borrower, Originator was the sole owner thereof and had good and
         marketable title thereto, free and clear of all Liens and Adverse
         Claims, and which was sold or contributed to Borrower pursuant to the
         Receivables Purchase Agreement;

         (vi) that is not an obligation of the government of the United States
         or any Governmental Authority;

         (vii) the assignment of which by Originator to Borrower pursuant to the
Receivables Purchase Agreement does not contravene or conflict with any law,
rule or regulation or any

                                       7

<PAGE>

contractual or other restriction, limitation or encumbrance, and the sale or
assignment of which does not require the consent of the Obligor thereof;

         (viii) which is denominated and payable in Dollars and is only payable
in the United States of America;

         (ix) the Obligor of which is a United States resident;

         (x) the Obligor of which is not an Affiliate of Originator or a
Governmental Authority;

         (xi) that arises under a Contract which has been duly authorized and
which, together with such Receivable, is in full force and effect and such
Contract, together with such Receivable, constitutes the legal, valid and
binding payment obligation of the Obligor with respect thereto, enforceable
against such Obligor in accordance with its terms and is not subject to any
right of rescission, setoff, counterclaim or defense (including the defense of
usury) or to any repurchase obligation or return right;

         (xii) that does not, in any material respect, contravene any applicable
requirement of law (including without limitation all laws, rules and regulations
relating to truth in lending, fair credit billing, fair credit reporting, fair
debt collection practices and privacy) and which complies, in all material
respects, with all applicable requirements of law and with respect to which all
consents, licenses, approvals or authorizations of, or registrations or
declarations with, any governmental authority required to be obtained, effected
or given by Originator in connection with the creation or the execution,
delivery and performance of such Receivable, have been duly obtained, effected
or given and are in full force and effect;

         (xiii) that complies with all applicable requirements of the Collection
Policy;

         (xiv) as to which each of Borrower's and Administrator's (for the
benefit of the Secured Parties) first priority security interest in such
Receivable has been perfected under the applicable UCC and other applicable
laws;

         (xv) as to which the Servicer or Originator is in possession of the
related Receivable File;

         (xvi) which provides for repayment in full of the Unpaid Balance
thereof within 30 days of the date of the creation thereof and for which the
payment thereof is not in dispute; provided, however, that up to 20% of
Aggregate Unpaid Balance may provide for payment terms within 65 days of the
date of the creation thereof;

         (xvii) the terms of which have not been modified or waived except as
permitted under the Collection Policy and this Agreement; and

         (xviii) which constitutes an "account" or "chattel paper" under and as
defined in Article 9 of the UCC of all applicable jurisdictions.

                                       8

<PAGE>

ERISA: The Employee Retirement Income Security Act of 1974, as it may be amended
from time to time and the regulations promulgated thereunder.

Event of Bankruptcy: Shall be deemed to have occurred with respect to a Person
if either:

         (i) a case or other proceeding shall be commenced, without the
application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all
or substantially all of its assets, or any similar action with respect to such
Person under any law relating to bankruptcy, insolvency, reorganization, winding
up or composition or adjustment of debts; or an order for relief in respect of
such Person shall be entered in an involuntary case under the federal bankruptcy
laws or other similar laws now or hereafter in effect; or

         (ii) such Person shall commence a voluntary case or other proceeding
under any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar law now or hereafter in effect, or shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) for such Person or
for any substantial part of its property, or shall make any general assignment
for the benefit of creditors, or shall fail to, or admit in writing its
inability to, pay its debts generally as they become due, or, if a corporation
or similar entity, its board of directors shall vote to implement any of the
foregoing.

Event of Default: Any of the events described in Section 10.1.

Excess Concentration Amount: At any time with respect to any Obligor, the
amount, if any, by which the aggregate Unpaid Balance of all Receivables of such
Obligor exceeds the Concentration Limit for such Obligor, in each case, at such
time.

Expected Dilution Ratio: With respect to any Due Period, the rolling thirteen
(13) Due Period average Dilution Ratio for the most recently ended thirteen (13)
Due Periods.

Face Amount: With respect to outstanding Commercial Paper Notes or Voluntary
Advance Loans, (i) the face amount of any such Commercial Paper Notes issued on
a discount basis, and (ii) the principal amount of, plus the amount of all
interest accrued and to accrue thereon to the stated maturity date of, any such
Commercial Paper Notes issued on an interest-bearing basis or any such Voluntary
Advance Loans.

Facility Limit: As defined in Section 2.1.

Federal Funds Rate: For any period, a fluctuating interest rate equal for each
day during such period to the weighted average of the federal funds rates as
quoted by Bank and confirmed in the Federal Reserve Board Statistical Release as
H.15(519), or any successor or substitute publication selected by Bank (or, if
such day is not a Business Day, for the next preceding Business Day), or if, for
any reason, such rate is not available on any day, the rate determined in the
sale opinion of Bank, to be the rate at which federal funds are being offered
for sale in the national federal funds market at 9:00 a.m. (New York time).

                                       9

<PAGE>

Federal Reserve Board: The Board of Governors of the Federal Reserve System and
any successor thereto.

Fee Letter: As defined in Section 3.4.

Fees: All fees and other amounts payable by Borrower to Administrator or Lender
pursuant to the Fee Letter.

Fiscal Period: Each fiscal period of Central Nevada and its Subsidiaries ending
on the date specified in Schedule VII hereto, as such schedule may be updated
from time to time in accordance with Section 9.1(e)(vi); provided, however that
there shall be thirteen (13) Fiscal Periods in each Fiscal Year.

Fiscal Year: Each calendar year.

GAAP: Generally accepted United States accounting principles as in effect from
time to time.

Governmental Authority: The United States of America, any state or other
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

Indemnified Amounts: As defined in Section 14.1.

Indemnified Party: As defined in Section 14.1.

Initial Purchase Date: The first Purchase Date to occur under the Receivables
Purchase Agreement.

Interest Period: With respect to any Loan: (i) the period commencing on the date
of the initial funding of such Loan and ending on, but excluding, the day
immediately preceding the next following Distribution Date; and (ii) thereafter,
each period commencing on, and including, the day immediately preceding a
Distribution Date and ending on, but excluding, the day immediately preceding
the next following Distribution Date; provided, however, that if any Interest
Period for any Loan that commences before the Commitment Termination Date would
otherwise end on a date occurring after such Commitment Termination Date, such
Interest Period shall end on such Commitment Termination Date and the duration
of each such Interest Period that commences on or after the Commitment
Termination Date, if any, shall be of such duration as shall be selected by
Administrator.

IRS: The Internal Revenue Service.

Lender: As defined in the Preamble.

Lender Note: As defined in Section 2.7.

Lender's Commitment: As defined in Section 2.1.

                                       10

<PAGE>

Liabilities: With respect to any Person, all obligations of such Person which
would, in accordance with GAAP, be classified on a balance sheet as liabilities,
including, without limitation, (i) Debt secured by Liens against property of
such Person whether or not such Person is liable for the payment thereof and
(ii) deferred liabilities.

LIBOR Rate: For any Interest Period, the rate per annum, determined by Bank, on
the Rate Setting Day of such Interest Period on the basis of the offered rates
shown on Telerate Page 3750 or any successor page as the composite offered rate
for London interbank deposits for one month, as shown under the heading "USD" as
of 11:00 a.m. (London time); provided that in the event no such rate is shown,
the LIBOR Rate shall be the rate per annum (rounded upwards, if necessary, to
the nearest 1/16th of one percent), determined by Bank, based on the offered
rates at which Dollar deposits for one month are displayed on the Reuters Screen
as of 11:00 a.m. (London time) on the Rate Setting Day (it being understood that
if at least two such offered rates appear on such page, the rate will be the
arithmetic mean of such displayed rates); provided further, that in the event
fewer than two such rates are displayed, or if no such offered rate is relevant,
the LIBOR Rate shall be the rate per annum, determined by Bank, equal to the
average of the rates at which deposits in Dollars are offered by Administrator
at approximately 11:00 a.m. (London time) on the Rate Setting Day to prime banks
in the London interbank market for a one month.

Lien: Any mortgage, pledge, assignment, lien, security interest or other charge
or encumbrance of any kind, including the retained security title of a
conditional vendor or a lessor.

Liquidity Agreement: Includes (i) the Liquidity Asset Purchase Agreement
(regarding Central Receivables), dated as of April 30, 2002, among Lender, as
borrower, Bank, as liquidity agent for the Liquidity Banks, SunTrust Capital
Markets, Inc., as administrator for Lender, and the Liquidity Banks, and (ii)
any other agreement hereafter entered into by Lender providing for the sale by
Lender of Loans (or portions thereof), or the making of loans or other
extensions of credit to Lender secured by security interests in the Loans (or
portions thereof), to support all or part of Lender's payment obligations under
the Commercial Paper Notes or to provide an alternate means of funding Lender's
investments in accounts receivable or other financial assets, in each case as
amended, supplemented or otherwise modified from time to time.

Liquidity Bank: Includes Bank and the various financial institutions as are, or
may become, parties to the Liquidity Agreement, as purchasers thereunder.

Loan: Any amount disbursed as principal by Lender to Borrower under this
Agreement.

LockBox: As defined in Section 11.2(c).

Loss Horizon Ratio: With respect to any Due Period, the ratio computed as of the
last day of such Due Period by dividing (i) the sum of (A) Sales for such Due
Period plus (B) Sales for the immediately preceding Due Period, plus (C) Sales
for the second (2nd) immediately preceding Due Period, plus (D) 71% of Sales for
the third (3rd) immediately preceding Due Period, by (ii) an amount equal to the
Aggregate Unpaid Balance as of the last day of such Due Period, minus the
aggregate Excess Concentration Amount for all Obligors as of the last day of
such Due Period.

                                       11

<PAGE>

Loss Ratio: With respect to any Due Period, the highest rolling three (3) Due
Period average Default Ratio over the most recent thirteen (12) Due Periods.

Loss Reserve: With respect to any Due Period, the product of (i) the Loss Ratio,
(ii) the Loss Horizon Ratio and (iii) the Stress Factor.

Mail Payments: As defined in Section 11.2(iii) hereof.

Material Adverse Effect: With respect to any event or circumstance, a material
adverse effect on: (i) the business, assets, financial condition or operations
of Borrower, Originator or Servicer; (ii) the ability of Servicer, Originator or
Borrower to perform their respective obligations under this Agreement or any
other Transaction Document; (iii) the validity, enforceability or collectibility
of this Agreement or any other Transaction Document; (iv) the existence,
perfection or priority of (A) Administrator's (for the benefit of the Secured
Parties) security interest in the Collateral, or (B) Borrower's ownership
interest in the Receivables; (v) the validity, enforceability or collectibility
of the Receivables; or (vi) the ability of the Originator to generate
Receivables of a credit quality at least equal to those existing on the Closing
Date.

Moody's: Moody's Investors Service, Inc.

Net Worth: As of any date, (a) the total assets of Central Nevada that would be
reflected on Central Nevada's balance sheet as of such date prepared in
accordance with GAAP, minus (b) the sum of (i) the total liabilities of Central
Nevada that would be reflected on Central Nevada's balance sheet as of such date
prepared in accordance with GAAP and (ii) the amount of any write-up in the book
value of any assets resulting from a revaluation thereof or any write-up in
excess of the cost of such assets acquired reflected on the balance sheet of
Central Nevada as of such date prepared in accordance with GAAP.

Obligations: All obligations (monetary or otherwise) of Borrower to Lender,
Administrator, any Affected Party or any Indemnified Party and their respective
successors, permitted transferees and assigns arising under or in connection
with this Agreement, the Lender Note and each other Transaction Document, in
each case however created, arising or evidenced, whether direct or indirect,
absolute or contingent, now or hereafter existing, or due or to become due.

Obligor: With respect to any Receivable, the Person or Persons obligated to make
payments with respect to such Receivable, including any guarantor thereof.

Originator: Central Texas, in its capacity as originator under the Receivables
Purchase Agreement.

Originator Note: Collectively, (i) the subordinated promissory note dated as of
the initial Purchase Date issued by Borrower to Central Texas pursuant to the
Receivables Purchase Agreement and (ii) any other promissory notes subsequently
issued by Borrower to Central Texas pursuant to the Receivables Purchase
Agreement, which promissory notes in each case shall be in the form of Exhibit G
hereto.

Originator Payables: (i) the obligation of Originator to make a payment,
pursuant to Section 2.4 of the Receivables Purchase Agreement, for any
Receivable that was represented to be an

                                       12

<PAGE>

Eligible Receivables was not an Eligible Receivable on the date such Receivable
was sold by Originator to Borrower, and (ii) all other amounts owed by
Originator to Borrower from time to time pursuant to this Agreement or the
Receivables Purchase Agreement.

Period End Date: The last day of each Fiscal Period.

Period Report: As defined in Section 9.1(e)(ii).

Permitted Investments: At any time:

         (i) marketable obligations issued by, or the full and timely payment of
which is directly and fully guaranteed or insured by, the United States
government or any other government with an equivalent rating, or any agency or
instrumentality thereof when such marketable obligations are backed by the full
faith and credit of the United States government or such other equivalently
rated government, as the case may be, but excluding any securities which are
derivatives of such obligations;

         (ii) time deposits, bankers' acceptances and certificates of deposit of
any domestic commercial bank or any United States branch or agency of a foreign
commercial bank which (A) has capital, surplus and undivided profits in excess
of $100,000,000 and which has a commercial paper or certificate of deposit
rating meeting the requirements specified in clause (iii) below (or equivalent
rating from the Rating Agencies) or (B) is set forth in a list (which may be
updated from time to time) (1) approved by Administrator and (2) with respect to
which a written statement has been obtained from each of the Rating Agencies to
the effect that the rating of the Commercial Paper Notes will not be downgraded
or withdrawn solely as a result of the acquisition of such investments;

         (iii) commercial paper which is (A) rated at least as high as the
Commercial Paper Notes by the Rating Agencies, or (B) set forth in a list (which
may be updated from time to time) (1) approved by Administrator and (2) with
respect to which a written statement has been obtained from each of the Rating
Agencies to the effect that the rating of the Commercial Paper Notes will not be
downgraded or withdrawn solely as a result of the acquisition of such
investments;

         (iv) secured repurchase obligations for underlying securities of the
types described in clauses (i) and (ii) above entered into with any bank of the
type described in clause (ii) above; and

         (v) freely redeemable shares in money market funds which invest solely
in obligations, bankers' acceptances, time deposits, certificates of deposit,
repurchase agreements and commercial paper of the types described in clause (i)
through (iv) above, without regard to the limitations as to the maturity of such
obligations, bankers' acceptances, time deposits, certificates of deposit,
repurchase agreements or commercial paper set forth below, which are rated at
least "AAm" or "AAmg" or their equivalent by both Rating Agencies, provided that
there is no r-highlighter affixed to such rating.

                                       13

<PAGE>

Person: An individual, partnership, limited liability company, corporation
(including a business trust), joint stock company, trust, unincorporated
association, joint venture, government or any agency or political subdivision
thereof or any other entity.

Prime Rate: As of any date of determination, the rate of interest most recently
announced by Bank at its principal office in Atlanta, Georgia as its prime rate
in the United States (it being understood that at any one time there shall exist
only one such prime rate so announced, which rate is not necessarily intended to
be the lowest rate of interest determined by Bank in connection with extensions
of credit).

Program Documents: The Liquidity Agreement, the Credit Agreement, the Voluntary
Advance Agreement, the documents under which Administrator performs its
obligations with respect to Lender's commercial paper program and the other
documents to be executed and delivered in connection therewith, as amended,
supplemented or otherwise modified from time to time.

Purchase Date: As defined in the Receivables Purchase Agreement.

Rate Setting Day: For any Interest Period, two (2) Business Days prior to the
commencement of such Interest Period. In the event such day is not a Business
Day, then the Rate Setting Day shall be the immediately preceding Business Day.

Rating Agencies: S&P and Moody's.

Receivable: With respect to any Obligor, the indebtedness of such Obligor under
a Contract arising from the rendering of services by Originator, and includes
the right to payment of any interest, finance, returned check or late charges
and other obligations of such Obligor with respect thereto.

Receivable File: With respect to a Receivable, (i) the Contract giving rise to
the Receivable and other evidences of the Receivable including, without
limitation, tapes, discs, punch cards and related property and rights and (ii)
each UCC financing statement related thereto, if any.

Receivables Purchase Agreement: The Receivables Purchase Agreement, dated as of
April 30, 2002, by and between Central Texas and Borrower, as such Receivables
Purchase Agreement may be amended, supplemented or otherwise modified from time
to time with the prior written consent of Administrator.

Regulatory Change: Relative to any Affected Party: (i) any change in (or the
adoption, implementation, change in the phase-in or commencement of
effectiveness of) any: (A) United States Federal or state law or foreign law
applicable to such Affected Party, (B) regulation, interpretation, directive,
requirement or request (whether or not having the force of law) applicable to
such Affected Party of (1) any court or government authority charged with the
interpretation or administration of any law referred to in clause (i)(A), or of
(2) any fiscal, monetary or other authority having jurisdiction over such
Affected Party, or (C) GAAP or regulatory accounting principles applicable to
such Affected Party and affecting the application to such Affected Party of any
law, regulation, interpretation, directive, requirement or request referred to
in clause (i)(A) or (i)(B) above; (ii) any change in the application to such
Affected Party of any existing law, regulation, interpretation, directive,
requirement, request or accounting

                                       14

<PAGE>

principles referred to in clause (i)(A), (i)(B) or (i)(C) above; or (iii) the
issuance, publication or release of any regulation, interpretation, directive,
requirement or request of a type described in clause (i)(B) above to the effect
that the obligations of any Liquidity Bank under the Liquidity Agreement are not
entitled to be included in the zero percent category of off-balance sheet assets
for purposes of any risk-weighted capital guidelines applicable to such
Liquidity Bank or any related Affected Party.

Related Security: With respect to any Receivable, (i) all right, title and
interest, but none of the obligations, of Originator, in, to and under other
Liens and property subject to Liens from time to time purporting to secure
payment of such Receivable, whether pursuant to the Contract related to such
Receivable or otherwise, (ii) all UCC Financing Statements or similar
instruments covering any collateral securing payment of such Receivable, (iii)
all guaranties, indemnities, insurance and other agreements (including the
related Receivable File) or arrangement and other collateral of whatever
character from time to time supporting or securing payment of such Receivable,
whether pursuant to the Contract relating to such Receivable or otherwise
relating to such Receivable and (iv) all other instruments and all rights under
the documents in the Receivable File relating to such Receivables and all rights
(but not obligations) relating to such Receivables.

Reporting Date: As defined in Section 9.1(e)(ii).

Requirements of Law: For any Person or any of its property shall mean the
certificate of incorporation or articles of association and by-laws or other
organizational or governing documents of such Person or any of its property, and
any statute, law, treaty, rule or regulation, or determination of an arbitrator
or Governmental Authority, in each case applicable to or binding upon such
Person or any of its property or businesses or to which such Person or any of
its property or businesses is subject, whether federal, state or local.

Reserve Floor: For any Due Period, 19.85%.

Reserve Percentage: The percentage equal to the greater of (i) the sum of (A)
the Loss Reserve, (B) the Dilution Reserve, (C) the Yield Reserve, and (D) the
Servicing Reserve and (ii) the Reserve Floor.

Reuters Screen: The display page designated as "LIBO" on the Reuter Monitor
Money Rates Service (or such other page as may replace that page on that service
for the purpose of displaying rates comparable to the LIBOR Rate).

Sales: For any Due Period, the aggregate amount of sales generated by Originator
during such Due Period.

S&P: Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

Scheduled Commitment Termination Date: April 30, 2004.

Secured Obligations: As defined in Section 5.1(b).

                                       15

<PAGE>

Secured Parties: The holders from time to time of the Secured Obligations
including, without limitation, Lender and Administrator.

Servicer: Central Nevada, or its successor in interest, or any successor
Servicer appointed as provided in Section 11.5.

Servicer Event of Default: As defined in Section 11.7.

Servicing Fee: As to any Due Period, the monthly fee payable to Servicer, which,
so long as Central Nevada is Servicer, shall be equal to the Servicing Fee Rate
divided by 12 multiplied by the aggregate Unpaid Balance of the Receivables at
the beginning of such Due Period. The Servicing Fee for any successor Servicer
shall be equal to the fee reasonably agreed to by Administrator and such
successor.

Servicing Fee Rate: 1.80%.

Servicing Reserve: With respect to any Due Period, the product of (i) the
highest Days Sales Outstanding Ratio during the most recent thirteen (13) Due
Periods, (ii) the Stress Factor, (iii) 2.40% and (iv) 1/360.

Significant Event: Any Amortization Event.

Solvent: With respect to any Person that as of the date of determination both
(i) (A) the then fair saleable value of the property of such Person is (1)
greater than the total amount of liabilities (including contingent liabilities)
of such Person and (2) not less than the amount that will be required to pay the
probable liabilities on such Person's then existing debts as they become
absolute and matured considering all financing alternatives and potential asset
sales reasonably available to such Person; (B) such Person's capital is not
unreasonably small in relation to its business or any contemplated or undertaken
transaction; and (C) such Person does not intend to incur, or believe (nor
should it reasonably believe) that it will incur, debts beyond its ability to
pay such debts as they become due; and (ii) such Person is "solvent" within the
meaning given that term and similar terms under applicable laws relating to
fraudulent transfers and conveyances. For purposes of this definition, the
amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or
matured liability.

Special Obligor: Dell Computer Corporation.

Stated Maturity Date: April 30, 2004; provided, however, that such date may be
accelerated pursuant to Section 10.3.

Stress Factor: 2.0.

Subsidiary: With respect to any Person, a corporation of which such Person
and/or its other Subsidiaries own, directly or indirectly, such number of
outstanding shares as have more than 50% of the ordinary voting power for the
election of directors.

                                       16

<PAGE>

Support Provider: Includes any entity now or hereafter extending credit or
liquidity support or having a commitment to extend credit or liquidity support
to or for the account of, or to make loans to or purchases from, Lender or
issuing a letter of credit, surety bond or other instrument to support any
obligations arising under or in connection with the commercial paper program of
Lender.

Telerate Page 3750: The display designated as "Page 3750" on the Telerate
Service (or such other page as may replace "Page 3750" on that service or
another service as may be nominated by the British Bankers' Association as the
information vendor for the purpose of displaying British Bankers' Association
Interest Settlement Rate for Dollars).

Transaction Documents: This Agreement, the Receivables Purchase Agreement, the
Lender Note, the Fee Letter, the Originator Note and the other instruments,
certificates, agreements, reports and documents to be executed and delivered
under or in connection with this Agreement or the Receivables Purchase Agreement
(except the Program Documents), as any of the foregoing may be amended,
supplemented, amended and restated, or otherwise modified from time to time in
accordance with this Agreement and the Receivables Purchase Agreement. Each such
document is a Transaction Document.

UCC: The Uniform Commercial Code as from time to time in effect in the
applicable jurisdiction or jurisdictions.

Unmatured Significant Event: Any event that, if it continues uncured, will, with
lapse of time or notice or lapse of time and notice, constitute a Significant
Event.

Unpaid Balance: With respect to any Receivable the aggregate amount required to
prepay in full the principal of, and all interest, finance, prepayment and
other fees or charges of any kind payable in respect of, such Receivable.

Voluntary Advance Agreement: The Voluntary Advance Agreement, dated as of March
11, 1999, among Lender, Administrator and Bank, as it may be amended,
supplemented or otherwise modified from time to time.

Voluntary Advance Loan: Each advance made pursuant to the Voluntary Advance
Agreement.

Yield Reserve: With respect to any Due Period, the product of (i) the highest
Days Sales Outstanding Ratio during the most recent thirteen (13) Due Periods,
(ii) the Stress Factor, (iii) the Prime Rate as in effect on the last day of
such Due Period and (iv) 1/360.

         SECTION 1.2 OTHER DEFINITIONAL PROVISIONS.

         (a) Unless otherwise specified therein, all terms defined in this
Agreement have the meanings as so defined herein when used in the Lender Note or
any other Transaction Document, certificate, report or other document made or
delivered pursuant hereto.

         (b) Each term defined in the singular form in Section 1.1 or elsewhere
in this Agreement shall mean the plural thereof when the plural form of such
term is used in this Agreement, the Lender Note or any other Transaction
Document, certificate, report or other

                                       17

<PAGE>

document made or delivered pursuant hereto, and each term defined in the plural
form in Section 1.1 shall mean the singular thereof when the singular form of
such term is used herein or therein.

         (c) The words "hereof," "herein," "hereunder" and similar terms when
used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and article, section, subsection,
schedule and exhibit references herein are references to articles, sections,
subsections, schedules and exhibits to this Agreement unless otherwise
specified.

         SECTION 1.3 OTHER TERMS.

         All accounting terms not specifically defined herein shall be construed
in accordance with GAAP. All terms used in Article 9 of the UCC and not
specifically defined herein, are used herein as defined in such Article 9.

         SECTION 1.4 COMPUTATION OF TIME PERIODS.

         Unless otherwise stated in this Agreement, in the computation of a
period of time from a specified date to a later specified date, the word "from"
means "from and including" and the words "to" and "until" each means "to but
excluding."

                                   ARTICLE II
          LENDER'S COMMITMENT, BORROWING PROCEDURES AND THE LENDER NOTE

         SECTION 2.1 LENDER'S COMMITMENT.

         On the terms and subject to the conditions set forth in this Agreement,
Lender agrees to make loans to Borrower on a revolving basis from time to time
(the "Lender's Commitment") before the Commitment Termination Date in such
amounts as may be from time to time requested by Borrower pursuant to Section
2.2; provided, however, that the aggregate principal amount of all Loans from
time to time outstanding hereunder shall not exceed the lesser of (i)
$40,000,000 (the "Facility Limit") and (ii) the Borrowing Base. Within the
limits of Lender's Commitment, Borrower may borrow, prepay and reborrow under
this Section 2.1.

         SECTION 2.2 BORROWING PROCEDURES.

         Borrower (or the Servicer on its behalf) may request a Loan hereunder
by giving notice to Administrator of a proposed borrowing not later than 2:00
p.m. (New York City time), two (2) Business Days prior to the proposed date of
such borrowing (or such lesser period of time as Lender may consent); provided
that Borrower shall not request, and Lender shall not make, Loans more than six
(6) times during any Due Period. Each such notice (herein called a "Borrowing
Request") shall be in the form of Exhibit A and shall include the date and
amount of such proposed borrowing. Any Borrowing Request given by Borrower (or
the Servicer on its behalf) pursuant to this Section 2.2 shall be irrevocable
and binding on Borrower.

                                       18

<PAGE>

         SECTION 2.3 FUNDING.

         Subject to the satisfaction of the conditions precedent set forth in
Article VII with respect to such Loan and the limitations set forth in Section
2.1, Lender shall make the proceeds of such requested Loan available to
Administrator at its office in Atlanta, Georgia in same day funds on the
proposed date of borrowing. Upon receipt by Administrator of such funds,
Administrator will make such funds available to Borrower at such office on such
date. Each borrowing shall be on a Business Day and shall be in an amount of at
least $1,000,000 and in integral multiples of $500,000.

         SECTION 2.4 REPRESENTATION AND WARRANTY.

         Each request for a borrowing pursuant to Section 2.2 shall
automatically constitute a representation and warranty by Borrower to
Administrator and Lender that on the requested date of such borrowing (i) the
representations and warranties contained in Article VIII will be true and
correct as of such requested date as though made on such date, (ii) no
Significant Event or Unmatured Significant Event has occurred and is continuing
or will result from such borrowing, and (iii) after giving effect to such
requested borrowing, the aggregate principal balance of the outstanding Loans
hereunder will not exceed the lesser of the Borrowing Base and the Facility
Limit.

         SECTION 2.5 EARLY TERMINATION OF LENDER'S COMMITMENT.

         Lender's Commitment shall terminate and Lender shall have no obligation
to make any further Loans (or to fund any increase in any existing Loan), on the
earliest date of termination of (i) the Liquidity Banks' commitments under the
Liquidity Agreement or (ii) the Credit Banks' commitments under the Credit
Agreement. Administrator agrees to use its reasonable efforts to give Borrower
at least 30 days' prior written notice of the termination of Lender's Commitment
pursuant to clause (i) or (ii) above.

         SECTION 2.6 VOLUNTARY TERMINATION OF LENDER'S COMMITMENT; REDUCTION OF
FACILITY LIMIT.

         Borrower may, in its sole discretion for any reason upon at least 10
days' notice to Administrator (with a copy to Lender), terminate Lender's
Commitment in whole, or, reduce in part the unused portion of the Facility
Limit; provided, however that (i) each such partial reduction will be in a
minimum amount of $5,000,000 or a higher integral multiple of $1,000,000 and
shall not reduce the Facility Limit below $25,000,000, (ii) in connection
therewith Borrower shall comply with Section 3.2(b) and Section 4.1(b) and (iii)
Borrower shall pay to the Lender, by wire transfer in immediately available
funds on the date of such reduction, a reduction fee equal to the product of (x)
0.75% and (y) the amount of the reduction in the Facility Limit.

         SECTION 2.7 NOTE.

         Each Loan from Lender shall be evidenced by a single promissory grid
note (herein, as amended, modified, extended or replaced from time to time,
called the "Lender Note") substantially in the form set forth in Exhibit B, with
appropriate insertions, payable to the order

                                       19

<PAGE>

of Lender. Borrower hereby irrevocably authorizes Administrator in connection
with the Lender Note to make (or cause to be made) appropriate notations on the
grid attached to the Lender Note (or on any continuation of such grid, or at
Administrator's option, in its records), which notations, if made, shall
evidence, inter alia, the date of, the outstanding principal of, and the
interest rate and Interest Period applicable to the Loans evidenced thereby.
Such notations shall be rebuttably presumptive evidence of the subject matter
thereof, absent manifest error; provided, however, that the failure to make any
such notations shall not limit or otherwise affect any Obligations of Borrower.

                                   ARTICLE III
                              INTEREST, FEES, ETC.

         SECTION 3.1 INTEREST RATES.

         Borrower hereby promises to pay interest on the unpaid principal amount
of each Loan (or each portion thereof) for the period commencing on the date of
such Loan until such Loan is paid in full, as follows:

         (a) At all times while the making or maintenance of such Loan (or the
applicable portion thereof) by Lender is funded by the issuance of Commercial
Paper Notes of Lender, during each Interest Period, at a rate per annum equal to
the sum of (i) the Commercial Paper Rate applicable to such Interest Period,
plus (ii) the Applicable Margin;

         (b) at all times while the making or maintenance of such Loan (or the
applicable portion thereof) by Lender is funded during each Interest Period
pursuant to the Liquidity Agreement or the Voluntary Advance Agreement, at a
rate per annum equal to the sum of (i) the Alternative Rate applicable to such
Interest Period, plus (ii) the Applicable Margin; and;

         (c) notwithstanding the provisions of the preceding clauses (a) and
(b), in the event that a Significant Event or an Unmatured Significant Event has
occurred and is continuing, at a rate per annum (the "Default Rate") equal to
the Base Rate applicable from time to time (but not less than the interest rate
in effect for such Loan as at the date of such Significant Event), plus a margin
of 3.00%.

         After the date any principal amount of any Loan is due and payable
(whether on the Stated Maturity Date, upon acceleration or otherwise) or after
any other monetary Obligation of Borrower arising under this Agreement shall
become due and payable, Borrower shall pay (to the extent permitted by law, if
in respect of any unpaid amounts representing interest) interest (after as well
as before judgment) on such amounts at a rate per annum equal to the Default
Rate. No provision of this Agreement or the Lender Note shall require the
payment or permit the collection of interest in excess of the maximum permitted
by applicable law.

         SECTION 3.2 INTEREST, PAYMENT DATES.

         Interest accrued on each Loan shall be payable, without duplication:

         (a) on the Stated Maturity Date;

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<PAGE>

         (b) on the date of any payment or prepayment, in whole or in part, of
         principal outstanding on such Loan;

         (c) on each Distribution Date prior to the Stated Maturity Date and
thereafter on the last day of each Interest Period; and

         (d) on that portion of any Loan the Stated Maturity Date of which is
accelerated pursuant to Section 10.3, immediately upon such acceleration.

         SECTION 3.3 INTEREST ALLOCATIONS.

         Administrator shall from time to time and in its sole discretion
determine whether interest in respect of the Loans then outstanding, or any
portion thereof, shall be calculated by reference to the Commercial Paper Rate
(such portion being herein called a "CP Allocation") or the Alternative Rate
(such portion being herein called an "Alternative Rate Allocation", and together
with a CP Allocation individually called an "Allocation", and collectively,
"Allocations"); provided, however, that, Administrator shall use its reasonable
efforts to allocate all or substantially all of the Loans from Lender to a CP
Allocation; provided further, however, that Administrator may determine, at any
time and in its sole discretion, that the Commercial Paper Rate is unavailable
or otherwise not desirable, in which case the Loans from Lender will be
allocated to an Alternative Rate Allocation (unless the Default Rate is in
effect).

         SECTION 3.4 FEES.

         Borrower agrees to pay Administrator and Lender certain fees in the
amounts and on the dates set forth in the letter agreement executed in
connection herewith between Borrower, Administrator and Lender (as the same may
be amended, supplemented or otherwise modified, the "Fee Letter").

         SECTION 3.5 COMPUTATION OF INTEREST AND FEES.

         All interest and fees shall be computed on the basis of the actual
number of days (including the first day but excluding the last day) occurring
during the period for which such interest or fee is payable over a year
comprised of 360 days.

                                   ARTICLE IV
             REPAYMENTS AND PREPAYMENTS; DISTRIBUTION OF COLLECTIONS

         SECTION 4.1 REPAYMENTS AND PREPAYMENTS.

         Borrower shall repay in full the unpaid principal amount of each Loan
on the Stated Maturity Date. Prior thereto, Borrower:

         (a) may, from time to time on any Business Day, make a prepayment, in
whole or in part, of the outstanding principal amount of any Loans; provided,
however, that, unless otherwise consented to by Administrator, all such
voluntary prepayments shall require at least two (2) Business Days' (or, in the
case of a voluntary prepayment of $10,000,000 or more, at least seven

                                       21

<PAGE>

(7) Business Days') prior written notice to Administrator and all such voluntary
partial prepayments shall be in a minimum amount of $1,000,000 and an integral
multiple of $100,000;

         (b) shall, on each date when any reduction in the Facility Limit shall
become effective pursuant to Section 2.6, make a prepayment of the Loans in an
amount equal to the excess, if any, of the aggregate outstanding principal
amount of the Loans over the Facility Limit as so reduced;

         (c) shall, immediately upon any acceleration of the Stated Maturity
Date of any Loans pursuant to Section 10.3, repay all Loans, unless, pursuant to
Section 10.3(a), only a portion of all Loans is so accelerated, in which event
Borrower shall repay the accelerated portion of the Loans; and

         (d) may, if at any time a Borrowing Base Deficit shall exist, make a
prepayment (out of funds set aside pursuant to Section 4.2(d))of the Loans in an
amount equal to such Borrowing Base Deficit, such payment to be made within one
(1) Business Day. Each such prepayment shall be subject to the payment of any
amounts required by Section 6.2.

Each payment or prepayment shall be subject to the payment of any amounts
required by Section 6.2 resulting from a prepayment or payment of a Loan on a
day other than the last day of the Interest Period for such Loan.

         SECTION 4.2 APPLICATION OF COLLECTIONS.

         (a) All Collections deposited in the Collection Account shall be
distributed by the Servicer at such times and in the order of priority set forth
in this Section 4.2.

         (b) On each Distribution Date prior to the Commitment Termination Date,
the Servicer shall distribute from Collections on deposit in the Collection
Account on such Distribution Date, the following amounts, without duplication,
in the following order of priority:

         first, to Administrator on behalf of Lender, interest accrued on the
         Loans during the related Interest Period (plus, if applicable, the
         amount of interest on the Loans accrued for any prior Interest Period
         to the extent such amount has not been distributed to Lender, and to
         the extent permitted by law, interest thereon);

         second, to Administrator on behalf of the appropriate Persons, all Fees
         accrued during such Interest Period (plus, if applicable, the amount of
         Fees accrued for any prior Interest Period to the extent such amount
         has not been distributed to Lender or Administrator);

         third, to the Servicer, the accrued Servicing Fee payable for the
         related Due Period (plus, if applicable, the amount of Servicing Fee
         payable for any prior Due Period to the extent such amount has not been
         distributed to Servicer);

         fourth, to Administrator on behalf of Lender, as a repayment of
         principal of the Loans, an amount equal to the Borrowing Base Deficit,
         if any;

                                       22

<PAGE>

         fifth, to Administrator on behalf of the appropriate Persons, all
         other Obligations then payable by Borrower under this Agreement; and

         sixth, so long as no Significant Event or Unmatured Significant Event
         shall be continuing, the balance, if any, to Borrower.

         (c) On and after the Commitment Termination Date, Administrator shall,
on the last day of each Interest Period, distribute from the Collection Account
the following amounts, without duplication, in the following order of priority:

         first, to Administrator on behalf of Lender, the accrued but unpaid
         interest on the Loans;

         second, to Administrator on behalf of the appropriate Persons, all
         accrued but unpaid Fees;

         third, to the Servicer, the accrued but unpaid Servicing Fee;

         fourth, to Administrator on behalf of Lender, the outstanding principal
         amount of the Loans;

         fifth, to Administrator on behalf of the appropriate Persons, all other
         Obligations payable by Borrower under this Agreement; and

         sixth, once all amounts described in clauses first through sixth have
         been paid in full, the balance, if any, to Borrower.

         SECTION 4.3 APPLICATION OF CERTAIN PAYMENTS.

         Each payment of principal of the Loans shall be applied to such Loans
as Borrower shall direct or, in the absence of such notice or during the
existence of a Significant Event or after the Commitment Termination Date, as
Administrator shall determine in its discretion.

         SECTION 4.4 DUE DATE EXTENSION.

         If any payment of principal or interest with respect to any Loan falls
due on a day which is not a Business Day, then such due date shall be extended
to the next following Business Day, and additional interest shall accrue at the
applicable interest rate and be payable for the period of such extension.

         SECTION 4.5 MAKING OF PAYMENTS.

         All payments of principal of, or interest on, the Loans and of all
Fees, and all amounts to be deposited by Borrower or Servicer hereunder, shall
be made by Borrower or Servicer, as applicable, no later than 10:00 a.m. (New
York City time), on the Business Day when due in lawful money of the United
States of America in same day funds to Bank, as Administrator, Reference: Three
Pillars Funding Corporation/Central Freight Lines, Inc., Transaction, Account
No. 8800171236, ABA No. 061000104 at Bank's office at 25 Park Place in Atlanta,
Georgia, Attn: Mary Hinsberg (the "Administrator's Account"). Funds received by
Administrator after

                                       23

<PAGE>

10:00 a.m. New York City time, on the date when due, will be deemed to have been
received by Administrator on its next following Business Day.

ARTICLE V
SECURITY INTEREST

         SECTION 5.1 GRANT OF SECURITY.

         (a) Borrower hereby assigns and pledges to Administrator (for the
benefit of the Secured Parties), and hereby grants to Administrator (for the
benefit of the Secured Parties) a security interest in all of Borrower's right,
title and interest in and to the following, whether now or hereafter existing
and wherever located:

                  (i) all Receivables, Collections, Related Security and
         Receivable Files;

                  (ii) all of Borrower's rights, remedies, powers and privileges
         in respect of the Receivables Purchase Agreement, including a direct
         right to cause Originator to make payments with respect to Dilutions or
         with respect to Receivables that are not Eligible Receivables pursuant
         to the Receivables Purchase Agreement;

                  (iii) the LockBox, the Depository Account and the Collection
         Account and all funds on deposit therein, together with all
         certificates and instruments, if any, from time to time evidencing such
         accounts, and funds on deposit and all investments made with such
         funds, all claims thereunder or in connection therewith, and interest,
         dividends, moneys, instruments, securities and other property from time
         to time received, receivable or otherwise distributed in respect of any
         or all of the foregoing; and

                  (iv) all products and proceeds (including, without limitation,
         insurance proceeds) of, and additions, improvements and accessions to,
         and books and records describing or used in connection with, all and
         any of the property described above (items (i) through (iv) are
         collectively referred to as the "Collateral").

         (b) This grant of security secures the payment and performance of all
Obligations of Borrower now or hereafter existing or arising under, or in
connection with, the Loan Agreement, the Lender Note and each other Transaction
Document, whether for principal, interest, costs, fees, expenses or otherwise
(all such obligations of Borrower being called the "Secured Obligations").

         (c) This grant of security shall create a continuing security interest
in the Collateral and shall:

                  (i) remain in full force and effect until Administrator's (for
         the benefit of the Secured Parties) interest in the Collateral shall
         have been released in accordance with Section 5.4;

                  (ii) be binding upon Borrower, its successors, transferees and
         assigns; and

                                       24

<PAGE>

         (iii) inure, together with the rights and remedies of Administrator
         (for the benefit of the Secured Parties) hereunder, to the benefit of
         Administrator and each Secured Party and their respective successors,
         transferees and assigns.

         SECTION 5.2 ADMINISTRATOR APPOINTED ATTORNEY-IN-FACT.

         Borrower hereby irrevocably appoints Administrator (for the benefit of
the Secured Parties) as Borrower's attorney-in-fact, with full authority in the
place and stead of Borrower and in the name of Borrower or otherwise, from time
to time in Administrator's discretion, after the occurrence and during the
continuation of a Significant Event to take any action and to execute any
instrument which Administrator may deem necessary or advisable to accomplish the
purposes of the Transaction Documents, including, without limitation:

         (a) to ask, demand, collect, sue for, recover, compromise, receive and
give acquittance and receipts for moneys due and to become due under or in
respect of any of the Collateral;

         (b) to receive, endorse, and collect any drafts or other instruments,
documents and chattel paper, in connection with clause (a) above;

         (c) to file any claims or take any action or institute any proceedings
which Administrator may deem necessary or desirable for the collection of any of
the Collateral or otherwise to enforce the rights of Administrator (for the
benefit of the Secured Parties) with respect to any of the Collateral;

         (d) to sell, transfer, assign or otherwise deal in or with the
Collateral or any part thereof pursuant to the terms and conditions hereunder;
and

         (e) to perform the affirmative obligations of Borrower under the
Transaction Documents.

Administrator agrees to give Borrower and Servicer written notice of the taking
of any such action, but the failure to give such notice shall not affect the
rights, power or authority of Administrator with respect thereto. Borrower
hereby acknowledges, consents and agrees that the power of attorney granted
pursuant to this Section 5.2 is irrevocable and coupled with an interest.

         SECTION 5.3 ADMINISTRATOR MAY PERFORM.

         If Borrower fails to perform any agreement contained herein,
Administrator (for the benefit of the Secured Parties) may itself perform, or
cause performance of such agreement, and the expenses of Administrator incurred
in connection therewith shall be payable by Borrower.

         SECTION 5.4 RELEASE OF COLLATERAL.

         Administrator's (for the benefit of the Secured Parties) right, title
and interest in the Collateral shall be released effective on the date occurring
after the Commitment Termination Date on which all Secured Obligations shall
have been finally and fully paid and performed.

                                       25

<PAGE>

                                   ARTICLE VI
                              INCREASED COSTS, ETC.

         SECTION 6.1 INCREASED COSTS.

         If any change in Regulation D of the Board of Governors of the Federal
Reserve System, or any Regulatory Change, in each case occurring after the date
hereof:

         (a) shall subject any Affected Party to any tax, duty or other charge
with respect to any Loan made or funded by it, or shall change the basis of
taxation of payments to such Affected Party of the principal of or interest on
any Loan owed to or funded by it or any other amounts due under this Agreement
in respect of any Loan made or funded by it (except for changes in the rate of
tax on the overall net income of such Affected Party imposed by the jurisdiction
in which such Affected Party's principal executive office is located); or

         (b) shall impose, modify or deem applicable any reserve (including,
without limitation, any reserve imposed by the Board of Governors of the Federal
Reserve System, but excluding any reserve included in the determination of
interest rates pursuant to Section 3.1), special deposit or similar requirement
against assets of, deposits with or for the account of, or credit extended by,
any Affected Party;

         (c) shall change the amount of capital maintained or required or
requested or directed to be maintained by any Affected Party; or

         (d) shall change the amount of capital maintained or required or
requested or directed to be maintained by any Affected Party; or

and the result of any of the foregoing is or would be to (i) increase the cost
to or to impose a cost on (A) an Affected Party funding or making or maintaining
any Loan (including extensions of credit under the Liquidity Agreement, the
Voluntary Advance Agreement or any Credit Advance, or any commitment of such
Affected Party with respect to any of the foregoing), or (B) Administrator for
continuing its or Borrower's relationship with Lender, (ii) to reduce the amount
of any sum received or receivable by an Affected Party under this Agreement, the
Lender Note, the Liquidity Agreement, the Voluntary Advance Agreement or the
Credit Agreement with respect thereto, or (iii) in the good faith determination
of such Affected Party, to reduce the rate of return on the capital of an
Affected Party as a consequence of its obligations hereunder, or under the
Liquidity Agreement, the Voluntary Advance Agreement or Credit Agreement, or
arising in connection herewith or therewith to a level below that which such
Affected Party could otherwise have achieved, then after demand by such Affected
Party to Borrower (which demand shall be accompanied by a written statement
setting forth the basis of such demand), Borrower shall pay such Affected Party
such additional amount or amounts as will (in the reasonable determination of
such Affected Party) compensate such Affected Party for such increased cost or
such reduction. Such written statement (which shall include calculations in
reasonable detail) shall, in the absence of manifest error, be rebuttably
presumptive evidence of the subject matter thereof.

                                       26

<PAGE>

         SECTION 6.2 FUNDING LOSSES.

         Borrower hereby agrees that upon demand by any Affected Party (which
demand shall be accompanied by a statement setting forth the basis for the
calculations of the amount being claimed) Borrower will indemnify such Affected
Party against any net loss or expense which such Affected Party may sustain or
incur (including, without limitation, any net loss or expense incurred by reason
of the liquidation or reemployment of deposits or other funds acquired by such
Affected Party to fund or maintain any Loan made by Lender to Borrower), as
reasonably determined by such Affected Party, as a result of (i) any payment or
prepayment (including any mandatory prepayment) of any Loan on a date other than
the last day of the Interest Period for such Loan, or (ii) any failure of
Borrower to borrow any Loan on a date specified therefor in a related Borrowing
Request. Such written statement shall, in the absence of manifest error, be
rebuttably presumptive evidence of the subject matter thereof.

         SECTION 6.3 WITHHOLDING TAXES.

         (a) All payments made by Borrower or Servicer hereunder shall be made
free and clear of, and without reduction or withholding for or on account of,
any present or future taxes, now or hereafter imposed, levied, collected,
withheld or assessed by any Governmental Authority or other taxing authority
excluding, in the case of Administrator and Lender, net income taxes imposed on
Administrator or Lender by the jurisdiction under the laws of which
Administrator or Lender is organized or any political subdivision or taxing
authority thereof or therein (such taxes, excluding such net income taxes, the
"Covered Taxes"). If any Covered Taxes are required to be withheld from any
amounts payable to Administrator or Lender, the amounts so payable to
Administrator or Lender shall be increased to the extent necessary to yield to
Administrator or Lender (after payment of all taxes) all such amounts payable
hereunder at the rates or in the amounts specified herein. Whenever any Covered
Taxes are payable by Borrower or Servicer, as promptly as possible thereafter,
Borrower or Servicer shall send to Administrator for its own account or for the
account of Lender, as the case may be, a certified copy of an original official
receipt received by Borrower or Servicer showing payment thereof. If Borrower or
Servicer fails to pay any Covered Taxes when due to the appropriate taxing
authority or fails to remit to Administrator the required documentary evidence,
Borrower or Servicer shall indemnify Administrator and Lender for such Covered
Taxes and any incremental taxes that may become payable by Administrator or
Lender as a result of any such failure.

         (b) At least five (5) Business Days prior to the first date on which
any payments, including discount or Fees, are payable hereunder for the account
of Lender, if Lender is not incorporated under the laws of the United States,
Lender agrees to deliver to each of Borrower and Administrator two (2) duly
completed copies of (i) United States Internal Revenue Service Form 1001 or 4224
(or successor applicable form) certifying that such Lender is entitled to
receive payments hereunder without deduction or withholding of any United States
federal income taxes or (ii) United States Internal Revenue Service Form W-8 or
W-9 (or successor applicable form) to establish an exemption from United States
backup withholding tax. Lender shall replace or update such forms as is
necessary or appropriate to maintain any applicable exemption or as is requested
by Administrator or Borrower. If Lender does not deliver the forms described in
this Section 6.3(b), Borrower or Administrator shall withhold United States
federal income taxes from any payments made hereunder at the statutory rate
applicable to payments

                                       27

<PAGE>

made to Lender. Lender agrees to indemnify and hold Borrower and Administrator
harmless for any United States federal income taxes, penalties, interest and
other costs and losses incurred or payable by Borrower or Administrator as a
result of either (iii) Lender's failure to submit any form required to be
provided pursuant to this Section 6.3(b) or (ii) Borrower's or Administrator's
reliance on any form that Lender has provided pursuant to this Section 6.3(b).

                                   ARTICLE VII
                             CONDITIONS TO BORROWING

         The making of any Loan hereunder is subject to the following conditions
precedent:

         SECTION 7.1 INITIAL LOAN.

         The obligation of Lender to make the initial Loan hereunder is, in
addition to the conditions precedent specified in Section 7.2, subject to the
condition precedent that Administrator shall have received all of the following,
each duly executed and dated the date of such Loan (or such earlier date as
shall be satisfactory to Administrator), in form and substance satisfactory to
Administrator:

         (a) Resolutions. Certified copies of resolutions of the Board of
Directors of Borrower, Servicer and Originator authorizing or ratifying the
execution, delivery and performance, respectively, of the Transaction Documents
to which it is a party, together with a certified copy of its articles or
certificate of incorporation and by-laws.

         (b) Consents, etc. Certified copies of all documents evidencing any
necessary corporate action, consents and governmental approvals (if any) with
respect to the Transaction Documents.

         (c) Incumbency and Signatures. A certificate of the Secretary or an
Assistant Secretary of each of Borrower, Servicer and Originator certifying the
names of its officer or officers authorized to sign the Transaction Documents to
which it is a party.

         (d) Good Standing Certificates. Good standing certificates for
Borrower, Servicer and Originator issued as of a recent date acceptable to
Administrator by (i) the Secretary of State of the jurisdiction of such Person's
incorporation or organization, and (ii) the Secretary of State of the
jurisdiction where such Person's chief executive office and principal place of
business are located.

         (e) Financing Statements. (i) Acknowledgment copies of proper financing
statements (Form UCC-1), filed on or prior to the date of the initial Loan,
naming Borrower as debtor and Administrator (for the benefit of the Secured
Parties) as the secured party as may be necessary or, in the opinion of
Administrator, desirable under the UCC to perfect Administrator's (for the
benefit of the Secured Parties) security interest in the Collateral, (ii)
acknowledgment copies of proper financing statements, filed on or prior to the
date of the initial Loan, naming each of Central Texas as seller/debtor,
Borrower as purchaser/secured party and Administrator as assignee as may be
necessary or, in the opinion of Administrator, desirable under the UCC to

                                       28

<PAGE>

perfect Borrower's ownership interest in the Receivables and (iii) executed
copies of proper Uniform Commercial Code Form UCC-3 termination statements, if
any, necessary to release all liens and other Adverse Claims of any Person in
the Collateral granted by Borrower or Originator.

         (f) Search Reports. A written search report ("Search Report") provided
to Administrator by a search service acceptable to Administrator listing all
effective financing statements that name Borrower or Originator as debtor or
assignor and that are filed in the jurisdictions in which filings were made
pursuant to Section 7.1(e) above and in such other jurisdictions that
Administrator shall reasonably request, together with copies of such financing
statements (none of which shall cover any Collateral or interests therein or
proceeds of any thereof), and tax and judgment lien search reports from a Person
satisfactory to Administrator showing no evidence of such lien filed against
Borrower or Originator.

         (g) Fee Letter; Payment of Fees. The Fee Letter, together with all
outstanding Fees payable pursuant to the Fee Letter.

         (h) Receivables Purchase Agreement. (i) Duly executed and delivered
counterparts of the Receivables Purchase Agreement and all documents, agreements
and instruments contemplated thereby, and (ii) evidence that each of the
conditions precedent to the execution and delivery of the Receivables Purchase
Agreement has been satisfied to Administrator's satisfaction, and that the
initial assignments and transfers under the Receivables Purchase Agreement have
been consummated.

         (i) Opinions of Counsel. Opinions of counsel to Borrower, Servicer and
the Originator in form and substance satisfactory to Administrator.

         (j) Lender Note. The Lender Note, duly executed by Borrower.

         (k) Collection Account Agreements. The Collection Account Agreements,
duly executed by all of the parties thereto.

         (l) Releases. Releases and termination statements duly executed by each
Person, other than Borrower, that has an interest in the Receivables.

         (m) Borrowing Base Certificate. A certificate, substantially in the
form of Exhibit D (a "Borrowing Base Certificate"), duly executed by an officer
of Borrower (or the Servicer on its behalf) showing a calculation of the
Borrowing Base as of the date of such initial Loan. (n) Other. Such other
documents, certificates and opinions as Administrator may request.

         SECTION 7.2 ALL LOANS.

         The making of the initial Loan and each subsequent Loan are subject to
the following further conditions precedent that:

                                       29

<PAGE>

         (a) No Default, etc. (i) No Significant Event or Unmatured Significant
Event has occurred and is continuing or will result from the making of such
Loan, (ii) the representations and warranties of Borrower and Servicer contained
in Article VIII are true and correct as of the date of such requested Loan, with
the same effect as though made on the date of such Loan, and (iii) after giving
effect to such Loan, the aggregate unpaid balance of the Loans will not exceed
the Borrowing Base or the Facility Limit. By making a Borrowing Request,
Borrower shall be deemed to have represented and warranted that items (i), (ii),
and (iii) in the preceding sentence are true and correct.

         (b) Borrowing Request, etc. Administrator shall have received the most
recent Borrowing Base Certificate and Borrowing Request for such Loan in
accordance with Section 2.2, together with all items required to be delivered in
connection therewith.

         (c) Commitment Termination Date. The Commitment Termination Date shall
not have occurred.

         (d) Collateral Review. Administrator shall have received for all Loans
subsequent to the initial Loan on the Closing Date the most-recent Collateral
Review pursuant to Section 9.1(e)(v).

                                  ARTICLE VIII
                         REPRESENTATIONS AND WARRANTIES

         In order to induce Lender and Administrator to enter into this
Agreement and, in the case of Lender, to make Loans hereunder, Borrower hereby
represents and warrants to Administrator and Lender as to itself as follows, and
Servicer hereby represents and warrants to Lender and Administrator as to itself
as follows:

         SECTION 8.1 ORGANIZATION AND GOOD STANDING, ETC.

         Each of Borrower and Servicer has been duly organized and is validly
existing and in good standing under the laws of its jurisdiction of organization
listed on Schedule VI to this Agreement and is a "registered organization" under
the UCC in effect in such jurisdiction, with power and authority to own their
respective properties and to conduct their respective businesses as such
properties are presently owned and such businesses are presently conducted. Each
of Borrower and Servicer is duly licensed or qualified to do business as a
foreign entity in good standing in the jurisdiction where its principal place of
business and chief executive office are located and in each other jurisdiction
in which the failure to be so licensed or qualified has had, or would be
reasonably likely to have a Material Adverse Effect.

         SECTION 8.2 POWER AND AUTHORITY; DUE AUTHORIZATION.

         Each of Borrower and Servicer has (i) all necessary power, authority
and legal right to (ii) execute, deliver and perform its obligations under this
Agreement and each of the other Transaction Documents to which it is a party,
and (iii) in the case of Borrower, to borrow on the terms and subject to the
conditions herein provided, and (iv) duly authorized, by all necessary action,
the execution, delivery and performance of this Agreement and the other
Transaction

                                       30

<PAGE>

Documents to which it is a party and, in the case of Borrower, the borrowing,
and the granting of security therefor, on the terms and conditions provided
herein. Servicer had at all relevant times, and now has, all necessary power,
authority and legal right to perform its duties as Servicer.

         SECTION 8.3 NO VIOLATION.

         The consummation of the transactions contemplated by this Agreement and
the other Transaction Documents and the fulfillment of the terms hereof and
thereof will not (i) conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time or both) a
default under, (A) the organizational documents of Borrower or Servicer, or (ii)
any indenture, loan agreement, pooling and servicing agreement, receivables
purchase agreement, mortgage, deed of trust, or other agreement or instrument to
which Borrower or Servicer is a party or by which any of them or any of their
respective properties is bound, (iii) result in or require the creation or
imposition of any Adverse Claim upon any of their respective properties pursuant
to the terms of any such indenture, loan agreement, pooling and servicing
agreement, receivables purchase agreement, mortgage, deed of trust, or other
agreement or instrument, other than pursuant to the terms of the Transaction
Documents, or (iv) violate any law or any order, rule, or regulation applicable
to Borrower or Servicer or of any court or of any federal, state or foreign
regulatory body, administrative agency, or other governmental instrumentality
having jurisdiction over Borrower, Originator or Servicer or any of their
respective properties.

         SECTION 8.4 VALIDITY AND BINDING NATURE.

         This Agreement is, and the other Transaction Documents to which it is a
party when duly executed and delivered by Borrower or Servicer (as applicable)
and the other parties thereto will be, the legal, valid and binding obligation
of Borrower or Servicer (as applicable) enforceable in accordance with their
respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting
creditors' rights generally and by general principles of equity.

         SECTION 8.5 GOVERNMENT APPROVALS.

         No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body required for the due
execution, delivery or performance by Borrower or Servicer of any Transaction
Document to which it is a party remains unobtained or unfiled.

         SECTION 8.6 SOLVENCY.

         Borrower is Solvent.

         SECTION 8.7 MARGIN REGULATIONS.

         Neither Borrower or Servicer is engaged in the business of extending
credit for the purpose of purchasing or carrying margin stock, and no proceeds
of any Loans, directly or indirectly, will be used for a purpose that violates,
or would be inconsistent with, Regulations T, U and X promulgated by the Federal
Reserve Board from time to time.

                                       31

<PAGE>

         SECTION 8.8 QUALITY OF TITLE.

         The Collateral, including, without limitation, the Receivables, in
which a security interest is to be granted to Administrator (for the benefit of
the Secured Parties) pursuant to this Agreement shall be owned by Borrower free
and clear of any Adverse Claim. Borrower has a first priority perfected
ownership interest in the Receivables. This Agreement creates a valid first
priority security interest in favor of Administrator (for the benefit of the
Secured Parties) in the Collateral, including without limitation the
Receivables, which security interest has been perfected (free and clear of any
Adverse Claim) as security for the Obligations. No effective financing statement
or other instrument similar in effect covering any of the Collateral or any
interest therein is on file in any recording office except for financing
statements that may be filed (i) in favor of Administrator (for the benefit of
the Secured Parties) in accordance with this Agreement, (ii) in favor of
Borrower in accordance with the Receivables Purchase Agreement, or (iii) UCC-3
termination statements necessary to release all Liens and Adverse Claims of any
Person in the Collateral granted by Borrower or Originator. Borrower's
jurisdiction of organization is a jurisdiction whose law generally requires
information to be made generally available in a filing, record or registration
system as a condition or result of such a security interest obtaining priority
over the rights of a lien creditor with respect to collateral.

         SECTION 8.9 OFFICES.

         The jurisdiction of organization, principal place of business and chief
executive office of Borrower and Servicer is located at the address referred to
on Schedule VI to this Agreement (or at such other locations, notified to
Administrator in jurisdictions where all action required thereby has been taken
and completed in accordance with Section 9.2(f)).

         SECTION 8.10 COMPLIANCE WITH APPLICABLE LAWS; LICENSES, ETC.

         (a) Each of Borrower and Servicer is in compliance with the
requirements of all applicable laws, rules, regulations, and orders of all
governmental authorities, a breach of any of which, individually or in the
aggregate, would be reasonably likely to have a Material Adverse Effect.

         (b) Neither Borrower nor Servicer has failed to obtain any licenses,
permits, franchises or other governmental authorizations necessary to the
ownership of its properties or to the conduct of its business, which violation
or failure to obtain has had, or would be reasonably likely to have, a Material
Adverse Effect.

         SECTION 8.11 NO PROCEEDINGS.

         Except as described in Schedule IV,

         (a) there is no order, judgment, decree, injunction, stipulation or
consent order of or with any court or other government authority to which
Borrower or Servicer is subject, and there is no action, suit, arbitration,
regulatory proceeding or investigation pending, or, to the knowledge of Borrower
or Servicer, threatened, before or by any court, regulatory body, administrative
agency or other tribunal or governmental instrumentality, against Borrower or

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<PAGE>

Servicer that, individually or in the aggregate, has had, or is reasonably
likely to have a Material Adverse Effect; and

         (b) there is no action, suit, proceeding, arbitration, regulatory or
governmental investigation, pending or, to the knowledge of Borrower or
Servicer, threatened, before or by any court, regulatory body, administrative
agency, or other tribunal or governmental instrumentality (i) asserting the
invalidity of this Agreement, the Lender Note or any other Transaction Document,
(ii) seeking to prevent the issuance of the Lender Note or the consummation of
any of the other transactions contemplated by this Agreement or any other
Transaction Document or (iii) seeking to adversely affect the federal income tax
attributes of Borrower.

         SECTION 8.12 INVESTMENT COMPANY ACT, ETC.

         Neither Borrower nor Servicer is an "investment company" within the
meaning of the Investment Company Act of 1940, as amended, or a "holding
company", or a "subsidiary company", of a "holding company", or an "affiliate"
of a "holding company", or of a "subsidiary company" of a "holding company",
within the meaning of the Public Utility Holding Company Act of 1935, as
amended.

         SECTION 8.13 ELIGIBLE RECEIVABLES.

         Each Receivable included in the Borrowing Base as an Eligible
Receivable on the date of any Borrowing Base Certificate, Period Report or any
Loan shall be an Eligible Receivable on such date.

         SECTION 8.14 ACCURACY OF INFORMATION.

         All information heretofore furnished by, or on behalf of, Borrower or
Servicer to Administrator or Lender in connection with any Transaction Document,
or any transaction contemplated thereby, is true and accurate in every material
respect (without omission of any information necessary to prevent such
information from being materially misleading).

         SECTION 8.15 NO MATERIAL ADVERSE CHANGE.

         Since December 31, 2001, there has been no material adverse change in
the collectibility of the Receivables or Servicer's or Borrower's (i) financial
condition, business or operations or (ii) ability to perform its obligations
under any Transaction Document.

         SECTION 8.16 TRADE NAMES AND SUBSIDIARIES.

         Borrower has not used any other names, trade names or assumed names for
the six year period preceding the date of this Agreement. Borrower has no
Subsidiaries and does not own or hold, directly or indirectly, any equity
interest in any Person.

         SECTION 8.17 ACCOUNTS.

         Set forth in Schedule I hereto is a complete and accurate description
of the Collection Account, the Depository Account and the LockBoxes maintained
by Originator, Borrower or

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<PAGE>

Servicer for the purpose of receiving Collections with respect to Receivables.
The Collection Account and the Depository Account has been validly and
effectively assigned to Administrator pursuant to this Agreement and the
Collection Account Agreements. The Collection Account Agreements continue to be
the legal, valid and binding obligations of the parties thereto, enforceable
against such parties in accordance with their respective terms, and Borrower and
Servicer acknowledge that all cash and other proceeds of the Receivables will be
deposited in the Collection Account and the Depository Account in accordance
with this Agreement and are subject to the terms and conditions of this
Agreement. None of the Originator, Servicer or Borrower has granted any interest
in the Collection Account, the Depository Account or any LockBox to any Person
other than Administrator, and Administrator has exclusive control of the
Collection Account, the Depository Account and the LockBox.

         SECTION 8.18 SALES BY ORIGINATOR.

         Each sale of Receivables by Originator to Borrower shall have been
effected under, and in accordance with the terms of, the Receivables Purchase
Agreement, including the payment by Borrower to Originator of an amount equal to
the purchase price therefor as described in the Receivables Purchase Agreement,
and each such sale shall have been made for "reasonably equivalent value" (as
such term is used under Section 548 of the Bankruptcy Code) and not for or on
account of "antecedent debt" (as such term is used under Section 547 of the
Bankruptcy Code) owed by Borrower to Originator.

                                   ARTICLE IX
                       COVENANTS OF BORROWER AND SERVICER

         SECTION 9.1 AFFIRMATIVE COVENANTS.

         From the date hereof until the first day, following the Commitment
Termination Date, on which all Obligations shall have been finally and fully
paid and performed, Borrower hereby covenants and agrees with Lender and
Administrator that as to itself, and Servicer hereby covenants and agrees with
Lender and Administrator as to itself, that it will:

         (a) Compliance with Laws, Etc. Comply in all material respects with all
applicable laws, rules, regulations and orders of all governmental authorities
(including those which relate to the Receivables).

         (b) Preservation of Corporate Existence. Preserve and maintain its
existence, status as a "registered organization", rights, franchises and
privileges solely in the jurisdiction of its incorporation or organization, and
qualify and remain qualified in good standing as a foreign entity in the
jurisdiction where its principal place of business and its chief executive
office are located and in each other jurisdiction where the failure to preserve
and maintain such existence, rights, franchises, privileges and qualifications
would have a Material Adverse Effect.

         (c) Performance and Compliance with Receivables. Timely and fully
perform and comply with all provisions, covenants and other promises required to
be observed by it under the Receivables and all other agreements related to such
Receivables.

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<PAGE>

         (d) Collection Policy. Comply in all material respects with the
Collection Policy applicable to the Receivables.

         (e) Reporting Requirements. Furnish to Administrator, Lender and, in
the case of clause (vii) below, the Rating Agencies:

                  (i) Financial Statements.

                           (A) as soon as available, and in any event within 120
                  days after the end of each Fiscal Year of Borrower, a copy of
                  the annual report for such Fiscal Year of Borrower including a
                  copy of the balance sheet of Borrower, in each case, as at the
                  end of such Fiscal Year, together with the related statements
                  of earnings and cash flows for such Fiscal Year, certified by
                  the chief executive officer, chief financial officer or
                  controller of Borrower (which certification shall state that
                  such balance sheet and statements fairly present the financial
                  condition and results of operations for such Fiscal Year in
                  accordance with GAAP), together with a certificate of such
                  officer stating that such officer has obtained no knowledge
                  that a Significant Event or Unmatured Significant Event has
                  occurred and is continuing, or if, in the opinion of such
                  officer, such a Significant Event or Unmatured Significant
                  Event has occurred and is continuing, a statement as to the
                  nature thereof;

                           (B) as soon as available and in any event within 120
                  days after the end of each Fiscal Year of Central Nevada, a
                  balance sheet of Central Nevada as of the end of such year and
                  statements of income and retained earnings and of source and
                  application of funds of Central Nevada, along with
                  consolidating statements, if any, for the period commencing at
                  the end of the previous Fiscal Year and ending with the end of
                  such year, in each case setting forth comparative figures for
                  the previous Fiscal Year, certified without material
                  qualification in a manner satisfactory to Administrator by
                  KPMG LLP or other nationally recognized independent public
                  accountants acceptable to Administrator, together with a
                  certificate of such accounting firm stating that in the course
                  of the regular audit of the business of Central Nevada, which
                  audit was conducted in accordance with GAAP, such accounting
                  firm has obtained no knowledge that a Significant Event or
                  Unmatured Significant Event has occurred and is continuing, or
                  if, in the opinion of such accounting firm, such a Significant
                  Event or Unmatured Significant Event has occurred and is
                  continuing, a statement as to the nature thereof; and

                           (C) as soon as available and in any event within 45
                  days after the end of each fiscal quarter, quarterly balance
                  sheets and quarterly statements of source and application of
                  funds and quarterly statements of income and retained earnings
                  of Central Nevada, certified by the chief executive or
                  financial officer or controller of Central Nevada (which
                  certification shall state that such balance sheets and
                  statements fairly present the financial condition and results
                  of operations for such fiscal quarter, subject to year-end
                  audit adjustments), delivery of which balance sheets and
                  statements shall be accompanied by a certificate of

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<PAGE>

                  such chief financial officer or controller to the effect that
                  no Significant Event or Unmatured Significant Event has
                  occurred and is continuing.

                  (ii) Reports. On or before the 22nd day of each calendar
         month and, for so long as Central Nevada shall have thirteen Fiscal
         Periods in the related Fiscal Year, on or before June 1st (each, a
         "Reporting Date"), Servicer shall prepare and deliver to Administrator
         and Lender a report, substantially in the form of Exhibit C or in such
         other form acceptable to Administrator (a "Period Report"), as of the
         immediately preceding Period End Date signed by an authorized officer
         of Servicer. On or before the first Business Day of each week, Servicer
         shall prepare and deliver to Administrator and Lender a Borrowing Base
         Certificate, as of the last Business Day of the immediately preceding
         week signed by an authorized officer of Servicer.

                  (iii) Significant Events. As soon as possible but in any event
         within three days after any officer of Borrower or Servicer becomes
         aware of the occurrence of a Significant Event or an Unmatured
         Significant Event, or a Purchase Termination Event or Incipient
         Purchase Termination Event under (and as defined in) the Receivables
         Purchase Agreement, an officer's certificate of Borrower or Servicer,
         as the case may be, setting forth details of such event and the action
         that Servicer, Borrower or Originator, as the case may be, proposes to
         take with respect thereto.

                  (iv) Servicing Certificate. Servicer shall deliver, or cause
         to be delivered, to Administrator, on or before the date that is 120
         days after the end of each Fiscal Year, an officer's certificate signed
         by the president, chief executive officer or any vice president of
         Servicer, dated as of the last day of the preceding Fiscal Year,
         stating that (A) a review of the activities of Servicer during the
         preceding Fiscal Year and of its performance under this Agreement has
         been made under such officer's supervision and (B) to the best of such
         officer's knowledge, based on such review, Servicer has fulfilled its
         obligations under the Agreement throughout such Fiscal Year and has
         complied in all respects with the Collection Policy, or, if there has
         been a default in the fulfillment of any such obligation, specifying
         each such default known to such officer and the nature and status
         thereof.

                  (v) Collateral Review. As soon as possible, and in any event
         within thirty (30) days after the Closing Date, and each October and
         April thereafter, a report of the independent certified public
         accountants of Central Nevada (each such report, a "Collateral Review")
         which satisfies the requirements set forth on Schedule V.

                  (vi) Fiscal Periods. No later than September 30 of each
         calendar year, an updated Schedule VII, showing each of the Fiscal
         Periods for the immediately succeeding Fiscal Year.

                  (vii) Special Obligor Downgrade. Promptly after obtaining
         knowledge thereof, notice that the long term unsecured debt rating of
         the Special Obligor has been reduced to below BBB- by S&P or Baa3 by
         Moody's.

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<PAGE>

                  (viii) Depository Account. No later than ten (10) Business
         Days after the date of the initial Loan, a copy of a Collection Account
         Agreement with respect to the Depository Account and an updated
         Schedule I, showing the name and address of the Collection Bank with
         respect to such Depository Account and the related account number.

                  (ix) Other. Promptly, from time to time, such other
         information, documents, records or reports respecting the Collateral,
         the Receivables or the condition or operations, financial or otherwise,
         of Borrower, Originator or Servicer as Administrator may from time to
         time reasonably request in order to protect the interests of
         Administrator or Lender under or as contemplated by this Agreement or
         the other Transaction Documents.

         (f) Use of Proceeds. Borrower shall use the proceeds of the Loans made
hereunder solely in connection with the acquisition or funding of Receivables or
the repayment of amounts owned under the Originator Note in connection
therewith.

         (g) Separate Legal Entity. Borrower hereby acknowledges that Lender and
Administrator are entering into the transactions contemplated by this Agreement
and the other Transaction Documents in reliance upon Borrower's identity as a
legal entity separate from any other Person. Therefore, from and after the date
hereof, Borrower shall take all reasonable steps to continue Borrower's identity
as a separate legal entity and to make it apparent to third Persons that
Borrower is an entity with assets and liabilities distinct from those of any
other Person, and is not a division of any other Person. Without limiting the
generality of the foregoing and in addition to and consistent with the covenant
set forth in Section 9.1(b), Borrower shall take such actions as shall be
required in order that:

                  (i) Borrower will be a special purpose corporation whose
         primary activities are restricted in its certificate of incorporation
         to owning financial assets and financing the acquisition thereof and
         conducting such other activities as it deems necessary or appropriate
         to carry out its primary activities;

                  (ii) Not less than one member of Borrower's Board of Directors
         (the "Independent Director") shall be an individual who is not, and
         during the past five (5) years has not been, a director, officer,
         employee or 5% beneficial owner of the outstanding common stock of any
         Person or entity beneficially owning any outstanding shares of common
         stock of Central Nevada, Originator or any Affiliate thereof; provided,
         however, that an individual shall not be deemed to be ineligible to be
         an Independent Director solely because such individual serves or has
         served in the capacity of an "independent director" or similar capacity
         for special purpose entities formed by Central Nevada, Originator or
         any of their respective Affiliates. The certificate of incorporation of
         Borrower shall provide that (A) the Board of Directors shall not
         approve, or take any other action to cause the filing of, a voluntary
         bankruptcy petition with respect to Borrower unless the Independent
         Director shall approve the taking of such action in writing prior to
         the taking of such action, and (B) such provision cannot be amended
         without the prior written consent of the Independent Director;

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<PAGE>

                  (iii) Any employee, consultant or agent of Borrower will be
         compensated from funds of Borrower, as appropriate, for services
         provided to Borrower and, to the extent any employee, consultant or
         agent of Borrower is also an employee, consultant or agent of Central
         Nevada, Originator or any Affiliate thereof, allocate the compensation
         of such employee, consultant or agent between Borrower and Central
         Nevada, Originator or such Affiliate, as applicable, on a basis that
         reflects the services rendered to Borrower, Central Nevada, Originator
         or such Affiliate, as applicable;

                  (iv) Borrower will allocate and charge fairly and reasonably
         overhead expenses shared with any other Person. To the extent, if any,
         that Borrower and any other Person share items of expenses such as
         legal, auditing and other professional services, such expenses will be
         allocated to the extent practical on the basis of actual use or the
         value of services rendered, and otherwise on a basis reasonably related
         to the actual use or the value of services rendered;

                  (v) Borrower's operating expenses will not be paid by any
         other Person except as permitted under the terms of this Agreement or
         otherwise consented to by Administrator and Lender;

                  (vi) Borrower's books and records will be maintained
         separately from those of any other Person and otherwise in such a
         manner that such books and records are readily identifiable as its own
         assets rather than assets of Central Nevada, Originator or any
         Affiliate thereof;

                  (vii) Borrower's financial statements will be prepared
         separately from Central Nevada, Originator and Borrower will ensure
         that any consolidated financial statements of any Person that include
         Borrower will contain detailed notes clearly stating that (A) all of
         Borrower's assets are owned by Borrower and such assets will be
         available first and foremost to satisfy the claims of the creditors of
         Borrower, and (B) Borrower is a separate corporate entity;

                  (viii) Borrower's assets will be maintained in a manner that
         facilitates their identification and segregation from those of any
         other Person;

                  (ix) Borrower will strictly observe corporate formalities as a
         distinct entity in its dealings with all other Persons and ensure that
         all corporate actions relating to (A) the selection, maintenance or
         replacement of the Independent Director, (B) the dissolution or
         liquidation of Borrower or (C) the initiation of, participation in,
         acquiescence in or consent to any bankruptcy, insolvency,
         reorganization or similar proceeding involving Borrower, are duly
         authorized by unanimous vote of its Board of Directors (including the
         Independent Director);

                  (x) Except as herein specifically otherwise provided, Borrower
         will not commingle its funds or other assets with those of any other
         Person and will only maintain bank accounts or other depository account
         to which Borrower alone is the account party, into which Borrower alone
         makes deposits and from which Borrower alone (or Administrator
         hereunder) has the power to make withdrawals;

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<PAGE>

                  (xi) Borrower shall not, directly or indirectly, be named or
         enter into an agreement to be named, as a direct or contingent
         beneficiary or loss payee, under any insurance policy with respect to
         any amounts payable due to occurrences or events related to any other
         Person;

                  (xii) Any Person that renders or otherwise furnishes services
         to Borrower will be compensated thereby at market rates for such
         services it renders or otherwise furnishes thereto. Borrower will not
         hold itself out to be responsible for the debts of any other Person or
         the decisions or actions respecting the daily business and affairs of
         any other Person and Borrower will not hold out its credit as being
         available to satisfy the obligations of any other Person or pledge its
         assets for the benefit of any other Person;

                  (xiii) Borrower will hold itself out to the public and conduct
         its own business in its own name and require all full-time employees of
         Borrower, if any, identify themselves as such and not as employees of
         Central Nevada, Originator or any Affiliate thereof (including, without
         limitation, by means of providing appropriate employees with business
         or identification cards identifying such employees as Borrower's
         employees);

                  (xiv) Borrower will clearly identify its offices (by signage
         or otherwise) as its offices and, if such office is located in the
         offices of Central Nevada or Originator, Borrower shall lease such
         office at a fair market rent;

                  (xv) Borrower will have a separate telephone number, which
         will be answered only in its name and have separate stationery,
         invoices, checks and other business forms in its own name;

                  (xvi) Borrower will conduct all transactions with Originator
         and Servicer strictly on an arm's length basis; and

                  (xvii) Borrower will take such other actions as are necessary
         on its part to ensure that the facts and assumptions set forth in the
         opinion issued by the Scudder Law Firm, P.C., L.L.O., as counsel to
         Borrower, in connection with this Agreement and relating to substantive
         consolidation issues and in the certificates accompanying such opinion,
         remain true and correct in all material respects at all times.

         (h) Adverse Claims on Receivables. Defend each Receivable against all
claims and demands of all Persons at any time claiming the same or any interest
therein adverse to Administrator and the Secured Parties.

         (i) Further Assurances. At their expense, perform all acts and execute
all documents reasonably requested by Administrator at any time to evidence,
perfect, maintain and enforce the title or the security interest of
Administrator in the Receivables and the priority thereof. Borrower hereby
authorizes Administrator to execute on behalf of the Seller as debtor and to
file financing statements and other filing or recording documents with respect
to the Collateral (including any amendments thereto, or continuation or
termination statements thereof), without the signature or other authorization of
Borrower, in such form and in such offices as Administrator reasonably
determines appropriate to perfect or maintain the perfection of the security
interest of the Administrator hereunder. Borrower and Servicer shall cause its
computer

                                       39

<PAGE>

records, master data processing records and other books and records relating to
the Receivables to be marked, with a legend stating that the Receivables have
been sold to Borrower and that the Collateral has been pledged to Administrator
for the benefit of the Secured Parties.

         (j) Servicing. Servicer shall use all reasonable measures to prevent or
minimize any loss being realized on a Receivable and shall take all reasonable
steps to recover the full amount of such loss. Servicer shall follow such
practices and procedures for servicing the Receivables as would be customary and
usual for a prudent servicer under similar circumstances, including using
reasonable efforts to realize upon any recourse to the Obligors.

         (k) Inspection. Servicer and Borrower shall permit Lender,
Administrator or their duly authorized representatives, attorneys or auditors to
inspect the Receivables, the Receivable Files, Documents and the related
accounts, records and computer systems, software and programs used or maintained
by Borrower or Servicer at such times as Lender or Administrator may reasonably
request; provided, that all inspections occurring after a Significant Event has
occurred shall be at the expense of Borrower. Upon instructions from Lender or
Administrator, Borrower or Servicer shall release any Document to Lender or
Administrator, as the case may be.

         (l) Cooperation. Borrower and Servicer shall provide such cooperation,
information and assistance, and prepare and supply Administrator with such data
regarding the performance by the Obligors of their obligations under the
Receivables and the performance by Borrower and Servicer of their respective
obligations under the Transaction Documents, as may be reasonably requested by
Administrator from time to time.

         (m) Facility. Servicer shall maintain its facility from which it
services the Receivables in its present condition, ordinary wear and tear
excepted, or such other facility of similar quality, security and safety as
Servicer may select from time to time. Servicer shall make all property tax
payments, lease payments and all other payments with respect to such facility.
Servicer shall (i) ensure that Administrator shall have complete and
unrestricted access, at Servicer's expense, to such facility and all computers
and other systems relating to the servicing of the Receivables and all persons
employed at such facility, (ii) use its best efforts to retain the employees
based at such facility to provide assistance to Administrator and (iii) continue
to store on a daily basis all back-up files relating to the Receivables and the
servicing of the Receivables at the facilities of Central Nevada, or such other
storage facility of similar quality, security and safety as Servicer may select
from time to time, in the case of each of clauses (i), (ii) and (iii) until the
receipt of all Collections in respect of all Receivables or all Receivables have
been written off in accordance with the Collection Policy.

         (n) Accounts. Borrower shall not maintain any bank accounts other than
the Collection Account and the Depository Account described on Schedule I.
Except as set forth in the last sentence of Section 11.2(c)(ii) Borrower shall
not make, nor will it permit Originator or Servicer to make, any change in its
instructions to Obligors regarding payments to be made to a LockBox. Neither
Borrower nor Servicer shall, nor will it permit Originator to, add any
Collection Account Bank, Depository Account or Collection Account, to those
listed on Schedule I unless Administrator shall have consented thereto and
received a copy of any new duly executed Collection Account Agreement. Neither
Borrower nor Servicer shall, nor will it

                                       40

<PAGE>

permit Originator to, terminate any Collection Account Bank or close any
Collection Account or Depository Account unless Administrator shall have
received at least thirty (30) days prior notice of such termination.

         SECTION 9.2 NEGATIVE COVENANTS OF BORROWER AND SERVICER.

         From the date hereof until the first day, following the Commitment
Termination Date, on which all Obligations shall have been finally and fully
paid and performed, each of Borrower and Servicer hereby covenants and agrees.

         (a) Sales, Liens, Etc. Except pursuant to, or as contemplated by, the
Transaction Documents, Borrower shall not sell, assign (by operation of law or
otherwise) or otherwise dispose of, or create or suffer to exist voluntarily or,
for a period in excess of 5 days, involuntarily any Adverse Claims upon or with
respect to any of its assets, including, without limitation, the Collateral, any
interest therein or any right to receive any amount from or in respect thereof;
provided however, that Borrower may sell, assign or otherwise dispose of all or
any part of the Collateral on any day with the prior written consent of
Administrator and the Rating Agencies (which consent may be withheld for any
reason or no reason).

         (b) Mergers, Acquisitions, Sales, Subsidiaries, Etc.

                  (i) Certain Restrictions on Borrower. Borrower shall not:

                           (A) be a party to any merger or consolidation, or
                  directly or indirectly purchase or otherwise acquire all or
                  substantially all of the assets or any stock of any class of,
                  or any partnership or joint venture interest in, any other
                  Person, except for Permitted Investments, or sell, transfer,
                  assign, convey or lease any of its property and assets (or any
                  interest therein) other than pursuant to, or as contemplated
                  by, this Agreement or the other Transaction Documents;

                           (B) make, incur or suffer to exist an investment in,
                  equity contribution to, loan or advance to, or payment
                  obligation in respect of the deferred purchase price of
                  property from, any other Person, except for Permitted
                  Investments or pursuant to the Transaction Documents;

                           (C) create any direct or indirect Subsidiary or
                  otherwise acquire direct or indirect ownership of any equity
                  interests in any other Person other than pursuant to the
                  Transaction Documents; or

                           (D) enter into any transaction with any Affiliate
                  except for the transactions contemplated by the Transaction
                  Documents and other transactions upon fair and reasonable
                  terms materially no less favorable to Borrower than would be
                  obtained in a comparable arm's length transaction with a
                  Person not an Affiliate.

         (c) Change in Business Policy: Change in Collection Policy. Borrower
shall not make any change in the character of its business. Neither Borrower nor
Servicer shall make any change in the Collection Policy that could adversely
affect the collectibility of any Receivable.

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<PAGE>

         (d) Other Debt. Borrower shall not incur any Debt to any Person other
than pursuant to this Agreement, the Receivables Purchase Agreement or otherwise
in connection with a transaction involving Lender, Bank, any Credit Bank, any
Liquidity Bank or any other Persons providing liquidity or credit support to
Lender.

         (e) Certificate of Incorporation and By-Laws. Borrower shall not amend
its certificate of incorporation or by-laws.

         (f) Chief Executive Office and Jurisdiction of Organization. The
jurisdiction of organization, principal place of business and chief executive
office of each of Borrower and Servicer is located at the address referred to on
Schedule VI to this Agreement. Originals or duplicates of documents and records
evidencing all Receivables are kept at, and only at, said offices, and neither
Borrower nor Servicer shall move its jurisdiction of organization, chief
executive office or permit the documents and records evidencing the Receivables
to be moved unless (i) Borrower or Servicer, as the case may be, shall have
given to Administrator at least forty-five (45) days' prior written notice
thereof, clearly describing the new location, and (ii) at least ten (10) days
prior to such change, Borrower shall have taken such action, satisfactory to
Administrator, to maintain the title or ownership of Borrower and any security
interest of Administrator in the Collateral at all times fully perfected and in
full force and effect. Servicer shall not, in any event, move the location where
it conducts the servicing and collection of the Receivables from the address
referred to on Schedule VI to this Agreement, without the prior written consent
of Administrator, which consent shall not be unreasonably withheld.

         (g) Financing Statements. Borrower shall not execute any effective
financing statement (or similar statement or instrument of registration under
the laws of any jurisdiction) or statements relating to any Receivables other
than the financing statements described in Section 7.1(e).

         (h) Business Restrictions. Without the prior written consent of
Administrator and the Rating Agencies in each case (which consent may be
withheld for any reason or no reason), Borrower shall not (i) engage in any
business or transactions, or be a party to any documents, agreements or
instruments, other than the Transaction Documents or those incidental to the
purposes thereof, or (ii) make any expenditure for any assets (other than
Receivables) if such expenditure, when added to other such expenditures made
during the same calendar year would, in the aggregate, exceed $10,500; provided,
however, that the foregoing will not restrict Borrower's ability to pay
servicing compensation as provided herein and, so long as no Significant Event
or Unmatured Significant Event shall have occurred and be continuing, and that
Borrower's tangible net worth, after giving effect thereto, shall not be less
than $3,000,000, Borrower's ability to pay amounts due on the Originator Note or
other payments or distributions legally made to Borrower's equity owners.

                                    ARTICLE X
                       SIGNIFICANT EVENTS AND THEIR EFFECT

SECTION 10.1 EVENTS OF DEFAULT.

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         Each of the following shall constitute an Event of Default (an "Event
of Default") under this Agreement:

         (a) Non-Payment of Loans, Etc. Borrower shall fail to make any payment
when due of any principal of or interest on any Loan, or payment of any other
amount payable by Borrower hereunder, including, without limitation, interest on
any Loan or any Fees, or shall fail to make any deposit required to be made
hereunder when due and such failure shall continue for three (3) Business Days.

         (b) Non-Compliance with Other Provisions. Borrower shall fail to
perform or observe any other term, covenant or agreement contained in this
Agreement or any other Transaction Document on its part to be performed or
observed and any such failure shall remain unremedied for thirty (30) days after
Borrower has knowledge thereof.

         (c) Breach of Representations and Warranties. Any representation or
warranty of Borrower made or deemed to have been made hereunder or in any other
Transaction Document or any other writing or certificate furnished by or on
behalf of Borrower to Administrator or Lender for purposes of or in connection
with this Agreement or any other Transaction Document shall prove to have been
false or incorrect in any material respect when made or deemed to have been
made, and shall continue to be false or incorrect for a period of thirty (30)
days after Borrower has knowledge thereof.

         (d) Bankruptcy. An Event of Bankruptcy shall have occurred and remained
continuing with respect to Borrower.

         (e) Tax Liens. The IRS shall file notice of a lien pursuant to Section
6323 of the Code with regard to any of the assets of Borrower, and such lien
shall not have been released within five (5) Business Days.

SECTION 10.2 AMORTIZATION EVENTS.

         Each of the following shall constitute an Amortization Event (an
"Amortization Event") under this Agreement:

         (a) Servicer Event of Default. A Servicer Event of Default shall have
occurred and remained continuing.

         (b) Borrowing Base Deficit. A Borrowing Base Deficit shall exist and
such condition shall continue unremedied for three (3) Business Days.

         (c) Default Ratio. The Default Ratio shall be equal to or exceed 5.5%
on a rolling three (3) Due Period average basis.

         (d) Delinquency Ratio. The Delinquency Ratio shall be equal to or
exceed 6.0% on a rolling three (3) Due Period average basis.

         (e) Dilution Ratio. The Dilution Ratio shall be equal to or exceed 5.5%
on a rolling three (3) Due Period average basis.

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<PAGE>

         (f) Accounts Receivable Turnover Ratio. The Accounts Receivable
Turnover Ratio is less than 6.5 for any Due Period.

         (g) Event of Default. An Event of Default shall have occurred and
remained continuing;

         (h) Validity of Transaction Documents. (i) Any Transaction Document, or
any lien or security interest granted thereunder, shall (except in accordance
with its terms), in whole or in part, terminate, cease to be effective or cease
to be the legally valid, binding and enforceable obligation of Borrower,
Servicer or Originator party to such Transaction Document, (ii) Borrower,
Originator or Servicer shall, directly or indirectly, contest in any manner such
effectiveness, validity, binding nature or enforceability or (iii) any security
interest securing any Obligation shall, in whole or in part, cease to be a
perfected first priority security interest.

         SECTION 10.3 EFFECT OF SIGNIFICANT EVENT.

         (a) Optional Termination. Upon the occurrence of a Significant Event
(other than an Event of Default described in Section 10.1(d)), Administrator
may, and at the request of Lender shall, by notice to Borrower (a copy of which
shall be promptly forwarded by Administrator to each Rating Agency), declare all
or any portion of the outstanding principal amount of the Loans and other
Obligations to be due and payable and/or Lender's Commitment (if not theretofore
terminated) to be terminated by declaring the Commitment Termination Date to
have occurred, whereupon the full unpaid amount of such Loans and other
Obligations which shall be so declared due and payable shall be and become
immediately due and payable, without further notice, demand or presentment,
and/or, as the case may be, Lender's Commitment shall terminate.

         (b) Automatic Termination. Upon the occurrence of an Event of Default
described in Section 10.1(d)), the Commitment Termination Date shall be deemed
to have occurred automatically, and all outstanding Loans and all other
Obligations shall become immediately and automatically due and payable, all
without presentment, demand, protest, or notice of any kind.

         (c) Notice to Rating Agencies. Administrator shall notify each Rating
Agency of the occurrence of any continuing Significant Event, promptly following
its actual knowledge thereof.

                                   ARTICLE XI
                                  THE SERVICER

         SECTION 11.1 CENTRAL AS INITIAL SERVICER.

         The servicing, administering and collection of the Receivables shall be
conducted by the Person designated from time to time as Servicer hereunder.
Until such time as Administrator shall notify Central Nevada in writing pursuant
to Section 11.6 hereof of the revocation of such power and authority, Borrower,
Lender and Administrator hereby appoint Central Nevada, and Central Nevada
hereby agrees to act, as Servicer hereunder. Originator agrees to act as
subservicer for the purpose of performing certain duties and obligations with
respect to all Receivables purchased by Borrower from Originator pursuant to the
terms of the Receivables

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<PAGE>

Purchase Agreement. In so acting as subservicer, Originator shall comply with,
and agrees to be bound by, all of the terms and provisions of this Agreement
applicable to Originator in the performance of its duties as subservicer;
provided, however, that Originator (i) shall cease to act as subservicer upon
the termination of the Servicer pursuant to Section 11.6, (ii) shall receive a
servicing fee payable from Servicer, and (iii) shall not be bound by, or be
deemed to have made, any of the representations, warranties or covenants in
Article VIII except as expressly provided in the Receivables Purchase Agreement.

         SECTION 11.2 CERTAIN DUTIES OF SERVICER.

         (a) Authorization to Act as Borrower's Agent. Borrower hereby appoints
Servicer as its agent for the following purposes: (i) selecting the amount of
each requested Loan and executing Borrowing Requests on behalf of Borrower, (ii)
making transfers among, deposits to and withdrawals from all deposit accounts of
Borrower for the purposes described in the Transaction Documents, (iii)
arranging payment by Borrower of all Fees, expenses, other Obligations and other
amounts payable under the Transaction Documents, (iv) causing the repayment and
prepayment of the Loans as required or permitted pursuant to Section 4.1 and (v)
executing and preparing the Period Reports; provided, however, that Servicer
shall act in such capacity only as an agent of Borrower and shall incur thereby
no additional obligations with respect to any Loan. Borrower irrevocably agrees
that (A) it shall be bound by all proper actions taken by Servicer pursuant to
the preceding sentence, and (B) Lender, Administrator and the banks holding all
deposit accounts of Borrower are entitled to accept submissions, determinations,
selections, specifications, transfers, deposits and withdrawal requests, and
payments from Servicer on behalf of Borrower.

         (b) Central Nevada to Act as Servicer. (i) Servicer shall service and
administer the Receivables on behalf of Borrower and Administrator (for the
benefit of the Secured Parties) and shall have full power and authority, acting
alone and/or through subservicers as provided in Section 11.2(b)(iii), to do any
and all things which it may deem reasonably necessary or desirable in connection
with such servicing and administration and which are consistent with this
Agreement. Consistent with the terms of this Agreement, Servicer may waive,
modify or vary any term of any Receivable or consent to the postponement of
strict compliance with any such term or in any manner, grant indulgence to any
Obligor if, in Servicer's reasonable determination, such waiver, modification,
postponement or indulgence is not materially adverse to the interests of
Borrower or Administrator (for the benefit of the Secured Parties); provided,
however, that Servicer may not permit any modification with respect to any
Receivable that would reduce the Unpaid Balance (except for actual payments
thereof), or extend the due date thereof, except that Servicer may take such
actions with respect to Defaulted Receivables if such actions will, in
Servicer's reasonable business judgment, maximize the Collections thereof.
Without limiting the generality of the foregoing, Servicer in its own name or in
the name of Borrower is hereby authorized and empowered by Borrower when
Servicer believes it appropriate in its best judgment to execute and deliver, on
behalf of Borrower, any and all instruments of satisfaction or cancellation, or
of partial or full release or discharge and all other comparable instruments,
with respect to the Receivables.

                  (ii) Servicer shall service and administer the Receivables by
         employing such procedures (including collection procedures) and degree
         of care, in each case consistent with applicable law, with the
         Collection Policy and with prudent industry

                                       45

<PAGE>

         standards, as are customarily employed by Servicer in servicing and
         administering receivables owned or serviced by Servicer comparable to
         the Receivables. Servicer shall not take any action to impair
         Administrator's (for the benefit of the Secured Parties) security
         interest in any Receivable, except to the extent allowed pursuant to
         this Agreement or required by law.

                  (iii) Servicer may perform any of its duties pursuant to this
         Agreement, including those delegated to it pursuant to this Agreement,
         through subservicers appointed by Servicer, provided that such
         subservicing arrangements may be terminated, at Administrator's
         discretion, upon the replacement of Central Nevada as Servicer. Such
         subservicers may include Affiliates of Servicer. Notwithstanding any
         such delegation of a duty, Servicer shall remain obligated and liable
         for the performance of such duty as if Servicer were performing such
         duty.

                  (iv) Servicer may take such actions as are necessary to
         discharge its duties as Servicer in accordance with this Agreement,
         including the power to execute and deliver on behalf of Borrower such
         instruments and documents as may be customary, necessary or desirable
         in connection with the performance of Servicer's duties under this
         Agreement (including consents, waivers and discharges relating to the
         Receivables).

                  (v) Servicer shall keep separate records covering the
         transactions contemplated by this Agreement, including the identity and
         collection status of each Receivable purchased by Borrower from
         Originator and the Originator Payables.

         (c) Collections. (i) On or prior to the Closing Date, Borrower and
Servicer shall have established and shall maintain thereafter the following
system of collecting and processing Collections of Receivables. The Obligors
shall be instructed to make payments of Receivables by wire transfer to the
Collection Account, the Depository Account or by check mailed to a post office
box listed on Schedule I (each a "LockBox" and collectively, the "LockBoxes")
(such payments, upon receipt in a LockBox being referred to herein as "Mail
Payments").

                  (ii) On or prior to the Closing Date, Administrator shall have
         received a consent to assignment of the assignment of each Depository
         Account to Administrator. Servicer's right of access thereto shall be
         revocable at the option of Administrator upon the occurrence of
         Unmatured Significant Event or Significant Event. In addition, after
         the occurrence of any Unmatured Significant Event or any Significant
         Event, Servicer agrees that it shall, upon the written request of
         Administrator, notify all Obligors under Receivables to make payment
         thereof to (A) one or more bank accounts and/or post-office boxes
         designated by Administrator and specified in such notice or (B) any
         successor Servicer appointed hereunder.

                  (iii) Servicer shall remove all Mail PaymentS, or cause all
         Mail Payments to be removed, from each LockBox by the close of business
         on each Business Day and deposited into the Collection Account or the
         Depository Account. Servicer shall cause all payments received directly
         by Servicer, Originator or otherwise (including, without limitation,
         all payments received at any local terminal of Servicer or Originator)
         to be deposited in the Depository Account or the Collection Account
         within one (1) Business

                                       46

<PAGE>

         Day after receipt thereof. Servicer shall process all such Mail
         Payments, and all wire transfers, ACH payments and other payments on
         the date received by recording the amount of the payment received from
         the Obligor and the applicable account or invoice number.

                  (iv) All Collections received by Originator or Servicer in
         respect of Receivables will, pending remittance to the Collection
         Account or the Depository Account as provided herein, be held by
         Originator or Servicer in trust for the exclusive benefit of
         Administrator, and shall not be commingled with any other funds or
         property of Originator or Servicer.

                  (v) Borrower and Servicer hereby irrevocably waive any right
         to set off against, or otherwise deduct from, any Collections.

                  (vi) In performing its duties and obligations hereunder,
         Servicer (A) shall not impair the rights of Borrower or Administrator
         in any Receivable, (B) shall not amend the terms of any Receivable
         other than in accordance with the Collection Policy and this Agreement,
         and (C) shall be entitled to commence or settle any legal action to
         enforce collection of any Receivable. In the event that Servicer shall
         breach any of its covenants set forth in clause (A), (B) or (C) of this
         Section 11.2(c)(vi), Servicer shall pay the Unpaid Balance of each
         Receivable affected thereby on the Distribution Date following the Due
         Period in which such event occurs. For the purposes of Section 11.7
         hereof, Servicer shall not be deemed to have breached its obligations
         under this Section 11.2(c)(vi) unless it shall fail to make such
         payment with respect to any Receivable affected by Servicer's
         noncompliance with clause (A), (B) or (C) of this Section 11.2(c)(vi).

                  (vii) All payments or other amounts collected or received by
         Servicer in respect of a Receivable shall be applied to the Unpaid
         Balance of such Receivable.

         (d) Collection Account. (i) On any Business Day, Borrower may withdraw,
or permit Servicer to withdraw, for any purpose or use permitted hereby,
including, without limitation, paying the purchase price of Receivables acquired
by Borrower under the Receivables Purchase Agreement, funds that are on deposit
in the Collection Account or the Depository Account, provided that (A) no
Significant Event or Unmatured Significant Event has occurred and is continuing
and (B) the Commitment Termination Date has not occurred. On the first Business
Day of each week, the Servicer shall deliver a certificate to Administrator,
which certificate shall be substantially in the form of Exhibit H hereto and
which shall certify to the Administrator that (x) the requirements set forth in
clauses (A) and (B) of the immediately proceeding sentence were satisfied with
respect to each withdrawal made from the Collection Account or the Depository
Account, as the case may be, on any day during the immediately preceding week
and (y) after giving effect to all withdrawals made during the immediately
preceding week, no Borrowing Base Deficit exists or has occurred and, as of the
last day of the previous week, there were funds in the Collection Account at
least equal to the interest on the Loans and the Fees accrued through such date.

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<PAGE>

                  (ii) Prior to 3:00 p.m., New York time, on the Business Day
         preceding each Distribution Date (a "Deposit Date"), the Servicer shall
         deposit or cause to be deposited in the Collection Account, to the
         extent not already on deposit therein, an amount equal to, without
         duplication, the lesser of (1) (I) the aggregate amount of all
         Collections received during the immediately preceding Due Period, plus
         (II) the aggregate amounts due from Servicer on such Distribution Date
         pursuant to Section 11.2(c)(vi) hereof, plus (III) the aggregate amount
         of Originator Payables paid on such Distribution Date and (2) the
         amounts due on such Distribution Date pursuant to clauses first through
         sixth of Section 4.2(b), and the remainder of the Collections from such
         Due Period shall be applied pursuant to the Receivables Purchase
         Agreement, provided that if a Significant Event or Unmatured
         Significant Event shall exist on such Distribution Date or the
         Commitment Termination Date has occurred, then the Servicer shall
         deposit all of the amounts described in this Section 11.2(d)(ii) in the
         Collection Account on such Deposit Date.

                  (iii) Servicer shall distribute the amounts on deposit in the
         Collection Account in accordance with Section 4.2 hereof.

                  (iv) Funds deposited in the Collection Account or the
         Depository Account may be invested by Servicer in Permitted Investments
         that mature not later than the Business Day next preceding the
         Distribution Date. All income, gain or losses realized from any such
         investment shall be credited or debited (as applicable) to the balance
         of the Collection Account or the Depository Account, as the case may
         be. Servicer shall have no obligation to reimburse the Collection
         Account or the Depository Account, as the case may be, for any losses
         realized by reason of such investments.

                  (v) On any day on which a Borrowing Base Deficit shall exist,
         the Servicer shall cause an amount of Collections equal to such
         Borrowing Base Deficit to be set aside and retained in the Collection
         Account for application in accordance with this subsection (d). Such
         funds shall be held in the Collection Account until the earlier of (i)
         any prepayment made pursuant to the provisions of Section 4.1(d) and
         (ii) any payment made pursuant to the provisions of Section 4.2(a) or
         4.2(b), as the case may be.

         SECTION 11.3 SERVICING COMPENSATION.

         Servicer, as compensation for its activities hereunder, shall be
entitled to receive the Servicing Fee, which shall be payable by Borrower on
each Distribution Date from funds on deposit in the Collection Account in
accordance with Section 4.2. Servicer shall be required to pay all expenses
incurred by it in connection with its servicing activities hereunder (including
payment of the fees and expenses of any subservicer) and shall not be entitled
to reimbursement therefor except as specifically provided herein.

         SECTION 11.4 AGREEMENT NOT TO RESIGN.

         Central Nevada acknowledges that Lender and Administrator have relied
on Central Nevada's agreement to act as Servicer hereunder in their respective
decisions to execute and deliver the respective Transaction Documents to which
they are parties. In recognition of the

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<PAGE>

foregoing, Central Nevada agrees not to resign as Servicer voluntarily, except
as required by law (as evidenced by the delivery of an outside opinion of
counsel to Administrator, in form and substance satisfactory to Administrator),
without the prior written consent of Administrator.

         SECTION 11.5 DESIGNATION OF SERVICER.

         Borrower agrees not to designate any Person other than Central Nevada
as Servicer without the prior written consent of Administrator.

         SECTION 11.6 TERMINATION.

         The authorization of Servicer to act on behalf of Borrower under this
Agreement and the other Transaction Documents shall terminate at the sole
discretion of Administrator upon the replacement of Servicer by a successor
Servicer selected by Administrator.

         SECTION 11.7 SERVICER EVENTS OF DEFAULT.

         Each of the following shall constitute a Servicer Event of Default (a
"Servicer Event of Default") under this Agreement:

         (a) failure by the Servicer to make any payments required to be made by
it hereunder on the day on which such payment is required to be made and such
failure continues for three (3) Business Days;

         (b) failure on the part of the Servicer to observe or perform in any
respect any other covenants or agreements of the Servicer contained herein
(other than as described in clause (a) above) which continues unremedied for a
period of thirty (30) days after Servicer has knowledge thereof;

         (c) the delegation by the Servicer of its duties hereunder;

         (d) any representation, warranty or certification made by the Servicer
herein proves to have been incorrect when made;

         (e) so long as Central Texas is the subservicer pursuant to Section
11.1, the Net Worth of Central Texas shall be less than or equal to the sum of
(i) $25,000,000 plus (ii) 50% of Consolidated Net Income on a cumulative basis
for the third, sixth, ninth and thirteenth Fiscal Periods, commencing after the
Closing Date, plus (iii) 100% of the net proceeds from any equity offering of
Central Nevada, calculated quarterly on the last day of each fiscal quarter;

         (f) an Event of Bankruptcy shall have occurred with respect to the
Servicer or Originator;

         (g) a final judgment or judgments for the payment of money in excess of
$10,000 in the aggregate shall have been rendered against Borrower or $1,000,000
in the aggregate shall have been rendered against Central Nevada and the same
shall have remained unsatisfied and in effect, without stay of execution, for a
period of 30 consecutive days after the period for appellate review shall have
elapsed; or

                                       49

<PAGE>

         (h) Central Nevada or Originator shall fail to pay any Debt in excess
         of $1,000,000 when due, or a default shall have occurred and be
         continuing with respect to any such Debt, which default results in, or
         would permit, the acceleration of such Debt.

         At any time during the continuance of any Servicer Event of Default,
Administrator may, in its sole discretion, notify Servicer in writing of the
revocation of its appointment as Servicer hereunder. Upon revocation of
Servicer's appointment hereunder, Administrator shall appoint a successor
Servicer.

         Servicer agrees that upon receipt of written notification from
Administrator of the revocation of Servicer's appointment as Servicer hereunder,
Servicer shall upon the written request of Administrator (which request may be
contained in the notification of revocation) (i) notify all Obligors under the
Receivables to make payment thereof to a bank account(s) or post office box
designated by Administrator and specified in such notice, and (ii) pay to
Administrator (or its designee) immediately all Collections then held or
thereafter received by Servicer or Originator of Receivables, together with all
other payment obligations of the Servicer hereunder owing to Lender or
Administrator.

         Servicer shall, at its sole cost and expense, cooperate with and assist
the successor Servicer (including, without limitation, providing access to, and
transferring, all Receivable Files and all records (including data-processing
records) relating thereto (which shall be held in trust for the benefit of the
parties hereto in accordance with their respective interests)) and allowing the
successor Servicer to use all licenses, hardware or software necessary or
desirable to collect the Receivables). Central Nevada irrevocably agrees to act
(if requested to do so) as the data-processing agent for the successor Servicer
(in substantially the same manner as Central Nevada conducted such
data-processing functions while it acted as Servicer).

                                   ARTICLE XII
                                  ADMINISTRATOR

         SECTION 12.1 AUTHORIZATION AND ACTION.

         Lender hereby appoints SunTrust Capital Markets, Inc. as its
Administrator for purposes of the Transaction Documents and authorizes SunTrust
Capital Markets, Inc. in such capacity to take such action on its behalf under
each Transaction Document and to exercise such powers hereunder and thereunder
as are delegated to SunTrust Capital Markets, Inc., as Administrator, by the
terms hereof and thereof, together with such powers as are reasonably incidental
thereto.

         SECTION 12.2 ADMINISTRATOR AND AFFILIATES.

         Bank and any of its Affiliates may generally engage in any kind of
business with Borrower, Bank, Servicer, any Obligor, any of their respective
Affiliates and any Person who may do business with or own securities of
Borrower, Bank, Servicer, any Obligor or any of their respective Affiliates, all
as if SunTrust Capital Markets, Inc. were not Administrator and without any duty
to account therefor to Lender.

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<PAGE>

                                  ARTICLE XIII
                                   ASSIGNMENTS

         SECTION 13.1 RESTRICTIONS ON ASSIGNMENTS.

         Neither Borrower nor Servicer may delegate any of its duties, or assign
its rights, hereunder or any interest herein without the prior written consent
of Administrator and Lender. Lender may not assign its rights hereunder, any
Loan or the Lender Note (or any portion thereof) to any Person without the prior
written consent of Borrower; provided, however, that:

         (a) Lender may assign, or grant a security interest in, all or any
portion of the Loans and the Lender Note to Credit Bank, any Liquidity Bank (or
any successor of any thereof by merger, consolidation or otherwise), any
Affiliate of Credit Bank or any Liquidity Bank in connection with a draw under
the Liquidity Agreement or a Credit Advance (which may then assign all or any
portion thereof so assigned or any interest therein to such party or parties as
it may choose); and

         (b) Lender may assign any Loan to any other Person proposed by Lender
and consented to by Borrower (such consent not to be unreasonably withheld).
Administrator shall promptly provide notice of any such assignment to each
Rating Agency.

Within five (5) Business Days after notice to Borrower of any proposed
assignment by Lender for which Borrower's consent is required, Borrower agrees
to advise Administrator of its consent or non-consent thereto. If Borrower does
not consent to such assignment Lender may immediately assign the Loan (or
portion thereof) that was subject to such proposal to Bank, any Liquidity Bank
or any Affiliate of Bank or any Liquidity Bank. Subject to Section 13.2, all of
the aforementioned assignments shall be upon such terms and conditions as Lender
and the assignee may mutually agree.

         SECTION 13.2 DOCUMENTATION.

         Lender shall deliver to each assignee an assignment, in such form as
Lender and the related assignee may agree, duly executed by Lender, assigning
any such Loan to the assignee, and Lender shall promptly execute and deliver all
further instruments and documents, and take all further action, that the
assignee may reasonably request, in order to perfect, protect or more fully
evidence the assignee's right, title and interest in and to such Loan, and to
enable the assignee to exercise or enforce any rights hereunder or under the
Lender Note evidencing such Loan.

         SECTION 13.3 RIGHTS OF ASSIGNEE.

         Upon the foreclosure of any assignment of any Loans made for security
purposes, or upon any other assignment of any Loan from Lender pursuant to this
Article XIII, the respective assignee receiving such assignment shall have all
of the rights of Lender hereunder to the extent of such assignment with respect
to such Loans and all references to Lender in Section 6.1 shall be deemed to
apply to such assignee to the extent of such assignment.

         SECTION 13.4 NOTICE OF ASSIGNMENT.

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<PAGE>

Lender shall provide notice to Borrower of any assignment hereunder by Lender to
any assignee. Lender authorizes Administrator to, and Administrator agrees that
it shall, endorse the Lender Note to reflect any assignments made pursuant to
this Article XIII or otherwise.

                                   ARTICLE XIV
                                 INDEMNIFICATION

         SECTION 14.1 GENERAL INDEMNITY OF BORROWER.

         Without limiting any other rights which any such Person may have
hereunder or under applicable law, Borrower hereby agrees to indemnify
Administrator, Lender, Servicer, each Liquidity Bank, each Credit Bank, Bank,
each of Bank's Affiliates and each of their respective successors, transferees,
participants and assigns and all officers, directors, shareholders, controlling
persons, employees and agents of any of the foregoing (each of the foregoing
Persons being individually called an "Indemnified Party"), forthwith on demand,
on an after-tax basis, from and against any and all damages, losses, claims,
liabilities and related costs and expenses, including reasonable attorneys' fees
and disbursements (all of the foregoing being collectively called "Indemnified
Amounts") awarded against or incurred by any of them arising out of or relating
to any Transaction Document or the transactions contemplated thereby, any
commingling of funds (whether or not permitted hereunder), or the use of
proceeds therefrom by Borrower, including (without limitation) in respect of the
funding of any Loan or in respect of any Receivable; excluding, however, (i)
Indemnified Amounts to the extent determined by a court of competent
jurisdiction to have resulted from gross negligence or willful misconduct on the
part of such Indemnified Party and (ii) any tax upon or measured by net income
(except those described in Section 6.1(a)) on any Indemnified Party.

         SECTION 14.2 INDEMNITY OF SERVICER.

         Without limiting any other rights which any such Person may have
hereunder or under applicable law, Central Nevada as Servicer, hereby agrees to
indemnify each Indemnified Party forthwith on demand, on an after-tax basis,
from and against any and all Indemnified Amounts awarded against or incurred by
any of them arising from, or related to, the negligence or willful misconduct of
Central Nevada, the inaccuracy of any representation or warranty of Central
Nevada, or the failure of Central Nevada to perform its obligations under any
Transaction Document; excluding, however, (i) Indemnified Amounts to the extent
determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of such Indemnified Party, (ii)
Indemnified Amounts to the extent solely due to non-payment by any Obligor of an
amount due and payable with respect to a Receivable for credit reasons, and
(iii) any tax upon or measured by net income on any Indemnified Party.

                                   ARTICLE XV
                                  MISCELLANEOUS

         SECTION 15.1 NO WAIVER; REMEDIES.

         No failure on the part of Lender, Administrator, any Indemnified Party
or any Affected Party to exercise, and no delay in exercising, any right, power
or remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise by any of them of any right, power or

                                       52

<PAGE>

remedy hereunder preclude any other or further exercise thereof, or the exercise
of any other right, power or remedy. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law. Without limiting the
foregoing, each of Bank, each Credit Bank and each Liquidity Bank is hereby
authorized by Borrower at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other indebtedness at
any time owing by Bank, such Credit Bank or such Liquidity Bank to or for the
credit or the account of Borrower, now or hereafter existing under this
Agreement, to Administrator, any Affected Party, any Indemnified Party, or
Lender or their respective successors and assigns.

         SECTION 15.2 AMENDMENTS, ETC.

         No amendment, modification or waiver of, or consent with respect to,
any provision of this Agreement and any Schedules hereto, or the Lender Note
shall in any event be effective unless the same shall be in writing and signed
and delivered by (i) Borrower, Servicer, Administrator and Lender (with respect
to an amendment), or (ii) Administrator and Lender (with respect to a waiver or
consent by them) or Servicer or Borrower (with respect to a waiver or consent by
them), as the case may be, and then any such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given; provided, however, that no material amendment of this Agreement (other
than an amendment to extend the Scheduled Commitment Termination Date) shall be
effective unless Lender (or Administrator on its behalf) shall have received
written confirmation by the Rating Agencies that such amendment shall not cause
the rating on the then outstanding Commercial Paper Notes to be downgraded or
withdrawn. Administrator shall provide each Rating Agency with a copy of each
amendment to or consent or waiver under this Agreement promptly following the
effective date thereof.

         SECTION 15.3 NOTICES, ETC.

         All notices and other communications provided for hereunder shall,
unless otherwise stated herein, be in writing (including facsimile
communication) and shall be personally delivered or sent by certified mail,
postage prepaid, or by facsimile, to the intended party at the address or
facsimile number of such party set forth opposite its name on Schedule VI hereto
or at such other address or facsimile number as shall be designated by such
party in a written notice to the other parties hereto. All such notices and
communications shall be effective, (i) if personally delivered, when received,
(ii) if sent by certified mail, three (3) Business Days after having been
deposited in the mail, postage prepaid, (iii) if sent by overnight courier, one
(1) Business Day after having been given to such courier, and (iv) if
transmitted by facsimile, when sent, receipt confirmed by telephone or
electronic means, except that notices and communications pursuant to Section 2.2
shall not be effective until received.

         SECTION 15.4 COSTS, EXPENSES AND TAXES.

         In addition to its obligations under Section 14.1, Borrower agrees to
pay on demand:

         (a) all costs and expenses incurred by Administrator, Lender, each
Liquidity Bank, each Credit Bank and Servicer in connection with (i) the
preparation, execution, delivery, administration and enforcement of, or any
breach of, this Agreement, the Lender Note, the other

                                       53

<PAGE>

Transaction Documents, the Liquidity Agreement and, to the extent directly
related to this Agreement, the Program Documents (including any amendments or
modifications of or supplements to the Program Documents directly related to
this Agreement), including, without limitation, the reasonable fees and expenses
of counsel to any of such Persons incurred in connection therewith, (ii) the
perfection of Administrator's security interest in the Collateral, (iii) the
maintenance of the Collection Account, (iv) the audit of the books, records and
procedures of Originator, Servicer and Borrower by Administrator's auditors
(which may be employees of Administrator), and (v) Rating Agency fees related to
the transactions contemplated by this Agreement; and

         (b) all stamp and other taxes and fees payable or determined to be
payable in connection with the execution, delivery, filing and recording of this
Agreement, the Lender Note, the other Transaction Documents, or (to the extent
directly related to this Agreement) the Program Documents, and agrees to
indemnify each Indemnified Party against any liabilities with respect to or
resulting from any delay in paying or omission to pay such taxes and fees.

         SECTION 15.5 BINDING EFFECT; SURVIVAL.

         This Agreement shall be binding upon and inure to the benefit of
Borrower, Bank, Central Nevada, Lender, Administrator, and their respective
successors and assigns, and the provisions of Article VI and Article XIV shall
inure to the benefit of the Affected Parties and the Indemnified Parties,
respectively, and their respective successors and assigns; provided, however,
nothing in the foregoing shall be deemed to authorize any assignment not
permitted by Article XIII. This Agreement shall create and constitute the
continuing obligations of the parties hereto in accordance with its terms, and
shall remain in full force and effect until such time, after the Commitment
Termination Date, when all Obligations have been finally and fully paid and
performed. The rights and remedies with respect to any breach of any
representation and warranty made by Borrower or Servicer pursuant to Article
VIII and the indemnification and payment provisions of Article XIV and Article
VI, Sections 15.4, 15.11 and 15.12 shall be continuing and shall survive any
termination of this Agreement and any termination of Central Nevada's rights to
act as Servicer hereunder or under any other Transaction Document.

         SECTION 15.6 CAPTIONS AND CROSS REFERENCES.

         The various captions (including, without limitation, the table of
contents) in this Agreement are provided solely for convenience of reference and
shall not affect the meaning or interpretation of any provision of this
Agreement. Unless otherwise indicated, references in this Agreement to any
Section, Appendix, Schedule or Exhibit are to such Section of or Appendix,
Schedule or Exhibit to this Agreement, as the case may be, and references in any
Section, subsection, or clause to any subsection, clause or subclause are to
such subsection, clause or subclause of such Section, subsection or clause.

         SECTION 15.7 SEVERABILITY.

         Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability

                                       54

<PAGE>

without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.

         SECTION 15.8 GOVERNING LAW.

         THIS AGREEMENT AND THE LENDER NOTE SHALL BE A CONTRACT MADE UNDER AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW).

         SECTION 15.9 COUNTERPARTS.

         This Agreement may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original but all of which
shall constitute together but one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile shall be
effective as delivery of a manually executed counterpart Agreement.

         SECTION 15.10 SUBMISSION TO JURISDICTION; WAIVER OF TRIAL BY JURY.

         (a) Borrower and Servicer hereby submit to the nonexclusive
jurisdiction of any United States District Court for the Southern District of
New York and of any New York state court sitting in New York, New York for
purposes of all legal proceedings arising out of, or relating to, the
Transaction Documents or the transactions contemplated thereby. Borrower and
Servicer hereby irrevocably waive, to the fullest extent possible, any objection
it may now or hereafter have to the venue of any such proceeding and any claim
that any such proceeding has been brought in an inconvenient forum. Nothing in
this Section 15.10 shall affect the right of Administrator or Lender to bring
any action or proceeding against Borrower or Servicer or its property in the
courts of other jurisdictions.

         (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, ANY TRANSACTION DOCUMENT OR
ANY MATTER ARISING THEREUNDER.

         SECTION 15.11 NO RECOURSE AGAINST LENDER.

         The obligations of Lender under this Agreement are solely the corporate
obligations of Lender. No recourse shall be had for any obligation, covenant or
agreement (including, without limitation, the payment of any amount owing in
respect to this Agreement or the payment of any fee hereunder or for any other
obligation or claim) arising out of or based upon this Agreement or any other
agreement, instrument or document entered into pursuant hereto or in connection
herewith against any stockholder, employee, officer, director, manager,
administrator, partner or incorporator of Lender, as such, by the enforcement of
any assessment or by any legal or equitable proceeding, by virtue of any statute
or otherwise.

         SECTION 15.12 NO PROCEEDINGS.

                                       55

<PAGE>

         Each of the parties hereto hereby agree that it will not institute
against Lender, or join any other Person in instituting against Lender, any
insolvency proceeding (namely, any proceeding of the type referred to in the
definition of Event of Bankruptcy) so long as any Commercial Paper Notes issued
by Lender shall be outstanding and there shall not have elapsed one year plus
one day since the last day on which any such Commercial Paper Notes shall be
outstanding. The provisions of this Section 15.12 shall survive the termination
of this Agreement, the reduction to zero of the Lender Note and payment of all
obligations hereunder.

         SECTION 15.13 LIMITATION ON PAYMENTS.

         Notwithstanding any provisions contained in this Agreement to the
contrary, Lender shall not, and shall not be obligated to, pay any amount
pursuant to this Agreement unless (a) Lender has received funds which may be
used to make such payment and which funds are not required to repay the
Commercial Paper Notes and Voluntary Advance Loans when due and (b) after giving
effect to such payment, either (i) there is sufficient liquidity availability
(determined in accordance with the Program Documents), under all of the
liquidity facilities for Lender's commercial paper program, to pay the Face
Amount of all outstanding Commercial Paper Notes and Voluntary Advance Loans
when due or (ii) all Commercial Paper Notes and Voluntary Advance Loans are paid
in full; provided, however, that the foregoing limitations on payments by Lender
shall not apply to any distributions of funds received by Lender pursuant to
Section 4 of the Liquidity Agreement. Any amount which Lender does not pay
pursuant to the operation of he preceding sentence shall not constitute a claim
(as defined in Section 101 of the Bankruptcy Code) against or corporate
obligation of Lender for any such insufficiency unless and until such payment
may be made in accordance with clauses (a) and (b) above. The agreements in this
Section 15.13 shall survive termination of this Agreement, the reduction to zero
of the Lender Note and payment of all obligations hereunder.

         SECTION 15.14 CONFIDENTIALITY OF AGREEMENT.

         Unless otherwise consented to by Administrator, each of Borrower and
Servicer hereby agrees that it will not disclose the contents of any Transaction
Document, or any other confidential or proprietary information furnished by
Administrator or Lender to any Person other than its Affiliates (which
Affiliates shall have executed an agreement satisfactory in form and in
substance to Administrator to be bound by this Section 15.13) auditors and
attorneys or as required by applicable law.

         SECTION 15.15 ENTIRE AGREEMENT.

         THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND
DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND
THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

                      [SIGNATURE PAGES BEGIN ON NEXT PAGE]

                                       56

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                            CENTRAL RECEIVABLES, INC.,
                                            as Borrower

                                            By: /s/ Pat Curry
                                                --------------------------------
                                            Name: Patrick J. Curry
                                            Title: Executive Vice President

                                            CENTRAL FREIGHT LINES, INC.,
                                            a Nevada corporation,
                                            as Servicer

                                            By: /s/ Pat Curry
                                                --------------------------------
                                            Name: Patrick J. Curry
                                            Title: Executive Vice President

                     [Additional signature page to follow.]

                                       57

<PAGE>

                                            THREE PILLARS FUNDING CORPORATION,
                                            as Lender

                                            By: /s/ Evelyn Echevarria
                                                --------------------------------
                                            Name: Evelyn Echevarria
                                            Title: Vice President

                                            SUNTRUST CAPITAL MARKETS, INC.,
                                            as Administrator

                                            By: /s/ J R Bennison
                                                --------------------------------
                                            Name: James R. Bennison
                                            Title: Managing Director

                                       58

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8(B)
<SEQUENCE>29
<FILENAME>c72067exv10w8xby.txt
<DESCRIPTION>FIRST AMENDMENT TO LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.8(b)

                                                                  EXECUTION COPY

                                 FIRST AMENDMENT
                                TO LOAN AGREEMENT

         THIS FIRST AMENDMENT TO LOAN AGREEMENT, dated as of April 29, 2003
(this "Amendment"), is entered into by and among CENTRAL RECEIVABLES, INC., as
borrower ("Borrower"), CENTRAL FREIGHT LINES, INC., as servicer ("Servicer"),
THREE PILLARS FUNDING CORPORATION, as lender and SUNTRUST CAPITAL MARKETS, INC.,
as administrator ("Administrator"). Capitalized terms used and not otherwise
defined herein are used as defined in the Agreement (as defined below and
amended hereby).

         WHEREAS, the parties hereto have entered into that certain Loan
Agreement, dated as of April 30, 2002 (the "Agreement");

         WHEREAS, the parties hereto wish to amend the Agreement as hereinafter
set forth;

         NOW THEREFORE, in consideration of the premises and the other mutual
covenants contained herein, the parties hereto agree as follows:

         SECTION 1. AMENDMENTS. The Agreement is hereby amended as follows:

         (a)      The definition of "Accounts Receivable Turnover Ratio" in
Section 1.1 of the Agreement is hereby amended and restated in its entirety to
read as follows:

                  Accounts Receivable Turnover Ratio: For any Due Period, the
                  ratio computed as of the last day of such Due Period by
                  dividing (i) the aggregate amount of Sales during the most
                  recent twelve (12) Due Periods by (ii) the rolling twelve (12)
                  Due Period average of the aggregate Unpaid Balance of
                  Receivables.

         (b)      The definition of "Concentration Limit" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                  Concentration Limit: (i) For any Obligator that is not a
                  Special Obligator and (A) whose short term unsecured debt
                  rating is (1) greater than or equal to both A-1 by S&P and P-1
                  by Moody's, 8% of the Aggregate Unpaid Balance or (2) less
                  than both A-1 by S&P and P-1 by Moody's and greater than or
                  equal to both A-3 by S&P and P-3 by Moody's, 5% of the
                  Aggregate Unpaid Balance or (B) in the absence of short term
                  unsecured debt ratings by both Rating Agencies, whose long
                  term unsecured debt rating is greater than or equal to both
                  BBB- by S&P and Baa3 by Moody's, 5% of the Aggregate Unpaid
                  Balance; and (ii) for any other Obligor that is not a Special
                  Obligor, 2% of the Aggregate Unpaid Balance. The Concentration
                  Limit for the Special Obligator shall be 10% of the Aggregate
                  Unpaid Balance, or if the long term unsecured debt rating of
                  the Special Obligor shall be less than or equal to BBB- by S&P
                  and Baa3 by Moody's, 5% of the Aggregate Unpaid Balance.

<PAGE>

         (c)      The definition of "Dilution Spike Rate" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                  Dilution Spike Rate: With respect to any Due Period, the
                  highest rolling two (2) month average Dilution Ratio over the
                  most recent twelve (12) Due Periods.

         (d)      The definition of "Expected Dilution Ratio" in Section 1.1 of
the Agreement is hereby amended and restated in its entirety to read as follows:

                  Expected Dilution Ratio: With respect to any Due Period, the
                  rolling twelve (12) Due Period average Dilution Ratio for the
                  most recently ended twelve (12) Due Periods.

         (e)      The definition of "Fiscal Period" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                  Fiscal Period: Each fiscal period of Central Nevada and its
                  Subsidiaries ending on the date specified in Schedule VII
                  hereto, as such schedule may be updated from time to time in
                  accordance with Section 9.1(e)(vi); provided, however that
                  there shall be twelve (12) Fiscal Periods in each Fiscal Year.

         (f)      The definition of "Loss Ratio" in Section 1.1 of the Agreement
is hereby amended and restated in its entirety to read as follows:

                  Loss Ratio: With respect to any Due Period, the highest
                  rolling three (3) Due Period average Default Ratio over the
                  most recent twelve (12) Due Periods.

         (g)      The definition of "Scheduled Termination Date" in Section 1.1
of the Agreement is hereby amended and restated in its entirety to read as
follows:

                  Scheduled Commitment Termination Date:  April 27, 2005.

         (h)      The definition of "Servicing Reserve" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                  Servicing Reserve: With respect to any Due Period, the product
                  of (i) the highest Days Sales Outstanding Ratio during the
                  most recent twelve (12) Due Periods, (ii) the Stress Factor,
                  (iii) 2.40% and (iv) 1/360.

         (i)      The definition of "Stated Maturity Date" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                  Stated Maturity Date: April 27, 2005; provided, however, that
                  such date may be accelerated pursuant to Section 10.3.

         (j)      The definition of "Yield Reserve" in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as follows:

                                      -2-
<PAGE>

Yield Reserve: With respect to any Due Period, the product of (i) the highest
Days Sales Outstanding Ratio during the most recent twelve (12) Due Periods,
(ii) the Stress Factor, (iii) the Prime Rate as in effect on the last day of
such Due Period and (iv) 1/360.

         (k)      Section 9.1(e)(ii) is hereby amended and restated in its
entirety to read as follows:

                  (ii)     Reports. On or before the 22nd day of each calendar
                  month (each, a "Reporting Date"), Servicer shall prepare and
                  deliver to Administrator and Lender a report, substantially in
                  the form of Exhibit C or in such other form acceptable to
                  Administrator (a "Period Report"), as of the immediately
                  preceding Period End Date signed by an authorized officer of
                  Servicer. On or before the first Business Day of each week,
                  Servicer shall prepare and deliver to Administrator and Lender
                  a Borrowing Base Certificate, as of the last Business Day of
                  the immediately preceding week signed by an authorized officer
                  of Servicer.

         (l)      Section 11.7(e) of the Agreement is hereby amended and
restated in its entirety to read as follows:

                  (e)      so long as Central Texas is the subservicer pursuant
                  to Section 11.1, the Net Worth of Central Texas shall be less
                  than or equal to the sum of (i) $25,000,000 plus (ii) 50% of
                  Consolidated Net Income on a cumulative basis for the third,
                  sixth, ninth and twelfth Fiscal Periods, commencing after the
                  Closing Date, plus (iii) 100% of the net proceeds from any
                  equity offering of Central Nevada, calculated quarterly on the
                  last day of each fiscal quarter;

         (m)      Schedule VII is hereby replaced with Schedule VII hereto.

         SECTION 2. REFERENCE TO AND EFFECT ON THE AGREEMENT AND THE RELATED
DOCUMENTS. Upon the effectiveness of this Amendment, (i) each of the Borrower
and the Servicer hereby reaffirms all representations and warranties made by it
in Article VIII of the Agreement (as amended hereby) and agrees that all such
representations and warranties shall be deemed to have been remade as of the
effective date of this Amendment, (ii) each of the Borrower and the Servicer
hereby represents and warrants that no Significant Event or Unmatured
Significant Event, shall have occurred and be continuing and (iii) each
reference in the Agreement to "this Agreement", "hereunder", "hereof", "herein"
or words of like import shall mean and be, and any references to the Agreement
in any other document, instrument or agreement executed and/or delivered in
connection with the Agreement shall mean and be, a reference to the Agreement as
amended hereby.

         SECTION 3. EFFECT. Except as otherwise amended by this Amendment, the
Agreement shall continue in full force and effect and is hereby ratified and
confirmed.

         SECTION 4. GOVERNING LAW. This Amendment will be governed by and
construed in accordance with the laws of the State of New York.

         SECTION 5. SEVERABILITY. Each provision of this Amendment shall be
severable from every other provision of this Amendment for the purpose of
determining the legal enforceability of any provision hereof, and the
unenforceability of one or more provisions of this Amendment

                                      -3-
<PAGE>

in one jurisdiction shall not have the effect of rendering such provision or
provisions unenforceable in any other jurisdiction.

         SECTION 6. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page by facsimile shall be effective as delivery of a
manually executed counterpart of this Amendment.

                  [remainder of page intentionally left blank]

                                      -4-
<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                        CENTRAL RECEIVABLES, INC.,
                                        as Borrower

                                        By:    /s/ Jeff Hale
                                           -------------------------------------
                                        Name:  Jeff Hale
                                        Title: CFO

                                        CENTRAL FREIGHT LINES, INC.,
                                        as Servicer

                                        By:    /s/ Jeff Hale
                                           -------------------------------------
                                        Name:  Jeff Hale
                                        Title: CFO

                        [additional signatures to follow]

<PAGE>

                                        THREE PILLARS FUNDING CORPORATION,
                                        as Lender

                                        By:    /s/ Douglas K. Johnson
                                           -------------------------------------
                                        Name:  Douglas K. Johnson
                                        Title: President

                                        SUNTRUST CAPITAL MARKETS, INC.,
                                        as Administrator

                                        By:    /s/ James R. Bennison
                                           -------------------------------------
                                        Name:  James R. Bennison
                                        Title: Managing Director

                               [end of signatures]

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>30
<FILENAME>c72067exv10w9.txt
<DESCRIPTION>RECEIVABLES PURCHASE AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 10.9

                         RECEIVABLES PURCHASE AGREEMENT

                           DATED AS OF APRIL 30, 2002

                                     BETWEEN

                            CENTRAL RECEIVABLES, INC.
                                  AS PURCHASER,

                                       AND

                           CENTRAL FREIGHT LINES, INC.
                                 AS ORIGINATOR,

                                       i

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                  PAGE
                                                                                                                  ----
<S>                                                                                                               <C>
                                                 ARTICLE I DEFINITIONS

Section 1.1 Certain Defined Terms.............................................................................      1
Section 1.2 Accounting and UCC Terms..........................................................................      3

                                     ARTICLE II AMOUNTS AND TERMS OF THE PURCHASES

Section 2.1 Purchase and Contribution of Receivables..........................................................      3
Section 2.2 Purchase Price....................................................................................      4
Section 2.3 Payment of Purchase Price.........................................................................      4
Section 2.4 Deemed Collections................................................................................      5
Section 2.5 Adjustments.......................................................................................      5
Section 2.6 Finance Charges...................................................................................      6
Section 2.7 Allocations of Collections........................................................................      6

                                          ARTICLE III CONDITIONS TO PURCHASES

Section 3.1 Conditions Precedent to Purchaser's Initial Purchase..............................................      6
Section 3.2 Conditions Precedent to All Purchases.............................................................      7
Section 3.3 Conditions Precedent to Originator's Initial Sale.................................................      8

                                       ARTICLE IV REPRESENTATIONS AND WARRANTIES

Section 4.1 Representations and Warranties of the Parties. ...................................................      8
Section 4.2 Additional Representations of the Originator......................................................      9

                                              ARTICLE V GENERAL COVENANTS

Section 5.1 Affirmative Covenants of the Originator...........................................................     11
Section 5.2 Negative Covenants of the Originator..............................................................     15

                           ARTICLE VI ADMINISTRATION AND COLLECTION OF PURCHASED RECEIVABLES

Section 6.1 Collection Procedures.............................................................................     17
Section 6.2 Purchase Information..............................................................................     17
Section 6.3 Compliance Statements.............................................................................     17
Section 6.4 Allocations and Applications of Collections.......................................................     18
Section 6.5 Termination.......................................................................................     18
Section 6.6 Responsibilities of the Originator................................................................     18

                                        ARTICLE VII PURCHASE TERMINATION EVENTS

Section 7.1 Purchase Termination Events.......................................................................     19
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                <C>
Section 7.2 Remedies..........................................................................................     19

                                             ARTICLE VIII INDEMNIFICATION

Section 8.1 Indemnities by the Originator.....................................................................     21

                                            ARTICLE IX THE ORIGINATOR NOTE

Section 9.1 Originator Note...................................................................................     22
Section 9.2 Restrictions on Transfer of Originator Note.......................................................     23

                                                ARTICLE X MISCELLANEOUS

Section 10.1 Amendments, Etc..................................................................................     23
Section 10.2 Notices, Etc.....................................................................................     24
Section 10.3 No Waiver; Remedies..............................................................................     24
Section 10.4 Binding Effect; Governing Law....................................................................     24
Section 10.5 Costs, Expenses and Taxes........................................................................     24
Section 10.6 No Bankruptcy Petition...........................................................................     25
Section 10.7 Acknowledgment of Assignments....................................................................     25
Section 10.8 Waiver of Setoff.................................................................................     25
Section 10.9 Severability.....................................................................................     25
Section 10.10 Counterparts....................................................................................     25
Section 10.11 Grant of License to Use Trademarks..............................................................     26
Section 10.12 Jurisdiction; Consent to Service of Process.....................................................     26
Section 10.13 Third Party Beneficiaries.......................................................................     26
Section 10.14 Confirmation of Intent..........................................................................     26
Section 10.15 Confidentiality of Agreement....................................................................     27
Section 10.16 Section and Paragraph Headings..................................................................     27
</TABLE>

EXHIBITS

Exhibit A Form of Originator Note
Exhibit B Form of Purchase Report

SCHEDULES

Schedule I Offices Where Books, Records, Etc., Evidencing Receivables are Kept
Schedule II List of Trade Names
Schedule III Authorized Officers of Originator
Schedule IV Notice Addresses of Parties

                                      iii

<PAGE>

                         RECEIVABLES PURCHASE AGREEMENT

RECEIVABLES PURCHASE AGREEMENT, dated as of April 30, 2002, by and between
CENTRAL FREIGHT LINES, INC., a Texas corporation ("Central Texas" or the
"Originator") and CENTRAL RECEIVABLES, INC., a Nevada corporation ("Central
Receivables" or "Purchaser"), as Purchaser.

                              W I T N E S S E T H:

         WHEREAS, Originator intends to sell Receivables to Purchaser on the
terms and subject to the conditions set forth in this Agreement;

         WHEREAS, to obtain the necessary funds to purchase such Receivables,
Purchaser, the Servicer, Three Pillars Funding Corporation and SunTrust Capital
Markets, Inc., as Administrator, have entered into the Loan Agreement;

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.1 CERTAIN DEFINED TERMS.

         Capitalized terms used in this Agreement but not defined herein shall
have the meanings assigned to such terms in the Loan Agreement (defined below).
This Agreement is the Receivables Purchase Agreement referred to in the Loan
Agreement. As used in this Agreement, the following terms shall have the
following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined):

Additional Receivable: Any Receivable which shall be purchased by, or
contributed to, Purchaser on any Purchase Date other than the Closing Date.

Authorized Officers: Those officers of Originator designated in Schedule III
hereto (or in such other Schedule as may be delivered to the parties hereto from
time to time) as duly authorized to execute and deliver this Agreement and any
instruments or documents in connection herewith on behalf of Originator and to
take, from time to time, all other actions on behalf of Originator in connection
herewith.

Available Funds: As defined in Section 2.3(b)(i).

Business Day: A day on which Originator and Purchaser is open at its respective
address specified in this Receivables Purchase Agreement for the purpose of
conducting its business, except that, in respect of such performance or rights
under this Agreement as involve the Administrator, such term shall have the
meaning assigned to it by the Loan Agreement.

<PAGE>

Contributed Receivables: As defined in Section 2.1(c).

Cost Discount: As of any Period End Date, the product of (i) the Days Sales
Outstanding Ratio for the Due Period ending on such Period End Date, times (ii)
the Cost Rate for such Period End Date.

Cost Rate: For any day during a Due Period means a rate equal to (a) the sum of
(i) the LIBOR Rate for such Due Period, plus (ii) 2.00% divided by (b) 360.

Dilution Credit: As defined in Section 2.5.

Fair Market Value Discount: With respect to any Receivable, (i) the Unpaid
Balance of such Receivable, times (ii) the sum of the most recently calculated
Loss Discount, plus the most recently calculated Cost Discount.

Incipient Purchase Termination Event: Any condition, act or event specified in
Section 7.1 that, with the giving of notice or the lapse of time, or both, would
become a Purchase Termination Event.

Ineligible Receivable: As defined in Section 2.4.

Initial Contributed Receivables: As defined in Section 2.1(b).

Loan Agreement: The Loan Agreement, dated as of April 30, 2002, among Purchaser,
as borrower, Central Freight Lines, a Nevada corporation, as servicer, Three
Pillars Funding Corporation, as lender, and SunTrust Capital Markets, Inc., as
administrator, as amended, supplemented or otherwise modified from time to time.

Loss Discount: As of any Period End Date means the ratio, expressed as a
percentage, of (i) the losses recognized for all Receivables during the
immediately preceding thirteen Due Periods prior to such Period End Date divided
by (ii) the Collections on all Receivables received during such period.

Purchase Date: Each Business Day occurring prior to the Purchase Termination
Date on which Purchaser purchases Receivables from Originator pursuant to the
terms hereof.

Purchase Price: As defined in Section 2.2.

Purchase Report: A report in the form of Exhibit B.

Purchase Termination Date: The date on which Purchaser's obligation to purchase
Receivables shall terminate pursuant to Section 7.1.

Purchase Termination Event: As defined in Section 7.1.

Purchased Asset: As defined in Section 2.1(a).

Purchaser: As defined in the Preamble.

                                       2
<PAGE>

         SECTION 1.2 ACCOUNTING AND UCC TERMS.

         All accounting terms not specifically defined herein shall be construed
in accordance with GAAP; and all terms used in Article 9 of the UCC that are
used but not specifically defined herein are used herein as defined therein.

                                   ARTICLE II
                       AMOUNTS AND TERMS OF THE PURCHASES

         SECTION 2.1 PURCHASE AND CONTRIBUTION OF RECEIVABLES.

         (a) Originator hereby sells, absolutely assigns, transfers and conveys
to Purchaser on each Purchase Date, on the terms and subject to the conditions
specifically set forth herein, all of its right, title and interest, in, to and
under (i) all Receivables (other than Contributed Receivables), now existing or
arising hereafter and prior to the Purchase Termination Date, and all payment
and enforcement rights (but not any obligations) to, in and under the related
Contracts, (ii) all Collections and other monies due or to become due with
respect to the foregoing, (iii) all Related Security for the Receivables, (iv)
all lockboxes and accounts to which Collections are sent, and all funds and
investments from time to time therein (including, without limitation, the
Collection Account and the Depository Account), (v) all books and records
related to the foregoing and (vi) all proceeds of the foregoing, including,
without limitation, insurance proceeds relating thereto (collectively, the
"Purchased Assets").

         (b) In consideration of the capital stock of Purchaser issued to
Originator, Originator agrees to contribute, and does hereby contribute to
Purchaser, and Purchaser hereby accepts from Originator, all of Originator's
right, title and interest in and to (i) Receivables, and all of the rights
described in clauses (ii) through (vi) of Section 2.1(a) related thereto,
starting with the oldest such Receivable such that the aggregate Unpaid Balance
of all such Receivables shall be as close as possible to, but not less than,
$3,000,000 (the "Initial Contributed Receivables") and (ii) all other
Contributed Receivables.

         (c) On each Purchase Date, all of Originator's right, title and
interest in and to the newly created Receivables (other than Receivables
indicated on a Purchase Report as having been contributed by Originator to
Purchaser (such Receivables, together with the Initial Contributed Receivables,
the "Contributed Receivables")) and the other Purchased Assets shall be sold,
absolutely assigned, transferred and conveyed to Purchaser by the sale, absolute
assignment, transfer and conveyance set forth in paragraph (a) above without any
further action by Originator or Purchaser; all Contributed Receivables (other
than the Initial Contributed Receivables) shall be contributed to Purchaser on
the date they are created without further action by Originator or Purchaser.

         (d) The parties to this Agreement intend that the transactions
contemplated hereby shall be, and shall be treated as, a purchase by Purchaser
and a sale by Originator of the Purchased Assets (or, in the case of Contributed
Receivables, as a contribution by Originator to Purchaser) and not as a lending
transaction. All sales and contributions of Receivables by Originator hereunder
shall be without recourse to, or representation or warranty of any kind

                                       3
<PAGE>

(express or implied) by, Originator, except as otherwise specifically provided
herein. The foregoing sale, absolute assignment, transfer and conveyance does
not constitute and is not intended to result in a creation or assumption by
Purchaser of any obligation of Originator or any other Person in connection with
the Purchased Assets, including, without limitation any obligation to any
Obligor.

         SECTION 2.2 PURCHASE PRICE.

         The amount payable by Purchaser (the "Purchase Price") for the newly
created Receivables sold on any Purchase Date to Purchaser under this Agreement
shall equal the aggregate Unpaid Balance of such Receivables less the Fair
Market Value Discount for such Receivables.

         SECTION 2.3 PAYMENT OF PURCHASE PRICE.

         (a) On the Closing Date, Purchaser shall pay the Purchase Price for the
purchase to be made from Originator with respect to the Receivables existing on
or prior to the Closing Date (other than the Initial Contributed Receivables)
(i) in cash in an amount equal to the amount received by Purchaser from the
Lender in connection with the first Loan made pursuant to the Loan Agreement and
(ii) by the issuance of the Originator Note (subject to the terms in clause (b)
below) in the initial principal amount equal to the remainder of the Purchase
Price owing after subtracting the amount paid in cash.

         (b) On each Purchase Date falling after the Closing Date until the
Purchase Termination Date, on the terms and subject to the conditions of this
Agreement, Purchaser shall pay to Originator the Purchase Price for the
Receivables and other Purchased Assets purchased from Originator on such
Purchase Date as follows:

                  (i) First, by paying to Originator a portion of the Purchase
         Price due by depositing into such account as Originator shall specify
         immediately available funds from monies held by or on behalf of
         Purchaser solely to the extent that such monies do not constitute
         Collections that are required to be segregated and held by the Servicer
         or distributed to the Administrator or the Lender pursuant to the Loan
         Agreement on the next Distribution Date or required to be paid to the
         Servicer as the Servicer's Fee on the next Distribution Date, or
         otherwise necessary to pay current expenses of Purchaser (in its
         reasonable discretion) (such available monies, the "Available Funds"),
         subject to the terms of the Loan Agreement. Any Collections that have
         been paid to Originator during any Due Period shall be credited towards
         Purchaser's obligation pursuant to this clause first; provided,
         however, that, if Collections paid to Originator exceed the Purchase
         Price for Receivables and the other Purchased Assets purchased from
         Originator for such Due Period, or, absent a cash payment, Purchaser
         shall not have sufficient cash to meet its payment obligations pursuant
         to the Loan Agreement, Originator shall turn over such excess to
         Purchaser; and

                  (ii) Second, by increasing the principal amount outstanding
         under the Originator Note issued to Originator; provided, however, that
         the aggregate of the

                                       4
<PAGE>

         principal amounts outstanding at any time under the Originator Notes
         may not exceed 3% of the Facility Limit; and

                  (iii) Third, unless the Purchase Termination Date has
         occurred, at the option of Originator, by accepting a contribution to
         Purchaser's capital in an amount equal to the remaining unpaid balance
         of such Purchase Price in exchange for the capital stock of Purchaser
         issued to the Originator making such contribution.

To the extent that (x) the amount due pursuant to Section 2.2 with respect to
all Receivables created or originated by Originator that arose during the
corresponding Due Period is exceeded by (y) the amount paid to Originator during
such Due Period pursuant to the foregoing sentences for such Receivables, and
such excess is not turned over to Purchaser pursuant to clause first above, such
excess shall be treated as a reduction in the principal amount of the Originator
Note, effective as of the last day of the related Due Period; provided, however,
that if at any time the unpaid principal amount of the Originator Note has been
reduced to zero, Originator shall pay Purchaser the remainder owed with respect
thereto in immediately available funds.

         (c) All payments hereunder shall be made not later than 3:00 p.m. (New
York time) on the date specified therefor in lawful money of the United States
of America in same day funds (i) if to Originator, to the bank account
designated in writing by Originator to Purchaser and (ii) if to Purchaser, to
the Collection Account. Whenever any payment to be made hereunder shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day.

         (d) Except as expressly set forth herein, neither Originator shall have
any right under this Agreement, by implication or otherwise, to repurchase from
Purchaser any Purchased Asset nor to rescind or otherwise retroactively affect
any purchase of any Purchased Asset after the Purchase Date relating thereto.

         SECTION 2.4 DEEMED COLLECTIONS.

         If any of the representations or warranties of Originator contained in
subsection (a) or (b) of Section 4.2 was not true with respect to any Receivable
as of the applicable Purchase Date (any such Receivable, an "Ineligible
Receivable"), Originator shall pay to Purchaser a deemed Collection equal to the
Unpaid Balance of such Ineligible Receivable on the next Purchase Date or, if
the Purchase Termination Date has occurred, on the next Business Day. Prior to
the Purchase Termination Date, but subject to the next sentence, such deemed
Collection shall be paid (a) by reducing the Purchase Price payable by Purchaser
to Originator on the applicable Purchase Date pursuant to Section 2.2 hereof,
and (b) to the extent such deemed Collection exceeds the Purchase Price payable
on such Purchase Date, by reducing the amount of the Originator Note on such
Purchase Date (or, once the amount of the Originator Note has been reduced to
zero, by making a cash payment to an account designated by Purchaser). On or
subsequent to the Purchase Termination Date or if such amount is necessary to
enable Purchaser to make any payment required to be made on such date under the
Loan Agreement, such deemed Collection shall be paid by wire transfer of cash to
the Collection Account.

         SECTION 2.5 ADJUSTMENTS.

                                       5
<PAGE>

         Originator may make an adjustment in the principal amount or finance or
other charges accrued or payable with respect to a Receivables, provided that
such adjustment is made in accordance with the Collection Policy and the Loan
Agreement. If the Unpaid Balance of any Receivable is (a) reduced or cancelled
as a result of any defective or rejected goods or services, any cash discount or
other adjustment or otherwise by Originator or any Affiliate thereof, or as a
result of any governmental or regulatory action; (b) reduced or canceled as a
result of setoff in respect of any claim by the Obligor thereof (whether such
claim arises out of the same or a related transaction or an unrelated
transaction); (c) reduced on account of the obligation of the related Originator
or any Affiliate thereof to pay the related Obligor any rebate or refund, (d)
less than the amount included in calculating the Unpaid Balance for purposes of
any Purchase Report (for any reason other than such Receivables becoming a
Defaulted Receivable or payment in full of the entire Unpaid Balance being made
on such Receivable) or (e) reduced with respect to any other item of Dilution,
the aggregate amount of all such adjustments (each a "Dilution Credit") made by
Originator subsequent to each Purchase Date shall be due and payable to
Purchaser on the next Purchase Date following the date of processing in respect
thereof or, if the Purchase Termination Date has occurred, on the next Business
Day following such date of processing. Each Dilution Credit shall be a deemed
Collection and shall be paid on the due date therefore (i) by reducing the
Purchase Price, if any, payable by Purchaser on such date, and (ii) to the
extent the Dilution Credit exceeds the Purchase Price payable on such date, or
if a payment of cash is necessary so that Purchaser can make the payments due on
the next Distribution Date pursuant to the Loan Agreement, by wire transfer of
cash to the Collection Account.

         SECTION 2.6 FINANCE CHARGES.

         Finance charges, late charge revenue, other fees and charges and other
similar items, whenever created (whether prior to or after the occurrence of a
Purchase Termination Event) and whenever received (prior to or after the
occurrence of a Purchase Termination Event), accrued in respect of Receivables
shall be the property of Purchaser and all Collections with respect thereto
shall be allocated and treated as Collections in respect of Receivables.

         SECTION 2.7 ALLOCATIONS OF COLLECTIONS.

         For purposes of determining the Unpaid Balances of Receivables at any
time, Purchaser and Originator agrees that Originator shall apply all
Collections on a Receivable by Receivable basis.

                                   ARTICLE III
                             CONDITIONS TO PURCHASES

         SECTION 3.1 CONDITIONS PRECEDENT TO PURCHASER'S INITIAL PURCHASE.

The obligation of Purchaser to purchase Receivables hereunder on the occasion of
the Closing Date is subject to the conditions precedent (any one or more of
which can be waived by Purchaser) that (a) the Loan Agreement and the other
Transaction Documents shall be in full

                                       6
<PAGE>

force and effect and all conditions to the initial advance under the Loan
Agreement shall have been satisfied or waived, (b) Purchaser shall have received
on or before the Closing Date the following, each (unless otherwise indicated)
dated the day of such sale and in form and substance satisfactory to Purchaser
and (c) the conditions set forth in clauses (iii), (iv) and (v) shall have been
satisfied:

                  (i) a copy of duly adopted resolutions of the Board of
         Directors of Originator authorizing or ratifying the execution,
         delivery and performance, respectively, of the Transaction Documents to
         which it is a party, certified by the Secretary or Assistant Secretary
         of Originator;

                  (ii) a duly executed certificate of the Secretary or an
         Assistant Secretary of Originator certifying the names and true
         signatures of the Authorized Officers authorized on behalf of
         Originator to sign the Transaction Documents to which it is a party;

                  (iii) the Administrator shall be satisfied with Originator's
         systems, computer programs, related materials, computer tapes, disks
         and cassettes, procedures and record keeping relating to and required
         for the collection of Receivables by Purchaser, and the Administrator
         shall be reasonably satisfied that the procedures of Originator for the
         preparation, storage and retrieval of such materials are sufficient to
         permit the administration and collection of the Receivables by a
         servicer without the participation of Originator or Purchaser;

                  (iv) Originator shall have filed and recorded, at its own
         expense, UCC-1 financing statements with respect to the Purchased
         Assets in such manner and in such jurisdictions as are necessary or
         desirable to perfect Purchaser's ownership interest thereof under the
         UCC and delivered a file-stamped copy of such UCC-1 financing
         statements or other evidence of such filings to Purchaser and the
         Administrator on or prior to the date hereof; and all other action
         necessary or desirable, in the opinion of Purchaser or the
         Administrator, to establish Purchaser's ownership of the Purchased
         Assets shall have been duly taken;

                  (v) Purchaser and the Administrator shall have received
         photocopies of reports of UCC searches in the central filing office of
         Originator and any necessary local offices of Originator with respect
         to the Purchased Assets reflecting the absence of Liens thereon, except
         the Liens created hereunder, pursuant to the Loan Agreement in favor of
         the Administrator and except for Liens as to which Purchaser has
         received executed UCC termination statements; and

                  (vi) Purchaser and the Administrator shall have received such
         other documents, certificates and opinions as Purchaser or the
         Administrator may request.

         SECTION 3.2 CONDITIONS PRECEDENT TO ALL PURCHASES.

         The obligation of Purchaser to pay for each Receivable on each Purchase
Date (including the Closing Date) shall be subject to the further conditions
precedent (any one of which can be waived by Purchaser) that on such Purchase
Date:

                                       7
<PAGE>

         (a) the following statements shall be true (and the acceptance by
         Originator of the Purchase Price for any Receivables on any Purchase
         Date shall constitute a representation and warranty by Originator that
         on such Purchase Date such statements are true):

                  (i) the representations and warranties of Originator contained
         in Sections 4.1 and 4.2 shall be correct on and as of such Purchase
         Date as though made on and as of such date; and

                  (ii) no Purchase Termination Event or Incipient Purchase
         Termination Event shall have occurred and be continuing;

         (b) Originator shall have clearly and unambiguously marked its
accounting records evidencing the Receivables being purchased hereunder on such
Purchase Date with a legend stating that such Receivables have been sold to
Purchaser in accordance with this Agreement;

         (c) no material change shall have occurred after the Closing Date with
respect to Originator's systems, computer programs, related materials, computer
tapes, disks and cassettes, procedures and record keeping relating to and
required for the collection of the Receivables by Originator which makes them
not sufficient and satisfactory in order to permit the purchase, administration
and collection of the Receivables by Purchaser in accordance with the terms and
intent of this Agreement; and

         (d) Purchaser shall have received such other approvals, opinions or
documents as Purchaser may reasonably request.

         SECTION 3.3 CONDITIONS PRECEDENT TO ORIGINATOR'S INITIAL SALE.

         The obligation of Originator to make its initial sale is subject to the
conditions precedent that Originator shall have received on or before the date
of such sale the following, each (unless otherwise indicated) dated the day of
such sale and in form and substance satisfactory to Originator:

         (a) a copy of duly adopted resolutions of the Board of Directors of
Purchaser authorizing this Agreement, the documents to be delivered by Purchaser
hereunder and the transactions contemplated hereby, certified by the Secretary
or Assistant Secretary of Purchaser; and

         (b) a duly executed certificate of the Secretary or Assistant Secretary
of Purchaser certifying the names and true signatures of the officers authorized
on its behalf to sign this Agreement and the other documents to be delivered by
it hereunder.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

         SECTION 4.1 REPRESENTATIONS AND WARRANTIES OF THE PARTIES.

         Purchaser and Originator each represents and warrants as to itself as
follows:

                                       8
<PAGE>

         (a) Each of Originator and Purchaser, has been duly organized and is
validly existing, is in good standing under the laws of the state of its
organization as set forth in the preamble and is a "registered organization" as
defined in the UCC in effect in such jurisdiction, with full corporate power and
authority to own its properties and to conduct its business as presently
conducted. Each of Originator and Purchaser is duly qualified to do business and
is in good standing as a foreign entity (or is exempt from such requirements),
and has obtained all necessary licenses and approvals, in the jurisdiction where
its principal place of business and chief executive office are located and in
each other jurisdiction in which failure to so qualify or to obtain such
licenses and approvals would have a material adverse effect on the conduct of
Originator's or Purchaser's business or on the ability of Originator or
Purchaser, as the case may be, to perform its obligations under this Agreement.

         (b) The sale and contribution of Receivables and the other Purchased
Assets pursuant to this Agreement, the performance of its obligations under this
Agreement and the consummation of the transactions herein contemplated have been
duly authorized by all requisite corporate action and will not conflict with or
result in a breach of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or
encumbrance (other than pursuant to this Agreement or the other Transaction
Documents) upon any of its property or assets, pursuant to the terms of any
indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which it is a party or by which it is bound or to which any of its
property or assets is subject, nor will such action result in any violation of
the provisions of its organizational documents or of any statute or any order,
rule or regulation of any federal or state court or governmental agency or body
having jurisdiction over it or any of its properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or
any such regulatory authority or other such governmental agency or body is
required to be obtained by or with respect to Originator or Purchaser for the
sale or contribution of Receivables and the other Purchased Assets or the
consummation of the transactions contemplated by this Agreement.

         (c) This Agreement has been duly executed and delivered by Originator
and Purchaser and constitutes a valid and legally binding obligation of
Originator and Purchaser, respectively, enforceable against Originator and
Purchaser, respectively, in accordance with its terms, except that the
enforceability thereof may be subject to (a) the effects of any applicable
bankruptcy, insolvency, reorganization, receivership, conservatorship or other
laws, regulations and administrative orders affecting the rights of creditors
generally and (b) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or law).

         (d) There is no pending or, to its knowledge after due inquiry,
threatened action or proceeding affecting it or any of its Subsidiaries before
any court, governmental agency or arbitrator, that may reasonably be expected to
materially and adversely affect its condition (financial or otherwise),
operations, properties or prospects, or its ability to perform its obligations
under this Agreement, or that purports to affect the legality, validity or
enforceability of this Agreement. None of the transactions contemplated hereby
is or is threatened to be restrained or enjoined (temporarily, preliminarily or
permanently).

         SECTION 4.2 ADDITIONAL REPRESENTATIONS OF THE ORIGINATOR.

                                       9
<PAGE>

         Originator additionally represents and warrants as follows:

         (a) Eligible Receivable. Unless otherwise specified in the applicable
Purchase Report, all Receivables sold, contributed and absolutely assigned to
Purchaser hereunder on the Closing Date are Eligible Receivables as of the
Closing Date and all Receivables sold and absolutely assigned to Purchaser
hereunder on any Purchase Date subsequent to the Closing Date will be Eligible
Receivables as of such Purchase Date.

         (b) Sale of Receivables. Originator is, as of the time of the transfer
to Purchaser of each Receivable being sold or contributed to Purchaser on the
Closing Date, and will be, as of the time of the transfer to Purchaser of each
Receivable sold or contributed to Purchaser on any subsequent Purchase Date, the
sole owner of such Receivable, free from any lien, security interest,
encumbrance or other right, title or interest of any Person. Each Receivable
existing on the Closing Date has been, and in the case of Additional Receivables
sold or contributed hereafter, such Additional Receivables will be, on the
applicable Purchase Date, conveyed to Purchaser free and clear of any Lien.
There is no effective financing statement (or similar statement or instrument of
registration under the law of any jurisdiction) now on file or registered in any
public office filed by or against Originator or any Subsidiary of Originator or
purporting to be filed on behalf of Originator or any Subsidiary of Originator
covering any interest of any kind in any Purchased Assets which are being, or
which hereafter will be, sold or contributed to Purchaser, and Originator will
not execute nor will there be on file in any public office any effective
financing statement (or similar statement or instrument of registration under
the laws of any jurisdiction) or statements relating to such Purchased Assets,
except in each case any financing statements filed in respect of and covering
the purchase of the Purchased Assets by Purchaser pursuant to this Agreement and
the security interest created pursuant to the Loan Agreement. All filings and
recordings (including pursuant to the UCC) required to perfect the title of
Purchaser in each Purchased Asset sold or contributed hereunder have been
accomplished and are in full force and effect and Originator shall, at its
expense, perform all acts and execute all documents necessary or reasonably
requested by Purchaser or the Administrator at any time and from time to time to
evidence, perfect, maintain and enforce the title or the security interest of
Purchaser or the Administrator in the Purchased Assets and the priority thereof.
Originator's jurisdiction of organization is a jurisdiction whose law generally
requires information to be made generally available in a filing, record or
registration system as a condition or result of such a security interest
obtaining priority over the rights of a lien creditor with respect to
collateral.

         (c) Accuracy of Information. All information heretofore furnished by,
or on behalf of, Originator to Purchaser or the Administrator in connection with
any Transaction Document, or any transaction contemplated thereby, is true and
accurate in every material respect (without omission of any information
necessary to prevent such information from being materially misleading).

         (d) Location of Office and Records. The jurisdiction of organization,
principal place of business and chief executive office of Central Texas, and the
office where all Documents are kept, is located at 5601 West Waco Drive, Waco,
TX 76710.

                                       10
<PAGE>

         (e) Trade Names. Set forth on Schedule II hereto is a complete and
accurate list of the trade names of Originator and its Subsidiaries for the
six-year period preceding the date of this Agreement.

         (f) Financial Statements. Originator has heretofore furnished to
Purchaser and the Administrator copies of Central Nevada's balance sheet and
consolidating statements, if any, and statement of income and changes in
financial condition as of and for the Fiscal Years ended December 31, 2000 and
December 31, 2001, audited by and accompanied by the opinion of KPMG LLP,
independent public accountants. Except as disclosed in writing to the
Administrator prior to the date of this Agreement, such financial statements
present fairly in all material respects the financial condition and results of
operations of Originator and its consolidated subsidiaries as of such dates and
for such periods; such balance sheets and the notes thereto disclose all
liabilities, direct or contingent, of Originator and its consolidated
subsidiaries as of the dates thereof required to be disclosed by GAAP and such
financial statements were prepared in accordance with GAAP applied on a
consistent basis. Since December 31, 2001, there has been no material adverse
change in the condition (financial or otherwise), operations, properties, assets
or prospects of Originator, except as disclosed in writing to the Administrator
on or prior to the date hereof.

         (g) No Consent. No action, consent or approval of, registration or
filing with or any other action by any Governmental Authority is or will be
required in connection with execution,delivery and performance of this Agreement
and the consummation of the transactions contemplated by this Agreement, except
such as have been made or obtained and are in full force and effect.

         (h) Administrator Can Perform. Upon the delivery by Originator to the
Administrator of the computer tapes, disks, cassettes and related materials (in
a generally acceptable readable format) relating to the administration of the
Receivables pursuant to Section 6.2, the Administrator shall have been furnished
with all materials and data necessary to permit immediate collection of the
Receivables by the Administrator, or any party designated by the Administrator,
without the participation of Originator in such collection.

         (i) Security Interest of Purchaser. This Agreement constitutes a valid
sale, transfer and absolute assignment to Purchaser of all right, title and
interest in the Purchased Assets. Upon the filing of the financing statements
described in Section 3.1(c)(iv), Purchaser shall have a first priority perfected
ownership interest in the Purchased Assets and the Contributed Receivables
(except to the extent such first priority perfected security interest was
assigned to the Administrator pursuant to the Loan Agreement). Except as
otherwise provided in this Agreement, neither Originator nor any Subsidiary
thereof (other than Purchaser) nor any Person claiming through or under
Originator or any Subsidiary thereof (other than Purchaser) has any claim to or
interest in any Collection Account or the Depository Account.

         (j) No Material Adverse Change. Since December 31, 2001, there has been
no material adverse change in the collectibility of the Receivables or
Originator's ability to perform its obligations under any Transaction Document.

                                       11
<PAGE>

         (k) Solvency. Both before and after giving effect to the transactions
contemplated herein, Originator is Solvent.

                                    ARTICLE V
                                GENERAL COVENANTS

         SECTION 5.1 AFFIRMATIVE COVENANTS OF THE ORIGINATOR.

         So long as Purchaser shall have any interest in any Purchased Asset,
Originator shall, unless Purchaser otherwise consents in writing:

         (a) Financial Statements, Reports, Etc. Deliver or cause to be
delivered to Purchaser and the Administrator:

                  (i) as soon as available and in any event within 120 days
         after the end of each Fiscal Year of Central Nevada, a balance sheet of
         Central Nevada as of the end of such year and statements of income and
         retained earnings and of source and application of funds of Central
         Nevada for the period commencing at the end of the previous Fiscal Year
         and ending with the end of such year, in each case setting forth
         comparative figures for the previous Fiscal Year, certified without
         material qualification in a manner satisfactory to Purchaser and the
         Administrator by KPMG LLP or other nationally recognized, independent
         public accountants acceptable to the Administrator, together with a
         certificate of such accounting firm stating that in the course of the
         regular audit of the business of Central Nevada, which audit was
         conducted in accordance with GAAP, such accounting firm has obtained no
         knowledge that a Purchase Termination Event or Incipient Purchase
         Termination Event has occurred and is continuing, or if, in the opinion
         of such accounting firm, such a Purchase Termination Event or Incipient
         Purchase Termination Event has occurred and is continuing, a statement
         as to the nature thereof;

                  (ii) as soon as available and in any event within 45 days
         after the end of each fiscal quarter, quarterly balance sheets and
         quarterly statements of source and application of funds and quarterly
         statements of income and retained earnings of Central Nevada, certified
         by the chief financial or executive officer or controller of Central
         Nevada (which certification shall state that such balance sheets and
         statements fairly present the financial condition and results of
         operations for such fiscal quarter, subject to year-end audit
         adjustments), delivery of which balance sheets and statements shall be
         accompanied by a certificate of such chief financial or executive
         officer or controller to the effect that no Purchase Termination Event
         or Incipient Purchase Termination Event has occurred and is continuing;
         and

                  (iii) as soon as possible and in any event within one Business
         Day after any officer of Central Nevada becomes aware of the occurrence
         of a Servicer Event of Default, a Purchase Termination Event or
         Incipient Purchase Termination Event or an event that, with the giving
         of notice or time elapse, or both, would constitute a Servicer Event of
         Default, an officer's certificate of Central Nevada setting forth
         details of such event and the action that the Servicer proposes to take
         with respect thereto.

                                       12
<PAGE>

         (b) Compliance with Laws, Etc. Comply, and cause all of the Receivables
         to comply, in all material respects with all applicable laws, rules,
         regulations and orders applicable to Originator and the Receivables,
         including, without limitation, rules and regulations relating to truth
         in lending, retail installment sales, fair credit billing, fair credit
         reporting, equal credit opportunity, fair debt collection practices,
         privacy environmental matters, labor, taxation and ERISA, where in any
         such case failure to so comply could reasonably be expected to have an
         adverse impact on the Receivables or the amount of Collections
         thereunder, or on the ability of Originator to perform its obligations
         hereunder or under the other Transaction Documents to which it is a
         party.

         (c) Preservation of Corporate Existence. Preserve and maintain its
existence, status as a "registered organization", rights, franchises and
privileges solely in the jurisdiction of its incorporation or organization, and
qualify and remain qualified in good standing as a foreign entity in the
jurisdiction where its principal place of business and its chief executive
office are located and in each other jurisdiction where the failure to preserve
and maintain such existence, rights, franchises, privileges and qualifications
would have a Material Adverse Effect.

         (d) Visitation Rights. Permit Purchaser, the Administrator or their
duly authorized representatives, attorneys or auditors to inspect the
Receivables, the Documents and the related accounts, records and computer
systems, software and programs used or maintained by Originator at such times as
Purchaser or the Administrator may reasonably request. Upon instructions from
Purchaser or the Administrator, Originator shall release any Document to
Purchaser or the Administrator, as the case may be.

         (e) Keeping of Records and Books of Account. Maintain and implement, or
cause to be maintained or implemented, administrative and operating procedures
necessary or advisable for the administration of all Receivables, and, until the
delivery to Purchaser or its designee, keep and maintain, or cause to be kept
and maintained, all documents, books, records and other information necessary or
advisable for the administration of all Receivables.

         (f) Performance and Compliance with Receivables. Duly fulfill all
obligations on its part to be fulfilled under or in connection with the
Receivables and the related Contracts, including complying with all requirements
of law applicable thereto, and will do nothing to impair the right, title and
interest of Purchaser in the Purchased Assets; provided, however, that an
adjustment or compromise of a Receivable pursuant to Section 2.5 shall not be
deemed to be a violation of this paragraph.

         (g) Location of Records. Keep the chief executive office of Central
Texas located at 5601 West Waco Drive, Waco, TX 76710 and keep originals or
duplicates of any Documents that it maintains at, and only at, said offices.
Originator will not move its jurisdiction of organization, chief executive
office or permit any Documents and books evidencing the purchased Receivables
that it ma y maintain to be moved unless (i) Originator shall have given to
Purchaser and the Administrator not less than forty-five (45) days' prior
written notice thereof, clearly describing the new location, and (ii) at least
ten (10) days' prior to such change Originator shall have taken such action,
satisfactory to Purchaser and the Administrator, to maintain the title or
ownership of Purchaser and any security interest of, or any filing in respect of
title of, Purchaser or the Administrator in the Purchased Assets at all times
fully perfected and

                                       13
<PAGE>

in full force and effect. Originator may not, in any event, move its
jurisdiction of organization or the location where it conducts any
administration of the Receivables from 5601 West Waco Drive, Waco, TX 76710
without the prior written consent of the Administrator.

         (h) Collection Policy. Comply in all material respects with the
Collection Policy.

         (i) Insurance. Keep its insurable properties adequately insured at all
times by financially sound and responsible insurers; maintain such other
insurance, to such extent and against such risks, including fire and other risks
insured against by extended coverage, as is customary with companies of the same
or similar size in the same or similar businesses; maintain in full force and
effect public liability insurance against claims for personal injury or death or
property damage occurring upon, in, about or in connection with the use of any
properties owned, occupied or controlled by it or any Subsidiary, as the case
may be, in such amounts and with such deductibles as are customary with
companies of the same or similar size in the same or similar businesses and in
the same geographic area; and maintain such other insurance as may be required
by law.

         (j) Obligations and Taxes. Pay and discharge promptly when due all
material obligations incurred or arising, all sales tax and all material taxes,
assessments and governmental charges or levies imposed upon it or upon its
income or profits or in respect of its property before the same shall become in
default, as well as all material lawful claims for labor, materials and supplies
or otherwise which, if unpaid, might become a Lien or charge upon such
properties or any part thereof; provided, however, that it and each Subsidiary
shall not be required to pay and discharge or to cause to be paid and discharged
any such tax, assessment, charge, levy or claim so long as the validity or
amount thereof shall be contested in good faith by appropriate proceedings and
for which Originator shall have set aside on its books adequate reserves with
respect thereto in accordance with GAAP.

         (k) Obligations with Respect to Receivables. Use all reasonable
measures to assist Purchaser in preventing or minimizing any loss being realized
on a Receivable in which Purchaser owns an interest and take all reasonable
steps to assist Purchaser in recovering the full amount of such loss. Originator
shall, at its own expense, take any such steps as are necessary to maintain
perfection of the security interest, if any, associated with a Receivable in the
related goods and merchandise subject thereto.

         (l) Furnishing Copies, Etc. Furnish to Purchaser and the Administrator
(i) upon Purchaser's or the Administrator's request, a certificate of the chief
financial or executive officer of Originator certifying, as of the date thereof,
that no Purchase Termination Event has occurred and is continuing; (ii) promptly
after obtaining knowledge that a Receivable was, at the time of Purchaser's
purchase thereof, not an Eligible Receivable (unless specified as such pursuant
to Section 4.2(a)), notice thereof; and (iii) promptly following request
therefor, such other information, documents, records or reports with respect to
the Purchased Assets or the conditions or operations, financial or otherwise, of
Originator, as Purchaser or the Administrator may from time to time reasonably
request.

         (m) Obligation to Record and Report. To the fullest extent permitted by
GAAP and by applicable law, record each purchase of Purchased Assets hereunder
as a sale on its books and

                                       14
<PAGE>

records, reflect each such purchase in its financial statements as a sale and
recognize gain or loss, as the case may be, on each such purchase.

         (n) Continuing Compliance with the Uniform Commercial Code. At its
expense perform all acts and execute all documents necessary or reasonably
requested by Purchaser or the Administrator at any time to evidence, perfect,
maintain and enforce the title or the security interest of Purchaser or the
Administrator in the Purchased Assets and the priority thereof. Originator will
execute and deliver financing statements relating to or covering the Purchased
Assets (reasonably satisfactory in form and substance to Purchaser) and, where
permitted by law, Originator will authorize the Administrator to file one or
more financing statements signed only by the Administrator. Originator shall
cause its computer records, master data processing records and other books and
records relating to the Receivables to be marked, with a legend stating that the
Receivables have been sold, absolutely assigned and transferred to Purchaser.
Originator shall deliver the Receivable Files related to each Receivable to the
Administrator upon request by Purchaser or the Administrator; provided that
while any Document is in custody of Originator, Originator will hold the same
for the benefit of Purchaser. Originator will not execute any effective
financing statement (or similar statement or instrument of registration under
the laws of any jurisdiction) or statements relating to any Purchased Assets,
except any financing statements filed or to be filed in respect of and covering
the purchase of the Purchased Assets by Purchaser pursuant to this Agreement and
the security interest created in favor of the Administrator pursuant to the Loan
Agreement.

         (o) Proceeds of Purchased Receivables. In the event that Originator
receives any amounts in respect of Receivables, deposit or otherwise credit, or
cause to be deposited or otherwise credited, such amounts in accordance with the
procedures set forth in Section 11.2 of the Loan Agreement.

         (p) Further Action Evidencing Purchases. Provide such cooperation,
information and assistance, and prepare and supply Purchaser, the Servicer and
the Administrator with such data regarding the performance by the Obligors of
their obligations under the Receivables and the performance by Originator of its
obligations under the Transaction Documents, as may be reasonably requested by
Purchaser, the Servicer and the Administrator from time to time.

         (q) Trade Names. Promptly notify Purchaser and the Administrator of any
new trade names of Originator.

         SECTION 5.2 NEGATIVE COVENANTS OF THE ORIGINATOR.

         So long as Purchaser shall have any interest in any Receivables,
Originator shall not, unless Purchaser otherwise consents in writing:

         (a) Liens. Sell, assign (by operation of law or otherwise) or otherwise
dispose of, or create or suffer to exist any Lien upon or with respect to, any
Purchased Asset, or assign any right to receive proceeds in respect thereof
except as created or imposed by this Agreement or the Loan Agreement.

                                       15
<PAGE>

         (b) Change in Business. Make any material change in the nature of its
business as carried on at the date hereof or engage in or conduct any business
or activity that is materially inconsistent with such business.

         (c) Extension or Amendment of Purchased Receivables. Extend, amend or
otherwise modify, or attempt or purport to extend, amend or, otherwise modify,
the terms of any Receivables other than in accordance with the Collection Policy
and the terms of the Loan Agreement.

         (d) Change in Payment Instructions to Obligors. Instruct the Obligors
on any Receivables to make any payments with respect to such Receivables to any
place other than the places specified in Section 6.1.

         (e) Sale of Receivables. Sell Receivables or transfer any interest in
the Receivables to any Person other than Purchaser.

         (f) Cause a Default. Take any action which would cause Purchaser to be
in default under the Loan Agreement, a copy of which has been furnished to
Originator, unless such action shall have been approved and the default waived
by prior written approval of the Administrator and Purchaser.

         (g) Mergers; Sales of Assets. Sell all or substantially all of its
property and assets to, or consolidate with or merge into, any other
corporation, if the effect of such sale or merger would cause a "default" or "an
event of default" under this Agreement or the Loan Agreement.

         (h) No Amendments. (i) Amend, supplement or otherwise modify this
Agreement or (ii) otherwise take or fail to take any action under this Agreement
that could adversely affect Purchaser's interests hereunder or the
Administrator's interests under the Loan Agreement.

         (i) Accounting Changes. Make any material change (i) in accounting
treatment and reporting practices except as permitted or required by GAAP, (ii)
in tax reporting treatment except as permitted or required by law, (iii) in the
calculation or presentation of financial and other information contained in any
reports delivered hereunder, or (iv) in any financial policy of Originator if
such change could have an adverse effect on the Receivables or the collection
thereof.

         (j) Maintenance of Separate Existence. (i) Fail to do all things
necessary to maintain its corporate existence separate and apart from Purchaser
including, without limitation, holding regular meetings of its shareholders and
Board of Directors (or executing unanimous written consents in lieu thereof) and
maintaining appropriate books and records (including current minute books); (ii)
except as required by applicable law, suffer any limitation on the authority of
its own directors and officers or partners to conduct its business and affairs
in accordance with their independent business judgment, or authorize or suffer
any Person other than its own officers and directors to act on its behalf with
respect to matters (other than matters customarily delegated to others under
powers of attorney) for which a corporation's own officers and directors would
customarily be responsible; (iii) fail to (A) maintain or cause to be maintained
by an agent of Originator under Originator's control physical possession of all
its books and records, (B) maintain capitalization adequate for the conduct of
its business, (C) account for and

                                       16
<PAGE>

manage all of its liabilities separately from those of any other Person,
including, without limitation, payment by it of all payroll and other
administrative expenses and taxes from its own assets, (D) segregate and
identify separately all of its assets from those of any other Person, (E)
maintain employees, or pay its employees, officers and agents for services
performed for Originator or (F) allocate shared overhead fairly and reasonably;
or (iv) commingle its funds with those of Purchaser or use Purchaser's funds for
other than the uses permitted hereunder.

                                   ARTICLE VI
             ADMINISTRATION AND COLLECTION OF PURCHASED RECEIVABLES

         SECTION 6.1 COLLECTION PROCEDURES.

         (a) On or before the Closing Date, Originator and Purchaser shall have
established and shall maintain thereafter the system of collecting and
processing Collections of Receivables in accordance with Section 11.2 of the
Loan Agreement.

         (b) Any funds held by Originator representing Collections of
Receivables shall, until deposited in the Collection Account or the Depository
Account or applied to the Purchase Price of Receivables in accordance with this
Agreement, be held in trust by Originator for and as the Administrator's
property.

         (c) Originator hereby irrevocably waives any right to set off against,
or otherwise deduct from, any Collections.

         (d) Originator acknowledges that Originator shall have no right, title
or interest in and to the Collection Account or the Depository Account and
hereby subordinates its rights in each LockBox to the Administrator.

         SECTION 6.2 PURCHASE INFORMATION.

         (a) On each Reporting Date, Originator shall prepare and deliver to
Purchaser and the Administrator a duly completed Purchase Report with respect to
Receivables created during the immediately preceding Due Period and with respect
to activity in such Receivables.

         (b) Purchaser and Originator agree that, upon request of Purchaser,
Originator shall provide Purchaser with all information required to prepare
periodic reports that may be required to be furnished to the Administrator
pursuant to the Loan Agreement, as promptly as possible on each Business Day on
the basis of the sales and collections figures transmitted the previous day to
Originator's central computer processing center.

         (c) Upon discovery of any error in any report furnished to Purchaser or
the Administrator, the Administrator, Purchaser and Originator shall confer and
shall agree upon any necessary adjustments to correct any such errors. Until
correction of such error, all Collections relating to such errors shall be
retained in the Collection Account or the Depository Account, to the extent such
Collections have been deposited in the Collection Account or the Depository
Account, as the case may be, pursuant to the terms hereof. Unless the
Administrator has

                                       17
<PAGE>

received actual notice of any discrepancy, the Administrator and Purchaser may
rely on such reports for all purposes hereunder.

         SECTION 6.3 COMPLIANCE STATEMENTS.

         Originator shall deliver, or cause to be delivered, to Purchaser and
the Administrator, on or before the date that is 120 days after the end of each
Fiscal Year, an officer's certificate signed by the Chief Executive Officer, the
President or any Vice President of Originator, dated as of the last day of the
preceding Fiscal Year, stating that (a) a review of the activities of Originator
during the preceding Fiscal Year period and of its performance under this
Agreement has been made under such officer's supervision and (b) to the best of
such officer's knowledge, based on such review, Originator has fulfilled its
obligations under this Agreement throughout such Fiscal Year and has complied in
all respects with the Collection Policy, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

         SECTION 6.4 ALLOCATIONS AND APPLICATIONS OF COLLECTIONS.

         Collections shall be allocated and distributed by the Administrator in
accordance with the provisions of the Loan Agreement and Section 2.7.

         SECTION 6.5 TERMINATION.

         Originator's obligation to sell Receivables under this Agreement shall
terminate on the Purchase Termination Date; provided, however, that finance
charges, late charges and other fees, charges and similar items in respect of
the Receivables sold or contributed prior to the Purchase Termination Date shall
continue to be the property of Purchaser after the Purchase Termination Date
notwithstanding that such amounts may arise or accrue after the Purchase
Termination Date.

         SECTION 6.6 RESPONSIBILITIES OF THE ORIGINATOR.

         Notwithstanding anything herein to the contrary (a) Originator shall
perform all its obligations under the Collection Policy related to the
Receivables to the same extent as if such Receivables had not been transferred
to Purchaser hereunder, (b) the exercise by Purchaser of any of its rights
hereunder shall not relieve Originator from its obligations with respect to the
Receivables and (c) except as provided by law, Purchaser shall not have any
obligation or liability with respect to any Receivables or the underlying
Contracts, nor shall Purchaser be obligated to perform any of the obligations or
duties of Originator thereunder. Originator hereby agrees to act as subservicer
with respect to all Receivables conveyed by Originator to Purchaser hereunder
and, with respect thereto shall be a "subservicer" under the Loan Agreement.
Accordingly, in connection with such Receivables conveyed by Originator to
Purchaser hereunder, Originator hereby assumes all of the responsibilities and
obligations under the Loan Agreement of the Servicer with respect to the
servicing of all Receivables conveyed by it to Purchaser hereunder.

                                       18
<PAGE>

                                   ARTICLE VII
                           PURCHASE TERMINATION EVENTS

         SECTION 7.1 PURCHASE TERMINATION EVENTS.

         If any of the following events (each, a "Purchase Termination Event")
shall occur and be continuing:

         (a) any representation or warranty made or deemed made by or on behalf
of Originator under or in connection with this Agreement or any Purchase Report
or other information or report delivered by Originator pursuant hereto shall
prove to have been false or incorrect in any material respect when made or
deemed made; provided, however, that the falsity or incorrectness of any
representation made pursuant to Section 4.2(a) with respect to any Receivable
shall not constitute a Purchase Termination Event so long as Originator has
complied with its obligations in respect of such Receivable pursuant to Section
2.4;

         (b) Originator shall fail to (i) perform or observe any term, covenant
or agreement contained in Sections 5.1(b), 5.1(c), 5.1(d), 5.1(g), 5.1(h),
5.1(i), 5.1(j), 5.1(k), 5.1(l), 5.1 (m) or 5.1 (n), or (ii) make any payment or
deposit to be made by it hereunder within three (3) Business Days after the same
became due and payable;

         (c) Originator shall fail to perform or observe any other term,
covenant or agreement contained in this Agreement on its part to be performed or
observed and any such failure shall remain unremedied for thirty (30) days;

         (d) Originator shall generally not pay its debts as such debts become
due, or shall admit in writing its inability to pay its debts generally, shall
make a general assignment for the benefit of creditors, or shall take any
corporate action to authorize any of the actions set forth above in this
subsection (d) or Originator shall be the subject of an Event of Bankruptcy;

         (e) Originator transfers, sells or otherwise disposes of (whether in
one transaction or a series of transactions) all or substantially all of its
assets; or

         (f) the Loan Agreement shall cease to be in full force and effect, a
Significant Event shall have occurred under the Loan Agreement or the Lender's
Commitment under the Loan Agreement shall be terminated;

then, and in any such event, Purchaser may, by notice to Originator, declare its
obligation to purchase Receivables from Originator to be terminated, whereupon
such obligation shall forthwith be terminated; provided, however, that in the
case of any event described in subsection (d) above, such termination shall
automatically occur upon the happening of such event. No termination under this
Section 7.1 of Purchaser's obligation to purchase Receivables shall affect the
then-existing obligations of Originator hereunder (other than Originator's
obligations to sell Receivables to Purchaser pursuant hereto).

         SECTION 7.2 REMEDIES.

                                       19
<PAGE>

         If a Purchase Termination Event has occurred and is continuing:

         (a) Purchaser (and its assignees) shall have all of the rights and
remedies provided to a secured creditor or a purchaser of accounts or chattel
paper under the UCC by applicable law in respect thereto.

         (b) Purchaser (and its assignees) may at any time (i) notify the
respective Obligors of Purchaser's ownership of the Receivables and may direct
that payment of all amounts due or to become due under the Receivables be made
directly to Purchaser or its designee or (ii) give notice, or require that
Originator, at Originator's expense, give notice of such ownership to each such
Obligor and direct that all payments be made directly to Purchaser or its
designee.

         (c) Purchaser (and its assignees) may elect to (i) sue for collection
on any Receivables or (ii) sell any Receivables to any Person for a price that
is acceptable to Purchaser (or its assignees). In connection with any such sale,
Purchaser or its assignees shall have the right to assign its rights under this
Agreement to a third party. Any such Receivable shall cease to be a Receivable
for all purposes under this Agreement as of the effective date of such sale.

         (d) Originator shall, upon Purchaser's (or its assignee's) request and
at Originator's expense (i) assemble all of Originator's documents, instruments
and other records (including, without limitation, credit files and computer
tapes or disks) that (A) evidence or will evidence or record Receivables sold or
contributed by Originator, (B) evidence the underlying Contracts relating to
such Receivables and (C) are otherwise necessary or desirable to effect
Collections of such Receivables and (ii) deliver such documents to Purchaser or
its designee at a place designated by Purchaser or, at Purchaser's option,
provide Purchaser or its designee with access thereto.

         (e) Originator hereby irrevocably authorizes Purchaser or its designee
or assignees to take any and all steps in Originator's name and on Originator's
behalf necessary or desirable, in the reasonable opinion of Purchaser, designee
or assignee, to collect all amounts due under the Receivables and the other
Purchased Assets, including, without limitation, endorsing Originator's name on
checks and other instruments representing Collections, enforcing the Receivables
and the other Purchased Assets and exercising all rights and remedies in respect
thereof.

         (f) Originator will (i) deliver to Purchaser, its designees or
assignees all computer programs, material and data necessary to the immediate
collection of the Receivables by Purchaser, or a party designated by Purchaser,
with or without the participation of Originator and (ii) make such arrangements
with respect to the collection of the Receivables as may be reasonably required
by the Administrator.

                                       20
<PAGE>

                                  ARTICLE VIII
                                 INDEMNIFICATION

SECTION 8.1 INDEMNITIES BY THE ORIGINATOR.

         Without limiting any other rights that Purchaser may have hereunder or
under applicable law, Originator hereby agrees to indemnify Purchaser (and its
assignees) and each Indemnified Party, on an after-tax basis, from and against
any and all claims, losses and liabilities (including reasonable attorneys'
fees) (all the foregoing being collectively referred to as "Indemnified
Amounts") arising out of or resulting from this Agreement or in respect of any
Receivable, any related Contract or any other Purchased Asset, excluding,
however, Indemnified Amounts to the extent resulting from gross negligence or
willful misconduct on the part of Purchaser or such Indemnified Party, as the
case may be. Without limiting or being limited by the foregoing, Originator
shall pay on demand to Purchaser or any Indemnified Party any and all amounts
necessary to indemnify such Person from and against any and all Indemnified
Amounts relating to or resulting from:

         (a) reliance on any representation or warranty or statement made or
deemed made by Originator (or any of their respective officers) under or in
connection with this Agreement or in any certificate, report or document
delivered pursuant hereto that, in any such case, shall have been false or
incorrect when made or deemed made;

         (b) the failure by Originator to comply with any applicable law, rule
or regulation with respect to any Receivable or the related Contract, or the
nonconformity of any Receivable or the related Contract with any such applicable
law, rule or regulation;

         (c) the failure to have filed or pay any recording or other similar tax
with respect to, or any delay in filing or payment of any recording or other
similar tax with respect to, financing statements or other similar instruments
or documents under the Uniform Commercial Code of any applicable jurisdiction or
other applicable laws with respect to Purchaser's or any assignee's interest in
any Purchased Asset;

         (d) any dispute, claim, offset or defense (other than discharge in
bankruptcy of the Obligor) of the Obligor to the payment of any Receivable
(including, without limitation, a defense based on such Receivable or the
related Contract not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim
resulting from the sale of the merchandise or services related to any such
Receivable or the furnishing or failure to furnish such merchandise or services;

         (e) any failure of Originator to perform its duties or obligations
under this Agreement or the applicable Contract;

         (f) any products liability or warranty claim arising out of or in
connection with merchandise, insurance or services that are the subject of any
Receivable;

                                       21
<PAGE>

         (g) the commingling of Collections of Receivables at any time with
other funds of Originator, regardless or whether such commingling shall be
permitted by the Transaction Documents;

         (h) any investigation, litigation or proceeding related to this
Agreement or in respect of any Receivable or any Contract;

         (i) the payment by Purchaser of any taxes owed by Originator,
including, but not limited to, federal, state or local income taxes, excise
taxes or business taxes; or

         (j) the failure to vest, and maintain vested, in Purchaser a valid and
enforceable (i) ownership interest or (ii) a first priority perfected security
interest in the items described in Section 2.1(a) (except to the extent such
first priority perfected security interest was assigned to the Administrator
pursuant to the Loan Agreement).

Notwithstanding the foregoing, Originator shall not under any circumstances
indemnify Purchaser (or its assignees) for any Indemnified Amounts that result
solely from a default by an Obligor with respect to a Receivable other than as
described in clause (d) above or resulting from the circumstances described in
clause (b) or (e) above.

                                   ARTICLE IX
                               THE ORIGINATOR NOTE

         SECTION 9.1 ORIGINATOR NOTE.

         (a) On the Closing Date, Purchaser shall issue to Originator a
revolving subordinated note in the form attached hereto as Exhibit A (the
"Originator Note"). The principal amount of the Originator Note outstanding from
time to time shall be determined in accordance with Sections 2.3, 2.4, and 2.5.
It is understood and agreed that no cash shall be paid to Originator in respect
of the Originator Note as a result of the principal amount of the Originator
Note decreasing pursuant to the calculations in Sections 2.4 and 2.5. Anything
to the contrary notwithstanding, Purchaser shall have the right (but not the
obligation) to offset or adjust the Originator Note by any amounts owed by
Originator to Purchaser under this Agreement.

         (b) Until the Obligations have been indefeasibly paid in full in cash,
no payments (whether for principal or interest) may be made, directly or
indirectly, by Purchaser on the Originator Note except from amounts received by
Purchaser under the Loan Agreement. Originator agrees not to ask, demand, sue
for or take or receive from Purchaser in cash or other property by set-off
(including, without limitation, from or by way of collateral), payment of all or
any part of the Originator Note, except as permitted by the Loan Agreement.
Originator agrees that upon any distribution of all or any of the assets of
Purchaser to creditors of Purchaser upon the dissolution, winding up, total or
partial liquidation, arrangement, reorganization, adjustment, protection,
relief, or composition of Purchaser or its debts, any payment or distribution of
any kind in respect of the Originator Note that otherwise would be payable or
deliverable upon or with respect to the Originator Note, directly or indirectly,
by set-off or in any other manner, including, without limitation, from or by way
of collateral, shall be paid or delivered directly to the Administrator for
application (in the case of cash) to or as collateral (in the case of non-cash

                                       22
<PAGE>

property or securities) for the payment or prepayment in full of, the
Obligations until the Obligations shall have been indefeasibly paid in full in
cash. All payments or distributions upon or with respect to the Originator Note
that are received by Originator contrary to the provisions of the Loan Agreement
or the Originator Note shall be received in trust for the benefit of the Secured
Parties, shall be segregated from other funds and property held by Originator
and shall be forthwith paid over to the Administrator in the same form as so
received (with any necessary endorsement) to be applied (in the case of cash)
to, or held as collateral (in the case of non-cash property or securities) for
the payment or prepayment in full of, the Obligations until the Obligations
shall have been indefeasibly paid in full in cash. Originator agrees that no
payment or distribution to the Secured Parties pursuant to the provisions of the
Originator Note shall entitle Originator to exercise any rights or subrogation
in respect thereof until the Obligations shall have been indefeasibly paid in
full in cash. Originator and Purchaser each hereby waives promptness, diligence,
notice of acceptance and any other notice with respect to any of the Obligations
and the Originator Note and any requirement that any Secured Party protect,
secure, perfect or insure any security interest or lien on any property subject
thereto or exhaust any right or take any action against Purchaser or any other
Person or any Collateral.

         (c) Originator agrees and confirms that the Originator Note represents
solely the right to receive certain amounts from funds available to Purchaser
under the Loan Agreement and that the Originator Note does not represent a
security interest in the Receivables or their proceeds. No payments may be
received, directly or indirectly, by Originator (and if received, Originator
agrees to return such payments to Purchaser) on the Originator Note unless all
amounts required pursuant to the Loan Agreement to be paid have been paid.

         (d) Originator agrees and confirms that the Administrator shall not
have any duty whatsoever to Originator as holder of the Originator Note and that
the Administrator shall not be liable to Originator for any action taken or
omitted to be taken with respect to the Originator Note.

         SECTION 9.2 RESTRICTIONS ON TRANSFER OF ORIGINATOR NOTE.

         Neither the Originator Note, nor any right of Originator to receive
payments thereunder, shall be assigned, transferred, exchanged, pledged,
hypothecated, participated or otherwise conveyed.

                                    ARTICLE X
                                  MISCELLANEOUS

         SECTION 10.1 AMENDMENTS, ETC.

         No amendment, modification or waiver of any provision of this
Agreement, or consent to any departure by Originator therefrom, shall in any
event be effective unless the same shall be in writing and signed by Purchaser
and the Administrator and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

         SECTION 10.2 NOTICES, ETC.

                                       23
<PAGE>

         All notices and other communications provided for hereunder shall be in
writing (including telegraphic, facsimile or cable communication) and mailed,
telegraphed, transmitted, cabled or delivered, at its address set forth on
Schedule IV; or, as to each party, at such other address as shall be designated
by such party in a written notice to the other parties. All such notices and
communications shall when mailed or telecopied be effective when deposited in
the mails, or transmitted by facsimile, respectively, except that notices to
Purchaser pursuant to Article II shall not be effective until received by
Purchaser.

         SECTION 10.3 NO WAIVER; REMEDIES.

         No failure on the part of Purchaser to exercise, and no delay in
exercising, any right under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right preclude any other or
further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

         SECTION 10.4 BINDING EFFECT; GOVERNING LAW.

         This Agreement shall be binding upon and inure to the benefit of
Originator and Purchaser and their respective successors and assigns, except
that Originator shall not have the right to assign its rights hereunder or any
interest herein without the prior written consent of Purchaser and the
Administrator. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until such time, after the Purchase Termination Date,
until Purchaser shall not have any interest in any Purchased Asset and all
obligations of Originator hereunder shall have been paid in full; provided,
however, that the indemnification provisions of Article VIII shall be continuing
and shall survive any termination of this Agreement. This Agreement and the
Originator Note shall be governed by, and construed in accordance with, the laws
of the State of New York without regard to the conflict of laws principles
thereof (other than Section 5-1401 of the New York General Obligations Law).

         SECTION 10.5 COSTS, EXPENSES AND TAXES.

         In addition to the rights of indemnification granted to Purchaser under
Article VIII, Originator agrees to pay on demand all costs and expenses of
Purchaser and the Administrator in connection with the preparation, execution
and delivery of this Agreement, the Loan Agreement and the other agreements and
documents to be delivered hereunder and thereunder, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for
Purchaser and the Administrator with respect thereto and with respect to
advising Purchaser and the Administrator as to their rights and remedies under
this Agreement, and all costs and expenses (including, without limitation,
reasonable counsel fees and expenses), in connection with the enforcement
(whether through negotiations, legal proceedings or otherwise) of this Agreement
and the documents to be delivered hereunder. In addition, Originator agrees to
pay any and all stamp and other taxes and fees payable or determined to be
payable in connection with the execution, delivery, filing and recording of this
Agreement or the other documents to be delivered hereunder, and agrees to hold
Purchaser harmless from and against any and all

                                       24
<PAGE>

liabilities with respect to or resulting from any delay in paying or omitting to
pay such taxes and fees.

         SECTION 10.6 NO BANKRUPTCY PETITION.

         Originator covenants and agrees that prior to the date which is one
year and one day after the payment in full of all Senior Indebtedness (as
defined in the Originator Note) it will not institute against, or join any other
Person in instituting against, Purchaser or the Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy or similar law. This Section
10.6 shall survive the termination of this Agreement.

         SECTION 10.7 ACKNOWLEDGMENT OF ASSIGNMENTS.

         Originator hereby acknowledges and consents to the assignment by
Purchaser of the Purchased Assets and the rights of Purchaser under this
Agreement to the Administrator pursuant to the Loan Agreement. Originator
further acknowledges that, in accordance with the terms of the Loan Agreement,
the Administrator may, under certain circumstances, exercise some or all of the
rights of Purchaser hereunder.

         SECTION 10.8 WAIVER OF SETOFF.

         Except as expressly set forth in this Agreement, all payments hereunder
by Originator to Purchaser or by Purchaser to Originator shall be made without
setoff, counterclaim or other defense and each of Purchaser and Originator
hereby waives any and all of its rights to assert any right of setoff,
counterclaim or other defense to the making of a payment due hereunder to
Originator or Purchaser, as the case may be; provided, however; that,
notwithstanding the foregoing, Purchaser hereby reserves any and all of its
rights to assert any such right of setoff, counterclaim or other defense against
Originator with respect to the Purchase Price of Receivables purchased from
Originator.

         SECTION 10.9 SEVERABILITY.

         Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be prohibited by or invalid under
such law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement.

         SECTION 10.10 COUNTERPARTS.

         This Agreement and any amendment or supplement hereto or any waiver
granted in connection herewith may be executed in any number of counterparts and
by the different parties on separate counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same agreement. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile shall be effective as
delivery of a manually executed counterpart of this Agreement.

                                       25
<PAGE>

         SECTION 10.11 GRANT OF LICENSE TO USE TRADEMARKS.

         For the sole purpose of enabling Purchaser (or its assignees) to
perform the functions of servicing and collecting the Receivables upon a
Purchase Termination Event, Originator hereby grants to Purchaser (or its
assignees) an irrevocable, non-exclusive license (exercisable without payment of
royalty or other compensation to Originator) to use, license, or sublicense any
copyright, trade name, trademark or similar rights or properties now owned or
hereafter acquired by Originator, and wherever the same may be located, and
including in such license reasonable access to all media in which any of the
licensed items may be recorded or stored and to all computer and automatic
machinery software and programs used for the compilation or printout thereof.
The aforementioned servicing and collecting functions shall be performed in
accordance with customary business practices and in a manner which will not
materially adversely affect any of such licenses or licensed items.

         SECTION 10.12 JURISDICTION; CONSENT TO SERVICE OF PROCESS.

         (a) Originator and Purchaser hereby submit to the nonexclusive
jurisdiction of any United States District Court for the Southern District of
New York and of any New York state court sitting in New York, New York for
purposes of all legal proceedings arising out of, or relating to, the
Transaction Documents or the transactions contemplated thereby. Originator and
Purchaser hereby irrevocably waive, to the fullest extent possible, any
objection it may now or hereafter have to the venue of any such proceeding and
any claim that any such proceeding has been brought in an inconvenient forum.
Nothing in this Section 10.12 shall affect the right of the Administrator or
Lender to bring any action or proceeding against Originator and Purchaser or its
property in the courts of other jurisdictions.

         (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, ANY TRANSACTION DOCUMENT OR
ANY MATTER ARISING THEREUNDER.

         SECTION 10.13 THIRD PARTY BENEFICIARIES.

         Each of the Secured Parties shall be third-party beneficiaries of this
Agreement.

         SECTION 10.14 CONFIRMATION OF INTENT.

         It is the express intent of the parties hereto that the sale and
contribution to Purchaser pursuant to Section 2.1 hereof of all of Originator's
right, title and interest, in, to and under all Purchased Assets and the
Contributed Receivables shall be treated under applicable state law and Federal
bankruptcy law as a sale or contribution, as the case may be, by Originator to
Purchaser. However, if it is determined contrary to the express intent of the
parties that the transfer is not a sale or contribution, as the case may be, and
that all or any portion of the assets described in Section 2.1 continue to be
property of Originator, then Originator hereby grants to Purchaser a security
interest in all of Originator's right, title and interest in, to and under all
Purchased Assets and Contributed Receivables and this Agreement shall constitute
a security agreement under applicable law. Originator, Purchaser and the
Administrator shall, to the extent consistent with the Loan Agreement and this
Agreement, take such action as may be necessary to ensure that, if

                                       26
<PAGE>

this Agreement were deemed to create a security interest in the assets
described in Section 2.1, such interest would be deemed to be a perfected
security interest of first priority under applicable law and will be maintained
as such throughout the terms of this Agreement and the Loan Agreement.

         SECTION 10.15 CONFIDENTIALITY OF AGREEMENT.

         Unless otherwise consented to by the Administrator, Originator hereby
agrees that it will not disclose the contents of any Transaction Document, or
any other confidential or proprietary information furnished by the
Administrator, the Lender or Purchaser, to any Person other than its Affiliates
(which Affiliates shall have executed an agreement satisfactory in form and in
substance to the Administrator to be bound by the provisions of this Section
10.15), auditors and attorneys or as required by applicable law.

         SECTION 10.16 SECTION AND PARAGRAPH HEADINGS.

         Section and paragraph headings used in this Agreement are provided
solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       27
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                        CENTRAL RECEIVABLES, INC.,
                                        as Purchaser

                                        By: /s/ Pat Curry
                                            ------------------------------------
                                        Name: Patrick J. Curry
                                        Title: Executive Vice President

                                        CENTRAL FREIGHT LINES, INC.,
                                        a Texas corporation,
                                        as Originator

                                        By: /s/ Pat Curry
                                            ------------------------------------
                                        Name: Patrick J. Curry
                                        Title: Executive Vice President

                                       28

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>31
<FILENAME>c72067exv10w10.txt
<DESCRIPTION>SECOND AMENDED AND RESTATED MASTER LEASE - GROUP A
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.10

                           SECOND AMENDED AND RESTATED
                     MASTER LEASE AGREEMENT - PARCEL GROUP A

                                     BETWEEN

                      SOUTHWEST PREMIER PROPERTIES, L.L.C.

                                       AND

                           CENTRAL FREIGHT LINES, INC.

                        (revised as of February 20, 2003)

THIS SECOND AMENDED AND RESTATED MASTER LEASE AGREEMENT - PARCEL GROUP A revised
as of February 20, 2003 (the "Lease") is made between SOUTHWEST PREMIER
PROPERTIES, L.L.C., (the "Landlord") and CENTRAL FREIGHT LINES, INC., (the
"Tenant").

Background. The Landlord and Tenant presently are parties to an Amended and
Restated Master Lease Agreement dated April 15, 1999, as amended by the
amendments thereto dated September 3, 1999, May 16, 2000, and December 6, 2000
(collectively, the "Underlying Lease"). In preparation for certain transactions
contemplated by each of them, the parties desire to extend the term of the
Underlying Lease, to adjust the rent provided for in the Underlying Lease, to
separate the Parcels (as defined below) covered by the Underlying Lease into two
groups, and to accomplish other matters addressed herein. This Lease covers the
26 Parcels identified on Exhibit A hereto (Parcel Group A) and replaces and
supplements in its entirety the Underlying Lease with respect to such Parcels.
As of the date hereof, the parties also have entered into a Second Amended and
Restated Master Lease Agreement - Parcel Group B that replaces and supplements
in its entirety the Underlying Lease with respect to the remaining properties
(Parcel Group B).

                                   DEFINITIONS

For the purpose of this Lease, as amended from time to time, unless the context
otherwise requires, the following terms shall have the following meanings:

"Parcel"                  Any one of the 26 real properties listed on Exhibit A

"Property"                Collectively, the 26 properties described in Exhibit A

"Premises"                The Property, subject to Landlord's right under
                          Section 2.1 to exclude Surplus Property. The Premises,
                          as outlined on Exhibits B-1 through

                                        1
<PAGE>

                          B-16, shows the Premises after Surplus Property has
                          been excluded. However, until the effective date of
                          Landlord's exercise of its right to exclude any
                          particular Parcel of Surplus Property, Premises shall
                          refer to all Property that has not yet been excluded.

"Surplus Property"        Those portions, defined in Section 2.1 and in the
                          Exhibit B, of the 16 Parcels that are not needed for
                          the operations of the Tenant.

"Primary Term"            Effective Date through February 19, 2013, as defined
                          in Section 3.1

"Five Year Extensions"    As defined in Section 3.2

"Ten Year Term"           As defined in Section 3.2

"Extension Terms"         As defined in Section 3.2

"Rent"                    As defined in Section 4.1

"FMRV"                    Fair market rental value, as defined in Section 4.2

"Landlord Appraiser"      As defined in Sections 4.3 and 29

"Tenant Appraiser"        As defined in Sections 4.3 and 29

"Independent Appraiser"   As defined in Sections 4.3 and 29

"Indemnitor"              As defined in Section 21

"Indemnitee"              As defined in Section 21

"Losses"                  As defined in Section 21

"Effective Date"          February 20, 2003

         1        DEMISE: In consideration of the undertakings of the parties
contained herein, Landlord leases to Tenant, and Tenant leases from Landlord,
the Twenty-Six (26) properties described in Section 2 (herein collectively
referred to as the "Premises"), on the terms and conditions contained in this
instrument.

         2        PREMISES: Subject to the reservation of Surplus Property (as
described below) and to the other terms and conditions herein contained, the
Landlord leases to Tenant the Twenty-Six (26) properties described in Exhibit A,
attached hereto.

         2.1      RESERVATION OF SURPLUS PROPERTY BY LANDLORD: Attached hereto
as Exhibit B is a list describing portions of the Premises that are not needed
for the operations of the Tenant (herein, each itemized parcel, and the
aggregate of all parcels identified on Exhibit B, are referred to
interchangeably as "Surplus Property"). Landlord hereby reserves the right to
exclude from the

                                       2
<PAGE>

Premises and the scope of this Lease, any or all Surplus Property, without
reduction in rent.

         2.2      LANDLORD'S EXERCISE OF RIGHT TO EXCLUDE SURPLUS PROPERTY:
Landlord shall exercise its right to exclude Surplus Property from the scope of
this Lease by providing Tenant at least sixty (60) days prior written notice,
identifying with particularity which parcel or parcels are to be excluded, and
the effective date of such exclusion. Thereafter, Landlord shall have all rights
of a fee simple owner of the excluded Surplus Property, including the rights to
subdivide, develop, and/or to sell it.

         2.3      TENANT'S USE OF SURPLUS PROPERTY PRIOR TO EXCLUSION FROM
LEASE: At any time prior to the effective date designated in Landlord's notice
of exercise of its right to exclude Surplus Property, Tenant may use the Surplus
Property subject to the terms of this Lease for all lawful purposes, including
subleasing it for trailer pads. No improvements shall be constructed on the
Surplus Property by Tenant without the prior written consent of Landlord.

         3        TERM

         3.1      PRIMARY TERM: The primary term of this Lease shall be for a
period commencing on the Effective Date, as defined above, through February 19,
2013 ( the "Primary Term") unless sooner terminated as hereinafter provided.

         3.2      EXTENSION TERMS: Subject to Sections 3.3 and 18, Tenant shall
have the option to extend the Primary Term for two (2) successive extension
terms of five (5) years each (the "Five Year Extensions"), or for one ten (10)
year term (the "Ten Year Term"), hereafter collectively called the "Extension
Terms". The Ten Year Extension Term shall begin on February 20, 2013, and shall
terminate on February 19, 2023. Alternatively, the Five Year Extension Term(s)
shall begin and end as follows:

                  1st five year option: February 20, 2013 through February 19,
                                        2018.
                  2nd five year option: February 20, 2018 through February 19,
                                        2023.

         3.3      EXTENSION TERM NOTIFICATION: As a condition precedent to its
exercise of any option to renew this Lease under any of the aforementioned
Extension Terms, Tenant shall give to Landlord one-hundred and twenty (120) days
advance written notice of Tenant's intention to renew this Lease. The notice
shall specify whether the Extension Term is for five or ten years. In the event
that notice to extend the Lease is given, but Tenant fails to specify which
Extension Term is being chosen, the Extension Term will be for five (5) years.

         3.4      TERM OF THIS LEASE: The Primary Term and all Extension Terms
elected by Tenant are referred to collectively as the "Term of this Lease".

         4        RENT

         4.1.     PRIMARY TERM: Subject to Landlord's one-time option to require
prepayment of Rent, as described below, during the Term of this Lease, Tenant
shall pay rent to Landlord in equal monthly

                                       3
<PAGE>

installments (the "Rent") an annual rental equivalent to (x) during the first
five years $6,996,000; and (y) during the second five years, an amount
determined by multiplying the assumed fair market value of the Parcels of
$90,000,000 by a base capitalization rate of 7.8% plus or minus (as appropriate)
the difference between the five year treasury rate on the date hereof and the
five year treasury rate on the fifth anniversary hereof, in each instance as
quoted in the Wall Street Journal. The first monthly installment of Rent, in the
amount of $583,000, shall be payable in advance on or before February 28, 2003,
and subsequent monthly installments of Rent shall be payable in advance of each
succeeding month, on or before the last business day of each calendar month
thereafter. Rent for partial months at the inception or the termination of the
Lease shall be prorated. The prorated rent payment for the balance of February,
2003 (9/28 of a monthly installment, or $187,392.86) shall be paid at the same
time as the first monthly installment of Rent.

         Notwithstanding the foregoing provision requiring the payment of Rent
in monthly installments, Landlord shall have a one-time option, exercisable
anytime between the Effective Date of this Lease and December 31, 2003, to
require prepayment of the first year's or any remaining portion of the first
year's Rent (through February 28, 2004) in a lump sum, with the lump sum
discounted to 90% of the amount of Rent otherwise payable; and in such event
Tenant shall pay Landlord such lump sum within 45 days following Landlord's
request therefor.

         4.2      EXTENSION TERMS: The Rent for any Extension Term shall be
equal to the fair market rental value ("FMRV") at the time the notice to
exercise on Extension Term is given. The FMRV shall be as agreed to in good
faith by the Landlord and Tenant; if no agreement as been reached within 30 days
of the written notice of intent, then the parties shall proceed as directed in
Section 4.3.

         4.3      APPRAISAL: If no agreement has been reached by the parties
regarding the FMRV, then the FMRV shall be determined by an independent and duly
qualified appraiser mutually agreeable to the Landlord and Tenant and the cost
of such appraisal shall be borne equally by the Landlord and the Tenant. If no
agreement can be reached in choosing such an appraiser, then the Landlord shall
select an appraiser (the "Landlord Appraiser") and the Tenant shall select an
appraiser (the "Tenant Appraiser") and such appraisers shall mutually agree upon
the FMRV. Each party shall bear the cost of its selected appraiser. If the
Landlord Appraiser and the Tenant Appraiser are unable to agree to the FMRV,
then the Landlord Appraiser and the Tenant Appraiser are unable to agree to the
FMRV, then the Landlord Appraiser and the Tenant Appraiser shall select a
mutually agreeable independent and duly qualified appraiser (the "Independent
Appraiser"). The determination of the FMRV by the Independent Appraiser shall be
binding on the parties. "Appraiser," as used in this paragraph, shall include
duly licensed real estate brokers.

         5        REAL ESTATE TAXES AND ASSESSMENTS: During the Term of this
Lease, Tenant shall pay, as the same may become due and payable and before any
fine, penalty, interest or other charge may be added for nonpayment, all real
estate taxes and assessments, general and special, against the Premises.

         6        UTILITIES: During the Term of this Lease, Tenant shall pay all
charges for utility services supplied upon or in connection with the Premises,
including without limitation, gas and electricity, sanitary and storm sewer,
water, telephone services, heat, light and power.

                                       4
<PAGE>

         7        CONDITIONS OF PREMISES: The Tenant has examined the Premises
and is satisfied with the physical condition thereof, including all equipment
and appurtenances, and its taking possession thereof shall be conclusive
evidence of its receipt thereof in good and satisfactory order and repair,
unless otherwise specified herein. Tenant acknowledges that no representation as
to the condition or repair of the Premises has been made by or on behalf of the
Landlord, except as herein expressed, and likewise acknowledges that no
agreement or promise to decorate, alter, repair or improve the Premises,
including all equipment and appurtenances, either before or after the execution
hereof, has been made by or on behalf of the Landlord, except as stated herein.
The occupancy by Tenant of the leased Premises shall constitute an
acknowledgment by Tenant that the Premises are in the condition called for by
this Lease and that Landlord has performed all of the Landlord's work with
respect thereto and that all construction and/or remodeling required in
accordance with the terms of this Lease have been fully and satisfactorily
completed in accordance with the terms hereof.

         8        POSSESSION OF PREMISES: Landlord shall deliver possession of
the Premises to Tenant on or before the Effective Date of this Lease.

         9        TENANT IMPROVEMENTS: Tenant, at its sole cost and expense,
shall have the right, but shall not be obligated, prior to and during the Term
of this Lease, to improve, alter and renovate the Premises in any manner which
Tenant deems necessary or desirable to adapt the same for the conduct of its
business operations, including without limitation, painting, decorating,
redecorating and installing partitions, floor coverings, wall coverings, drop
ceilings, light fixtures.

         10       TRADE FIXTURES: Personal Property: Tenant, at its sole cost
and expense, shall have the right, but shall not be obligated, to install, use,
replace, and remove its trade fixtures and personal property, such as, without
limitation, telephone, teletype and other communications equipment, machinery,
dock levelers, task lights, office furniture, office trailers and its Roof
Antenna. Upon the expiration of the Term of this Lease, Tenant shall have the
right to remove such trade fixtures and personal property from the Premises,
provided that Tenant shall repair all damage to the Premises resulting from such
removal.

         11       MAINTENANCE AND REPAIRS BY LANDLORD: In consideration of this
Lease and the rate of rent contained in this Lease, the Tenant agrees that
during the Term of the Lease, the Tenant will, at its own expense, pay all
maintenance and repair expenses for the Premises. In the event any of the
Tenant's maintenance or repair is performed by the Landlord or its designees,
the Landlord shall be entitled to reimbursement for any expenses incurred by
Landlord. Amounts advanced shall bear interest from the date of the advance at
the prime rate. Nothing in the paragraph shall be interpreted as requiring the
Landlord to perform any such acts independent of the other provisions of this
Lease.

         12       MAINTENANCE AND REPAIRS BY TENANT: Tenant, at its sole cost
and expense, shall keep the Premises in a clean and orderly condition and shall
perform all maintenance and repair to the Premises including but not limited to
the following:

         (A)      The structure and exterior of Landlord's buildings including
without limitation, the roof and roof membrane, walls, floors, foundations,
supports, windows, overhead doors, skylights, roof vents, drains, downspouts and
landscaping;

                                       5
<PAGE>

         (B)      The mechanical and utility systems serving the Premises
including without limitation, heating ventilation, air conditioning, lighting,
electrical, plumbing, gas, water supply, sanitary sewers and septic systems,
storm sewers and storm water drainage systems, sprinkler systems, exterior
telephone and communications lines and circuits and underground or overhead
electrical supply;

         (C)      All periodic repaving and any patching and pothole maintenance
of the yard, parking, drive and other hard-surfaced areas of the Premises,
together with curbs and walkways; and

         (D)      Any repair occasioned or caused by Tenant's negligence or
misconduct.

         13       INSURANCE: At all times during the Term of this Lease, Tenant,
at its sole cost and expense, shall provide and maintain in full force and
effect an insurance policy or policies protecting Landlord and Tenant, and their
officers, employees, members, and managers against any loss, liability or
expense from personal injury, death, property damage or otherwise arising or
occurring upon or in connection with the Premises or by reason of the Tenant's
operations upon or occupancy of the premises, whether the same occurs or the
cause arises on or off the Premises. This coverage shall include, but not be
limited to, fire and extended coverage insurance (including flooding, vandalism,
malicious mischief and special extended perils or all risk) in an amount not
less than the full replacement cost of the damaged portion of the Premises, with
a standard inflation guard endorsement or, in the event the parties have agreed
upon a fixed amount of insurance, with a fixed amount endorsement. Tenant shall
maintain in full force and effect a pubic liability insurance policy for the
Premises with coverage limits of $2,000,000 for bodily injury and $250,000 for
property damage. Certificates of insurance showing compliance with the foregoing
requirements shall be furnished, if requested, by Tenant to Landlord. Each such
certificate shall contain an agreement by the insurer that such insurance
coverage shall not be modified or canceled without delivery of at least thirty
(30) days written notice to the Landlord.

         14       DENIAL OF SUBROGATION RIGHTS: Neither the Landlord nor the
Tenant shall be liable to the other for any business interruption or any loss or
damage to property or injury to or death of persons occurring on the Premises or
the adjoining property, or in any manner growing out of or connected with the
Tenant's use and occupancy of the Premises, or the condition thereof, or of the
adjoining property, whether or not caused by the negligence or other fault of
the Landlord or the Tenant or of their respective agents, employees, subtenants,
licensees, managers, members, or assignees. This release shall apply only to the
extent that such business interruption, loss or damage to property or injury to
or death of persons is covered by insurance, regardless of whether such
insurance is payable to or protects the Landlord or the Tenant or both. Nothing
in this paragraph shall be construed to impose any other or greater liability
upon either the Landlord or the Tenant than would have existed in the absence of
this paragraph.

         15       RENT ADJUSTMENT UPON DAMAGE BY FIRE OR OTHER CASUALTY: In the
event that one or more of the twenty-six (26) properties constituting the
Premises shall be partially or wholly destroyed or damaged by fire or other
casualty, without the fault of the Tenant, so that the same shall be unfit for
use or occupancy, then Tenant shall give Landlord immediate written notice of
the same, and a Rent adjustment, according to the nature and extent of the
damage sustained in loss of use or occupancy, shall occur.

                                        6
<PAGE>

         16       CONDEMNATION OF PREMISES: In the event that one or more of the
twenty-six (26) properties constituting the Premises shall be, in whole or part,
condemned or taken, then Landlord shall give Tenant written notice of the same,
and effective as of the date of vesting of title, a Rent adjustment shall occur.

         17       DEFAULT OF TENANT: A default by Tenant under this lease shall
occur if any of the following occur, but a default is not limited to the
following:

         (A)      Any one or more rent payments due from the Tenant to the
Landlord shall be and remain unpaid in whole or part after they are due and
payable;

         (B)      The Tenant fails to provide insurance as required by this
Lease and the default continues for more than ten (10) days after notice from
Landlord;

         (C)      The Tenant violates or defaults in any of the other covenants,
agreements, stipulations or conditions herein and such violation or default
shall continue for a period of thirty (30) days after written notice from the
Landlord of such violation of default; or

         (D)      If the Tenant shall become insolvent, make an assignment for
the benefit of its creditors, or if a receiver is appointed for the Tenant.

         18       LANDLORD'S REMEDIES UPON TENANT'S DEFAULT: The remedies
provided in this paragraph are not exclusive and are in addition to any other
remedies now or later allowed by law. Upon default of the Tenant:

         (A)      The Landlord may, at its option, declare this Lease forfeited,
the Lease term ended, have the right to reenter the Premises and have the right
to take possession of the Premises without any further obligation to Tenant.
Landlord may remove all persons and property at the cost of Tenant.

         (B)      Landlord may instead elect to keep Tenant in possession and
continue to have all rights and remedies under this Lease. If Landlord elects to
keep Tenant in possession, Landlord shall have the rights under subparagraph (A)
for any future defaults or for any previous default that remains uncured.

         (C)      If Landlord elects under subparagraph (B) to keep the Lease in
force, Landlord may lease the Premises at a rate of rent determined by Landlord
to be reasonable. Tenant shall pay to Landlord any costs incurred in leasing the
Property and any rents under this Lease in excess of the rent which Landlord
actually receives from new Tenant. The new Tenant may pay rents directly to
Landlord.

         19       LANDLORD'S DEFAULT: In the event of any failure by Landlord to
perform any term, condition, covenant or obligation of this Lease on the part of
Landlord to be performed within fifteen (15) days after the date on which
Landlord receives from Tenant notice by certified or registered mail
specifically describing such failure, Tenant (in addition to all other remedies
to which Tenant may be entitled under this instrument or at law or in equity)
may cure such default by Landlord on behalf of, and at the sole cost and expense
of Landlord, including a supervision charge of twenty percent (20%)

                                       7
<PAGE>

of all costs and expenses in connection therewith within thirty (30) days after
Tenant's delivery to Landlord of an invoice therefor, failing which Tenant may
offset such costs and expenses against any Rent and other amounts payable by
Tenant hereunder. The foregoing notwithstanding, if Landlord shall exercise in
good faith diligent efforts within such fifteen (15) day period to cure the
failure specified in the notice but shall not be able to do so because of acts
of God, riots, or labor strikes, then any such failure shall not be considered a
default of this Lease by Landlord so long as Landlord shall continue to exercise
in good faith such diligent efforts to cure such failure and shall do so within
a reasonable period of time.

         20       LANDLORD'S RIGHTS OF ENTRY: Following reasonable notice to
Tenant, Landlord may enter upon the Premises as often as Landlord may deem
reasonably necessary for the purposes of inspecting the Premises, offering the
Premises for lease (but only during the period which commences sixty (60) days
prior to the expiration of the then existing Primary Term or Extension Term),
offering the Premises for sale or transfer, or any other reason which the
Landlord, in good faith, believes necessary in its business judgment. Landlord's
right of entry shall be exercised in a manner and at times such that there shall
be no unreasonable interference with the use and occupancy of the Premises by
Tenant for the conduct of its business operations.

         21       MUTUAL INDEMNIFICATION: Each party (the "Indemnitor") agrees
to indemnify, defend and hold the other party (the "Indemnitee") harmless from
and against any and all losses, damages, claims, suits, actions, judgments,
liabilities and expenses, including, without limitation, environmental damages
and remediation expenses, reasonable attorneys' fees (collectively, "Losses"),
arising out of , or with respect to: (a) any breach of any warranty or
representation or any covenant or agreement of the Indemnitor under this Lease;
or (b) any injury to, or death of, persons and/or any damage to, or destruction
of, property, on or about the Premises and attributable to the negligence or
misconduct of the Indemnitor, or its officers, employees, agents, contractors or
invitees, except for any such breach, any injury or death or any damage or
destruction arising out of, or with respect to, the negligence or misconduct of
the Indemnitee, or any of its officers, employees, agents, contractors or
invitees, or at otherwise specifically provided in this Lease; provided,
however, that the indemnification obligation created by this Section shall be
expressly conditioned upon the Indemnitee (i) delivering to the Indemnitor
prompt notice of any event giving rise to such indemnification obligation and
(ii) providing the Indemnitor the opportunity to defend itself from and against
any Losses.

         22       TRANSFERS

         22.1     ASSIGNMENT AND SUBLETTING: Tenant shall have the right to
assign this Lease and/or sublet any portion of the Premises, with or without the
consent of Landlord. Absent the written agreement of Landlord, no assignment of
this Lease or subletting of all or any portion of the Premises shall relieve
Tenant of any of the terms, conditions, covenants and obligations of this Lease
on the part of Tenant to be performed.

         22.2     NOTICE OF SALE/RIGHT OF FIRST REFUSAL: It is understood by the
parties that the Landlord may, at any time, desire to sell all or part of the
Premises. If Landlord desires to sell all or a portion (i.e. one or more of the
26 parcels described previously in Exhibit A) of the Premises during the Term of
this Lease, and receives a signed offer or other such contract under terms and
conditions acceptable to the Landlord, Landlord will give notice to Tenant,
including the terms and conditions of the offer

                                       8
<PAGE>

for transfer or sale. If within sixty (60) days of said notice, Tenant shall
decide to purchase the property, Landlord and Tenant will execute a contract of
sale under the same terms and conditions of said offer. Landlord may sell
Surplus Property, which is not subject to this Right of First Refusal.

         23       HOLDING OVER: If Tenant shall continue to occupy the Premises
after the expiration of the Term of this Lease or the earlier termination of
this Lease, without exercising an Extension Term, then Tenant shall be deemed to
be occupying the Premises as a tenant from month-to-month, subject to the terms
and conditions of this Lease; provided, however, that either party shall have
the right to terminate such month-to-month tenancy upon delivery of thirty (30)
days' notice to the other.

         24       LANDLORD'S COVENANT OF QUIET ENJOYMENT: Landlord covenants and
agrees that Tenant shall have the peaceful and quiet possession and enjoyment of
the Premises (subject to all mortgages and other matters to which this Lease, is
or shall become, subordinate in accordance with the provisions of Section 25)
for the conduct of its business operations during the Term of this Lease,
without hindrance by Landlord or any party whatsoever.

         25       SUBORDINATION OF LEASE TO MORTGAGES: This Lease shall be
subject and subordinate at all times to the lien of existing mortgages and of
mortgages which hereafter may be made a lien on the Premises. Although no
instrument or act on the part of the Tenant shall be necessary to effectuate
such subordination, the Tenant will nevertheless execute and deliver such
further instruments subordinating this Lease to the lien of any such mortgages
as may be desired by the mortgagee. The Tenant hereby irrevocably appoints the
Landlord his attorney-in-fact to execute and deliver any such instrument for the
Tenant. Provided, however, and notwithstanding the foregoing provisions hereof,
upon foreclosure of the mortgage with the mortgagee succeeding to the rights of
the Landlord, the Tenant shall, at the option of said mortgagee, attorn to the
mortgagee as follows:

                  (A)      Tenant shall be bound to the mortgagee under all the
terms of the Lease for the balance of the term hereof remaining with the same
force and effect as if the mortgagee were the Landlord under the Lease, and
Tenant hereby attorns to the mortgagee as its Landlord, such attornment to be
effective and self-operative, without the execution of further instrument on the
part of either of the parties hereto, and immediately upon the mortgagee
succeeding to the interest of Landlord under this lease and having given written
notice of the same to Tenant. The respective rights and obligations of Tenant
and of the mortgagee upon such attornment shall to the extent of the remaining
term of the lease be the same as now set.

                  (B)      The mortgagee shall be bound to the Tenant under all
of the terms of this Lease, and the Tenant shall, from and after such event,
have the same remedies against the mortgagee for the breach of an agreement
contained in this Lease that the Tenant might have had under this Lease against
the Landlord hereunder. In no event, however, shall the mortgagee be liable for
any act or omission of any prior Landlord, be subject to any offsets or defenses
which Tenant might have against any prior Landlord, or be bound by any rent or
additional rent which the Tenant might have paid to any prior Landlord for more
than the current month.

         26       SURRENDER OF PREMISES: Upon the expiration or earlier
termination of the Term of this Lease, Tenant shall deliver up and surrender the
Premises to Landlord in the same condition as it was at the Effective Date,
subject to: (a) Tenant's improvements, alterations and renovations to the

                                        9
<PAGE>

Premises; (b) normal wear and tear; and (c) damage by fire, explosion or other
casualty which is not covered by insurance.

         27       RENT AND NOTICES: Rent and any and all notices or demands
required or permitted to be given hereunder deemed to be properly served if
hand-delivered or sent by registered or certified mail, postage prepaid,
addressed to the Landlord at

                           Southwest Premier Properties, L.L.C.
                           Attn: Robert Fasso
                           P.O. Box 2638
                           Waco, TX 76702

                           or addressed to the Tenant at

                           Central Freight Lines, Inc.
                           Attn: Clay Embry
                           P.O. Box 2638
                           Waco, TX 76702

or at such other address as either party may hereafter designate in writing to
the other. Any notice or demand so mailed shall be effective for all purposes at
the time of deposit thereof in the United States mail.

                                       10
<PAGE>

         28       SIGNS: Tenant shall have exclusive sign rights for the
Premises, exterior and interior, and shall have the right to erect and display
signs on the Premises and on such other areas of the Premises as Tenant
reasonably may request, subject only to compliance with applicable laws,
ordinances and requirements of governmental authorities with competent
jurisdiction.

         29       OPTION TO PURCHASE: At any time during the Term of this Lease,
Tenant shall have the option to purchase that portion of the Premises utilized
and occupied by the Tenant in its truck line operations, or an integral part of
any land or building so utilized or occupied, but shall not have the option to
purchase the Surplus Property. In the event Landlord sells any parcels
comprising the Premises prior to Tenant's exercise of this option, this option
shall extend only to the remaining Premises. The purchase price shall be equal
to the Fair Market Value of the Premises, as determined by a duly qualified
appraiser mutually agreeable to the Landlord and Tenant and the cost of such
appraisal shall be borne equally by the Landlord and the Tenant. If no agreement
can be reached in choosing such an appraiser, then the Landlord shall select an
appraiser (the "Landlord Appraiser") and the Tenant shall select an appraiser
(the "Tenant Appraiser") and such appraisers shall mutually agree upon the Fair
Market Value. Each party shall bear the cost of its selected appraiser. If the
Landlord Appraiser and the Tenant Appraiser are unable to agree to the Fair
Market Value, then the Landlord Appraiser and the Tenant Appraiser shall select
a mutually agreeable independent and duly qualified appraiser (the "Independent
Appraiser"). The determination of the Fair Market Value by the Independent
Appraiser shall be binding on the parties. "Appraiser," as used in this
paragraph, shall include duly licensed real estate brokers. Tenant may exercise
the option to purchase by delivering written notice to Landlord of its election
to exercise the option.

         30       AMENDMENTS. The Tenant and Landlord agree that amendments to
this Lease may be necessary from time to time to reflect changes in the number
of properties constituting the Premises, the Rent, and other such changes
described in the Lease. The parties agree that any amendments will be made in
writing and signed by Landlord and Tenant, or will have no effect on this Lease.

         31       MISCELLANEOUS:

         (A)      This Lease: (i) contains the entire agreement between the
parties and no promise, representation, warranty, covenant, agreement, or
understanding not specifically set forth in this Lease shall be binding upon
either party; (ii) may not be amended, modified, or supplemented in any manner
except in writing signed by the parties; (iii) shall be construed and governed
under the laws of Texas; (iv) shall not be construed more stringently in favor
of one party against the other regardless of which party has prepared the same;
(v) shall be binding upon, and inure to the benefit of, the parties and their
respective heirs, executors, administrators, personal and legal representatives,
successors, and permitted assigns; (vi) shall not be binding until this Lease
shall be executed and delivered by the parties, to each other; and (vii) may be
executed in counterparts, each of which shall be deemed an original, but which
all together constitute the same instrument.

         (B)      Any person executing this Lease on behalf of a corporation or
limited liability company represents and warrants that such person is authorized
to execute and deliver this Lease on behalf of the entity.

         (C)      The invalidity or unenforceability of any term or provision
shall not affect the validity

                                       11
<PAGE>

or enforceability of the remainder of this Lease.

         32.      ENVIRONMENTAL COMPLIANCE: Tenant shall, at its expense, comply
with all Environmental Laws, as defined below, and furnish satisfactory evidence
of such compliance upon request of Landlord. Should any discharge, leakage,
spillage, emission, or pollution of any type occur upon or from the Premises due
to Tenant's use and occupancy thereof, Tenant, at its expense shall be obligated
to perform appropriate remediation. The term "Environmental Laws" shall mean any
federal, state or local law, statute, ordinance, or regulation pertaining to any
Hazardous Substances, as defined below, or to health, industrial hygiene, or the
environmental conditions on, under or about the Premises, including without
limitation, the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980 ("CERCLA"), as amended, the Resource Conservation and
Recovery Act of 1976 ("RCRA") and state laws regarding underground storage
tanks. The term "Hazardous Substances" means and includes any petroleum products
and any substances included within the definitions of hazardous substances or
hazardous materials in CERCLA, RCRA, and other federal, state or local statutes,
laws, ordinances, codes, rules, or regulations relating to, or imposing
liability or standards of conduct concerning any hazardous, toxic or dangerous
wastes, substance or material, as now or at any time hereafter in effect. Tenant
hereby (i) acknowledges that it has assumed certain environmental liabilities
and obligations of Viking Freight, Inc., and (ii) agrees to indemnify and hold
harmless Landlord from and against any and all claims, damages and liabilities
arising in connection with the presence, use, storage, disposal, transport,
generation, recycling, treatment, reuse, reclamation, handling, release, or
threatened release of any Hazardous Substances on, from or about the Premises.

                         *** SIGNATURE PAGE FOLLOWS ***

                                       12
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Second Amended and
Restated Master Lease Agreement - Parcel Group A to be duly executed by each of
their respective authorized representatives effective as of February 20, 2003.

SOUTHWEST PREMIER                           CENTRAL FREIGHT LINES, INC.
PROPERTIES, L.L.C.

By: /s/ Robert V. Fasso                     By: /s/ Clay Embry
    ________________________                    ________________________
         Robert Fasso                               Clay Embry

Its: President                              Its: Director of Administration

Dated: _____________________                Dated: ______________________

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>32
<FILENAME>c72067exv10w11.txt
<DESCRIPTION>SECOND AMENDED AND RESTATED MASTER LEASE - GROUP B
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.11

                           SECOND AMENDED AND RESTATED
                     MASTER LEASE AGREEMENT - PARCEL GROUP B

                                     BETWEEN

                      SOUTHWEST PREMIER PROPERTIES, L.L.C.

                                       AND

                           CENTRAL FREIGHT LINES, INC.

                        (revised as of February 20, 2003)

THIS SECOND AMENDED AND RESTATED MASTER LEASE AGREEMENT - PARCEL GROUP B revised
as of February 20, 2003 (the "Lease") is made between SOUTHWEST PREMIER
PROPERTIES, L.L.C., (the "Landlord") and CENTRAL FREIGHT LINES, INC., (the
"Tenant").

Background. The Landlord and Tenant presently are parties to an Amended and
Restated Master Lease Agreement dated April 15, 1999, as amended by the
amendments thereto dated September 3, 1999, May 16, 2000, and December 6, 2000
(collectively, the "Underlying Lease"). In preparation for certain transactions
contemplated by each of them, the parties desire to extend the term of the
Underlying Lease, to adjust the rent provided for in the Underlying Lease, to
separate the Parcels (as defined below) covered by the Underlying Lease into two
groups, and to accomplish other matters addressed herein. This Lease covers the
13 Parcels identified on Exhibit A hereto (Parcel Group B) and replaces and
supplements in its entirety the Underlying Lease with respect to such Parcels.
As of the date hereof, the parties also have entered into a Second Amended and
Restated Master Lease Agreement - Parcel Group A that replaces and supplements
in its entirety the Underlying Lease with respect to the remaining properties
(Parcel Group A).

                                   DEFINITIONS

For the purpose of this Lease, as amended from time to time, unless the context
otherwise requires, the following terms shall have the following meanings:

"Parcel"                        Any one of the 13 real properties listed on
                                Exhibit A

"Property"                      Collectively, the 13 properties described in
                                Exhibit A

"Premises"                      The Property, subject to Landlord's right under
                                Section 2.1 to exclude

                                       1

<PAGE>

                                Surplus Property. The Premises, as outlined on
                                Exhibits B-1 through B-10, shows the Premises
                                after Surplus Property has been excluded.
                                However, until the effective date of Landlord's
                                exercise of its right to exclude any particular
                                Parcel of Surplus Property, Premises shall refer
                                to all Property that has not yet been excluded.

"Surplus Property"              Those portions, defined in Section 2.1 and in
                                the Exhibit B, of the 10 Parcels that are not
                                needed for the operations of the Tenant.

"Primary Term"                  Effective Date through February 19, 2013, as
                                defined in Section 3.1

"Five Year Extensions"          As defined in Section 3.2

"Ten Year Term"                 As defined in Section 3.2

"Extension Terms"               As defined in Section 3.2

"Rent"                          As defined in Section 4.1

"FMRV"                          Fair market rental value, as defined in Section
                                4.2

"Landlord Appraiser"            As defined in Sections 4.3 and 29

"Tenant Appraiser"              As defined in Sections 4.3 and 29

"Independent Appraiser"         As defined in Sections 4.3 and 29

"Indemnitor"                    As defined in Section 21

"Indemnitee"                    As defined in Section 21

"Losses"                        As defined in Section 21

"Effective Date"                February 20, 2003

         1        DEMISE: In consideration of the undertakings of the parties
contained herein, Landlord leases to Tenant, and Tenant leases from Landlord,
the Thirteen (13) properties described in Section 2 (herein collectively
referred to as the "Premises"), on the terms and conditions contained in this
instrument.

         2        PREMISES: Subject to (i) the reservation of Surplus Property
(as described below), (ii) the release provisions for Parcels that are sold (as
described in Section 2.4 below), and (iii) the other terms and conditions herein
contained, the Landlord leases to Tenant the Thirteen (13) properties described
in Exhibit A, attached hereto.

                                       2

<PAGE>

         2.1      RESERVATION OF SURPLUS PROPERTY BY LANDLORD: Attached hereto
as Exhibit B is a list describing portions of the Premises that are not needed
for the operations of the Tenant (herein, each itemized parcel, and the
aggregate of all parcels identified on Exhibit B, are referred to
interchangeably as "Surplus Property"). Landlord hereby reserves the right to
exclude from the Premises and the scope of this Lease, any or all Surplus
Property, without reduction in rent.

         2.2      LANDLORD'S EXERCISE OF RIGHT TO EXCLUDE SURPLUS PROPERTY:
Landlord shall exercise its right to exclude Surplus Property from the scope of
this Lease by providing Tenant at least sixty (60) days prior written notice,
identifying with particularity which parcel or parcels are to be excluded, and
the effective date of such exclusion. Thereafter, Landlord shall have all rights
of a fee simple owner of the excluded Surplus Property, including the rights to
subdivide, develop, and/or to sell it.

         2.3      TENANT'S USE OF SURPLUS PROPERTY PRIOR TO EXCLUSION FROM
LEASE: At any time prior to the effective date designated in Landlord's notice
of exercise of its right to exclude Surplus Property, Tenant may use the Surplus
Property subject to the terms of this Lease for all lawful purposes, including
subleasing it for trailer pads. No improvements shall be constructed on the
Surplus Property by Tenant without the prior written consent of Landlord.

         2.4      RELEASE OF PARCEL FROM SCOPE OF THIS LEASE IN EVENT OF SALE:
The Tenant is presently utilizing only two (Oklahoma City and Texarkana) of the
thirteen Parcels listed on Exhibit A as a trucking terminal, with the remaining
eleven of the thirteen Parcels presently designated for sale. With respect to
these eleven Parcels (all of Exhibit A Parcels except Oklahoma City and
Texarkana), the Tenant hereby waives both (i) the Section 22.2 Right of First
Refusal and (ii) the Section 29 Option to Purchase as granted in this Lease, and
hereby consents to the sale of any of such eleven Parcels by Landlord. In the
event of sale of any such Parcel, the Rent payable under this Lease shall
automatically be reduced by the amount of Rent allocated to such Parcel in
Exhibit C of this Lease, effective as of the date of closing of the sale of the
Parcel.

         3        TERM

         3.1      PRIMARY TERM: The primary term of this Lease shall be for a
period commencing on the Effective Date, as defined above, through February 19,
2013 ( the "Primary Term") unless sooner terminated as hereinafter provided.

         3.2      EXTENSION TERMS: Subject to Sections 3.3 and 18, Tenant shall
have the option to extend the Primary Term for two (2) successive extension
terms of five (5) years each (the "Five Year Extensions"), or for one ten (10)
year term (the "Ten Year Term"), hereafter collectively called the "Extension
Terms". The Ten Year Extension Term shall begin on February 20, 2013, and shall
terminate on February 19, 2023. Alternatively, the Five Year Extension Term(s)
shall begin and end as follows:

       1st five year option: February 20, 2013 through February 19, 2018.

                                       3

<PAGE>

      2nd five year option: February 20, 2018 through February 19, 2023.

         3.3      EXTENSION TERM NOTIFICATION: As a condition precedent to its
exercise of any option to renew this Lease under any of the aforementioned
Extension Terms, Tenant shall give to Landlord one-hundred and twenty (120) days
advance written notice of Tenant's intention to renew this Lease. The notice
shall specify whether the Extension Term is for five or ten years. In the event
that notice to extend the Lease is given, but Tenant fails to specify which
Extension Term is being chosen, the Extension Term will be for five (5) years.

         3.4      TERM OF THIS LEASE: The Primary Term and all Extension Terms
elected by Tenant are referred to collectively as the "Term of this Lease".

         4        RENT

         4.1.     PRIMARY TERM: Subject to Landlord's one-time option to require
prepayment of Rent, as described below, during the Term of this Lease, Tenant
shall pay rent to Landlord in equal monthly installments (the "Rent") an annual
rental in the amount of $170,012. The first monthly installment of Rent, in the
amount of $14,167.67, shall be payable in advance on or before February 28,
2003, and subsequent monthly installments of Rent shall be payable in advance of
each succeeding month, on or before the last business day of each calendar month
thereafter. Rent for partial months at the inception or the termination of the
Lease shall be prorated. The prorated rent payment for the balance of February,
2003 (9/28 of a monthly installment, $4,553.89) shall be paid at the same time
as the first monthly installment of Rent.

         Notwithstanding the foregoing provision requiring the payment of Rent
in monthly installments, Landlord shall have a one-time option, exercisable
anytime between the Effective Date of this Lease and December 31, 2003, to
require prepayment of the first year's or any remaining portion of the first
year's Rent (through February 28, 2004) in a lump sum, with the lump sum
discounted to 90% of the amount of Rent otherwise payable; and in such event
Tenant shall pay Landlord such lump sum within 45 days following Landlord's
request therefor.

         4.2      EXTENSION TERMS: The Rent for any Extension Term shall be
equal to the fair market rental value ("FMRV") at the time the notice to
exercise on Extension Term is given. The FMRV shall be as agreed to in good
faith by the Landlord and Tenant; if no agreement as been reached within 30 days
of the written notice of intent, then the parties shall proceed as directed in
Section 4.3.

         4.3      APPRAISAL: If no agreement has been reached by the parties
regarding the FMRV, then the FMRV shall be determined by an independent and duly
qualified appraiser mutually agreeable to the Landlord and Tenant and the cost
of such appraisal shall be borne equally by the Landlord and the Tenant. If no
agreement can be reached in choosing such an appraiser, then the Landlord shall
select an appraiser (the "Landlord Appraiser") and the Tenant shall select an
appraiser (the "Tenant Appraiser") and such appraisers shall mutually agree upon
the FMRV. Each party shall bear the cost of its selected appraiser. If the
Landlord Appraiser and the Tenant Appraiser are unable

                                        4

<PAGE>

to agree to the FMRV, then the Landlord Appraiser and the Tenant Appraiser are
unable to agree to the FMRV, then the Landlord Appraiser and the Tenant
Appraiser shall select a mutually agreeable independent and duly qualified
appraiser (the "Independent Appraiser"). The determination of the FMRV by the
Independent Appraiser shall be binding on the parties. "Appraiser," as used in
this paragraph, shall include duly licensed real estate brokers.

         5        REAL ESTATE TAXES AND ASSESSMENTS: During the Term of this
Lease, Tenant shall pay, as the same may become due and payable and before any
fine, penalty, interest or other charge may be added for nonpayment, all real
estate taxes and assessments, general and special, against the Premises.

         6        UTILITIES: During the Term of this Lease, Tenant shall pay all
charges for utility services supplied upon or in connection with the Premises,
including without limitation, gas and electricity, sanitary and storm sewer,
water, telephone services, heat, light and power.

         7        CONDITIONS OF PREMISES: The Tenant has examined the Premises
and is satisfied with the physical condition thereof, including all equipment
and appurtenances, and its taking possession thereof shall be conclusive
evidence of its receipt thereof in good and satisfactory order and repair,
unless otherwise specified herein. Tenant acknowledges that no representation as
to the condition or repair of the Premises has been made by or on behalf of the
Landlord, except as herein expressed, and likewise acknowledges that no
agreement or promise to decorate, alter, repair or improve the Premises,
including all equipment and appurtenances, either before or after the execution
hereof, has been made by or on behalf of the Landlord, except as stated herein.
The occupancy by Tenant of the leased Premises shall constitute an
acknowledgment by Tenant that the Premises are in the condition called for by
this Lease and that Landlord has performed all of the Landlord's work with
respect thereto and that all construction and/or remodeling required in
accordance with the terms of this Lease have been fully and satisfactorily
completed in accordance with the terms hereof.

         8        POSSESSION OF PREMISES: Landlord shall deliver possession of
the Premises to Tenant on or before the Effective Date of this Lease.

         9        TENANT IMPROVEMENTS: Tenant, at its sole cost and expense,
shall have the right, but shall not be obligated, prior to and during the Term
of this Lease, to improve, alter and renovate the Premises in any manner which
Tenant deems necessary or desirable to adapt the same for the conduct of its
business operations, including without limitation, painting, decorating,
redecorating and installing partitions, floor coverings, wall coverings, drop
ceilings, light fixtures.

         10       TRADE FIXTURES: Personal Property: Tenant, at its sole cost
and expense, shall have the right, but shall not be obligated, to install, use,
replace, and remove its trade fixtures and personal property, such as, without
limitation, telephone, teletype and other communications equipment, machinery,
dock levelers, task lights, office furniture, office trailers and its Roof
Antenna. Upon the expiration of the Term of this Lease, Tenant shall have the
right to remove such trade fixtures and personal property from the Premises,
provided that Tenant shall repair all damage to the Premises resulting from such
removal.

                                       5

<PAGE>

         11       MAINTENANCE AND REPAIRS BY LANDLORD: In consideration of this
Lease and the rate of rent contained in this Lease, the Tenant agrees that
during the Term of the Lease, the Tenant will, at its own expense, pay all
maintenance and repair expenses for the Premises. In the event any of the
Tenant's maintenance or repair is performed by the Landlord or its designees,
the Landlord shall be entitled to reimbursement for any expenses incurred by
Landlord. Amounts advanced shall bear interest from the date of the advance at
the prime rate. Nothing in the paragraph shall be interpreted as requiring the
Landlord to perform any such acts independent of the other provisions of this
Lease.

         12       MAINTENANCE AND REPAIRS BY TENANT: Tenant, at its sole cost
and expense, shall keep the Premises in a clean and orderly condition and shall
perform all maintenance and repair to the Premises including but not limited to
the following:

         (A)      The structure and exterior of Landlord's buildings including
without limitation, the roof and roof membrane, walls, floors, foundations,
supports, windows, overhead doors, skylights, roof vents, drains, downspouts and
landscaping;

         (B)      The mechanical and utility systems serving the Premises
including without limitation, heating ventilation, air conditioning, lighting,
electrical, plumbing, gas, water supply, sanitary sewers and septic systems,
storm sewers and storm water drainage systems, sprinkler systems, exterior
telephone and communications lines and circuits and underground or overhead
electrical supply;

         (C)      All periodic repaving and any patching and pothole maintenance
of the yard, parking, drive and other hard-surfaced areas of the Premises,
together with curbs and walkways; and

         (D)      Any repair occasioned or caused by Tenant's negligence or
misconduct.

         13       INSURANCE: At all times during the Term of this Lease, Tenant,
at its sole cost and expense, shall provide and maintain in full force and
effect an insurance policy or policies protecting Landlord and Tenant, and their
officers, employees, members, and managers against any loss, liability or
expense from personal injury, death, property damage or otherwise arising or
occurring upon or in connection with the Premises or by reason of the Tenant's
operations upon or occupancy of the premises, whether the same occurs or the
cause arises on or off the Premises. This coverage shall include, but not be
limited to, fire and extended coverage insurance (including flooding, vandalism,
malicious mischief and special extended perils or all risk) in an amount not
less than the full replacement cost of the damaged portion of the Premises, with
a standard inflation guard endorsement or, in the event the parties have agreed
upon a fixed amount of insurance, with a fixed amount endorsement. Tenant shall
maintain in full force and effect a pubic liability insurance policy for the
Premises with coverage limits of $2,000,000 for bodily injury and $250,000 for
property damage. Certificates of insurance showing compliance with the foregoing
requirements shall be furnished, if requested, by Tenant to Landlord. Each such
certificate shall contain an agreement by the insurer that such insurance
coverage shall not be modified or canceled without delivery of at least thirty
(30) days written notice to the Landlord.

         14       DENIAL OF SUBROGATION RIGHTS: Neither the Landlord nor the
Tenant shall be liable to the other for any business interruption or any loss or
damage to property or injury to or death of

                                       6

<PAGE>

persons occurring on the Premises or the adjoining property, or in any manner
growing out of or connected with the Tenant's use and occupancy of the Premises,
or the condition thereof, or of the adjoining property, whether or not caused by
the negligence or other fault of the Landlord or the Tenant or of their
respective agents, employees, subtenants, licensees, managers, members, or
assignees. This release shall apply only to the extent that such business
interruption, loss or damage to property or injury to or death of persons is
covered by insurance, regardless of whether such insurance is payable to or
protects the Landlord or the Tenant or both. Nothing in this paragraph shall be
construed to impose any other or greater liability upon either the Landlord or
the Tenant than would have existed in the absence of this paragraph.

         15       RENT ADJUSTMENT UPON DAMAGE BY FIRE OR OTHER CASUALTY: In the
event that one or more of the thirteen (13) properties constituting the Premises
shall be partially or wholly destroyed or damaged by fire or other casualty,
without the fault of the Tenant, so that the same shall be unfit for use or
occupancy, then Tenant shall give Landlord immediate written notice of the same,
and a Rent adjustment, according to the nature and extent of the damage
sustained in loss of use or occupancy, shall occur.

         16       CONDEMNATION OF PREMISES: In the event that one or more of the
thirteen (13) properties constituting the Premises shall be, in whole or part,
condemned or taken, then Landlord shall give Tenant written notice of the same,
and effective as of the date of vesting of title, a Rent adjustment shall occur.

         17       DEFAULT OF TENANT: A default by Tenant under this lease shall
occur if any of the following occur, but a default is not limited to the
following:

         (A)      Any one or more rent payments due from the Tenant to the
Landlord shall be and remain unpaid in whole or part after they are due and
payable;

         (B)      The Tenant fails to provide insurance as required by this
Lease and the default continues for more than ten (10) days after notice from
Landlord;

         (C)      The Tenant violates or defaults in any of the other covenants,
agreements, stipulations or conditions herein and such violation or default
shall continue for a period of thirty (30) days after written notice from the
Landlord of such violation of default; or

         (D)      If the Tenant shall become insolvent, make an assignment for
the benefit of its creditors, or if a receiver is appointed for the Tenant.

         18       LANDLORD'S REMEDIES UPON TENANT'S DEFAULT: The remedies
provided in this paragraph are not exclusive and are in addition to any other
remedies now or later allowed by law. Upon default of the Tenant:

         (A)      The Landlord may, at its option, declare this Lease forfeited,
the Lease term ended,

                                       7

<PAGE>

have the right to reenter the Premises and have the right to take possession of
the Premises without any further obligation to Tenant. Landlord may remove all
persons and property at the cost of Tenant.

         (B)      Landlord may instead elect to keep Tenant in possession and
continue to have all rights and remedies under this Lease. If Landlord elects to
keep Tenant in possession, Landlord shall have the rights under subparagraph (A)
for any future defaults or for any previous default that remains uncured.

         (C)      If Landlord elects under subparagraph (B) to keep the Lease in
force, Landlord may lease the Premises at a rate of rent determined by Landlord
to be reasonable. Tenant shall pay to Landlord any costs incurred in leasing the
Property and any rents under this Lease in excess of the rent which Landlord
actually receives from new Tenant. The new Tenant may pay rents directly to
Landlord.

         19       LANDLORD'S DEFAULT: In the event of any failure by Landlord to
perform any term, condition, covenant or obligation of this Lease on the part of
Landlord to be performed within fifteen (15) days after the date on which
Landlord receives from Tenant notice by certified or registered mail
specifically describing such failure, Tenant (in addition to all other remedies
to which Tenant may be entitled under this instrument or at law or in equity)
may cure such default by Landlord on behalf of, and at the sole cost and expense
of Landlord, including a supervision charge of twenty percent (20%) of all costs
and expenses in connection therewith within thirty (30) days after Tenant's
delivery to Landlord of an invoice therefor, failing which Tenant may offset
such costs and expenses against any Rent and other amounts payable by Tenant
hereunder. The foregoing notwithstanding, if Landlord shall exercise in good
faith diligent efforts within such fifteen (15) day period to cure the failure
specified in the notice but shall not be able to do so because of acts of God,
riots, or labor strikes, then any such failure shall not be considered a default
of this Lease by Landlord so long as Landlord shall continue to exercise in good
faith such diligent efforts to cure such failure and shall do so within a
reasonable period of time.

         20       LANDLORD'S RIGHTS OF ENTRY: Following reasonable notice to
Tenant, Landlord may enter upon the Premises as often as Landlord may deem
reasonably necessary for the purposes of inspecting the Premises, offering the
Premises for lease (but only during the period which commences sixty (60) days
prior to the expiration of the then existing Primary Term or Extension Term),
offering the Premises for sale or transfer, or any other reason which the
Landlord, in good faith, believes necessary in its business judgment. Landlord's
right of entry shall be exercised in a manner and at times such that there shall
be no unreasonable interference with the use and occupancy of the Premises by
Tenant for the conduct of its business operations.

         21       MUTUAL INDEMNIFICATION: Each party (the "Indemnitor") agrees
to indemnify, defend and hold the other party (the "Indemnitee") harmless from
and against any and all losses, damages, claims, suits, actions, judgments,
liabilities and expenses, including, without limitation, environmental damages
and remediation expenses, reasonable attorneys' fees (collectively, "Losses"),
arising out of , or with respect to: (a) any breach of any warranty or
representation or any covenant or agreement of the Indemnitor under this Lease;
or (b) any injury to, or death of, persons and/or any

                                       8

<PAGE>

damage to, or destruction of, property, on or about the Premises and
attributable to the negligence or misconduct of the Indemnitor, or its officers,
employees, agents, contractors or invitees, except for any such breach, any
injury or death or any damage or destruction arising out of, or with respect to,
the negligence or misconduct of the Indemnitee, or any of its officers,
employees, agents, contractors or invitees, or at otherwise specifically
provided in this Lease; provided, however, that the indemnification obligation
created by this Section shall be expressly conditioned upon the Indemnitee (i)
delivering to the Indemnitor prompt notice of any event giving rise to such
indemnification obligation and (ii) providing the Indemnitor the opportunity to
defend itself from and against any Losses.

         22       TRANSFERS

         22.1     ASSIGNMENT AND SUBLETTING: Tenant shall have the right to
assign this Lease and/or sublet any portion of the Premises, with or without the
consent of Landlord. Absent the written agreement of Landlord, no assignment of
this Lease or subletting of all or any portion of the Premises shall relieve
Tenant of any of the terms, conditions, covenants and obligations of this Lease
on the part of Tenant to be performed.

         22.2     NOTICE OF SALE/RIGHT OF FIRST REFUSAL: It is understood by the
parties that the Landlord may, at any time, desire to sell all or part of the
Premises. If Landlord desires to sell all or a portion (i.e. one or more of the
13 parcels described previously in Exhibit A) of the Premises during the Term of
this Lease, and receives a signed offer or other such contract under terms and
conditions acceptable to the Landlord, Landlord will give notice to Tenant,
including the terms and conditions of the offer for transfer or sale. If within
sixty (60) days of said notice, Tenant shall decide to purchase the property,
Landlord and Tenant will execute a contract of sale under the same terms and
conditions of said offer. Landlord may sell Surplus Property, which is not
subject to this Right of First Refusal.

         23       HOLDING OVER: If Tenant shall continue to occupy the Premises
after the expiration of the Term of this Lease or the earlier termination of
this Lease, without exercising an Extension Term, then Tenant shall be deemed to
be occupying the Premises as a tenant from month-to-month, subject to the terms
and conditions of this Lease; provided, however, that either party shall have
the right to terminate such month-to-month tenancy upon delivery of thirty (30)
days' notice to the other.

         24       LANDLORD'S COVENANT OF QUIET ENJOYMENT: Landlord covenants and
agrees that Tenant shall have the peaceful and quiet possession and enjoyment of
the Premises (subject to all mortgages and other matters to which this Lease, is
or shall become, subordinate in accordance with the provisions of Section 25)
for the conduct of its business operations during the Term of this Lease,
without hindrance by Landlord or any party whatsoever.

         25       SUBORDINATION OF LEASE TO MORTGAGES: This Lease shall be
subject and subordinate at all times to the lien of existing mortgages and of
mortgages which hereafter may be made a lien on the Premises. Although no
instrument or act on the part of the Tenant shall be necessary to effectuate
such subordination, the Tenant will nevertheless execute and deliver such
further instruments subordinating this Lease to the lien of any such mortgages
as may be desired by the mortgagee. The

                                        9

<PAGE>

Tenant hereby irrevocably appoints the Landlord his attorney-in-fact to execute
and deliver any such instrument for the Tenant. Provided, however, and
notwithstanding the foregoing provisions hereof, upon foreclosure of the
mortgage with the mortgagee succeeding to the rights of the Landlord, the Tenant
shall, at the option of said mortgagee, attorn to the mortgagee as follows:

                  (A)      Tenant shall be bound to the mortgagee under all the
terms of the Lease for the balance of the term hereof remaining with the same
force and effect as if the mortgagee were the Landlord under the Lease, and
Tenant hereby attorns to the mortgagee as its Landlord, such attornment to be
effective and self-operative, without the execution of further instrument on the
part of either of the parties hereto, and immediately upon the mortgagee
succeeding to the interest of Landlord under this lease and having given written
notice of the same to Tenant. The respective rights and obligations of Tenant
and of the mortgagee upon such attornment shall to the extent of the remaining
term of the lease be the same as now set.

                  (B)      The mortgagee shall be bound to the Tenant under all
of the terms of this Lease, and the Tenant shall, from and after such event,
have the same remedies against the mortgagee for the breach of an agreement
contained in this Lease that the Tenant might have had under this Lease against
the Landlord hereunder. In no event, however, shall the mortgagee be liable for
any act or omission of any prior Landlord, be subject to any offsets or defenses
which Tenant might have against any prior Landlord, or be bound by any rent or
additional rent which the Tenant might have paid to any prior Landlord for more
than the current month.

         26       SURRENDER OF PREMISES: Upon the expiration or earlier
termination of the Term of this Lease, Tenant shall deliver up and surrender the
Premises to Landlord in the same condition as it was at the Effective Date,
subject to: (a) Tenant's improvements, alterations and renovations to the
Premises; (b) normal wear and tear; and (c) damage by fire, explosion or other
casualty which is not covered by insurance.

         27       RENT AND NOTICES: Rent and any and all notices or demands
required or permitted to be given hereunder deemed to be properly served if
hand-delivered or sent by registered or certified mail, postage prepaid,
addressed to the Landlord at

                      Southwest Premier Properties, L.L.C.
                      Attn:  Robert Fasso
                      P.O. Box 2638
                      Waco, TX  76702

                      or addressed to the Tenant at

                      Central Freight Lines, Inc.
                      Attn: Clay Embry
                      P.O. Box 2638
                      Waco, TX  76702

                                       10

<PAGE>

or at such other address as either party may hereafter designate in writing to
the other. Any notice or demand so mailed shall be effective for all purposes at
the time of deposit thereof in the United States mail.

         28       SIGNS: Tenant shall have exclusive sign rights for the
Premises, exterior and interior, and shall have the right to erect and display
signs on the Premises and on such other areas of the Premises as Tenant
reasonably may request, subject only to compliance with applicable laws,
ordinances and requirements of governmental authorities with competent
jurisdiction.

         29       OPTION TO PURCHASE: At any time during the Term of this Lease,
Tenant shall have the option to purchase that portion of the Premises utilized
and occupied by the Tenant in its truck line operations, or an integral part of
any land or building so utilized or occupied, but shall not have the option to
purchase the Surplus Property. In the event Landlord sells any parcels
comprising the Premises prior to Tenant's exercise of this option, this option
shall extend only to the remaining Premises. The purchase price shall be equal
to the Fair Market Value of the Premises, as determined by a duly qualified
appraiser mutually agreeable to the Landlord and Tenant and the cost of such
appraisal shall be borne equally by the Landlord and the Tenant. If no agreement
can be reached in choosing such an appraiser, then the Landlord shall select an
appraiser (the "Landlord Appraiser") and the Tenant shall select an appraiser
(the "Tenant Appraiser") and such appraisers shall mutually agree upon the Fair
Market Value. Each party shall bear the cost of its selected appraiser. If the
Landlord Appraiser and the Tenant Appraiser are unable to agree to the Fair
Market Value, then the Landlord Appraiser and the Tenant Appraiser shall select
a mutually agreeable independent and duly qualified appraiser (the "Independent
Appraiser"). The determination of the Fair Market Value by the Independent
Appraiser shall be binding on the parties. "Appraiser," as used in this
paragraph, shall include duly licensed real estate brokers. Tenant may exercise
the option to purchase by delivering written notice to Landlord of its election
to exercise the option.

         30       AMENDMENTS. The Tenant and Landlord agree that amendments to
this Lease may be necessary from time to time to reflect changes in the number
of properties constituting the Premises, the Rent, and other such changes
described in the Lease. The parties agree that any amendments will be made in
writing and signed by Landlord and Tenant, or will have no effect on this Lease.

         31       MISCELLANEOUS:

         (A)      This Lease: (i) contains the entire agreement between the
parties and no promise, representation, warranty, covenant, agreement, or
understanding not specifically set forth in this Lease shall be binding upon
either party; (ii) may not be amended, modified, or supplemented in any manner
except in writing signed by the parties; (iii) shall be construed and governed
under the laws of Texas; (iv) shall not be construed more stringently in favor
of one party against the other regardless of which party has prepared the same;
(v) shall be binding upon, and inure to the benefit of, the parties and their
respective heirs, executors, administrators, personal and legal representatives,
successors, and permitted assigns; (vi) shall not be binding until this Lease
shall be executed and delivered by the parties, to each other; and (vii) may be
executed in counterparts, each of which shall be deemed an original, but which
all together constitute the same instrument.

                                       11

<PAGE>

         (B)      Any person executing this Lease on behalf of a corporation or
limited liability company represents and warrants that such person is authorized
to execute and deliver this Lease on behalf of the entity.

                                       12

<PAGE>

         (C)      The invalidity or unenforceability of any term or provision
shall not affect the validity or enforceability of the remainder of this Lease.

         32.      ENVIRONMENTAL COMPLIANCE: Tenant shall, at its expense, comply
with all Environmental Laws, as defined below, and furnish satisfactory evidence
of such compliance upon request of Landlord. Should any discharge, leakage,
spillage, emission, or pollution of any type occur upon or from the Premises due
to Tenant's use and occupancy thereof, Tenant, at its expense shall be obligated
to perform appropriate remediation. The term "Environmental Laws" shall mean any
federal, state or local law, statute, ordinance, or regulation pertaining to any
Hazardous Substances, as defined below, or to health, industrial hygiene, or the
environmental conditions on, under or about the Premises, including without
limitation, the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980 ("CERCLA"), as amended, the Resource Conservation and
Recovery Act of 1976 ("RCRA") and state laws regarding underground storage
tanks. The term "Hazardous Substances" means and includes any petroleum products
and any substances included within the definitions of hazardous substances or
hazardous materials in CERCLA, RCRA, and other federal, state or local statutes,
laws, ordinances, codes, rules, or regulations relating to, or imposing
liability or standards of conduct concerning any hazardous, toxic or dangerous
wastes, substance or material, as now or at any time hereafter in effect. Tenant
hereby (i) acknowledges that it has assumed certain environmental liabilities
and obligations of Viking Freight, Inc., and (ii) agrees to indemnify and hold
harmless Landlord from and against any and all claims, damages and liabilities
arising in connection with the presence, use, storage, disposal, transport,
generation, recycling, treatment, reuse, reclamation, handling, release, or
threatened release of any Hazardous Substances on, from or about the Premises.

                         *** SIGNATURE PAGE FOLLOWS ***

                                       13

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Second Amended and
Restated Master Lease Agreement - Parcel Group B to be duly executed by each of
their respective authorized representatives effective as of February 20, 2003.

SOUTHWEST PREMIER                           CENTRAL FREIGHT LINES, INC.
PROPERTIES, L.L.C.

By: /s/ Robert V. Fasso                     By: /s/ Clay Embry
    ________________________                   ________________________
         Robert Fasso                                 Clay Embry

Its:  President                             Its: Director of Administration

Dated: _____________________                Dated: ______________________

                                       14

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>33
<FILENAME>c72067exv10w12.txt
<DESCRIPTION>AMENDED AND RESTATED LEASE
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.12

                       AMENDED AND RESTATED BEAUMONT LEASE

         THIS AMENDED AND RESTATED BEAUMONT LEASE dated February 20, 2003 for
reference purposes ("Lease"), is entered into by and between JVM Associates, an
Arizona general partnership whose address is P.O. Box 29243, Phoenix, Arizona
85038-9243 ("Landlord") and CENTRAL FREIGHT LINES, INC., a Texas corporation
whose address is P.O. Box 2638, Waco, Texas 76702-2638 ("Tenant").

Background. In February, 2003, in connection with a $65 million refinance
mortgage loan to Southwest Premier Properties, L.L.C. ("SPP") from Zions
National Bank (the "Loan"), Landlord, as an accommodation pledgor, pledged as
collateral the Property subject to this Lease, and SPP and Jerry and Vickie
Moyes pledged as collateral an additional 27 parcels. This Amended and Restated
Beaumont Lease reflects an increase in rents in order to provide sufficient debt
service coverage for the Loan, and replaces and supplements the lease dated
November 15, 2000 covering the Property ("Underlying Lease"), which Underlying
Lease incorrectly identified the Landlord as a limited liability company.

                               W I T N E S E T H :

                                    ARTICLE 1

                                    THE LEASE

         SECTION 1.01. Subject to the terms and conditions set forth below,
Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the
property located at Route 4, Box 7, Jefferson County, Beaumont, Texas more fully
described on Exhibit "A." The afore-described property shall hereinafter
collectively be referred to as the ("Property").

         SECTION 1.02. The term of this Lease is ten (10) years and shall
commence on AUGUST 15, 2000, and shall end on AUGUST 14, 2010, unless it is
sooner terminated as hereinafter provided. Landlord or Tenant may extend this
Lease an additional ten (10) years by giving six (6) months written notice of
the extension to the other party. In the event that the term is extended, the
terms and conditions shall remain the same as during the original term, except
that rent shall be re-negotiated at the end of the original term if the Lease is
extended.

         SECTION 1.03 The Property comprises four parcels. Tenant hereby
consents to the release of any of the parcels subject to this Lease in the event
of sale of any of them by Landlord during the term of this Lease. In the event
of sale of any parcel comprising the Property, the Rent payable under this Lease
shall automatically be reduced prorata in the same proportion that the valuation
such parcel as reflected in the tax assessment records bears to the other
parcels, effective as of the date of closing of the sale of the parcel.

                                       1

<PAGE>

                                    ARTICLE 2

                                      RENT

         SECTION 2.01. Tenant agrees to pay to Landlord, during the entire term
of this Lease, without abatement or set off, base rent in monthly installments,
each in the amount of $9,362.

         Rent shall be paid in advance of each month during the term of this
Lease, on or before the last business day of each calendar month, for the next
succeeding month. Any portion of a month shall be on a daily prorate basis. Rent
checks shall be sent to the address set forth in Section 22.01 of this Lease.

         SECTION 2.02. Tenant shall also pay after thirty (30) days notice, and
without abatement, deductions or set off as additional rent hereunder, all sums,
costs and expenses which Tenant in any other provisions of this Lease agrees to
pay. In the event of nonpayment of such sums, Landlord shall have (in addition
to all other rights and remedies) all the rights and remedies provided herein or
by law for nonpayment of rent.

                                    ARTICLE 3

                                SECURITY DEPOSIT

         SECTION 3.01.  None.

                                    ARTICLE 4

                                   IMPOSITIONS

         SECTION 4.01. Tenant shall pay as and when due the charges for water,
sewer, electrical power, data lines, telephone service and trash collection.

         SECTION 4.02. Rent shall be paid to Landlord without notice or demand.
It is the intent of the Landlord and Tenant that all rental payable hereunder
shall be absolutely net to Landlord, and shall be paid, without abatement,
deduction or set off by the tenant. Tenant shall be responsible for secured
property taxes. Tenant shall also be responsible for the taxes on tenants
personal property.

         SECTION 4.03. All payments of rent are to made to Landlord, at such
place as Landlord shall designate in writing to Tenant. If after initial
designation Landlord desires that rent shall be paid and directed among other
parties, then Landlord shall make such designation in writing to Tenant
otherwise such designation shall not be effective.

                                       2

<PAGE>

                                    ARTICLE 5

                            SURRENDER ON TERMINATION

         SECTION 5.01. Tenant shall, on the last day of the term hereof or upon
any earlier termination of this Lease, surrender the Property to Landlord in as
good condition, reasonable wear and tear excepted, as Tenant received the
Property from Landlord on the first day of the Lease term, free and clear of all
occupancies unless expressly permitted by Landlord in writing, and free and
clear of all liens and encumbrances other than those to which this Lease is
subject.

         SECTION 5.02. Tenant will, at the termination of this Lease by lapse of
time or otherwise, yield up immediate possession to Landlord, and failing to do
so, will pay as liquidated damages, for the whole time such possession is
withheld, the monthly rent set forth in Article 2 for the month immediately
prior to the termination; but the provisions of this clause shall not be held as
a waiver by Landlord of any right of re-entry as hereinafter set forth; nor
shall the receipt of said rent or any part thereof, or any other act in apparent
affirmance of tenancy, operate as a waiver of the right to forfeit this Lease
and the term hereby granted for the period still unexpired, for a breach of any
of the covenants herein.

         SECTION 5.03. Upon termination of this Lease, title to all permanent
improvements made or constructed by Tenant and located on the Property shall
vest in Landlord under the following terms and conditions. Tenants cost of
improvements to the Property shall be disclosed and agreed upon by amendment to
this Lease.

         SECTION 5.04. All personal property of Tenant which shall remain on the
Property after the termination of this Lease shall, at the option of Landlord,
be deemed to have been abandoned and may be retained by Landlord as its property
or be disposed of, without accountability, in such manner as Landlord may see
fit. However, Landlord shall also have the right to require Tenant to remove any
such personal property at Tenant's own cost and expense and to repair any
damages caused by such removal. Upon Tenant's failure to do so upon fifteen (15)
days notice from Landlord, Landlord may cause such personal property to be
removed and charge all cost of removal to Tenant.

         SECTION 5.05. The provision of this Article 5 shall survive the
expiration or any termination of this Lease.

                                    ARTICLE 6

                                    INSURANCE

         SECTION 6.01. During the term of the Lease, Tenant shall at its sole
cost and expense, keep all his personal equipment and furnishings insured.
Landlord assumes no responsibility for Tenant's personal property and
belongings. Tenant shall insure the buildings covered under this Lease in the
amount of Five Hundred Thousand Dollars ($500,000.00).

                                       3

<PAGE>

         SECTION 6.02. In addition to the insurance to be provided and
maintained by Tenant pursuant to Section 6.01 above, Tenant at its sole cost and
expense, but for the mutual benefit of Landlord and Tenant, shall maintain
during the term of this Lease, personal injury and property damage liability
insurance against claims for personal injury, death or property damage,
occurring in, on or about the Property. Such insurance to afford minimum single
limit protection of not less than Two Million Dollars ($2,000,000).

         SECTION 6.03. Any additional insurance carried by Tenant shall not
reduce the insurance required under this Lease to be carried by Tenant on behalf
of Landlord, nor cause Landlord to become a co-insurer with any other person or
entity.

         SECTION 6.04. All insurance provided for in this Article shall be
effected under valid and enforceable policies in form reasonably satisfactory to
Landlord, issued by insurers of recognized responsibility which are licensed to
do business under the laws of the United States and the state of Texas. Upon the
execution of this Lease, and thereafter not less than thirty (30) days prior to
the execution dates of the expiring policies theretofore furnished pursuant to
this Article, one original certificate thereof, bearing notations evidencing the
payment of premiums or accompanied by other evidence satisfactory to Landlord of
such payment, and further showing Landlord to be listed as an additional named
insured and loss payee on all insurance policies provided for in this Article,
shall be delivered by Tenant to Landlord. Copies of all said insurance policies
provided for in this Article shall also be delivered to Landlord upon execution
of this Lease and thereafter not less than thirty (30) days prior to expiration
of said policies.

         SECTION 6.05. All policies of insurance provided for in Section 6.01
and 6.02 shall name Landlord and Tenant as the assureds, as their respective
interests may appear.

         SECTION 6.06. Each such certificate shall contain an agreement by the
insurer that such policy shall not be canceled or modified without at least
thirty (30) days prior written notice to Landlord.

                                    ARTICLE 7

                            LANDLORD'S RIGHT TO CURE

         SECTION 7.01. If Tenant shall at any time fail to pay any Imposition in
accordance with the provision of this Lease, or to take out, pay for, maintain
or deliver any of the insurance policies provided for in Article 6, or shall
fail to make any other payment or perform any other act on its part to be made
or performed under this Lease, including the obligation to maintain and repair
the Property, then Landlord, after thirty (30) days notice to Tenant (or without
notice in case of emergency) and without waiving or releasing Tenant from any
obligation of Tenant contained in this Lease, may (but shall be no obligation
to):

                  (a)      pay any Imposition by Tenant, or

                                       4

<PAGE>

                  (b)      make any other payment or perform any other act on
Tenant's part to be made or performed as in this Lease provided, and may enter
upon the Property for such purpose and take all such action thereon as may be
necessary therefor.

         SECTION 7.02. All sums so paid by Landlord and all reasonable costs and
expenses incurred by Landlord in connection with the performance of any such act
(together with interest thereon at the maximum interest rate then permitted by
Texas law from the respective dates of Landlord's making of each such payment or
incurring of each cost and expense) shall constitute additional rent payable by
Tenant under this Lease and shall be paid by Tenant to Landlord upon written
demand.

                                    ARTICLE 8

                            TENANT'S DUTY TO MAINTAIN

         SECTION 8.01. Throughout the term of this Lease, Tenant, at its own
cost and expense, will repair, maintain and take good care of the Property, and
appurtenances therein and every part of and portion of the Property and any
sidewalks, parking lots, driveways, roadways, walls, curbs, and vaults adjoining
and/or appurtenant to the Property and will keep same in good order and
condition. Tenant will neither do or suffer any waste or injury to the Property
or any part thereof, nor make any alteration of the Property without the
Landlord's prior written consent.

         SECTION 8.02. Tenant hereby assumes the full and sole responsibility
for the condition, operation, repair, replacement, maintenance, development, and
management of the Property throughout the entire term of this Lease. Tenant
accepts the Property in the condition existing as of the date of this Lease and
acknowledges that Landlord has not made any representation or warranty as to the
condition of the Property and the present suitability for the conduct of
Tenant's business on the Property.

         SECTION 8.03. It is understood and agreed that Tenant's duty to
maintain the Property is limited by the provision of Article 23 below.

                                    ARTICLE 9

                              COMPLIANCE WITH LAWS

         Subject to the provision of Article 23 below:

         SECTION 9.01. Throughout the term of this Lease, Tenant at its own cost
and expense, will promptly comply with (a) all present and future laws,
ordinances, orders, rules, regulations, and requirements of every duly
constituted governmental authority or agent, and (b) all orders, rules and
regulations of the National Board of Fire Underwriters, the Texas Fire Insurance
Rating Organization or any other body exercising similar functions.

                                       5

<PAGE>

         SECTION 9.02. Tenant shall likewise observe and comply with the
requirements of all policies of insurance at any time in force with respect to
the Property and of the insurance companies issuing them.

                                   ARTICLE 10

                               LIENS AND MORTGAGES

         SECTION 10.01. Tenant will not create or permit to be created or to
remain, and will discharge, any lien, encumbrance or charge which might be or
become a charge on the interest of Landlord under the Lease; provided, however,
nothing herein shall require payment by Tenant of any lien or encumbrance
created by Landlord.

         SECTION 10.02. If any mechanic's, laborer's or materialman's lien shall
at any time be filed against the Property or any part thereof, Tenant, if
Landlord shall so require, within ninety (90) days after commencement of
foreclosure action thereon, whichever shall first occur, will cause the same to
be discharged of record by payment, deposit, bond, order of a court of competent
jurisdiction or otherwise. If Tenant shall fail to cause such lien to be
discharged within such period, then, in addition to any other right or remedy
which Landlord may have under this Lease or otherwise, Landlord may, but shall
not be obligated to, discharge the same either by paying the amount claimed to
be due or by procuring the discharge of such lien by deposit or by bonding
proceedings, and in any such event Landlord shall be entitled, if Landlord so
elects, to compel the prosecution of an action for the foreclosure of such lien
by the lienor and to pay the amount of the judgment in favor of the lienor with
interest, costs and allowances, and recover such sums from Tenant including the
cost of discharge by deposit or bond, plus interest, as herein above provided.

                                   ARTICLE 11

                           SALE OF LANDLORD'S INTEREST

         SECTION 11.01. In the event of any sale or exchange of the Property by
Landlord and assignment by Landlord of this Lease, Landlord shall be relieved of
all liability under all of its covenants and obligations contained in or derived
from this Lease arising out of any act, occurrence or omission relating to the
Property of this Lease occurring after the consummation of such sale or
exchange.

                                   ARTICLE 12

                              RESTRICTED LAWFUL USE

         SECTION 12.01. Tenant will not use or allow the Property or any part
thereof to be used or occupied for any unlawful purpose or in violation of any
certificate of occupancy or certificate

                                       6

<PAGE>

of compliance covering or affecting the use of the Property or any part thereof,
and Tenant will not suffer any act to be done or any condition to exist on the
Property or any part thereof, or any article to be brought thereon, which may be
dangerous, unless safeguarded as required by law, or which, in law, constitutes
a nuisance, public or private, or which may make void or voidable any insurance
then in force with respect thereto, unless consented to be Landlord, in writing.

                                   ARTICLE 13

                               HAZARDOUS MATERIALS

         SECTION 13.01. Tenant shall act, at its expense, comply with all
applicable laws, regulations, rules and orders, regardless of when they become
or became effective, including without limitation those relating to health,
safety, noise, environmental protection, waste disposal and water and air
quality, and furnish satisfactory evidence of such compliance upon request of
Landlord, except for any pre-existing conditions. Should any discharge, leakage,
spillage, emission, or pollution of any type occur upon or from the leased
Property, due to Tenant's use and occupancy thereof, Tenant, at its expense
shall be obligated to clean the Property to the satisfaction of Landlord and any
governmental body having jurisdiction there over Tenant and landlord agree to
indemnify, hold harmless and defend each other against all liability, cost and
expense (including without limitation, any fines, penalties, judgments,
litigation costs and attorney's fees) incurred by the other party as a result of
the other parties breach of this Section 13. Landlord hereby represents and
warrants to Tenant that to the best of Landlord's knowledge, neither Landlord,
nor to the best of Landlord's knowledge any other person has ever caused or
permitted any Hazardous Material to be released from the leased Property, into
any water course, body or water, or wetlands and neither has the leased Property
ever been used as a treatment, or disposal site for any Hazardous Material. The
term "Hazardous Material" means and includes any petroleum products and any
hazardous substance or any pollutant or contaminant defined as such (or for
purposes of) the Comprehensive Environmental Response Compensation, and
Liability Act; any so-called "Superfund" or "Superlien" law; Toxic Substances
Control Act; or other federal, state or local statute, law, ordinance, code,
rule, regulation, order, or decree regulation, relating to, or imposing
liability or standards of conduct concerning any hazardous, toxic or dangerous
wastes, substance or material, as now or at any time hereafter in effect; and
asbestos or any substance or compound containing asbestos, PCB's or any other
hazardous, toxic or dangerous waste, substance or material (hereinafter
collectively referred to as "Environmental Laws").

                                   ARTICLE 14

                      LANDLORD'S RIGHT TO INSPECT AND ENTER

         SECTION 14.01. Tenant will permit Landlord, and its authorized
representatives, to enter the Property at all reasonable times during usual
business hours for the purpose of (a) inspecting the same, and (b) making any
repairs thereto and performing any work therein that may be necessary by reason
of Tenant's default under this Lease. Nothing herein shall imply any

                                       7

<PAGE>

duty upon the part of Landlord to do work which Tenant is required to perform,
and performance thereof by Landlord shall not constitute a waiver of Tenant's
default.

         SECTION 14.02. Landlord shall upon twenty four (24) hours oral notice
have the right to enter the Property at all reasonable times during usual
business hours for the purpose of showing the same to prospective purchasers or
mortgagors thereof.

         SECTION 14.03. Landlord may, during the progress of any work performed
by Landlord, keep and store upon the Property all necessary materials, tools,
supplies and equipment. Landlord shall not be liable for inconvenience,
annoyance, disturbance, loss of business or other damage of Tenant or any
subtenant reasonably and necessarily required by the making of such repairs or
the performance of any such work, or an account of bringing materials, tools,
supplies and equipment into or through the Property during the course thereof,
and the obligations of Tenant under this Lease shall not be affected thereby.

                                   ARTICLE 15

                               TENANT TO INDEMNIFY

         SECTION 15.01. Tenant will pay and discharge, and indemnify, defend and
save harmless Landlord against and from costs, charges and expenses, including
reasonable attorneys' fee, which may be imposed upon or incurred by or asserted
against Landlord and/or against the Property by reason of any of the following
occurring during the term of this Lease, except as and to the extent (i) the
same may arise from the negligence of Landlord or (ii) the same relate to the
express responsibilities of Landlord hereunder:

                  (a)      Any work or thing done or suffered by Tenant in, on,
or about the Property, or any part thereof;

                  (b)      Any use, possession, occupation, condition,
operation, maintenance or management of the Property;

                  (c)      Any negligence on the part of Tenant or any of its
agents, contractors, servants, employees, licensee, or invitees;

                  (d)      Any accident, injury or damage to any person or
property occurring in, on, or about the Property or any part thereof;

         In case any action or proceeding is brought against Landlord by reason
of any such claim, Tenant, upon written notice from Landlord shall, at Tenant's
expense, resist or defend such action or proceeding by counsel selected by
Tenant and reasonably satisfactory to Landlord. Tenant may settle any such claim
at any time on such items as it may find acceptable.

                                       8

<PAGE>

                                   ARTICLE 16

                              DAMAGE OR DESTRUCTION

         SECTION 16.01. In case of casualty to the Property resulting in damage
or destruction, Tenant will promptly give written notice thereof to Landlord.
Tenant, at its sole cost and expense, whether or not such casualty loss is
covered by insurance and whether or not the insurance proceeds, if any, shall be
sufficient for the purpose, shall restore, repair replace or rebuild the same as
nearly as possible to its value, condition and character immediately prior to
such damage or destruction.

         SECTION 16.02. No destruction of or damage to the Property or any part
thereof by fire or any other casualty, irrespective of whether such destruction
or damage may occur before, on or after the date of the commencement of the term
of this Lease, shall permit Tenant to surrender this Lease or shall relieve
Tenant from its liability to pay the full net rent and other charges payable
under this Lease, and Tenant waives any rights now or hereafter conferred upon
it by statutes or otherwise to quit or surrender this Lease or the demised
Property or any part thereof, or to any suspension, diminution, abatement or
reduction of net rent on account of such destruction or damage. Notwithstanding
the foregoing, in the event that the Property or a significant portion thereof
(exclusive of buildings and other improvements thereon) are materially damaged
or destroyed by a natural disaster or other casualty (other than fire) such that
they cannot economically or feasibly be used by Tenant in the conduct or
operation of its business, irrespective of whether such damage or destruction
may occur before, or after the date of the commencement of the term of his
Lease, Tenant may at its option terminate this Lease upon thirty (30) days prior
written notice to Landlord given with fifteen (15) days of such damage or
destruction. Upon such termination, neither party shall have any further
obligation to the other except with respect to accrued but unpaid liabilities
under the Lease to the date of termination.

                                   ARTICLE 17

                                  CONDEMNATION

         SECTION 17.01. Wherever used in this Article, the following words shall
have the definitions and meaning hereinafter set forth:

                  (a)      "Condemnation": any action or proceeding brought for
the purpose of any taking of the fee of the Property or any part thereof or
interest therein (including the leasehold estate of Tenant in the Property) by
competent authority as a result of the exercise of the power of eminent domain,
including a voluntary sale to such authority either under threat of condemnation
or while such action or proceeding is pending.

                  (b)      "Vesting Date": the event and date of vesting title
to the fee of the Property or any part thereof or interest therein, in the
competent authority pursuant to condemnation.

                                        9

<PAGE>

         SECTION 17.02. If all of the Property shall be taken in condemnation,
this Lease shall terminate at the Vesting Date and the net rent under this Lease
shall be apportioned to the date of such termination.

         SECTION 17.03. If less than all of the Property shall be taken in
condemnation, Landlord and Tenant mutually shall determine, within a reasonable
time after the Vesting Date, whether the remaining buildings and improvements
thereon (after necessary repairs and reconstruction to constitute them a
complete architectural unit) can economically and feasibly be used by Tenant.

If it is determined that the remaining Property cannot economically and feasibly
by used by Tenant, taking into account minimum space requirements for the
conduct and operation of its business, Landlord or Tenant, at their respective
election, may terminate this Lease on thirty (30) days notice after such
determination, and the net rent and other charges payable by Tenant under this
Lease shall be apportioned to the date of termination. Thereafter, neither party
shall have any continuing obligation to the other hereunder.

         SECTION 17.04. In the event of condemnation, the entire condemnation
award shall be paid to the Landlord.

         SECTION 17.05. If this Lease shall not terminate as provided in Section
17.02, the base rent thereafter required to be paid shall be reduced by a
fraction, the denominator of which shall be the total square footage of the
Property prior to condemnation, and the numerator of which shall be the
denominator minus the total square footage of the Property after condemnation.

                                   ARTICLE 18

                                   ASSIGNMENT

         SECTION 18.01. Tenant may not sell, transfer, assign, sublease,
license, concession or transfer all or any part of its rights under this Lease
without the prior written consent of Landlord. Landlord's consent to any such
assignment shall not be unreasonably withheld. Provided, however, it shall be a
condition to Landlord's consent that the proposed transferee has the financial
ability and business experience to own and operate the business located on the
Property and has a good business reputation.

         Upon any such permitted assignment or transfer, Tenant (and any
previous assignee) shall remain fully liable hereunder and shall not be released
from the performance of any remaining obligations of Tenant under his Lease
during the remainder. Tenant shall deliver to Landlord not later than five (5)
days before the effective date thereof, a duplicate original of such assignment
together with the assumption agreement by the assignee.

         SECTION 18.02. Any assignment of sublease which may hereafter be made
by Tenant with Landlord's approval shall provide that it is expressly made
subject to the terms, covenants,

                                       10

<PAGE>

provisions and conditions of this Lease and is subordinate thereto, and shall
prohibit prepayment of rent thereunder (including security) in an amount
exceeding three (3) months rent. Landlord will issue non-disturbance agreements
to subtenants requesting same in writing, provided their respective subleases
are commercially reasonable terms.

         SECTION 18.03. Tenant hereby assigns to Landlord, effective upon the
occurrence of any Event of Default hereunder, and so long as such Default
remains uncured, as collateral security for the performance of all obligations
of Tenant under this Lease, any sublease created by Tenant and each and every
amendment, modification or extension thereof. In no event shall such assignment
impose upon Landlord any duty or obligation to perform any of the obligations of
Tenant as sub-landlord under any such lease or subleases. After default by
Tenant, Landlord may collect the rents and subrents from any and all subtenants
or occupants and apply the net amount collected to the net rent under this
Lease, but no such collection by Landlord will be deemed to be a waiver of any
agreement, term, covenant, or condition of this Lease by Landlord, nor the
acceptance by Landlord of any subtenant or occupant, as Tenant.

         SECTION 18.04. Notwithstanding any provision of this Article 18,
Tenant's interest in this Lease may be assigned with Landlord's written consent.
Provided, however, upon any such assignment, Tenant (and any previous assignee)
shall remain fully liable hereunder and shall not be released from the
performance of any remaining obligations of Tenant under this Lease during the
remainder of the term.

                                   ARTICLE 19

                                TENANT'S DEFAULTS

         SECTION 19.01. The occurrence of any one or more of the following
events (herein sometimes called "Events of Default") shall constitute a material
default and breach of this Lease by Tenant:

                  (a)      Failure to make in the due and punctual payment of
any rent, or in the payment of any other sums required to be paid by Tenant
under this Lease when and as the same shall become due and payable; or

                  (b)      Failure by Tenant to perform of or compliance with
any of the covenants, agreements, terms or conditions contained in this Lease
other than those referred to in the foregoing subdivisions (a), and the
continuation of such default for a period of thirty (30) days after written
notice thereof form Landlord to Tenant (provided, that if Tenant proceeds with
due diligence during such thirty (30) day period to cure such default and is
unable by reason of the nature of the work involved, to cure the same within the
said thirty (30) days, its time to do so shall be extended for such additional
period as shall be necessary to cure the same); or

                  (c)      The filing by Tenant of a voluntary petition in
bankruptcy or the adjudication of Tenant as a bankrupt or insolvent, or taking
by Tenant of the benefit of any relevant debtors or the filing by Tenant of any
petition or answer seeking any reorganization,

                                       11

<PAGE>

arrangement, composition, readjustment, liquidation, dissolution or similar
relief for itself under any present or future federal, state or other consent to
or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant
or all or any substantial part of its properties, or the making by Tenant of any
general assignment for the benefit of creditors; or

                  (d)      The filing against Tenant of a petition seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future federal, state or other statute,
law or regulation which petition shall remain undismissed or unstayed for an
aggregate of sixty (60) days, or if any trustee, receiver or liquidator of
Tenant, or of all or any substantial part of its properties, shall be appointed
without the consent or acquiescence of Landlord and such appointment shall
remain unvacated or unstayed for an aggregate of sixty (60) days.

         In the event of any such Event of Default, this Lease and the term
herein stated and all rights of Tenant under this Lease at the option of the
Landlord shall expire and terminate.

         SECTION 19.02. Upon any such termination of this Lease, Tenant shall
quit and peacefully surrender the Property to Landlord and the buildings and
improvements thereon shall automatically be and become the property of Landlord
free and clear of any claims of Tenant. At any time on or after such
termination, Landlord may without further notice, enter upon the Property by
force, summary proceedings, ejectment or otherwise, and dispose and remove
Tenant therefrom.

         SECTION 19.03. In such event of termination, Landlord shall be entitled
to accelerate the rent to recover from Tenant all unpaid installments of rent
and other sums due and owing under this Lease for the remainder of the term and
all other damages incurred by Landlord by reason of Tenant's default, including
but not limited to any or all of the following:

                  (a)      The cost of recovering possession of the Property,
including attorney's fees and court costs;

                  (b)      Any other amount necessary to compensate Landlord for
all the determent proximately caused by Tenant's failure to perform its
obligations under this Lease or which in the ordinary course of things would be
likely to result therefrom; and

                  (c)      Any other amounts and remedies permitted by law. All
remedies are cumulative and are not alternate or singular.

         SECTION 19.04. At any time (a) written fifteen (15) days prior to the
expiration of the term of this Lease, or (b) after Landlord or Tenant shall have
been served any notice of termination of this Lease, but prior to the date of
termination, or (c) after Landlord shall have commenced a proceeding to recover
possession of the Property, but prior to the termination of this Lease, all
subleases theretofore executed by or assigned to Tenant and the rents payable
thereunder, at the option of Landlord (such option to be exercised by notice to
Tenant), shall be deemed assigned and transferred by Tenant to Landlord. Such
assignment and transfer shall be effect without execution by Tenant of any
instrument. However, Tenant at Landlord's request,

                                       12

<PAGE>

shall execute, acknowledge and deliver to landlord an instrument or instruments,
in recordable form, confirming such assignment and transfer, and in the event
that Tenant shall fail or refuse to execute, acknowledge or deliver such
instrument, Landlord, in addition to any other rights and remedies, may as the
attorney-in-fact of Tenant, execute, acknowledge and deliver it, and Tenant
hereby irrevocably nominates, constitutes and appoints Landlord Tenant's proper
and legal attorney-in-fact for such purpose, coupled with an interest, hereby
ratifying all that Landlord may do in such capacity.

         SECTION 19.05. Tenant, for and on behalf of itself and all persons
claiming through or under Tenant waives any and all right of redemption or
reentry or repossession or to restore the operation of this Lease in case Tenant
shall be dispossessed by a judgement or by warrant of any court or judge or in
case of expiration or termination of this Lease. The terms "enter", "reenter",
"entry" or "reentry", as used in this Lease, are not restricted to their
technical legal meaning.

         SECTION 19.06. No failure by Landlord to insist upon the strict
performance of any covenant, agreement, term or condition of this Lease or to
exercise any right or remedy consequent upon a breach thereof, and no acceptance
of full or partial rent during the continuance of any such breach, shall
constitute a wavier of any such breach or of such covenant, agreement, term of
condition. No covenant, agreement, term of condition of this Lease to be
performed or complied with by Landlord or Tenant, and no breach thereof, shall
be waived, altered or modified, except by a written instrument executed by the
party to be charged therewith. No waiver of any breach shall affect or alter
this Lease, but each and every covenant, agreement, term, and condition of this
Lease shall continue in full force and effect with respect to any other then
existing or subsequent breach thereof.

         SECTION 19.07. In the event of any breach by Tenant of any of the
covenants, agreements, terms or conditions contained in this Lease, Landlord
shall be entitled to enjoin such breach and shall have the right to invoke any
right and remedy allowed at law or in equity for such breach as through
re-entry, summary proceedings, and other remedies were not provided for in this
Lease. In the event of Tenant's failure to pay rent on the date when due, Tenant
shall pay Landlord interest on any such overdue payments at the lessor of its
maximum interest rate then permitted by Texas law or fifteen percent (15%) per
annum.

                                   ARTICLE 20

               END OF TERM, INTEREST ON DEFAULT, AND LATE CHARGES

         SECTION 20.01. All rent in arrears and all amounts collectible
hereunder shall bear interest at the lessor of (i) fifteen percent (15%) per
annum or (ii) the maximum rate then permitted by Texas law, from their
respective due dates until paid, provided that this shall in no way limit,
lesson or affect any claim for damages by Landlord for any breach or default by
Tenant.

         SECTION 20.02. Tenant hereby acknowledges that late payment by Tenant
to Landlord of rent and other sums due hereunder will cause Landlord to incur
costs not contemplated by this

                                       13

<PAGE>

Lease, the exact amount of which will be extremely difficult to ascertain. Such
costs include, but are not limited to processing and accounting charges, and
late charges which may be imposed on Landlord by the terms of any mortgage or
trust deed covering the Property.

                                   ARTICLE 21

                                  SEVERABILITY

         SECTION 21.01. If any term of provision of this Lease or the
application thereof to any person or circumstances shall, to any extent, be
invalid or unacceptable, the remainder of this Lease, or the application of such
term or provision to persons or circumstances other than those as to which it is
held invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Lease shall be valid and be enforced to the fullest extent
permitted by law.

                                   ARTICLE 22

                              NOTICES AND CONSENTS

         SECTION 22.01. Any notice, request, demand, statement or consent herein
required or permitted to be given by either party to the other hereunder shall
be in writing and shall be deemed to have been sufficiently and effectually
given if signed by or on behalf of the party giving the notice and mailed by
registered or certified prepaid post, return receipt requested, addressed to the
other;

         If to Tenant:

                  Central Freight Lines, Inc.
                  Attn: Clay Embry
                  (by U.S. Mail)                     (by Express Carrier)
                  P.O. Box 2638                      5601 Waco Drive
                  Waco, TX 76702                     Waco, TX 76710
                  Telephone No.: 254-741-5345
                  Facsimile No.: 254-741-5337

         And if to Landlord:

                  JVM Associates
                  c/o Gary Weinberger
                  (by U.S. Mail)                     (by Express Courier)
                  P.O. Box 29243                     2200 South 75th Avenue
                  Phoenix, AZ 85038-9243             Phoenix, AZ 85043
                  Telephone No.: 623-907-7558
                  Facsimile No.: 623-907-7464

                                       14

<PAGE>

         Any such notice given as aforesaid shall be conclusively deemed to have
been given and received, if mailed by U.S. mail properly addressed and postage
prepaid, three (3) business days next following the day on which such notice was
mailed. Either party may, from time to time, furnish to the other notice of the
address or change of address to which notices are to be given to it hereunder.

         SECTION 22.02. Wherever any consent is required under this Lease, the
same shall not be unreasonably withheld.

                                   ARTICLE 23

                          CONDITION OF LEASED PROPERTY

         SECTION 23.01. Tenant represents that, except as expressly provided in
this Article 23, the Property, all surface conditions thereof, and the present
uses thereof, have been examined by Tenant and that Tenant accepts the same in
the condition or state in which they or any of them may be upon the date of this
Lease, without any representation or warranty, express or implied, in fact or by
law, by Landlord and without recourse to Landlord, as to the nature, condition
or usability thereof or the use or uses to which the Property or any part
thereof may be put.

                                   ARTICLE 24

                           COVENANT OF QUIET ENJOYMENT

         SECTION 24.01. Except as provided in Articles 7 and 14 and in Section
24.03 below, Landlord covenants that Tenant, upon paying the rent and all other
charges herein provided for and observing and keeping all covenants, agreements
and conditions of this Lease on its part to be kept, shall quietly have and
enjoy the Property during the term of this Lease, without hindrance or
molestation by Landlord or anyone claiming by or through Landlord.

         SECTION 24.02. In case Landlord or any successor owner shall convey or
further lease the Property, all liabilities and obligations on the part of the
Landlord, as Landlord, under this Lease occurring after such conveyance shall
terminate upon such conveyance, and thereupon all such liabilities and
obligations will be binding upon the grantee or lessee as successor Landlord.

         SECTION 24.03. Tenant nor Tenant's employees, agents or legal
representatives are permitted to park, store or house their personal trailers,
boats, recreational vehicles of any kind, farm equipment, campers or storage
units on the leased Property or any of the property owned by and/or controlled
by Landlord.

                                       15

<PAGE>

                                   ARTICLE 25

                                     BROKERS

         SECTION 25.01. Landlord and Tenant each represent and warrant to each
other that no agent or broker represents them in connection with this Lease.

                                   ARTICLE 26

                                    CAPTIONS

         SECTION 26.01. The captions of this Lease are for convenience and
reference only and in no way define, limit or describe the scope or intent of
this Lease nor in any way affect this Lease.

                                   ARTICLE 27

                                   SUCCESSORS

         SECTION 27.01. The covenants and agreements herein contained shall bind
and inure to the benefit of Landlord and Tenant and their respective heirs,
legal representatives, successors and assigns, except as otherwise provided
herein.

                                   ARTICLE 28

                                 DELAYING CAUSES

         SECTION 28.01. If either party is delayed in the performance of any
covenant of this Lease because of any of the following causes: unusual action of
the elements, war, riot, strikes, lockouts, labor disputes, inability to procure
or general shortage of labor, materials or merchandise in the normal channels of
trade, delay in transportation, delay in inspections, governmental action or
inaction where action is required, or any cause beyond the reasonable control of
the party so obligated, whether similar or dissimilar to the foregoing (except
for any delay on account of financial inability), then such performance shall be
excused for the period of the delay and the period such performance shall be
extended for a period equivalent to the period of such delay, except that the
foregoing shall in no way affect (i) Tenant's obligation to pay rent or other
monetary obligations hereunder, or (ii) the length of the term.

                                       16

<PAGE>

                                   ARTICLE 29

                                 NO PARTNERSHIP

         SECTION 29.01. Nothing contained in this Lease shall be construed as
creating any type or manner of partnership, joint venture or joint enterprise
with or between Landlord and Tenant.

                                   ARTICLE 30

                                  MISCELLANEOUS

         SECTION 30.01. This Lease shall be construed and enforced in accordance
with the laws of the State of Texas.

         SECTION 30.02.  Time is of the essence of this Lease.

                                   ARTICLE 31

                               FURTHER INSTRUMENTS

         SECTION 31.01. Upon request of Tenant or Landlord, the parties hereto
shall execute and deliver such further instruments in form for recording as may
be necessary to effect this Lease and the covenants and obligations of the
parties hereto.

         SECTION 31.02. This Agreement is the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous representations, negotiations, undertakings and
agreements, written or oral, among any of the parties. No representation,
inducement, agreement, promise, understanding, or waiver altering, modifying,
taking from or adding to the terms and conditions hereof, shall have any force
or effect unless the same is in writing and validly executed by all the parties
hereto.

                                   ARTICLE 32

                       SUBORDINATION OF LEASE TO MORTGAGES

         SECTION 32.01 This Lease shall be subject and subordinate at all times
to the lien of existing mortgages and of mortgages which hereafter may be made a
lien on the Premises. Although no instrument or act on the part of the Tenant
shall be necessary to effectuate such subordination, the Tenant will
nevertheless execute and deliver such further instruments subordinating this
Lease to the lien of any such mortgages as may be desired by the mortgagee. The
Tenant hereby irrevocably appoints the Landlord his attorney-in-fact to execute
and deliver any such instrument for the Tenant. Provided, however, and
notwithstanding the foregoing

                                       17

<PAGE>

provisions hereof, upon foreclosure of the mortgage with the mortgagee
succeeding to the rights of the Landlord, the Tenant shall, at the option of
said mortgagee, attorn to the mortgagee as follows:

                  (a)      Tenant shall be bound to the mortgagee under all the
terms of the Lease for the balance of the term hereof remaining with the same
force and effect as if the mortgagee were the Landlord under the Lease, and
Tenant hereby attorns to the mortgagee as its Landlord, such attornment to be
effective and self-operative, without the execution of further instrument on the
part of either of the parties hereto, and immediately upon the mortgagee
succeeding to the interest of Landlord under this lease and having given written
notice of the same to Tenant. The respective rights and obligations of Tenant
and of the mortgagee upon such attornment shall to the extent of the remaining
term of the lease be the same as now set.

                  (b)      The mortgagee shall be bound to the Tenant under all
of the terms of this Lease, and the Tenant shall, from and after such event,
have the same remedies against the mortgagee for the breach of an agreement
contained in this Lease that the Tenant might have had under this Lease against
the Landlord hereunder. In no event, however, shall the mortgagee be liable for
any act or omission of any prior Landlord, be subject to any offsets or defenses
which Tenant might have against any prior Landlord, or be bound by any rent or
additional rent which the Tenant might have paid to any prior Landlord for more
than the current month.

                          ***SIGNATURE PAGE FOLLOWS***

                                       18

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amended and
Restated Beaumont Lease effective as of the day and year first above written.

                                   "TENANT"
                                   CENTRAL FREIGHT LINES, INC.

Signed on 8/3 2003                 By: /s/ Pat Curry
                                   Pat Curry
                                   Its: Vice President

                                   "LANDLORD"
                                   JVM ASSOCIATES

                                   By:  The Jerry and Vickie Moyes Irrevocable
                                   Insurance Trust dated February 15, 1988
                                   Its: Partner

                                   By: /s/ Ronald Moyes
                                   Ronald Moyes
                                   Its: Trustee

                                   By:  The Jerry and Vickie Moyes Irrevocable
                                   Children's Trust dated November 8, 1990
                                   Its: Partner

                                   By: /s/ Ronald Moyes
                                   Ronald Moyes
                                   Its: Trustee

                                       19

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>34
<FILENAME>c72067exv10w13.txt
<DESCRIPTION>AMENDED AND RESTATED LEASE
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.13

                      AMENDED AND RESTATED FORT WORTH LEASE

         THIS AMENDED AND RESTATED FORT WORTH LEASE dated February 20, 2003 for
reference purposes ("Lease"), is entered into by and between JERRY AND VICKIE
MOYES, whose address is P.O. Box 29243, Phoenix, Arizona 85038-9243 ("Landlord")
and CENTRAL FREIGHT LINES, INC. whose address is P.O. Box 2638, Waco, Texas
76702-2638 ("Tenant").

Background. In February, 2003, in connection with a $65 million refinance
mortgage loan to Southwest Premier Properties, L.L.C. ("SPP") from Zions
National Bank (the "Loan"), Landlord, as an accommodation pledgor, pledged as
collateral the Property subject to this Lease, and SPP and another Moyes entity
pledged as collateral an additional 27 parcels. With respect to the Fort Worth
Property that is the subject of this Lease, this Amended and Restated Fort Worth
Lease reflects an increase in rents in order to provide sufficient debt service
coverage for the Loan, and replaces and supplements the lease executed March 2,
1998 covering the following three properties: Eagle Pass, TX; Temple, TX, and
Fort Worth, TX ("Underlying Lease"). As of the date hereof, the parties also
have entered into an Amended and Restated Eagle Pass Lease that replaces and
supplements in its entirety the Underlying Lease.

                               W I T N E S E T H :

                                    ARTICLE 1

                                    THE LEASE

         SECTION 1.01. Subject to the terms and conditions set forth below,
Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the
property located at 5200 East Loop 820 South, Fort Worth, TX 76119-6511, more
fully described on Exhibit "A" (herein, the "Property").

         SECTION 1.02. The term of this Lease is ten (10) years and shall
commence on MARCH 20, 1998, and shall end on MARCH 19, 2008, unless it is sooner
terminated as hereinafter provided. Landlord or Tenant may extend this Lease an
additional ten (10) years by giving six (6) months written notice of the
extension to the other party. In the event that the term is extended, the terms
and conditions shall remain the same as during the original term. Landlord or
Tenant may terminate this Lease by giving sixty (60) days' notice in writing to
the other party.

                                       1

<PAGE>

                                    ARTICLE 2

                                      RENT

          SECTION 2.01. Tenant agrees to pay to Landlord, during the entire term
of this Lease, without abatement or set off, base rent in monthly installments,
each in the amount of $15,426.

Rent shall be paid in advance of each month during the term of this Lease, on or
before the last business day of each calendar month, for the next succeeding
month. Any portion of a month shall be on a daily prorate basis. Rent checks
shall be sent to the address set forth in Section 22.01 of this Lease.

         SECTION 2.02. Tenant shall also pay after thirty (30) days notice, and
without abatement, deductions or set off as additional rent hereunder, all sums,
costs and expenses which Tenant in any other provisions of this Lease agrees to
pay. In the event of nonpayment of such sums, Landlord shall have (in addition
to all other rights and remedies) all the rights and remedies provided herein or
by law for nonpayment of rent.

                                    ARTICLE 3

                                SECURITY DEPOSIT

         SECTION 3.01.  None.

                                    ARTICLE 4

                                   IMPOSITIONS

         SECTION 4.01. Tenant shall pay as and when due the charges for water,
sewer, electrical power, data lines, telephone service and trash collection.

         SECTION 4.02. Rent shall be paid to Landlord without notice or demand.
It is the intent of the Landlord and Tenant that all rental payable hereunder
shall be absolutely net to Landlord, and shall be paid, without abatement,
deduction or set off by the tenant. Tenant shall be responsible for real estate
taxes. Tenant shall also be responsible for the taxes on Tenant's personal
property.

         SECTION 4.03. All payments of rent are to made to Landlord, at such
place as Landlord shall designate in writing to Tenant. If after initial
designation Landlord desires that rent shall be paid and directed among other
parties, then Landlord shall make such designation in writing to Tenant,
otherwise such designation shall not be effective.

                                       2

<PAGE>

                                    ARTICLE 5

                            SURRENDER ON TERMINATION

         SECTION 5.01. Tenant shall, on the last day of the term hereof or upon
any earlier termination of this Lease, surrender the Property to Landlord in as
good condition, reasonable wear and tear excepted, as Tenant received the
Property from Landlord on the first day of the Lease term, free and clear of all
occupancies unless expressly permitted by Landlord in writing, and free and
clear of all liens and encumbrances other than those to which this Lease is
subject.

         SECTION 5.02. Tenant will, at the termination of this Lease by lapse of
time or otherwise, yield up immediate possession to Landlord, and failing to do
so, will pay as liquidated damages, for the whole time such possession is
withheld, the monthly rent set forth in Article 2 for the month immediately
prior to the termination; but the provisions of this clause shall not be held as
a waiver by Landlord of any right of re-entry as hereinafter set forth; nor
shall the receipt of said rent or any part thereof, or any other act in apparent
affirmance of tenancy, operate as a waiver of the right to forfeit this Lease
and the term hereby granted for the period still unexpired, for a breach of any
of the covenants herein.

         SECTION 5.03. Upon termination of this Lease, title to all permanent
improvements made or constructed by Tenant and located on the Property shall
vest in Landlord under the following terms and conditions. Tenants cost of
improvements to the Property shall be disclosed and agreed upon by amendment to
this Lease.

         SECTION 5.04. All personal property of Tenant which shall remain on the
Property after the termination of this Lease shall, at the option of Landlord,
be deemed to have been abandoned and may be retained by Landlord as its property
or be disposed of, without accountability, in such manner as Landlord may see
fit. However, Landlord shall also have the right to require Tenant to remove any
such personal property at Tenant's own cost and expense and to repair any
damages caused by such removal. Upon Tenant's failure to do so upon fifteen (15)
days notice from Landlord, Landlord may cause such personal property to be
removed and charge all cost of removal to Tenant.

         SECTION 5.05. The provision of this Article 5 shall survive the
expiration or any termination of this Lease.

                                    ARTICLE 6

                                    INSURANCE

         SECTION 6.01. During the term of the Lease, Tenant shall at its sole
cost and expense, keep all his personal equipment and furnishings insured.
Landlord assumes no responsibility for Tenant's personal property and
belongings. Tenant shall insure the buildings covered under this Lease.

                                       3

<PAGE>

         SECTION 6.02. In addition to the insurance to be provided and
maintained by Tenant pursuant to Section 6.01 above, Tenant at its sole cost and
expense, but for the mutual benefit of Landlord and Tenant, shall maintain
during the term of this Lease, personal injury and property damage liability
insurance against claims for personal injury, death or property damage,
occurring in, on or about the Property. Such insurance to afford minimum single
limit protection of not less than Two Million Dollars ($2,000,000).

         SECTION 6.03. Any additional insurance carried by Tenant shall not
reduce the insurance required under this Lease to be carried by Tenant on behalf
of Landlord, nor cause Landlord to become a co-insurer with any other person or
entity.

         SECTION 6.04. All insurance provided for in this Article shall be
effected under valid and enforceable policies in form reasonably satisfactory to
Landlord, issued by insurers of recognized responsibility which are licensed to
do business under the laws of the United States and the state of Texas. Upon the
execution of this Lease, and thereafter not less than thirty (30) days prior to
the execution dates of the expiring policies theretofore furnished pursuant to
this Article, one original certificate thereof, bearing notations evidencing the
payment of premiums or accompanied by other evidence satisfactory to Landlord of
such payment, and further showing Landlord to be listed as an additional named
insured and loss payee on all insurance policies provided for in this Article,
shall be delivered by Tenant to Landlord. Copies of all said insurance policies
provided for in this Article shall also be delivered to Landlord upon execution
of this Lease and thereafter not less than thirty (30) days prior to expiration
of said policies.

         SECTION 6.05. All policies of insurance provided for in Section 6.01
and 6.02 shall name Landlord and Tenant as the insureds, as their respective
interests may appear.

         SECTION 6.06. Each such certificate shall contain an agreement by the
insurer that such policy shall not be canceled or modified without at least
thirty (30) days prior written notice to Landlord.

                                    ARTICLE 7

                            LANDLORD'S RIGHT TO CURE

         SECTION 7.01. If Tenant shall at any time fail to pay any Imposition in
accordance with the provision of this Lease, or to take out, pay for, maintain
or deliver any of the insurance policies provided for in Article 6, or shall
fail to make any other payment or perform any other act on its part to be made
or performed under this Lease, including the obligation to maintain and repair
the Property, then Landlord, after thirty (30) days notice to Tenant (or without
notice in case of emergency) and without waiving or releasing Tenant from any
obligation of Tenant contained in this Lease, may (but shall be no obligation
to):

                  (a)      pay any Imposition by Tenant, or

                                       4

<PAGE>

                  (b)      make any other payment or perform any other act on
Tenant's part to be made or performed as in this Lease provided, and may enter
upon the Property for such purpose and take all such action thereon as may be
necessary therefor.

         SECTION 7.02. All sums so paid by Landlord and all reasonable costs and
expenses incurred by Landlord in connection with the performance of any such act
(together with interest thereon at the maximum interest rate then permitted by
Texas law from the respective dates of Landlord's making of each such payment or
incurring of each cost and expense) shall constitute additional rent payable by
Tenant under this Lease and shall be paid by Tenant to Landlord upon written
demand.

                                    ARTICLE 8

                            TENANT'S DUTY TO MAINTAIN

         SECTION 8.01. Throughout the term of this Lease, Tenant, at its own
cost and expense, will repair, maintain and take good care of the Property, and
appurtenances therein and every part of and portion of the Property and any
sidewalks, parking lots, driveways, roadways, walls, curbs, and vaults adjoining
and/or appurtenant to the Property and will keep same in good order and
condition. Tenant will neither do or suffer any waste or injury to the Property
or any part thereof, nor make any alteration of the Property without the
Landlord's prior written consent.

         SECTION 8.02. Tenant hereby assumes the full and sole responsibility
for the condition, operation, repair, replacement, maintenance, development, and
management of the Property throughout the entire term of this Lease. Tenant
accepts the Property in the condition existing as of the date of this Lease and
acknowledges that Landlord has not made any representation or warranty as to the
condition of the Property and the present suitability for the conduct of
Tenant's business on the Property.

         SECTION 8.03. It is understood and agreed that Tenant's duty to
maintain the Property is limited by the provision of Article 23 below.

                                    ARTICLE 9

                              COMPLIANCE WITH LAWS

         Subject to the provision of Article 23 below:

         SECTION 9.01. Throughout the term of this Lease, Tenant at its own cost
and expense, will promptly comply with (a) all present and future laws,
ordinances, orders, rules, regulations, and requirements of every duly
constituted governmental authority or agent, and (b) all orders, rules and
regulations of the National Board of Fire Underwriters, the Texas Fire Insurance
Rating Organization or any other body exercising similar functions.

                                       5

<PAGE>

         SECTION 9.02. Tenant shall likewise observe and comply with the
requirements of all policies of insurance at any time in force with respect to
the Property and of the insurance companies issuing them.

                                   ARTICLE 10

                               LIENS AND MORTGAGES

         SECTION 10.01. Tenant will not create or permit to be created or to
remain, and will discharge, any lien, encumbrance or charge which might be or
become a charge on the interest of Landlord under the Lease; provided, however,
nothing herein shall require payment by Tenant of any lien or encumbrance
created by Landlord.

         SECTION 10.02. If any mechanic's, laborer's or materialman's lien shall
at any time be filed against the Property or any part thereof, Tenant, if
Landlord shall so require, within ninety (90) days after commencement of
foreclosure action thereon, whichever shall first occur, will cause the same to
be discharged of record by payment, deposit, bond, order of a court of competent
jurisdiction or otherwise. If Tenant shall fail to cause such lien to be
discharged within such period, then, in addition to any other right or remedy
which Landlord may have under this Lease or otherwise, Landlord may, but shall
not be obligated to, discharge the same either by paying the amount claimed to
be due or by procuring the discharge of such lien by deposit or by bonding
proceedings, and in any such event Landlord shall be entitled, if Landlord so
elects, to compel the prosecution f an action for the foreclosure of such lien
by the lienor and to pay the amount of the judgment in favor of the lienor with
interest, costs and allowances, and recover such sums from Tenant including the
cost of discharge by deposit or bond, plus interest, as herein above provided.

                                   ARTICLE 11

                           SALE OF LANDLORD'S INTEREST

         SECTION 11.01. In the event of any sale or exchange of the Property by
Landlord and assignment by Landlord of this Lease, Landlord shall be relieved of
all liability under all of its covenants and obligations contained in or derived
from this Lease arising out of any act, occurrence or omission relating to the
Property of this Lease occurring after the consummation of such sale or
exchange.

                                   ARTICLE 12

                              RESTRICTED LAWFUL USE

         SECTION 12.01. Tenant will not use or allow the Property or any part
thereof to be used or occupied for any unlawful purpose or in violation of any
certificate of occupancy or certificate

                                       6

<PAGE>

of compliance covering or affecting the use of the Property or any part thereof,
and Tenant will not suffer any act to be done or any condition to exist on the
Property or any part thereof, or any article to be brought thereon, which may be
dangerous, unless safeguarded as required by law, or which, in law, constitutes
a nuisance, public or private, or which may make void or voidable any insurance
then in force with respect thereto, unless consented to by Landlord, in writing.

                                   ARTICLE 13

                               HAZARDOUS MATERIALS

         SECTION 13.01. Tenant shall act, at its expense, comply with all
applicable laws, regulations, rules and orders, regardless of when they become
or became effective, including without limitation those relating to health,
safety, noise, environmental protection, waste disposal and water and air
quality, and furnish satisfactory evidence of such compliance upon request of
Landlord. Should any discharge, leakage, spillage, emission, or pollution of any
type occur upon or from the leased Property, due to Tenant's use and occupancy
thereof, Tenant, at its expense shall be obligation to clean the Property to the
satisfaction of Landlord and any governmental body having jurisdiction there
over Tenant and landlord agree to indemnify, hold harmless and defend each other
against all liability, cost and expense (including without limitation, any
fines, penalties, judgments, litigation costs and attorney's fees) incurred by
the other party as a result of the other parties breach of this Section 13.
Landlord hereby represents and warrants to Tenant that to the best of Landlord's
knowledge, neither Landlord, nor to the best of Landlord's knowledge any other
person has ever caused or permitted any Hazardous Material to be released from
the leased Property, into any water course, body or water, or wetlands and
neither has the leased Property ever been used as a treatment, or disposal site
for any Hazardous Material. The term "Hazardous Material" means and includes any
petroleum products and any hazardous substance or any pollutant or contaminant
defined as such (or for purposes of) the Comprehensive Environmental Response
Compensation, and Liability Act; any so-called "Superfund" or "Superlien" law;
Toxic Substances Control Act; or other federal, state or local statute, law,
ordinance, code, rule, regulation, order, or decree regulation, relating to, or
imposing liability or standards of conduct concerning any hazardous, toxic or
dangerous wastes, substance or material, as now or at any time hereafter in
effect; and asbestos or any substance or compound containing asbestos, PCB's or
any other hazardous, toxic or dangerous waste, substance or material
(hereinafter collectively referred to as "Environmental Laws").

                                   ARTICLE 14

                      LANDLORD'S RIGHT TO INSPECT AND ENTER

         SECTION 14.01. Tenant will permit Landlord, and its authorized
representatives, to enter the Property at all reasonable times during usual
business hours for the purpose of (a) inspecting the same, and (b) making any
repairs thereto and performing any work therein that may be necessary by reason
of Tenant's default under this Lease. Nothing herein shall imply any

                                       7

<PAGE>

duty upon the part of Landlord to do work which Tenant is required to perform,
and performance thereof by Landlord shall not constitute a waiver of Tenant's
default.

         SECTION 14.02. Landlord shall upon twenty four (24) hours oral notice
have the right to enter the Property at all reasonable times during usual
business hours for the purpose of showing the same to prospective purchasers or
mortgagors thereof.

         SECTION 14.03. Landlord may, during the progress of any work performed
by Landlord, keep and store upon the Property all necessary materials, tools,
supplies and equipment. Landlord shall not be liable for inconvenience,
annoyance, disturbance, loss of business or other damage of Tenant or any
subtenant reasonably and necessarily required by the making of such repairs or
the performance of any such work, or an account of bringing materials, tools,
supplies and equipment into or through the Property during the course thereof,
and the obligations of Tenant under this Lease shall not be affected thereby.

                                   ARTICLE 15

                               TENANT TO INDEMNIFY

         SECTION 15.01. Tenant will pay and discharge, and indemnify, defend and
save harmless Landlord against and from costs, charges and expenses, including
reasonable attorneys' fee, which may be imposed upon or incurred by or asserted
against Landlord and/or against the Property by reason of any of the following
occurring during the term of this Lease, except as and to the extent (i) the
same may arise from the negligence of Landlord or (ii) the same relate to the
express responsibilities of Landlord hereunder:

                  (a)      Any work or thing done or suffered by Tenant in, on,
or about the Property, or any part thereof;

                  (b)      Any use, possession, occupation, condition,
operation, maintenance or management of the Property;

                  (c)      Any negligence on the part of Tenant or any of its
agents, contractors, servants, employees, licensee, or invitees;

                  (d)      Any accident, injury or damage to any person or
property occurring in, on, or about the Property or any part thereof;

         In case any action or proceeding is brought against Landlord by reason
of any such claim, Tenant, upon written notice from Landlord shall, at Tenant's
expense, resist or defend such action or proceeding by counsel selected by
Tenant and reasonably satisfactory to Landlord. Tenant may settle any such claim
at any time on such items as it may find acceptable.

                                       8

<PAGE>

                                   ARTICLE 16

                              DAMAGE OR DESTRUCTION

         SECTION 16.01. In case of casualty to the Property resulting in damage
or destruction, Tenant will promptly give written notice thereof to Landlord.
Tenant, at its sole cost and expense, whether or not such casualty loss is
covered by insurance and whether or not the insurance proceeds, if any, shall be
sufficient for the purpose, shall restore, repair replace or rebuild the same as
nearly as possible to its value, condition and character immediately prior to
such damage or destruction.

         SECTION 16.02. No destruction of or damage to the Property or any part
thereof by fire or any other casualty, irrespective of whether such destruction
or damage may occur before, on or after the date of the commencement of the term
of this Lease, shall permit Tenant to surrender this Lease or shall relieve
Tenant from its liability to pay the full net rent and other charges payable
under this Lease, and Tenant waives any rights now or hereafter conferred upon
it by statute or otherwise to quit or surrender this Lease or the demised
Property or any part thereof, or to any suspension, diminution, abatement or
reduction of net rent on account of such destruction or damage. Notwithstanding
the foregoing, in the event that the Property or a significant portion thereof
(exclusive of buildings and other improvements thereon) are materially damaged
or destroyed by a natural disaster or other casualty (other than fire) such that
they cannot economically or feasibly be used by Tenant in the conduct or
operation of its business, irrespective of whether such damage or destruction
may occur before, or after the date of the commencement of the term of his
Lease, Tenant may at its option terminate this Lease upon thirty (30) days prior
written notice to Landlord given with fifteen (15) days of such damage or
destruction. Upon such termination, neither party shall have any further
obligation to the other except with respect to accrued but unpaid liabilities
under the Lease to the date of termination.

                                   ARTICLE 17

                                  CONDEMNATION

         SECTION 17.01. Wherever used in this Article, the following words shall
have the definitions and meaning hereinafter set forth:

                  (a)      "Condemnation": any action or proceeding brought for
the purpose of any taking of the fee of the Property or any part thereof or
interest therein (including the leasehold estate of Tenant in the Property) by
competent authority as a result of the exercise of the power of eminent domain,
including a voluntary sale to such authority either under threat of condemnation
or while such action or proceeding is pending.

                  (b)      "Vesting Date": the event and date of vesting title
to the fee of the Property or any part thereof or interest therein, in the
competent authority pursuant to condemnation.

                                       9

<PAGE>

         SECTION 17.02. If all of the Property shall be taken in condemnation,
this Lease shall terminate at the Vesting Date and the net rent under this Lease
shall be apportioned to the date of such termination.

         SECTION 17.03. If less than all of the Property shall be taken in
condemnation, Landlord and Tenant mutually shall determine, within a reasonable
time after the Vesting Date, whether the remaining buildings and improvements
thereon (after necessary repairs and reconstruction to constitute them a
complete architectural unit) can economically and feasibly be used by Tenant.

If it is determined that the remaining Property cannot economically and feasibly
by used by Tenant, taking into account minimum space requirements for the
conduct and operation of its business, Landlord or Tenant, at their respective
election, may terminate this Lease on thirty (30) days notice after such
determination, and the net rent and other charges payable by Tenant under this
Lease shall be apportioned to the date of termination. Thereafter, neither party
shall have any continuing obligation to the other hereunder.

         SECTION 17.04. In the event of condemnation, the entire condemnation
award shall be paid to the Landlord.

         SECTION 17.05. If this Lease shall not terminate as provided in Section
17.02, the base rent thereafter required to be paid shall be reduced by a
fraction, the denominator of which shall be the total square footage of the
Property prior to condemnation, and the numerator of which shall be the
denominator minus the total square footage of the Property after condemnation.

                                   ARTICLE 18

                                   ASSIGNMENT

         SECTION 18.01. Tenant may not sell, transfer, assign, sublease,
license, concession or transfer all or any part of its rights under this Lease
without the prior written consent of Landlord. Landlord's consent to any such
assignment shall not be unreasonably withheld. Provided, however, it shall be a
condition to Landlord's consent that the proposed transferee has the financial
ability and business experience to own and operate the business located on the
Property and has a good business reputation.

         Upon any such permitted assignment or transfer, Tenant (and any
previous assignee) shall remain fully liable hereunder and shall not be released
from the performance of any remaining obligations of Tenant under his Lease
during the remainder. Tenant shall deliver to Landlord not later than five (5)
days before the effective date thereof, a duplicate original of such assignment
together with the assumption agreement by the assignee.

         SECTION 18.02. Any assignment of sublease which may hereafter be made
by Tenant with Landlord's approval shall provide that it is expressly made
subject to the terms, covenants, provisions and conditions of this Lease and is
subordinate thereto, and shall prohibit prepayment

                                       10

<PAGE>

of rent thereunder (including security) in an amount exceeding three (3) months
rent. Landlord will issue non-disturbance agreements to subtenants requesting
same in writing, provided their respective subleases are commercially reasonable
terms.

         SECTION 18.03. Tenant hereby assigns to Landlord, effective upon the
occurrence of any Event of Default hereunder, and so long as such Default
remains uncured, as collateral security for the performance of all obligations
of Tenant under this Lease, any sublease created by Tenant and each and every
amendment, modification or extension thereof. In no event shall such assignment
impose upon Landlord any duty or obligation to perform any of the obligations of
Tenant as sub-landlord under any such lease or subleases. After default by
Tenant, Landlord may collect the rents and subrents from any and all subtenants
or occupants and apply the net amount collected to the net rent under this
Lease, but no such collection by landlord will be deemed to be a waiver of any
agreement, term, covenant, or condition of this Lease by Landlord, nor the
acceptance by Landlord of any subtenant or occupant, as Tenant.

         SECTION 18.04. Notwithstanding any provision of this Article 18,
Tenant's interest in this Lease may be assigned with Landlord's written consent.
Provided, however, upon any such assignment, Tenant (and any previous assignee)
shall remain fully liable hereunder and shall not be released from the
performance of any remaining obligations of Tenant under this Lease during the
remainder of the term.

                                   ARTICLE 19

                                TENANT'S DEFAULTS

         SECTION 19.01. The occurrence of any one or more of the following
events (herein sometimes called "Events of Default") shall constitute a material
default and breach of this Lease by Tenant:

                  (a)      Failure to make in the due and punctual payment of
any rent, or in the payment of any other sums required to be paid by Tenant
under this Lease when and as the same shall become due and payable; or

                  (b)      Failure by Tenant to perform of or compliance with
any of the covenants, agreements, terms or conditions contained in this Lease
other than those referred to in the foregoing subdivisions (a), and the
continuation of such default for a period of thirty (30) days after written
notice thereof form Landlord to Tenant (provided, that if Tenant proceeds with
due diligence during such thirty (30) day period to cure such default and is
unable by reason of the nature of the work involved, to cure the same within the
said thirty (30) days, its time to do so shall be extended for such additional
period as shall be necessary to cure the same); or

                  (c)      The filing by Tenant of a voluntary petition in
bankruptcy or the adjudication of Tenant as a bankrupt or insolvent, or taking
by Tenant of the benefit of any relevant debtors or the filing by Tenant of any
petition or answer seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief for itself under

                                       11

<PAGE>

any present or future federal, state or other consent to or acquiesce in the
appointment of any trustee, receiver or liquidator of Tenant or all or any
substantial part of its properties, or the making by Tenant of any general
assignment for the benefit of creditors; or

                  (d)      The filing against Tenant of a petition seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future federal, state or other statute,
law or regulation which petition shall remain undismissed or unstayed for an
aggregate of sixty (60) days, or if any trustee, receiver or liquidator of
Tenant, or of all or any substantial part of its properties, shall be appointed
without the consent or acquiescence of Landlord and such appointment shall
remain unvacated or unstayed for an aggregate of sixty (60) days.

         In the event of any such Event of Default, this Lease and the term
herein stated and all rights of Tenant under this Lease at the option of the
Landlord shall expire and terminate.

         SECTION 19.02. Upon any such termination of this Lease, Tenant shall
quit and peacefully surrender the Property to Landlord and the buildings and
improvements thereon shall automatically be and become the property of Landlord
free and clear of any claims of Tenant. At any time on or after such
termination, Landlord may without further notice, enter upon the Property by
force, summary proceedings, ejectment or otherwise, and dispose and remove
Tenant therefrom.

         SECTION 19.03. In such event of termination, Landlord shall be entitled
to accelerate the rent to recover from Tenant all unpaid installments of rent
and other sums due and owing under this Lease for the remainder of the term and
all other damages incurred by Landlord by reason of Tenant's default, including
but not limited to any or all of the following:

                  (a)      The cost of recovering possession of the Property,
including attorney's fees and court costs;

                  (b)      Any other amount necessary to compensate Landlord for
all the determent proximately caused by Tenant's failure to perform its
obligations under this Lease or which in the ordinary course of things would be
likely to result therefrom; and

                  (c)      Any other amounts and remedies permitted by law. All
remedies are cumulative and are not alternate or singular.

         SECTION 19.04. At any time (a) written fifteen (15) days prior to the
expiration of the term of this Lease, or (b) after Landlord or Tenant shall have
been served any notice of termination of this Lease, but prior to the date of
termination, or (c) after Landlord shall have commenced a proceeding to recover
possession of the Property, but prior to the termination of this Lease, all
subleases theretofore executed by or assigned to Tenant and the rents payable
thereunder, at the option of Landlord (such option to be exercised by notice to
Tenant), shall be deemed assigned and transferred by Tenant to Landlord. Such
assignment and transfer shall be effect without execution by Tenant of any
instrument. However, Tenant at Landlord's request, shall execute, acknowledge
and deliver to Landlord an instrument or instruments, in recordable

                                       12

<PAGE>

form, confirming such assignment and transfer, and in the event that Tenant
shall fail or refuse to execute, acknowledge or deliver such instrument,
Landlord, in addition to any other rights and remedies, may as the
attorney-in-fact of Tenant, execute, acknowledge and deliver it, and Tenant
hereby irrevocably nominates, constitutes and appoints Landlord Tenant's proper
and legal attorney-in-fact for such purpose, coupled with an interest, hereby
ratifying all that Landlord may do in such capacity.

         SECTION 19.05. Tenant, for and on behalf of itself and all persons
claiming through or under Tenant waives any and all right of redemption or
reentry or repossession or to restore the operation of this Lease in case Tenant
shall be dispossessed by a judgment or by warrant of any court or judge or in
case of expiration or termination of this Lease. The terms "enter", "reenter",
"entry" or "reentry", as used in this Lease, are not restricted to their
technical legal meaning.

         SECTION 19.06. No failure by Landlord to insist upon the strict
performance of any covenant, agreement, term or condition of this Lease or to
exercise any right or remedy consequent upon a breach thereof, and no acceptance
of full or partial rent during the continuance of any such breach, shall
constitute a wavier of any such breach or of such covenant, agreement, term of
condition. No covenant, agreement, term of condition of this Lease to be
performed or complied with by Landlord or Tenant, and no breach thereof, shall
be waived, altered or modified, except by a written instrument executed by the
party to be charged therewith. No waiver of any breach shall affect or alter
this Lease, but each and every covenant, agreement, term, and condition of this
Lease shall continue in full force and effect with respect to any other then
existing or subsequent breach thereof.

         SECTION 19.07. In the event of any breach by Tenant of any of the
covenants, agreements, terms or conditions contained in this Lease, Landlord
shall be entitled to enjoin such breach and shall have the right to invoke any
right and remedy allowed at law or in equity for such breach as through
re-entry, summary proceedings, and other remedies were not provided for in this
Lease. In the event of Tenant's failure to pay rent on the date when due, Tenant
shall pay Landlord interest on any such overdue payments at the lessor of its
maximum interest rate then permitted by Texas law or fifteen percent (15%) per
annum.

                                   ARTICLE 20

               END OF TERM, INTEREST ON DEFAULT, AND LATE CHARGES

         SECTION 20.01. All rent in arrears and all amounts collectible
hereunder shall bear interest at the lessor of (i) fifteen percent (15%) per
annum or (ii) the maximum rate then permitted by Texas law, from their
respective due dates until paid, provided that this shall in no way limit,
lesson or affect any claim for damages by Landlord for any breach or default by
Tenant.

         SECTION 20.02. Tenant hereby acknowledges that late payment by Tenant
to Landlord of rent and other sums due hereunder will cause Landlord to incur
costs not contemplated by this Lease, the exact amount of which will be
extremely difficult to ascertain. Such costs include, but

                                       13

<PAGE>

are not limited to processing and accounting charges, and late charges which may
be imposed on Landlord by the terms of any mortgage or trust deed covering the
Property.

                                   ARTICLE 21

                                  SEVERABILITY

         SECTION 21.01. If any term of provision of this Lease or the
application thereof to any person or circumstances shall, to any extent, be
invalid or unacceptable, the remainder of this Lease, or the application of such
term or provision to persons or circumstances other than those as to which it is
held invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Lease shall be valid and be enforced to the fullest extent
permitted by law.

                                   ARTICLE 22

                              NOTICES AND CONSENTS

         SECTION 22.01. Any notice, request, demand, statement or consent herein
required or permitted to be given by either party to the other hereunder shall
be in writing and shall be deemed to have been sufficiently and effectually
given if signed by or on behalf of the party giving the notice and mailed by
registered or certified prepaid post, return receipt requested, addressed to the
other;

         If to Landlord:

                  Jerry & Vickie Moyes
                  c/o Gary Weinberger
                  (by U.S. Mail)                       (by Express Courier)
                  P.O. Box 29243                       2200 South 75th Avenue
                  Phoenix, AZ  85038-9243              Phoenix, AZ  85043

         And if to Tenant:

                  Central Freight Lines, Inc.
                  Attn:  Clay Embry
                  (by U.S. Mail)                       (by Express Carrier)
                  P.O. Box 2638                        5601 Waco Drive
                  Waco, TX  76702                      Waco, TX  76710
                  telephone no. 254-741-5345
                  facsimile no. 254-741-5337

         Any such notice given as aforesaid shall be conclusively deemed to have
been given and received, if mailed by U.S. mail properly addressed and postage
prepaid, three (3) business days next following the day on which such notice was
mailed. Either party may, from time to time,

                                       14

<PAGE>

furnish to the other notice of the address or change of address to which notices
are to be given to it hereunder.

         SECTION 22.02. Wherever any consent is required under this Lease, the
same shall not be unreasonably withheld.

                                   ARTICLE 23

                          CONDITION OF LEASED PROPERTY

         SECTION 23.01. Tenant represents that, except as expressly provided in
this Article 23, the Property, all surface conditions thereof, and the present
uses thereof, have been examined by Tenant and that Tenant accepts the same in
the condition or state in which they or any of them may be upon the date of this
Lease, without any representation or warranty, express or implied, in fact or by
law, by Landlord and without recourse to Landlord, as to the nature, condition
or usability thereof or the use or uses to which the Property or any part
thereof may be put.

                                   ARTICLE 24

                           COVENANT OF QUIET ENJOYMENT

         SECTION 24.01. Except as provided in Articles 7 and 14 and in Section
24.03 below, Landlord covenants that Tenant, upon paying the rent and all other
charges herein provided for and observing and keeping all covenants, agreements
and conditions of this Lease on its part to be kept, shall quietly have and
enjoy the Property during the term of this Lease, without hindrance or
molestation by Landlord or anyone claiming by or through Landlord.

         SECTION 24.02. In case Landlord or any successor owner shall convey or
further lease the Property, all liabilities and obligations on the part of the
Landlord, as Landlord, under this Lease occurring after such conveyance shall
terminate upon such conveyance, and thereupon all such liabilities and
obligations will be binding upon the grantee or lessee as successor Landlord.

         SECTION 24.03. Tenant nor Tenant's employees, agents or legal
representatives are permitted to park, store or house their personal trailers,
boats, recreational vehicles of any kind, farm equipment, campers or storage
units on the leased Property or any of the property owned by and/or controlled
by Landlord.

                                   ARTICLE 25

                                     BROKERS

         SECTION 25.01. Landlord and Tenant each represent and warrant to each
other that no agent or broker represents them in connection with this Lease.

                                       15

<PAGE>

                                   ARTICLE 26

                                    CAPTIONS

         SECTION 26.01. The captions of this Lease are for convenience and
reference only and in no way define, limit or describe the scope or intent of
this Lease nor in any way affect this Lease.

                                   ARTICLE 27

                                   SUCCESSORS

         SECTION 27.01. The covenants and agreements herein contained shall bind
and inure to the benefit of Landlord and Tenant and their respective heirs,
legal representatives, successors and assigns, except as otherwise provided
herein.

                                   ARTICLE 28

                                 DELAYING CAUSES

         SECTION 28.01. If either party is delayed in the performance of any
covenant of this Lease because of any of the following causes: unusual action of
the elements, war, riot, strikes, lockouts, labor disputes, inability to procure
or general shortage of labor, materials or merchandise in the normal channels of
trade, delay in transportation, delay in inspections, governmental action or
inaction where action is required, or any cause beyond the reasonable control of
the party so obligated, whether similar or dissimilar to the foregoing (except
for any delay on account of financial inability), then such performance shall be
excused for the period of the delay and the period such performance shall be
extended for a period equivalent to the period of such delay, except that the
foregoing shall in no way affect (i) Tenant's obligation to pay rent or other
monetary obligations hereunder, or (ii) the length of the term.

                                   ARTICLE 29

                                 NO PARTNERSHIP

         SECTION 29.01. Nothing contained in this Lease shall be construed as
creating any type or manner of partnership, joint venture or joint enterprise
with or between Landlord and Tenant.

                                       16

<PAGE>

                                   ARTICLE 30

                                  MISCELLANEOUS

         SECTION 30.01. This Lease shall be construed and enforced in accordance
with the laws of the State of Texas.

         SECTION 30.02.  Time is of the essence of this Lease.

                                   ARTICLE 31

                               FURTHER INSTRUMENTS

         SECTION 31.01. Upon request of Tenant or Landlord, the parties hereto
shall execute and deliver such further instruments in form for recording as may
be necessary to effect this Lease and the covenants and obligations of the
parties hereto.

         SECTION 31.02. This Agreement is the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous representations, negotiations, undertakings and
agreements, written or oral, among any of the parties. No representation,
inducement, agreement, promise, understanding, or waiver altering, modifying,
taking from or adding to the terms and conditions hereof, shall have any force
or effect unless the same is in writing and validly executed by all the parties
hereto.

                                   ARTICLE 32

                       SUBORDINATION OF LEASE TO MORTGAGES

                  SECTION 32.01 This Lease shall be subject and subordinate at
all times to the lien of existing mortgages and of mortgages which hereafter may
be made a lien on the Premises. Although no instrument or act on the part of the
Tenant shall be necessary to effectuate such subordination, the Tenant will
nevertheless execute and deliver such further instruments subordinating this
Lease to the lien of any such mortgages as may be desired by the mortgagee. The
Tenant hereby irrevocably appoints the Landlord his attorney-in-fact to execute
and deliver any such instrument for the Tenant. Provided, however, and
notwithstanding the foregoing provisions hereof, upon foreclosure of the
mortgage with the mortgagee succeeding to the rights of the Landlord, the Tenant
shall, at the option of said mortgagee, attorn to the mortgagee as follows:

                  (a)      Tenant shall be bound to the mortgagee under all the
terms of the Lease for the balance of the term hereof remaining with the same
force and effect as if the mortgagee were the Landlord under the Lease, and
Tenant hereby attorns to the mortgagee as its Landlord, such attornment to be
effective and self-operative, without the execution of further instrument on the
part of either of the parties hereto, and immediately upon the mortgagee
succeeding to the interest of Landlord under this lease and having given written
notice of the same to Tenant. The

                                       17

<PAGE>

respective rights and obligations of Tenant and of the mortgagee upon such
attornment shall to the extent of the remaining term of the lease be the same as
now set.

                  (b)      The mortgagee shall be bound to the Tenant under all
of the terms of this Lease, and the Tenant shall, from and after such event,
have the same remedies against the mortgagee for the breach of an agreement
contained in this Lease that the Tenant might have had under this Lease against
the Landlord hereunder. In no event, however, shall the mortgagee be liable for
any act or omission of any prior Landlord, be subject to any offsets or defenses
which Tenant might have against any prior Landlord, or be bound by any rent or
additional rent which the Tenant might have paid to any prior Landlord for more
than the current month.

         IN WITNESS WHEREOF, the parties hereto have executed this Amended and
Restated Fort Worth Lease effective as of the day and year first above written.

                                    "TENANT"
                                    Central Freight Lines, Inc.

Signed on 8/3 2003                  By: /s/ Pat Curry
                                    Pat Curry
                                    Its: Vice President

                                    "LANDLORD"
                                    Jerry & Vickie Moyes

Signed on 8/15 2003                 /s/ Jerry Moyes
                                    Jerry Moyes

                                    /s/ Vickie Moyes
                                    Vickie Moyes

                                       18

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>35
<FILENAME>c72067exv10w14.txt
<DESCRIPTION>AMENDED AND RESTATED LEASE
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.14

                      AMENDED AND RESTATED EAGLE PASS LEASE

         THIS AMENDED AND RESTATED EAGLE PASS LEASE dated February 20, 2003 for
reference purposes ("Lease"), is entered into by and between JERRY AND VICKIE
MOYES, whose address is P.O. Box 29243, Phoenix, Arizona 85038-9243 ("Landlord")
and CENTRAL FREIGHT LINES, INC. whose address is P.O. Box 2638, Waco, Texas
76702-2638 ("Tenant").

Background. In February, 2003, in connection with a $65 million refinance
mortgage loan to Southwest Premier Properties, L.L.C. ("SPP") from Zions
National Bank (the "Loan"), Landlord, as an accommodation pledgor, pledged as
collateral one of the three properties subject to the Underlying Lease, as
defined below, making it necessary to split the three properties into two
leases. The underlying lease was executed March 2, 1998 covering the following
three properties: Eagle Pass, TX; Temple, TX, and Fort Worth, TX ("Underlying
Lease"). The Temple, TX property was sold to a third party, and is no longer
subject to the Underlying Lease or to this Lease. With respect to the Eagle Pass
property that is the subject of this Lease, this Amended and Restated Eagle Pass
Lease replaces and supplements the Underlying Lease. As of the date hereof, the
parties also have entered into an Amended and Restated Fort Worth Lease that
replaces and supplements in its entirety the Underlying Lease.

                               W I T N E S E T H :

                                    ARTICLE 1

                                    THE LEASE

         SECTION 1.01. Subject to the terms and conditions set forth below,
Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the
property located at Route 3, Box 1024, Eagle Pass, Texas 78852-0000 more fully
described on Exhibit "A" (herein, the "Property").

         SECTION 1.02. The term of this Lease is ten (10) years and shall
commence on MARCH 20, 1998, and shall end on MARCH 19, 2008, unless it is sooner
terminated as hereinafter provided. Landlord or Tenant may extend this Lease an
additional ten (10) years by giving six (6) months written notice of the
extension to the other party. In the event that the term is extended, the terms
and conditions shall remain the same as during the original term.

         SECTION 1.03 Tenant hereby consents to the release of the Property
subject to this Lease in the event of its sale by Landlord during the term of
this Lease. In the event of such sale, Tenant shall be relieved of its
obligations under the Lease, effective as of the date of closing of the sale of
the Property.

                                       1

<PAGE>

                                    ARTICLE 2

                                      RENT

         SECTION 2.01. Tenant agrees to pay rental to Landlord during the entire
term of this Lease without abatement or set off, base rent in monthly
installments, each in the amount of $1,013. Rent shall be paid in advance of
each month during the Term, on or before the last business day of each calendar
month, for the next succeeding month. Any portion of a month shall be on a daily
prorata basis.

         SECTION 2.02. Tenant shall also pay after thirty (30) days notice, and
without abatement, deductions or set off as additional rent hereunder, all sums,
costs and expenses which Tenant in any other provisions of this Lease agrees to
pay. In the event of nonpayment of such sums, Landlord shall have (in addition
to all other rights and remedies) all the rights and remedies provided herein or
by law for nonpayment of rent.

                                    ARTICLE 3

                                SECURITY DEPOSIT

         SECTION 3.01.  None.

                                    ARTICLE 4

                                   IMPOSITIONS

         SECTION 4.01. Tenant shall pay as and when due the charges for water,
sewer, electrical power, data lines, telephone service and trash collection.

         SECTION 4.02. Rent shall be paid to Landlord without notice or demand.
It is the intent of the Landlord and Tenant that all rental payable hereunder
shall be absolutely net to Landlord, and shall be paid, without abatement,
deduction or set off by the tenant. Tenant shall be responsible for real estate
taxes. Tenant shall also be responsible for the taxes on Tenant's personal
property.

         SECTION 4.03. All payments of rent are to made to Landlord, at such
place as Landlord shall designate in writing to Tenant. If after initial
designation Landlord desires that rent shall be paid and directed among other
parties, then Landlord shall make such designation in writing to Tenant,
otherwise such designation shall not be effective.

                                       2

<PAGE>

                                    ARTICLE 5

                            SURRENDER ON TERMINATION

         SECTION 5.01. Tenant shall, on the last day of the term hereof or upon
any earlier termination of this Lease, surrender the Property to Landlord in as
good condition, reasonable wear and tear excepted, as Tenant received the
Property from Landlord on the first day of the Lease term, free and clear of all
occupancies unless expressly permitted by Landlord in writing, and free and
clear of all liens and encumbrances other than those to which this Lease is
subject.

         SECTION 5.02. Tenant will, at the termination of this Lease by lapse of
time or otherwise, yield up immediate possession to Landlord, and failing to do
so, will pay as liquidated damages, for the whole time such possession is
withheld, the monthly rent set forth in Article 2 for the month immediately
prior to the termination; but the provisions of this clause shall not be held as
a waiver by Landlord of any right of re-entry as hereinafter set forth; nor
shall the receipt of said rent or any part thereof, or any other act in apparent
affirmance of tenancy, operate as a waiver of the right to forfeit this Lease
and the term hereby granted for the period still unexpired, for a breach of any
of the covenants herein.

         SECTION 5.03. Upon termination of this Lease, title to all permanent
improvements made or constructed by Tenant and located on the Property shall
vest in Landlord under the following terms and conditions. Tenants cost of
improvements to the Property shall be disclosed and agreed upon by amendment to
this Lease.

         SECTION 5.04. All personal property of Tenant which shall remain on the
Property after the termination of this Lease shall, at the option of Landlord,
be deemed to have been abandoned and may be retained by Landlord as its property
or be disposed of, without accountability, in such manner as Landlord may see
fit. However, Landlord shall also have the right to require Tenant to remove any
such personal property at Tenant's own cost and expense and to repair any
damages caused by such removal. Upon Tenant's failure to do so upon fifteen (15)
days notice from Landlord, Landlord may cause such personal property to be
removed and charge all cost of removal to Tenant.

         SECTION 5.05. The provision of this Article 5 shall survive the
expiration or any termination of this Lease.

                                    ARTICLE 6

                                    INSURANCE

         SECTION 6.01. During the term of the Lease, Tenant shall at its sole
cost and expense, keep all his personal equipment and furnishings insured.
Landlord assumes no responsibility for Tenant's personal property and
belongings. Tenant shall insure the buildings covered under this Lease.

                                       3

<PAGE>

         SECTION 6.02. In addition to the insurance to be provided and
maintained by Tenant pursuant to Section 6.01 above, Tenant at its sole cost and
expense, but for the mutual benefit of Landlord and Tenant, shall maintain
during the term of this Lease, personal injury and property damage liability
insurance against claims for personal injury, death or property damage,
occurring in, on or about the Property. Such insurance to afford minimum single
limit protection of not less than Two Million Dollars ($2,000,000).

         SECTION 6.03. Any additional insurance carried by Tenant shall not
reduce the insurance required under this Lease to be carried by Tenant on behalf
of Landlord, nor cause Landlord to become a co-insurer with any other person or
entity.

         SECTION 6.04. All insurance provided for in this Article shall be
effected under valid and enforceable policies in form reasonably satisfactory to
Landlord, issued by insurers of recognized responsibility which are licensed to
do business under the laws of the United States and the state of Texas. Upon the
execution of this Lease, and thereafter not less than thirty (30) days prior to
the execution dates of the expiring policies theretofore furnished pursuant to
this Article, one original certificate thereof, bearing notations evidencing the
payment of premiums or accompanied by other evidence satisfactory to Landlord of
such payment, and further showing Landlord to be listed as an additional named
insured and loss payee on all insurance policies provided for in this Article,
shall be delivered by Tenant to Landlord. Copies of all said insurance policies
provided for in this Article shall also be delivered to Landlord upon execution
of this Lease and thereafter not less than thirty (30) days prior to expiration
of said policies.

         SECTION 6.05. All policies of insurance provided for in Section 6.01
and 6.02 shall name Landlord and Tenant as the insureds, as their respective
interests may appear.

         SECTION 6.06. Each such certificate shall contain an agreement by the
insurer that such policy shall not be canceled or modified without at least
thirty (30) days prior written notice to Landlord.

                                    ARTICLE 7

                            LANDLORD'S RIGHT TO CURE

         SECTION 7.01. If Tenant shall at any time fail to pay any Imposition in
accordance with the provision of this Lease, or to take out, pay for, maintain
or deliver any of the insurance policies provided for in Article 6, or shall
fail to make any other payment or perform any other act on its part to be made
or performed under this Lease, including the obligation to maintain and repair
the Property, then Landlord, after thirty (30) days notice to Tenant (or without
notice in case of emergency) and without waiving or releasing Tenant from any
obligation of Tenant contained in this Lease, may (but shall be no obligation
to):

                  (a)      pay any Imposition by Tenant, or

                                       4

<PAGE>

                  (b)      make any other payment or perform any other act on
Tenant's part to be made or performed as in this Lease provided, and may enter
upon the Property for such purpose and take all such action thereon as may be
necessary therefor.

         SECTION 7.02. All sums so paid by Landlord and all reasonable costs and
expenses incurred by Landlord in connection with the performance of any such act
(together with interest thereon at the maximum interest rate then permitted by
Texas law from the respective dates of Landlord's making of each such payment or
incurring of each cost and expense) shall constitute additional rent payable by
Tenant under this Lease and shall be paid by Tenant to Landlord upon written
demand.

                                    ARTICLE 8

                            TENANT'S DUTY TO MAINTAIN

         SECTION 8.01. Throughout the term of this Lease, Tenant, at its own
cost and expense, will repair, maintain and take good care of the Property, and
appurtenances therein and every part of and portion of the Property and any
sidewalks, parking lots, driveways, roadways, walls, curbs, and vaults adjoining
and/or appurtenant to the Property and will keep same in good order and
condition. Tenant will neither do or suffer any waste or injury to the Property
or any part thereof, nor make any alteration of the Property without the
Landlord's prior written consent.

         SECTION 8.02. Tenant hereby assumes the full and sole responsibility
for the condition, operation, repair, replacement, maintenance, development, and
management of the Property throughout the entire term of this Lease. Tenant
accepts the Property in the condition existing as of the date of this Lease and
acknowledges that Landlord has not made any representation or warranty as to the
condition of the Property and the present suitability for the conduct of
Tenant's business on the Property.

         SECTION 8.03. It is understood and agreed that Tenant's duty to
maintain the Property is limited by the provision of Article 23 below.

                                    ARTICLE 9

                              COMPLIANCE WITH LAWS

         Subject to the provision of Article 23 below:

         SECTION 9.01. Throughout the term of this Lease, Tenant at its own cost
and expense, will promptly comply with (a) all present and future laws,
ordinances, orders, rules, regulations, and requirements of every duly
constituted governmental authority or agent, and (b) all orders, rules and
regulations of the National Board of Fire Underwriters, the Texas Fire Insurance
Rating Organization or any other body exercising similar functions.

                                       5

<PAGE>

         SECTION 9.02. Tenant shall likewise observe and comply with the
requirements of all policies of insurance at any time in force with respect to
the Property and of the insurance companies issuing them.

                                   ARTICLE 10

                               LIENS AND MORTGAGES

         SECTION 10.01. Tenant will not create or permit to be created or to
remain, and will discharge, any lien, encumbrance or charge which might be or
become a charge on the interest of Landlord under the Lease; provided, however,
nothing herein shall require payment by Tenant of any lien or encumbrance
created by Landlord.

         SECTION 10.02. If any mechanic's, laborer's or materialman's lien shall
at any time be filed against the Property or any part thereof, Tenant, if
Landlord shall so require, within ninety (90) days after commencement of
foreclosure action thereon, whichever shall first occur, will cause the same to
be discharged of record by payment, deposit, bond, order of a court of competent
jurisdiction or otherwise. If Tenant shall fail to cause such lien to be
discharged within such period, then, in addition to any other right or remedy
which Landlord may have under this Lease or otherwise, Landlord may, but shall
not be obligated to, discharge the same either by paying the amount claimed to
be due or by procuring the discharge of such lien by deposit or by bonding
proceedings, and in any such event Landlord shall be entitled, if Landlord so
elects, to compel the prosecution f an action for the foreclosure of such lien
by the lienor and to pay the amount of the judgment in favor of the lienor with
interest, costs and allowances, and recover such sums from Tenant including the
cost of discharge by deposit or bond, plus interest, as herein above provided.

                                   ARTICLE 11

                           SALE OF LANDLORD'S INTEREST

         SECTION 11.01. In the event of any sale or exchange of the Property by
Landlord and assignment by Landlord of this Lease, Landlord shall be relieved of
all liability under all of its covenants and obligations contained in or derived
from this Lease arising out of any act, occurrence or omission relating to the
Property of this Lease occurring after the consummation of such sale or
exchange.

                                   ARTICLE 12

                              RESTRICTED LAWFUL USE

         SECTION 12.01. Tenant will not use or allow the Property or any part
thereof to be used or occupied for any unlawful purpose or in violation of any
certificate of occupancy or certificate

                                       6

<PAGE>

of compliance covering or affecting the use of the Property or any part
thereof, and Tenant will not suffer any act to be done or any condition to exist
on the Property or any part thereof, or any article to be brought thereon, which
may be dangerous, unless safeguarded as required by law, or which, in law,
constitutes a nuisance, public or private, or which may make void or voidable
any insurance then in force with respect thereto, unless consented to by
Landlord, in writing.

                                   ARTICLE 13

                               HAZARDOUS MATERIALS

         SECTION 13.01. Tenant shall act, at its expense, comply with all
applicable laws, regulations, rules and orders, regardless of when they become
or became effective, including without limitation those relating to health,
safety, noise, environmental protection, waste disposal and water and air
quality, and furnish satisfactory evidence of such compliance upon request of
Landlord. Should any discharge, leakage, spillage, emission, or pollution of any
type occur upon or from the leased Property, due to Tenant's use and occupancy
thereof, Tenant, at its expense shall be obligation to clean the Property to the
satisfaction of Landlord and any governmental body having jurisdiction there
over Tenant and landlord agree to indemnify, hold harmless and defend each other
against all liability, cost and expense (including without limitation, any
fines, penalties, judgments, litigation costs and attorney's fees) incurred by
the other party as a result of the other parties breach of this Section 13.
Landlord hereby represents and warrants to Tenant that to the best of Landlord's
knowledge, neither Landlord, nor to the best of Landlord's knowledge any other
person has ever caused or permitted any Hazardous Material to be released from
the leased Property, into any water course, body or water, or wetlands and
neither has the leased Property ever been used as a treatment, or disposal site
for any Hazardous Material. The term "Hazardous Material" means and includes any
petroleum products and any hazardous substance or any pollutant or contaminant
defined as such (or for purposes of) the Comprehensive Environmental Response
Compensation, and Liability Act; any so-called "Superfund" or "Superlien" law;
Toxic Substances Control Act; or other federal, state or local statute, law,
ordinance, code, rule, regulation, order, or decree regulation, relating to, or
imposing liability or standards of conduct concerning any hazardous, toxic or
dangerous wastes, substance or material, as now or at any time hereafter in
effect; and asbestos or any substance or compound containing asbestos, PCB's or
any other hazardous, toxic or dangerous waste, substance or material
(hereinafter collectively referred to as "Environmental Laws").

                                   ARTICLE 14

                      LANDLORD'S RIGHT TO INSPECT AND ENTER

         SECTION 14.01. Tenant will permit Landlord, and its authorized
representatives, to enter the Property at all reasonable times during usual
business hours for the purpose of (a) inspecting the same, and (b) making any
repairs thereto and performing any work therein that may be necessary by reason
of Tenant's default under this Lease. Nothing herein shall imply any

                                       7

<PAGE>

duty upon the part of Landlord to do work which Tenant is required to perform,
and performance thereof by Landlord shall not constitute a waiver of Tenant's
default.

         SECTION 14.02. Landlord shall upon twenty four (24) hours oral notice
have the right to enter the Property at all reasonable times during usual
business hours for the purpose of showing the same to prospective purchasers or
mortgagors thereof.

         SECTION 14.03. Landlord may, during the progress of any work performed
by Landlord, keep and store upon the Property all necessary materials, tools,
supplies and equipment. Landlord shall not be liable for inconvenience,
annoyance, disturbance, loss of business or other damage of Tenant or any
subtenant reasonably and necessarily required by the making of such repairs or
the performance of any such work, or an account of bringing materials, tools,
supplies and equipment into or through the Property during the course thereof,
and the obligations of Tenant under this Lease shall not be affected thereby.

                                   ARTICLE 15

                               TENANT TO INDEMNIFY

         SECTION 15.01. Tenant will pay and discharge, and indemnify, defend and
save harmless Landlord against and from costs, charges and expenses, including
reasonable attorneys' fee, which may be imposed upon or incurred by or asserted
against Landlord and/or against the Property by reason of any of the following
occurring during the term of this Lease, except as and to the extent (i) the
same may arise from the negligence of Landlord or (ii) the same relate to the
express responsibilities of Landlord hereunder:

                  (a)      Any work or thing done or suffered by Tenant in, on,
or about the Property, or any part thereof;

                  (b)      Any use, possession, occupation, condition,
operation, maintenance or management of the Property;

                  (c)      Any negligence on the part of Tenant or any of its
agents, contractors, servants, employees, licensee, or invitees;

                  (d)      Any accident, injury or damage to any person or
property occurring in, on, or about the Property or any part thereof;

         In case any action or proceeding is brought against Landlord by reason
of any such claim, Tenant, upon written notice from Landlord shall, at Tenant's
expense, resist or defend such action or proceeding by counsel selected by
Tenant and reasonably satisfactory to Landlord. Tenant may settle any such claim
at any time on such items as it may find acceptable.

                                       8

<PAGE>

                                   ARTICLE 16

                              DAMAGE OR DESTRUCTION

         SECTION 16.01. In case of casualty to the Property resulting in damage
or destruction, Tenant will promptly give written notice thereof to Landlord.
Tenant, at its sole cost and expense, whether or not such casualty loss is
covered by insurance and whether or not the insurance proceeds, if any, shall be
sufficient for the purpose, shall restore, repair replace or rebuild the same as
nearly as possible to its value, condition and character immediately prior to
such damage or destruction.

         SECTION 16.02. No destruction of or damage to the Property or any part
thereof by fire or any other casualty, irrespective of whether such destruction
or damage may occur before, on or after the date of the commencement of the term
of this Lease, shall permit Tenant to surrender this Lease or shall relieve
Tenant from its liability to pay the full net rent and other charges payable
under this Lease, and Tenant waives any rights now or hereafter conferred upon
it by statute or otherwise to quit or surrender this Lease or the demised
Property or any part thereof, or to any suspension, diminution, abatement or
reduction of net rent on account of such destruction or damage. Notwithstanding
the foregoing, in the event that the Property or a significant portion thereof
(exclusive of buildings and other improvements thereon) are materially damaged
or destroyed by a natural disaster or other casualty (other than fire) such that
they cannot economically or feasibly be used by Tenant in the conduct or
operation of its business, irrespective of whether such damage or destruction
may occur before, or after the date of the commencement of the term of his
Lease, Tenant may at its option terminate this Lease upon thirty (30) days prior
written notice to Landlord given with fifteen (15) days of such damage or
destruction. Upon such termination, neither party shall have any further
obligation to the other except with respect to accrued but unpaid liabilities
under the Lease to the date of termination.

                                   ARTICLE 17

                                  CONDEMNATION

         SECTION 17.01. Wherever used in this Article, the following words shall
have the definitions and meaning hereinafter set forth:

                  (a)      "Condemnation": any action or proceeding brought for
the purpose of any taking of the fee of the Property or any part thereof or
interest therein (including the leasehold estate of Tenant in the Property) by
competent authority as a result of the exercise of the power of eminent domain,
including a voluntary sale to such authority either under threat of condemnation
or while such action or proceeding is pending.

                  (b)      "Vesting Date": the event and date of vesting title
to the fee of the Property or any part thereof or interest therein, in the
competent authority pursuant to condemnation.

                                       9

<PAGE>

         SECTION 17.02. If all of the Property shall be taken in condemnation,
this Lease shall terminate at the Vesting Date and the net rent under this Lease
shall be apportioned to the date of such termination.

         SECTION 17.03. If less than all of the Property shall be taken in
condemnation, Landlord and Tenant mutually shall determine, within a reasonable
time after the Vesting Date, whether the remaining buildings and improvements
thereon (after necessary repairs and reconstruction to constitute them a
complete architectural unit) can economically and feasibly be used by Tenant.

If it is determined that the remaining Property cannot economically and feasibly
by used by Tenant, taking into account minimum space requirements for the
conduct and operation of its business, Landlord or Tenant, at their respective
election, may terminate this Lease on thirty (30) days notice after such
determination, and the net rent and other charges payable by Tenant under this
Lease shall be apportioned to the date of termination. Thereafter, neither party
shall have any continuing obligation to the other hereunder.

         SECTION 17.04. In the event of condemnation, the entire condemnation
award shall be paid to the Landlord.

         SECTION 17.05. If this Lease shall not terminate as provided in Section
17.02, the base rent thereafter required to be paid shall be reduced by a
fraction, the denominator of which shall be the total square footage of the
Property prior to condemnation, and the numerator of which shall be the
denominator minus the total square footage of the Property after condemnation.

                                   ARTICLE 18

                                   ASSIGNMENT

         SECTION 18.01. Tenant may not sell, transfer, assign, sublease,
license, concession or transfer all or any part of its rights under this Lease
without the prior written consent of Landlord. Landlord's consent to any such
assignment shall not be unreasonably withheld. Provided, however, it shall be a
condition to Landlord's consent that the proposed transferee has the financial
ability and business experience to own and operate the business located on the
Property and has a good business reputation.

         Upon any such permitted assignment or transfer, Tenant (and any
previous assignee) shall remain fully liable hereunder and shall not be released
from the performance of any remaining obligations of Tenant under his Lease
during the remainder. Tenant shall deliver to Landlord not later than five (5)
days before the effective date thereof, a duplicate original of such assignment
together with the assumption agreement by the assignee.

         SECTION 18.02. Any assignment of sublease which may hereafter be made
by Tenant with Landlord's approval shall provide that it is expressly made
subject to the terms, covenants, provisions and conditions of this Lease and is
subordinate thereto, and shall prohibit prepayment

                                       10

<PAGE>

of rent thereunder (including security) in an amount exceeding three (3) months
rent. Landlord will issue non-disturbance agreements to subtenants requesting
same in writing, provided their respective subleases are commercially reasonable
terms.

         SECTION 18.03. Tenant hereby assigns to Landlord, effective upon the
occurrence of any Event of Default hereunder, and so long as such Default
remains uncured, as collateral security for the performance of all obligations
of Tenant under this Lease, any sublease created by Tenant and each and every
amendment, modification or extension thereof. In no event shall such assignment
impose upon Landlord any duty or obligation to perform any of the obligations of
Tenant as sub-landlord under any such lease or subleases. After default by
Tenant, Landlord may collect the rents and subrents from any and all subtenants
or occupants and apply the net amount collected to the net rent under this
Lease, but no such collection by landlord will be deemed to be a waiver of any
agreement, term, covenant, or condition of this Lease by Landlord, nor the
acceptance by Landlord of any subtenant or occupant, as Tenant.

         SECTION 18.04. Notwithstanding any provision of this Article 18,
Tenant's interest in this Lease may be assigned with Landlord's written consent.
Provided, however, upon any such assignment, Tenant (and any previous assignee)
shall remain fully liable hereunder and shall not be released from the
performance of any remaining obligations of Tenant under this Lease during the
remainder of the term.

                                   ARTICLE 19

                                TENANT'S DEFAULTS

         SECTION 19.01. The occurrence of any one or more of the following
events (herein sometimes called "Events of Default") shall constitute a material
default and breach of this Lease by Tenant:

                  (a)      Failure to make in the due and punctual payment of
any rent, or in the payment of any other sums required to be paid by Tenant
under this Lease when and as the same shall become due and payable; or

                  (b)      Failure by Tenant to perform of or compliance with
any of the covenants, agreements, terms or conditions contained in this Lease
other than those referred to in the foregoing subdivisions (a), and the
continuation of such default for a period of thirty (30) days after written
notice thereof form Landlord to Tenant (provided, that if Tenant proceeds with
due diligence during such thirty (30) day period to cure such default and is
unable by reason of the nature of the work involved, to cure the same within the
said thirty (30) days, its time to do so shall be extended for such additional
period as shall be necessary to cure the same); or

                  (c)      The filing by Tenant of a voluntary petition in
bankruptcy or the adjudication of Tenant as a bankrupt or insolvent, or taking
by Tenant of the benefit of any relevant debtors or the filing by Tenant of any
petition or answer seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief for itself under

                                       11

<PAGE>

any present or future federal, state or other consent to or acquiesce in the
appointment of any trustee, receiver or liquidator of Tenant or all or any
substantial part of its properties, or the making by Tenant of any general
assignment for the benefit of creditors; or

                  (d)      The filing against Tenant of a petition seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future federal, state or other statute,
law or regulation which petition shall remain undismissed or unstayed for an
aggregate of sixty (60) days, or if any trustee, receiver or liquidator of
Tenant, or of all or any substantial part of its properties, shall be appointed
without the consent or acquiescence of Landlord and such appointment shall
remain unvacated or unstayed for an aggregate of sixty (60) days.

         In the event of any such Event of Default, this Lease and the term
herein stated and all rights of Tenant under this Lease at the option of the
Landlord shall expire and terminate.

         SECTION 19.02. Upon any such termination of this Lease, Tenant shall
quit and peacefully surrender the Property to Landlord and the buildings and
improvements thereon shall automatically be and become the property of Landlord
free and clear of any claims of Tenant. At any time on or after such
termination, Landlord may without further notice, enter upon the Property by
force, summary proceedings, ejectment or otherwise, and dispose and remove
Tenant therefrom.

         SECTION 19.03. In such event of termination, Landlord shall be entitled
to accelerate the rent to recover from Tenant all unpaid installments of rent
and other sums due and owing under this Lease for the remainder of the term and
all other damages incurred by Landlord by reason of Tenant's default, including
but not limited to any or all of the following:

                  (a)      The cost of recovering possession of the Property,
including attorney's fees and court costs;

                  (b)      Any other amount necessary to compensate Landlord for
all the determent proximately caused by Tenant's failure to perform its
obligations under this Lease or which in the ordinary course of things would be
likely to result therefrom; and

                  (c)      Any other amounts and remedies permitted by law. All
remedies are cumulative and are not alternate or singular.

         SECTION 19.04. At any time (a) written fifteen (15) days prior to the
expiration of the term of this Lease, or (b) after Landlord or Tenant shall have
been served any notice of termination of this Lease, but prior to the date of
termination, or (c) after Landlord shall have commenced a proceeding to recover
possession of the Property, but prior to the termination of this Lease, all
subleases theretofore executed by or assigned to Tenant and the rents payable
thereunder, at the option of Landlord (such option to be exercised by notice to
Tenant), shall be deemed assigned and transferred by Tenant to Landlord. Such
assignment and transfer shall be effect without execution by Tenant of any
instrument. However, Tenant at Landlord's request, shall execute, acknowledge
and deliver to Landlord an instrument or instruments, in recordable

                                       12

<PAGE>

form, confirming such assignment and transfer, and in the event that Tenant
shall fail or refuse to execute, acknowledge or deliver such instrument,
Landlord, in addition to any other rights and remedies, may as the
attorney-in-fact of Tenant, execute, acknowledge and deliver it, and Tenant
hereby irrevocably nominates, constitutes and appoints Landlord Tenant's proper
and legal attorney-in-fact for such purpose, coupled with an interest, hereby
ratifying all that Landlord may do in such capacity.

         SECTION 19.05. Tenant, for and on behalf of itself and all persons
claiming through or under Tenant waives any and all right of redemption or
reentry or repossession or to restore the operation of this Lease in case Tenant
shall be dispossessed by a judgment or by warrant of any court or judge or in
case of expiration or termination of this Lease. The terms "enter", "reenter",
"entry" or "reentry", as used in this Lease, are not restricted to their
technical legal meaning.

         SECTION 19.06. No failure by Landlord to insist upon the strict
performance of any covenant, agreement, term or condition of this Lease or to
exercise any right or remedy consequent upon a breach thereof, and no acceptance
of full or partial rent during the continuance of any such breach, shall
constitute a wavier of any such breach or of such covenant, agreement, term of
condition. No covenant, agreement, term of condition of this Lease to be
performed or complied with by Landlord or Tenant, and no breach thereof, shall
be waived, altered or modified, except by a written instrument executed by the
party to be charged therewith. No waiver of any breach shall affect or alter
this Lease, but each and every covenant, agreement, term, and condition of this
Lease shall continue in full force and effect with respect to any other then
existing or subsequent breach thereof.

         SECTION 19.07. In the event of any breach by Tenant of any of the
covenants, agreements, terms or conditions contained in this Lease, Landlord
shall be entitled to enjoin such breach and shall have the right to invoke any
right and remedy allowed at law or in equity for such breach as through
re-entry, summary proceedings, and other remedies were not provided for in this
Lease. In the event of Tenant's failure to pay rent on the date when due, Tenant
shall pay Landlord interest on any such overdue payments at the lessor of its
maximum interest rate then permitted by Texas law or fifteen percent (15%) per
annum.

                                   ARTICLE 20

               END OF TERM, INTEREST ON DEFAULT, AND LATE CHARGES

         SECTION 20.01. All rent in arrears and all amounts collectible
hereunder shall bear interest at the lessor of (i) fifteen percent (15%) per
annum or (ii) the maximum rate then permitted by Texas law, from their
respective due dates until paid, provided that this shall in no way limit,
lesson or affect any claim for damages by Landlord for any breach or default by
Tenant.

         SECTION 20.02. Tenant hereby acknowledges that late payment by Tenant
to Landlord of rent and other sums due hereunder will cause Landlord to incur
costs not contemplated by this Lease, the exact amount of which will be
extremely difficult to ascertain. Such costs include, but

                                       13

<PAGE>

are not limited to processing and accounting charges, and late charges which may
be imposed on Landlord by the terms of any mortgage or trust deed covering the
Property.

                                   ARTICLE 21

                                  SEVERABILITY

         SECTION 21.01. If any term of provision of this Lease or the
application thereof to any person or circumstances shall, to any extent, be
invalid or unacceptable, the remainder of this Lease, or the application of such
term or provision to persons or circumstances other than those as to which it is
held invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Lease shall be valid and be enforced to the fullest extent
permitted by law.

                                   ARTICLE 22

                              NOTICES AND CONSENTS

         SECTION 22.01. Any notice, request, demand, statement or consent herein
required or permitted to be given by either party to the other hereunder shall
be in writing and shall be deemed to have been sufficiently and effectually
given if signed by or on behalf of the party giving the notice and mailed by
registered or certified prepaid post, return receipt requested, addressed to the
other;

         If to Landlord:

                Jerry & Vickie Moyes
                c/o Gary Weinberger
                (by U.S. Mail)                         (by Express Courier)
                P.O. Box 29243                         2200 South 75th Avenue
                Phoenix, AZ  85038-9243                Phoenix, AZ  85043

         And if to Tenant:

                Central Freight Lines, Inc.
                Attn: Clay Embry
                (by U.S. Mail)                         (by Express Carrier)
                P.O. Box 2638                          5601 Waco Drive
                Waco, TX 76702                         Waco, TX 76710
                telephone no. 254-741-5345
                facsimile no. 254-741-5337

         Any such notice given as aforesaid shall be conclusively deemed to have
been given and received, if mailed by U.S. mail properly addressed and postage
prepaid, three (3) business days next following the day on which such notice was
mailed. Either party may, from time to time,

                                       14

<PAGE>

furnish to the other notice of the address or change of address to which notices
are to be given to it hereunder.

         SECTION 22.02. Wherever any consent is required under this Lease, the
same shall not be unreasonably withheld.

                                   ARTICLE 23

                          CONDITION OF LEASED PROPERTY

         SECTION 23.01. Tenant represents that, except as expressly provided in
this Article 23, the Property, all surface conditions thereof, and the present
uses thereof, have been examined by Tenant and that Tenant accepts the same in
the condition or state in which they or any of them may be upon the date of this
Lease, without any representation or warranty, express or implied, in fact or by
law, by Landlord and without recourse to Landlord, as to the nature, condition
or usability thereof or the use or uses to which the Property or any part
thereof may be put.

                                   ARTICLE 24

                           COVENANT OF QUIET ENJOYMENT

         SECTION 24.01. Except as provided in Articles 7 and 14 and in Section
24.03 below, Landlord covenants that Tenant, upon paying the rent and all other
charges herein provided for and observing and keeping all covenants, agreements
and conditions of this Lease on its part to be kept, shall quietly have and
enjoy the Property during the term of this Lease, without hindrance or
molestation by Landlord or anyone claiming by or through Landlord.

         SECTION 24.02. In case Landlord or any successor owner shall convey or
further lease the Property, all liabilities and obligations on the part of the
Landlord, as Landlord, under this Lease occurring after such conveyance shall
terminate upon such conveyance, and thereupon all such liabilities and
obligations will be binding upon the grantee or lessee as successor Landlord.

         SECTION 24.03. Tenant nor Tenant's employees, agents or legal
representatives are permitted to park, store or house their personal trailers,
boats, recreational vehicles of any kind, farm equipment, campers or storage
units on the leased Property or any of the property owned by and/or controlled
by Landlord.

                                   ARTICLE 25

                                     BROKERS

         SECTION 25.01. Landlord and Tenant each represent and warrant to each
other that no agent or broker represents them in connection with this Lease.

                                       15

<PAGE>

                                   ARTICLE 26

                                    CAPTIONS

         SECTION 26.01. The captions of this Lease are for convenience and
reference only and in no way define, limit or describe the scope or intent of
this Lease nor in any way affect this Lease.

                                   ARTICLE 27

                                   SUCCESSORS

         SECTION 27.01. The covenants and agreements herein contained shall bind
and inure to the benefit of Landlord and Tenant and their respective heirs,
legal representatives, successors and assigns, except as otherwise provided
herein.

                                   ARTICLE 28

                                 DELAYING CAUSES

         SECTION 28.01. If either party is delayed in the performance of any
covenant of this Lease because of any of the following causes: unusual action of
the elements, war, riot, strikes, lockouts, labor disputes, inability to procure
or general shortage of labor, materials or merchandise in the normal channels of
trade, delay in transportation, delay in inspections, governmental action or
inaction where action is required, or any cause beyond the reasonable control of
the party so obligated, whether similar or dissimilar to the foregoing (except
for any delay on account of financial inability), then such performance shall be
excused for the period of the delay and the period such performance shall be
extended for a period equivalent to the period of such delay, except that the
foregoing shall in no way affect (i) Tenant's obligation to pay rent or other
monetary obligations hereunder, or (ii) the length of the term.

                                   ARTICLE 29

                                 NO PARTNERSHIP

         SECTION 29.01. Nothing contained in this Lease shall be construed as
creating any type or manner of partnership, joint venture or joint enterprise
with or between Landlord and Tenant.

                                       16

<PAGE>

                                   ARTICLE 30

                                  MISCELLANEOUS

         SECTION 30.01. This Lease shall be construed and enforced in accordance
with the laws of the State of Texas.

         SECTION 30.02.  Time is of the essence of this Lease.

                                   ARTICLE 31

                               FURTHER INSTRUMENTS

         SECTION 31.01. Upon request of Tenant or Landlord, the parties hereto
shall execute and deliver such further instruments in form for recording as may
be necessary to effect this Lease and the covenants and obligations of the
parties hereto.

         SECTION 31.02. This Agreement is the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous representations, negotiations, undertakings and
agreements, written or oral, among any of the parties. No representation,
inducement, agreement, promise, understanding, or waiver altering, modifying,
taking from or adding to the terms and conditions hereof, shall have any force
or effect unless the same is in writing and validly executed by all the parties
hereto.

                                   ARTICLE 32

                       SUBORDINATION OF LEASE TO MORTGAGES

                  SECTION 32.01 This Lease shall be subject and subordinate at
all times to the lien of existing mortgages and of mortgages which hereafter may
be made a lien on the Premises. Although no instrument or act on the part of the
Tenant shall be necessary to effectuate such subordination, the Tenant will
nevertheless execute and deliver such further instruments subordinating this
Lease to the lien of any such mortgages as may be desired by the mortgagee. The
Tenant hereby irrevocably appoints the Landlord his attorney-in-fact to execute
and deliver any such instrument for the Tenant. Provided, however, and
notwithstanding the foregoing provisions hereof, upon foreclosure of the
mortgage with the mortgagee succeeding to the rights of the Landlord, the Tenant
shall, at the option of said mortgagee, attorn to the mortgagee as follows:

                  (a)      Tenant shall be bound to the mortgagee under all the
terms of the Lease for the balance of the term hereof remaining with the same
force and effect as if the mortgagee were the Landlord under the Lease, and
Tenant hereby attorns to the mortgagee as its Landlord, such attornment to be
effective and self-operative, without the execution of further instrument on the
part of either of the parties hereto, and immediately upon the mortgagee
succeeding to the

                                       17

<PAGE>

interest of Landlord under this lease and having given written notice of the
same to Tenant. The respective rights and obligations of Tenant and of the
mortgagee upon such attornment shall to the extent of the remaining term of the
lease be the same as now set.

                  (b)      The mortgagee shall be bound to the Tenant under all
of the terms of this Lease, and the Tenant shall, from and after such event,
have the same remedies against the mortgagee for the breach of an agreement
contained in this Lease that the Tenant might have had under this Lease against
the Landlord hereunder. In no event, however, shall the mortgagee be liable for
any act or omission of any prior Landlord, be subject to any offsets or defenses
which Tenant might have against any prior Landlord, or be bound by any rent or
additional rent which the Tenant might have paid to any prior Landlord for more
than the current month.

         IN WITNESS WHEREOF, the parties hereto have executed this Amended and
Restated Eagle Pass Lease effective as of the day and year first above written.

                                   "TENANT"
                                   Central Freight Lines, Inc.

Signed on 8/3 2003                 By: /s/ Pat Curry
                                   Pat Curry
                                   Its: Vice President

                                   "LANDLORD"
                                   Jerry & Vickie Moyes

Signed on 8/15 2003                /s/ Jerry Moyes
                                   Jerry Moyes

                                   /s/ Vickie Moyes
                                   Vickie Moyes

                                       18

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>36
<FILENAME>c72067exv10w15.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT - FASSO
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.15

                              EMPLOYMENT AGREEMENT

         This Employment Agreement dated January 7, 2002 (this "Agreement"),
made by and between Central Freight Lines, Inc., a Texas corporation with its
principal place of business in Waco, Texas (the "Company"), and Robert V. Fasso,
(hereinafter, the "Employee").

                                   WITNESSETH:

                                    Section 1

                          Employment Duties of Employee

         The Company hereby hires the Employee to serve the Company as Chief
Executive Officer. The Employee does hereby accept such employment and agrees to
perform the duties required of him in such capacity faithfully, industriously
and to the best of his ability as such duties pertaining to such capacity are
from time to time established by the Board of Directors of the Company;
provided, however, that such duties shall specifically provide for the Employee
to be the Chief Executive Officer of the Company.

                                    Section 2

                               Place of Employment

         The Employee's main business office will remain in the general Phoenix
area, so as not to require the relocation of his family from their current
Scottsdale, Arizona residence.

                                    Section 3

                     Time to be Devoted to Company Business

         The Employee shall give his best endeavors to the discharge of his
duties hereunder with undivided loyalty, devoting substantially all of his
business time, attention, knowledge, energy and skills to such employment. The
Employee shall not permit his employment by, or association with, any other
person, firm or corporation, other than the Company, to interfere with the
performance of his duties to the Company.

                                    Section 4

                        Base Compensation of the Employee

<PAGE>

         As base compensation for the services to be performed by the Employee
as herein provided, the Company agrees to pay the Employee an annual salary of
$325,000.00, payable in accordance with the payment practices of the Company,
but not less than one pro-rated payment monthly. The Employee's base
compensation may be increased but may not be decreased, by merit raises in an
amount to be determined annually by the Board of Directors of the Company, and
to be based upon an annual review of Employee's performance by the Board of
Directors of the Company.

                                    Section 5

                                Performance Bonus

         As additional compensation to the Employee for the services to be
performed by the Employee as herein provided, the Employee shall be eligible to
participate in the annual bonus plan as set forth on Appendix A, attached hereto
and incorporated herein (the "Annual Bonus Plan"); provided, however, that in
the year the Employee ceases to be employed by the Company on a full-time basis,
the Employee's participation in the Annual Bonus Plan shall be pro-rated and
calculated as follows: the bonus that the Employee would have been entitled to
receive if the Employee had been employed by the Company on the last day of that
year, multiplied by a fraction, the numerator of which shall be the number of
days in that year that the Employee was employed by the Company on a full-time
basis, and the denominator of which shall be 365.

                                    Section 6

                               Granting of Equity

         The Company shall cause its parent company, Central Freight Lines,
Inc., a Nevada corporation (the "Parent"), to grant to the Employee an option to
purchase 1,260,000 shares of the Parent's Class A Common Stock (the "Option
Shares"), for a period of 10 years from the Commencement Date (as defined in
Section 7 of this Agreement), at a price of $1.35 per share. The Employee's
right to purchase the Option Shares shall vest 50% on the Commencement Date,
with the remaining 50% vesting 20% per year beginning with the first anniversary
of the closing date of the initial public offering of the Parent's Class A
Common Stock, all as more specifically described in a Stock Option Agreement to
be entered into by the Parent and the Employee.

                                    Section 7

                                Term of Agreement

         (i)      The term of this Agreement shall commence on January 7, 2002
(the "Commencement Date"), and shall remain in force for as long as the Employee
is employed by the Company.

                                     - 2 -

<PAGE>

         (ii)     The Employee may be terminated at any time upon payment of two
years' salary at the then current level. The removal of the Employee as Chief
Executive Officer of the Company, or a material adverse change in his
responsibilities, shall constitute a termination for the purposes of this
Agreement. In no event, however, shall the Employee be entitled to receive the
payment described in this Section 7(ii) if the Employee voluntarily terminates
his employment with the Company.

                                    Section 8

                                    Insurance

         During the term of the Employee's employment, the Company will pay the
premiums on two life insurance polices, one $4,000,000 term policy and one
$1,000,000 whole-life policy, owned by the Employee; provided, however, that in
no event shall the Company's obligation to pay such premiums exceed $7,000 per
policy per year unless approved by the Board of Directors of the Company.

                                    Section 9

                                 Indemnification

         The Company shall indemnify and hold the Employee harmless from and
against any and all claims, demands, suits, expenses (including attorneys'
fees), judgments, fines, amounts paid in settlement of claims of any kind, and
all other liabilities of any kind which arise by reason of the fact that the
Employee is or was an officer, director, employee or agent of the Company, or is
or was serving on behalf of the Company as a director, officer, employee or
agent of any other corporation, partnership, joint venture, trust or other
enterprise, during any period of time from and after the Commencement Date. Such
indemnification by the Company shall extend to the full extent permitted by law
so long as the Employee acted in good faith. Such indemnification shall not
extend to acts of the Employee which constitute bad faith or a willful breach of
trust in the performance of his duties hereunder or acts of the Employee which
are criminally illegal. The indemnification provided herein is in addition to
and not in substitution for, any indemnification provided the Employee by any
other document executed by the Company or any other person or entity. The rights
of the Employee under this Section 9 shall not be limited to the life of this
Agreement.

                                   Section 10

                                     Notices

         All notices, requests, demands and other communications provided for by
this Agreement shall be in writing and shall be deemed to have been given when
mailed at any general or branch office of the United States Postal Service
enclosed in a certified postage paid envelope and addressed to the address of
the respective parties stated below or to such changed address as the party may
have fixed by notice:

                                     - 3 -

<PAGE>

To the Company:            c/o Mr. Jerry Moyes, Chairman of the Board
                           Central Freight Lines, Inc.
                           2200 South 75th Avenue
                           Phoenix, AZ 85043

With a copy to:            Scudder Law Firm, P.C., L.L.O.
                           411 S. 13th Street, Suite 200
                           Lincoln, NE 68508
                           Attn: Earl Scudder

To the Employee:           Mr. Robert V. Fasso
                           13431 E. Wethersfield Road
                           Scottsdale, AZ 85259

With a copy to:            Mariscal, Weeks, McIntyre & Friedlander, P.A.
                           2901 North Central Avenue, Suite 200
                           Phoenix, AZ 85012-2705
                           Attn: Anne L. Tiffen

                                   Section 11

                               General Provisions

         This Agreement and the Interest Purchase Agreement and the Secured
Promissory Note both of even date herewith between the Employee and Southwest
Premier Properties, L.L.C., a Texas limited liability company and related entity
of the Company ("SPP"), constitute the entire agreement between the Company and
the Employee and SPP and the Employee, with respect to the Employee's employment
by the Company and his relationship with SPP, respectively. No prior written or
prior contemporaneous oral promises or representations shall be binding. This
Agreement shall not be amended or changed except by written instrument signed by
both parties; however, nothing herein shall prohibit or prevent the Company from
establishing rules and regulations as above provided.

         This Agreement supersedes all prior employment agreements, if any,
between the Company and the Employee.

         At any time herein the Employee is referred to, such term shall also
mean the Employee's heirs, devises, executors and administrators as the case may
be.

         This Agreement and any and all rights hereunder shall not be assignable
by the Company or the Employee.

                                     - 4 -

<PAGE>

         This Agreement is executed and delivered in, and shall be construed and
enforced in accordance with the laws of the State of Arizona

CENTRAL FREIGHT LINES, INC.,                  EMPLOYEE
a Texas corporation

By: /s/ Jerry Moyes                           /s/ Robert V. Fasso
    ____________________________              ____________________________
                                              Robert V. Fasso
Title: _________________________

Date: __________________________              Date: _______________________

                                     - 5 -

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>37
<FILENAME>c72067exv10w16.txt
<DESCRIPTION>EMPLOYMENT OFFER LETTER - SLAY
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.16

                    [CENTRAL FREIGHT LINES, INC. LETTERHEAD]

December 23, 2002

Mr. Doak Slay
155 Northwind Trail
Fayetteville, GA 30214

Re: Employment Offer

Dear Doak:

It is with great pleasure and excitement that we convey the following offer of
employment to you.

Your title will be Senior Vice President of Sales and Marketing and you will be
an officer of the company. Your starting salary will be $190,000 per year. Your
bonus potential will be up to 50 percent of your base salary and will be an
annual bonus based upon the Operating Ratio of the company for that year. You
will be granted options to purchase 100,000 shares of Central Freight Lines
common stock. Those options will vest at a rate of 20 percent per year for the
ensuing 5 years in accordance with a Stock Option Agreement that you and the
company will sign. The Option Price will be determined by the Board of Directors
upon the Grant Date of the options and will be based upon the Fair Market Value
at that time.

You will be provided an appropriate company vehicle for your use during your
employment with Central Freight Lines. At your option, we can either purchase
your existing vehicle from you or purchase a new vehicle for your use. All of
your reasonable moving expenses will be paid by Central, which will include the
cost of the physical move and reasonable closing costs on either end. Should you
have difficulty selling your house, Central will provide you with assistance in
that matter as well. It is understood that your family may not move to Texas
until June and you will be allowed temporary living expenses until that time if
necessary as well as paid trips home to visit your family.

In addition to this package, our intention is for our Officer's Income Tax
returns and Financial and Estate Planning to be performed by the same
professionals who handle the corporate work. I have enclosed a benefit package
that will outline our Health, Dental, Vision, and Life Insurance plans and their
requirements. You will become eligible for our benefit programs 90 days from
your date of employment and we will reimburse you for the COBRA payments that
you will have during that period of time. Although your vacation will accrue in
accordance with the
<PAGE>

policies of Central Freight Lines, Inc., you will be allowed the time that you
need through the course of the year.

In addition, in the event you are terminated by the company without cause, you
will receive one year's salary.

We are very enthusiastic about our future together and look forward to your
written acceptance by signing below.

Very Truly Yours,

/s/ Robert V. Fasso
-----------------------------

Robert V. Fasso
President

Agreed:

/s/ Doak Slay                               Date: 1/15/03
-----------------------------
Doak Slay

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>38
<FILENAME>c72067exv10w17.txt
<DESCRIPTION>EQUITY ADVANCEMENT LETTER - SLAY
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.17

July 9, 2003

Mr. Doak Slay
1006 Wildwood Crossing
Georgetown, TX 78628

Re: Equity Advancement

Dear Doak:

By copy of this letter and upon valid signature by all parties, Central Freight
Lines, Inc. hereby conveys a check in the amount of $120,000.00. This amount
should be considered as an advance to you of the equity of your home located at
155 Northwind Trail, Fayetteville, GA 30214.

By you and your wife signing below, you hereby agree to waive any rights that
you may have in the equity of your home up to the amount of $120,000. Central
Freight Lines, Inc. will reimburse you for all reasonable closing costs
associated with the sale of your home in Fayetteville. At the time of closing,
the total reimbursable closing costs will be applied the to the $120,000 Equity
Advance. At that time, the net proceeds from the sale of the home will be
applied to the net balance of the Equity Advance. Any amounts exceeding the
$120,000 amount will be rightfully yours. Should the closing take place and any
shortfall occur, the shortfall will be considered as an expense to Central and
income to you for which you will receive a 1099 from Central. At that time, you
will have no further obligation to Central concerning this agreement.

In order for this agreement to become effective, both you and Denise will need
to sign below in the presence of a witness.

Should there be any dispute or legal action concerning this agreement, any and
all actions or suits will be filed in State District Court in Waco, McLennan
County, Texas and Texas law will apply.

Agreed:

/s/ Pat Curry                 Date:  _________
Patrick J. Curry
Executive Vice President

/s/ Doak Slay                 Date:  _________     ____________   Date:  _______
Doak D. Slay                                       Witness Name:  ______________

/s/ Denise Slay               Date:  _________     ____________   Date: ________
Denise D. Slay                                     Witness Name:  ______________

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>39
<FILENAME>c72067exv10w18.txt
<DESCRIPTION>EMPLOYMENT OFFER LETTER - CONARD
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.18

August 16, 2003

To:   Mark Conard

From: Bob Fasso, CEO

Re: Employment Offer

It is with great pleasure and excitement that we convey the following offer of
employment to you.

Your title will be Senior Vice President of Yield Management and Pricing
Services and you will be an officer of the company. Your starting salary will be
$180,000 per year. Your bonus potential will be up to 50 percent of your base
salary and will be an annual bonus based upon the Operating Ratio of the company
for that year. For the year 2003, a bonus amount of $80,000 will be guaranteed
to be paid prior to the end of the calendar year. You will be granted options to
purchase 100,000 shares of Central Freight Lines common stock. Those options
will vest at a rate of 20 percent per year for the ensuing 5 years in accordance
with a Stock Option Agreement that you and the company will sign. The Option
Price will be determined by the Board of Directors upon the Grant Date of the
options and will be based upon the Fair Market Value at that time.

You will be provided an appropriate company vehicle, as customary for an officer
position, for your use during your employment with Central Freight Lines. At
your option, we can either purchase your existing vehicle from you or purchase a
new vehicle for your use. All of your reasonable moving expenses will be paid by
Central, which will include the cost of the physical move and reasonable closing
costs on either end. Should you have difficulty selling your house, Central will
provide you with assistance in that matter as well and provide a minimum
guarantee of the equity in that house. It is understood that your family may not
move to Texas until December or January and you will be allowed temporary living
expenses until that time if necessary as well as paid trips home to visit your
family.

In addition to this package, our intention is for our Officer's Income Tax
returns and Financial and Estate Planning to be performed by the same
professionals who handle the corporate work. We will soon provide a benefit
package that will outline our Health, Dental, Vision, and Life Insurance plans
and their requirements. You will become eligible for our benefit programs 90
days from your date of employment and we will reimburse you for the COBRA
payments that you will have during that period of time or until your family
moves to Texas in order that they will be able to remain with their current
providers until such time that they move to Texas. Although your vacation will
accrue in accordance with the policies of Central Freight Lines, Inc., you will
be allowed the time that you need through the course of the year.

In addition, in the event you are terminated by the company without cause, you
will receive one year's salary.

We are very enthusiastic about our future together and look forward to your
written acceptance by signing below.

Very Truly Yours,

/s/ Robert V. Fasso
Bob Fasso
President and CEO


Agreed:

/s/ Mark Conard                              Date: August 16, 2003
------------------------
Mark Conard

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>40
<FILENAME>c72067exv10w19.txt
<DESCRIPTION>EMPLOYMENT OFFER LETTER - HALE
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.19

Jeff Hale
312 E. Southfork Drive
Phoenix, Arizona 85048

June 7, 2002

Jeff:

The purpose of this letter is to outline the commitments that were made to you
upon joining the Central Freight Lines Team.

A Central Freight Lines, Texas Corporation (Texas Corporation) and a Central
Freight Lines, a Nevada Corporation (Nevada Corporation) exist. The Texas
Corporation is a wholly owned subsidiary of the Nevada Corporation. You are
being hired to be the Chief Financial Officer (CFO) of both these entities.

Your starting date will be June 10, 2002 and your starting base annual salary
will be $150,000.00. Upon board of director approval, you will be granted
100,000 stock options in the Nevada Corporation, which will vest 20% per year
over 5 years. The grant date will be your date of hire (June 10, 2002).

If your employment is involuntarily terminated for anything other than gross
misconduct or you voluntarily terminate your employment because 1) your duties
as CFO of either or both of the corporations listed above are materially
reduced, 2) your base salary is lowered below its then current level, 3) other
benefits are materially reduced, or 4) you are required to involuntarily
relocate from the Phoenix, Arizona area, you will be paid a lump sum payment
equal to your then current annual salary. The lump sum payment will be paid
within 10 days of your termination date.

Any reasonable legal expense on behalf of either party in connection with this
agreement will be paid by the Texas Corporation.

We are enthusiastic about our future together and look forward to your written
acceptance by signing below.

/s/ Robert V. Fasso
Bob Fasso
CEO
Central Freight Lines, Inc. (Nevada)
Central Freight Lines, Inc. (Texas)


Agreed:

/s/ Jeffrey A. Hale                          Date: June 7, 2002
-------------------------
Jeffrey A. Hale

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>41
<FILENAME>c72067exv10w20.txt
<DESCRIPTION>EMPLOYMENT SEPARATION AGREEMENT AND RELEASE-GENTRY
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.20

                   EMPLOYMENT SEPARATION AGREEMENT AND RELEASE

         This Separation Agreement and Release is made and entered into between
Central Freight Lines, Inc. ("the Company") and Joseph Gentry ("Employee").
Whereas, the parties have negotiated in good faith and have reached a mutually
satisfactory separation and settlement agreement;

         IT IS THEREFORE AGREED AS FOLLOWS:

         1.       Central will pay regular wages through and including March 9,
                  2002, (date of separation), at which time Employee will no
                  longer be employed by the Company. Any remaining vacation time
                  will be paid to the Employee on this final check. The vacation
                  balance as of March 9, 2002 will be 114.82 hours.

         2.       All employee benefits will be ended effective on the
                  separation date above. The Employee will be eligible for
                  continuation of health insurance coverage through C.O.B.R.A.
                  or under the Retiree Insurance option if applicable.

         3.       The Employee will return all Central property immediately
                  including but not limited to keys, name badge, laptop
                  computer, credit cards and any other Central property.

         4.       The Company shall allow Employee to keep his Company vehicle
                  and all accessories. The Company will take the necessary steps
                  to transfer title to Employee. Employee will be responsible
                  for any tax, title and license fees due upon transfer of the
                  vehicle. Employee will also be responsible for maintaining
                  insurance on the vehicle.

         5.       The Employee will be eligible to be reimbursed for any and all
                  company business related expenses that have occurred prior to
                  the separation date above.

         6.       The Employee agrees to serve as a consultant for Central
                  Freight Lines. In return, the Employee will receive contract
                  payments for a period of six months. These payments will be
                  made on a biweekly basis and will be equivalent to the
                  Employees current gross biweekly wages. The Employee will be
                  responsible for all applicable taxes. During this period of
                  time, Central will absorb the premiums for the Retiree
                  insurance plan if elected.

         7.       The Employee will be issued a separate consulting agreement.
                  This agreement will include new stock options. The Employee
                  agrees by executing these agreements to waive all rights to
                  previously issued vested and non-vested stock options. Both
                  agreements must be executed for completion. Neither agreement
                  is mutually exclusive.

         8.       In consideration of the promises, payments and benefits
                  provided herein, which are in addition to any form of
                  compensation to which Employee is already entitled, and in
                  full compromise and settlement of any and all claims and
                  causes of action arising before and up to the date of this
                  Agreement, the Employee knowingly and voluntarily agrees to:

                  A.       Waive all rights, claims and causes of action or
                           lawsuits arising under common law, local, state, or
                           federal law against Central, its predecessor,
                           successor, subsidiaries, affiliates and any officers,
                           agents, employees or

<PAGE>

                           representatives of same as to any matter relating to
                           or arising out of Employee's employment with the
                           Company and accruing on or before the date this
                           Agreement is executed; and

                  B.       Waive all rights, claims, causes of action or
                           lawsuits arising under the Age Discrimination in
                           Employment Act of 1967, Title VII or the Civil Rights
                           Act of 1967, Title VII of the Civil Rights Act of
                           1967, as amended, the Texas Commission on Human
                           Rights Act or any and all other claims, rights or
                           causes of action against Central which relate to
                           Employee's employment with Central and accruing on or
                           before the date this Agreement is executed.

         9.       Employee acknowledges that he/she has been advised and is
                  hereby advised to consult with an attorney prior to signing
                  this Agreement and that he/she has been given a period of at
                  least 21 days in which to consider this Agreement.

         10.      All parties agree that for a period of 7 days following the
                  signing of this Agreement, the Employee may revoke the
                  Agreement. The Agreement shall not become effective or
                  enforceable until the revocation period has expired.

         11.      The parties hereto acknowledge that this Agreement is entered
                  into in order to ensure that the separation of Employee from
                  Central is amicable, that neither party will take any actions
                  inconsistent with the spirit and intent of this Agreement, and
                  the parties further agree to keep the terms and provisions of
                  this Separation Agreement confidential.

         12.      It is understood and agreed between the parties hereto that
                  this Release is a general release and is understood to be
                  complete and full, without limitation, including but not
                  limited to any claims or damages of any kind or character,
                  court costs, attorneys' fees, injunctive relief, or anything
                  else whatsoever, and is binding upon the parties hereto, their
                  successors, assigns, heirs, executors, administrators and
                  legal representations.

         13.      This Employment Separation Agreement and Release is made and
                  entered into within the State of Texas and in all respects
                  shall be interpreted, construed, enforced and governed in
                  accordance with the laws of the State of Texas. This
                  Employment Separation Agreement sets forth the entire
                  agreement between the parties and fully supersedes any and all
                  prior agreements or understandings between the parties. No
                  oral understandings, statements, promises or inducements
                  contrary to the terms of this Employment Separation Agreement
                  exist. This Agreement cannot be modified, changed or
                  terminated orally.

         14.      The Employee acknowledges that this Agreement is entered into
                  knowingly, freely and voluntarily, and for the consideration
                  expressed herein.

<PAGE>

BY MY SIGNATURE BELOW, I ACKNOWLEDGE THAT I HAVE READ, UNDERSTOOD AND AGREE TO
ALL THE TERMS OF THIS AGREEMENT.

          This Agreement is entered into this 21st day of Feb., 2002.

                                        /s/ Joseph Gentry

                                        Joseph Gentry

Return to Waco Human Resources, P.O. Box 2638, Waco, Texas 76702-2638

If you have questions regarding this agreement, contact David Mueck at (254)
741-5241.

          This Agreement is entered into this 21st day of Feb., 2002.

                                         CENTRAL FREIGHT LINES, INC.

                                         By: /s/ Pat Curry

                                                 Pat Curry

                                         Title: Executive Vice President

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>42
<FILENAME>c72067exv10w21.txt
<DESCRIPTION>CONSULTING AGREEMENT - GENTRY
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.21

                              CONSULTING AGREEMENT

         This Agreement (this "Agreement"), effective as of February 20, 2002,
by and between JOSEPH B. GENTRY ("Consultant") and CENTRAL FREIGHT LINES, INC.,
a Nevada corporation (the "Company").

         WHEREAS, Consultant was previously an employee of the Company and is no
longer an employee of the Company; and

         WHEREAS, the Company now desires to secure the services of Consultant,
and Consultant desires to make such services reasonably available to the
Company.

         NOW THEREFORE, the parties hereto, intending to be legally bound and in
consideration of the mutual promises and obligations set forth below, the
receipt and sufficiency of such consideration being acknowledged, agree as
follows:

1.       Consulting Services.

         A.       This Agreement shall commence on the date first above written
and will terminate on February 20, 2012, unless terminated earlier pursuant to
Section 3 of this Agreement; provided, however, this Agreement is contingent
upon the status of Consultant as an independent contractor to the Company and
not an employee of the Company when this Agreement is executed.

         B.       Consultant agrees to render services to the Company for the
term of this Agreement. Consultant shall report directly to the Executive Vice
President of the Company and shall provide the services in accordance with the
instructions of the Executive Vice President, and with such reasonable
instructions given to him by any other officer of the Company.

         C.       As compensation for the services, Consultant shall receive (i)
a grant of a non-qualified option to purchase 25,000 shares of the Company's
Class A Common Stock, par value $0.001 per share ("Class A Common Stock"), with
an exercise price of $6.50 per share, which is immediately exercisable, and (ii)
a grant of a non-qualified option to purchase 39,926 shares of the Class A
Common Stock with an exercise price of $2.15 per share, which shall vest and may
be exercised by Consultant as follows: 20% on January 14, 2003, and 20% each on
the second, third, fourth, and fifth anniversary of January 14, 2003. Any option
that is not exercisable on the termination of this Agreement shall terminate
immediately upon the termination of this Agreement. All exercisable options, to
the extent not already exercised, shall terminate upon the first to occur of (i)
three (3) months following the date of termination of this Agreement, or (ii)
February 20, 2012.

         D.       The Company shall reimburse Consultant for reasonable long
distance travel expenses (transportation, lodging, and meals) and telephone
expenses Consultant is required to

<PAGE>

incur in providing the services, provided such expenses are approved in advance
by the Company.

2.       No Conflict with Obligation to Third Parties. Consultant represents
that performance of all the terms of this Agreement will not breach any
agreement to keep in confidence proprietary information acquired by Consultant
in confidence prior to the execution of this Agreement. Consultant has not
entered into, and Consultant agrees not to enter into, any agreement (either
written or oral) that conflicts or might conflict with Consultant's obligations
under this Agreement.

3.       Terminable at-Will. Consultant agrees that this Agreement may be
terminated by either the Company or Consultant at any time, for any reason, with
or without cause, by giving written notice to the other party; termination to be
effective upon the other party's receipt of such notice.

4.       Independent Contractor; Taxes. Consultant is an independent contractor
and is solely responsible for all taxes, withholdings, and other similar
statutory obligations, including, but not limited to, Workers' Compensation
Insurance; and Consultant agrees to defend, indemnify, and hold Company harmless
from any and all claims made by any entity on account of an alleged failure by
Consultant to satisfy any such tax or withholding obligations.

5.       No Agency. Consultant has no authority to act on behalf of or to enter
into any contract, incur any liability, or make any representation on behalf of
the Company.

6.       Compliance with Law. Consultant's performance under this Agreement
shall be conducted with due diligence and in full compliance with the highest
professional standards of practice in the industry. Consultant shall comply with
all applicable laws and Company safety rules in the course of performing the
services.

7.       Indemnification. Consultant will indemnify and hold Company harmless,
and will defend Company against any and all loss, liability, damage, claims,
demands, or suits and related costs and expenses to persons or property that
arise, directly or indirectly, from acts or omissions of Consultant, or breach
of any term or condition of this Agreement.

8.       Choice of Law; Severability. This Agreement shall be construed in
accordance with the laws of the State of Texas without regard to the conflict of
laws provisions thereof. If any provision of this Agreement is held to be
illegal or unenforceable, such provision shall be limited or excluded from this
Agreement to the minimum extent required so that this Agreement shall otherwise
remain in full force and effect and enforceable in accordance with its terms.

9.       Successors and Assigns; Assignment. This Agreement shall be binding
upon Consultant, and inure to the benefit of, the parties hereto and their
respective heirs, successors, assigns, and personal representatives; provided,
however, that it shall not be assignable by Consultant.

10.      Entire Agreement. This Agreement contains the entire understanding of
the parties regarding its subject matter and can only be modified by a
subsequent written agreement executed by the parties.

                                       2

<PAGE>

11.      Notices. All notices required under this Agreement shall be addressed
to the address set forth below (or to such other address as may be provided by
written notice given in accordance with this Section 11) and provided by (i)
registered mail, return receipt requested; or (ii) facsimile, with a
confirmation copy; or (iii) Federal Express or an equivalent courier service
with tracking capabilities; or (iv) hand delivery.

12.      Attorney Fees. If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to all attorneys' fees, courts costs and necessary disbursements, in
addition to any other relief to which the party may be entitled.

         IN WITNESS WHEREOF, the parties hereto have entered into this Agreement
as of the day and year first above written.

CENTRAL FREIGHT LINES, INC.                         CONSULTANT

By: /s/ Pat Curry                                   /s/ Joseph Gentry
    ---------------------------------               ----------------------------
        Patrick J. Curry                            Joseph  B. Gentry
        Executive Vice President

                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>43
<FILENAME>c72067exv10w22.txt
<DESCRIPTION>CONTRACT FOR SALE OF LAND
<TEXT>
<PAGE>
                                                                   Exhibit 10.22

                         CONTRACT FOR THE SALE OF LAND

     This is a contract of sale by and between Doak Slay and Denise Slay,
hereinafter called "Seller", and Central Freight Lines, Inc., hereinafter
called "Buyer". Seller hereby agrees to sell to Buyer, and Buyer hereby agrees
to buy from Seller the property hereinafter described upon the terms and
conditions set out herein.

                                       1.

     DESCRIPTION OF PROPERTY:

     A private residence located at 155 Northwind Trail, Fayetteville, GA
30214, along with all buildings and improvements thereon. Also described as:

     All that tract or parcel of land lying and being in Land Lot 220 of the 5th
     Land District of Fayette County, Georgia, being Lot 9 of Northwind
     Subdivision, as per plat recorded in Plat Book 17, Page 29, Fayette County
     records, which plat is by reference incorporated herein and made a part
     hereof.

                                       2.

     CONSIDERATION: In consideration for the above described property, Buyer
agrees to pay Seller the sum of three hundred and twenty five thousand dollars
($325,000). Seller has received $120,000 in a previous payment, Buyer will
payoff the existing loan at $192,048.18, and pay an additional $12,950.82 at
closing, to Seller.

                                       3.

     TITLE: Seller shall furnish to Buyer title to the above described property
in a format recognized by local authority transferring title Buyer. Any
existing Deed of Trust will be satisfied by Seller at its expense at time of
closing.

                                       4.

     TAXES: Seller shall pay all ad valorem taxes on the property up to and
including 2002, 2003 taxes shall be prorated as of the closing date of this
transaction.

                                       5.

     EARNEST MONEY: The parties to this contract anticipate an immediate
closing on the property.

                                       6.

     SURVEY: If a survey of the property is required to be provided, such survey
will be at the cost and discretion of the Buyer. It is understood between Buyer
and Seller, that the property is being sold in an "AS-IS" condition. Seller has
made no warranties nor guarantees that the property is fit for any particular
purpose.

                                       7.

     CLOSING COSTS: Buyer agrees to pay all closing costs unless otherwise
indicated.

<PAGE>
     POSSESSION: Buyer shall receive possession of the property upon closing and
funding of this transaction. Not withstanding the above, Buyer may have access
to the Property for the purposes of determining the cost of clean-up as well as
the cost of reclaiming the building for use, provided the Buyer agrees to fully
indemnify the Seller against all losses, costs, damages, and expenses of any
kind incurred by Buyer or Seller or any person acting under the direction of
Buyer regardless of fault including the sole negligence of the seller.

                                       9.

     CLOSING: This transaction will close as soon as reasonably possible, but in
no event later than 60 days from the date of this Agreement.

                                      10.

     TERMINATION: This agreement will terminate at 5 PM, Friday, September 19,
2003, if not signed by both parties and returned to the attention of Clay
Embry, Central Freight Lines, Inc., 5601 West Waco Drive, Waco, Texas 76710.

     Executed this  day of September, 2003.

                                        SELLER:

                                   BY   /s/ Doak Slay
                                       __________________________________

                                       Doak Slay

                                   BY   /s/ Denise D. Slay
                                       __________________________________

                                       Denise D. Slay

                                       BUYER:
                                       CENTRAL FREIGHT LINES, INC.

                                   BY   /s/ Pat Curry
                                       __________________________________

                                       Pat Curry, Exec Vice President


THE STATE OF TEXAS     )
COUNTY OF MCLENNAN     )

     This instrument was acknowledged before me on Sept. 19, 2003, by Pat
Curry, as authorized agent of Central Freight Lines, Inc.

[NOTARY PUBLIC SEAL]                    /s/ Nidia Lopez Garcia
THE STATE OF TEXAS     )               __________________________________
COUNTY OF MCLENNAN     )               Notary Public, State of Texas

     This instrument was acknowledged before me on September 18, 2003, by Doak
Slay and Denise Slay.

[NOTARY PUBLIC SEAL]                    /s/ Nidia Lopez Garcia
                                       __________________________________
                                       Notary Public, State of Texas



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>44
<FILENAME>c72067exv10w23.txt
<DESCRIPTION>INDEMNIFICATION AGREEMENT
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.23


                            INDEMNIFICATION AGREEMENT



         THIS INDEMNIFICATION AGREEMENT (this "Agreement") is made to be
effective as of December 31, 2002, by and between Central Freight Lines, Inc., a
Nevada corporation ("Central Freight"), and Central Refrigerated Service, Inc.,
a Nebraska corporation ("Central Refrigerated").

         WHEREAS, Central Freight and Central Refrigerated are parties to that
certain Separation Agreement dated November 30, 2002, and that certain Amendment
No. 1 to Separation Agreement dated December 23, 2002 (together, the "Separation
Agreement");

         WHEREAS, pursuant to the terms of the Separation Agreement, Central
Refrigerated will cease to be the wholly-owned subsidiary of Central Freight
effective as of 12:00:01 a.m. Mountain Standard Time on January 1, 2003;

         WHEREAS, the Separation Agreement contemplates that Central
Refrigerated will obtain separate policies of insurance on or before December
31, 2002; and

         WHEREAS, notwithstanding the terms of the Separation Agreement, Central
Refrigerated will remain an insured party under Central Freight's workers'
compensation insurance policy (the "Workers' Compensation Policy") with Royal
Insurance ("Royal") from December 31, 2002, through June 28, 2003.

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual agreements set forth herein, the parties hereto agree as follows:

         1.    Workers' Compensation Policy Indemnification.

               (a) Central Refrigerated hereby agrees to indemnify, defend, and
         hold harmless Central Freight, its successors, assigns, officers,
         directors, employees, agents, and Affiliates (which for all purposes of
         this Agreement means any person or entity controlling, controlled by,
         or under common control with Central Freight) for any and all Losses
         (as defined below) arising from workers' compensation claims brought,
         or threatened to be brought, by Central Refrigerated employees. Such
         indemnification shall be limited to the amount of such claims, if any,
         that is not recovered by Central Freight from Royal pursuant to the
         terms of the Workers' Compensation Policy, whether due to policy
         deductibles, coverage limits, or otherwise. For purposes of the
         foregoing, "Losses" includes any and all claims, causes of action,
         suits, judgments, losses, damages, deficiencies, obligations, costs,
         and expenses (including, without limitation, interest, penalties, and
         reasonable fees and costs of attorneys and other experts) suffered by
         Central Freight or its successors, assigns, officers, directors,
         employees, agents, or Affiliates.

               (b) Central Refrigerated and Central Freight shall cooperate in
         the negotiation, defense, and settlement of workers' compensation
         claims brought, or threatened to be brought, by Central Refrigerated
         employees related to events occurring during the Co-Insurance Period.
         Upon request, Central Refrigerated shall keep Central Freight fully
         informed of all




<PAGE>

         aspects of such claims and shall have Central Freight copied on all
         correspondence, where such can be made without compromising the
         attorney-client privilege, and all filings. Upon request, Central
         Freight shall have the right to participate in all meetings,
         conferences, and discussions with claimants regarding such claims, and
         Central Refrigerated shall not settle any such claims without the
         consent of Central Freight, provided that such consent shall not be
         unreasonably withheld.

               (c) If Central Freight desires to claim indemnification
         hereunder, it shall promptly notify Central Refrigerated thereof; 9
         provided that the failure to so notify shall not affect the obligations
         of indemnification unless and to the extent that the defense of a
         third-party claim is actually prejudiced as a result of such failure.
         Central Refrigerated shall have thirty (30) days' from delivery of
         notice to remit payment to Central Freight for the indemnified Loss. In
         the event that Central Refrigerated contests Central Freight's right to
         indemnification hereunder, Central Freight and Central Refrigerated
         shall negotiate in good faith to resolve the dispute. If the dispute is
         not resolved within thirty (30) days' from the date of delivery of
         notice by Central Freight, the dispute shall be submitted to binding
         arbitration conducted by the American Arbitration Association on demand
         of either party in Phoenix, Arizona. Any arbitration proceedings will
         be heard by one arbitrator in accordance with the then-current
         commercial arbitration rules of the American Arbitration Association.

         2. Notices. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been
delivered on the date of service if served personally or by recognized overnight
courier service on the party to whom notice is to be given, or on the second day
after mailing if mailed to the party to whom notice is to be given by first
class mail, registered or certified, return receipt requested, postage prepaid
and properly addressed as follows:

               If to Central Freight:         Central Freight Lines, Inc.
                                              5601 West Waco Dr.
                                              Waco, TX  76710
                                              Attn:  Jeff Hale

               If to Central Refrigerated:    Central Refrigerated Service, Inc.
                                              5175 West 2100 South
                                              West Valley City, UT  84120
                                              Attn:  Rob Goates

         3. Miscellaneous.

               (a) This Agreement may not be amended except by an instrument
         signed by each of the parties hereto.

               (b) If any term, provision, covenant, or restriction of this
         Agreement is held by a court of competent jurisdiction to be invalid,
         void, or unenforceable, the remainder of the terms, provisions,
         covenants, and restrictions of this Agreement shall remain in full
         force and effect and shall in no way be affected, impaired, or
         invalidated and the parties shall negotiate in good faith to modify the
         Agreement to preserve such part's anticipated benefits under the
         Agreement.


                                       2

<PAGE>


               (c) This Agreement (i) constitutes the entire agreement and
         supersedes all other prior agreements and undertakings, both written
         and oral, among the parties with respect to the subject matter hereof;
         (ii) is not intended to confer upon any other person any rights or
         remedies hereunder; and (iii) shall not be assigned by operation of law
         or otherwise without the prior written consent by the other parties
         hereto.

               (d) This Agreement may be executed via facsimile or otherwise in
         one or more counterparts, each of which shall be deemed an original but
         all of which together shall constitute one and the same instrument.




                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]



                                       3
<PAGE>



         IN WITNESS WHEREOF, the undersigned have executed this Agreement
effective as of the date first above written.


                                           CENTRAL FREIGHT LINES, INC.
                                           a Nevada corporation



                                           By: /s/ Jeffrey A. Hale
                                               ---------------------------------
                                           Name: Jeffrey A. Hale
                                           Title: CFO



                                           CENTRAL REFRIGERATED SERVICE, INC.,
                                           a Nebraska corporation



                                           By: /s/ Robert T. Goates
                                               ---------------------------------
                                           Name: Robert T. Goates
                                           Title: CFO



                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>45
<FILENAME>c72067exv21.txt
<DESCRIPTION>SUBSIDIARIES OF CENTRAL FREIGHT LINES, INC.
<TEXT>
<PAGE>

                                                                      EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

                                                State or Jurisdiction of
    Name of Subsidiary                          Incorporation or Organization

    Central Freight Lines, Inc.                 Texas

    Central Receivables, Inc.                   Nevada

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>46
<FILENAME>c72067exv23w2.txt
<DESCRIPTION>CONSENT OF KPMG LLP
<TEXT>
<PAGE>
                                                                    EXHIBIT 23.2

                          Independent Auditors' Consent

The Board of Directors
Central Freight Lines, Inc.:

We consent to the use of our report dated February 20, 2003, with respect to the
consolidated balance sheets of Central Freight Lines, Inc. as of December 31,
2002 and 2001, and the related consolidated statements of operations,
stockholders' equity, and cash flows for each of the years in the three-year
period ended December 31, 2002, included herein and to the reference to our firm
under the heading "Experts" in the prospectus. Our report refers to a change in
the method of accounting for goodwill and other intangible assets.

/s/ KPMG LLP
Dallas, Texas
September 23, 2003

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>47
<FILENAME>c72067exv23w3.txt
<DESCRIPTION>CONSENT OF DUANE W. ACKLIE
<TEXT>
<PAGE>
                                                                    EXHIBIT 23.3

                                     CONSENT

         I consent to being named as a director, director nominee, or officer of
the Company in the Registration Statement.

Dated:  September 19, 2003

                                      /s/ Duane W. Acklie
                                      Duane W. Acklie

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>48
<FILENAME>c72067exv23w4.txt
<DESCRIPTION>CONSENT OF PORTER J. HALL
<TEXT>
<PAGE>

                                                                    EXHIBIT 23.4

                                     CONSENT

         I consent to being named as a director, director nominee, or officer of
the Company in the Registration Statement.

Dated:  September 19, 2003

                                       /s/ Porter J. Hall
                                       Porter J. Hall

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>49
<FILENAME>c72067exv23w5.txt
<DESCRIPTION>NOTICE REGARDING CONSENT OF ARTHUR ANSERSEN
<TEXT>
<PAGE>
                                                                    EXHIBIT 23.5





                 NOTICE REGARDING CONSENT OF ARTHUR ANDERSEN LLP

         After reasonable efforts, we have been unable to obtain Arthur
Andersen's consent to incorporate by reference into this Registration Statement
its audit report with respect to the financial statements of Simon
Transportation Services, Inc. as of September 30, 2001 and the three years then
ended. Under these circumstances, Rule 437(a) under the Securities Act of 1933,
as amended, permits us to file this Registration Statement WITHOUT SUCH CONSENT
FROM ARTHUR ANDERSEN. The absence of such consent may limit recovery by
purchasers of the securities offered by this Registration Statement on certain
claims, including the inability of such purchasers to assert claims against
Arthur Andersen under Section 11 of the Securities Act of 1933, as amended, for
any untrue statements as of a material fact contained, or any omissions to state
a material fact required to be stated, in those audited financial statements.



</TEXT>
</DOCUMENT>
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`
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