Covenant Logistics Group, Inc. (CVLG) Earnings Call Transcript & Summary

[Operator Instructions] I would now like to turn the conference over to Mr. David Parker. Please go ahead, sir.

Good morning. The meeting will now come to order. I would like to welcome all of you to the 2020 Annual Meeting of Stockholders of Covenant Transportation Group, Inc. I am David Parker, Chairman and CEO, and I will be presiding at this meeting. If there are any stockholders entitled to vote who have not yet voted by Internet or telephone or delivered their proxy or ballot to the inspector of elections, please dial (402) 429-3224 now to place your vote. I would like to introduce several guests who are participating today: Bob Bosworth, Brad Moline, Herb Schmidt and Miller Welborn, each a current Director of the company; along with Rachel Parker-Hatchett and Michael Kramer, director nominees; as well as Paul Bunn, our inspector of elections. A representative of Grant Thornton LLP, the company's independent registered public accounting firm, is also participating. Mr. Bunn has executed and delivered affidavit of mailing, establishing that notice of this meeting was duly given and an oath of office. A copy of the notice of the meeting, proxy statement, the affidavit of mailing, and the oath of office will be included with the minutes of this meeting. All stockholders of record at the close of business on May 15, 2020, are entitled to vote at this meeting. Paul, will you please present your report of the voting power present in person or by proxy at the meeting so that we can determine whether a quorum is present.

I have confirmed that there are present at this meeting, in person or by proxy, sufficient votes to constitute a quorum.

Thank you, Paul. I declare this meeting to be duly convened for the purposes of transacting such business as may probably come before it. I now declare the polls open. There being no further ballots remaining to be submitted, I declare that the polls are closed and direct the inspector of election to describe the matters to be voted on today's meeting and provide the vote results.

Mr. Chairman, on the motion for election of directors, each of the Board's 7 nominees have been elected by a plurality of votes cast. On the motion for approval by the stockholders of a resolution approving, in an advisory and nonbinding nature, the compensation of the company's named executive officers as discussed in the proxy statement, the majority of votes represented and entitled to vote at this meeting were in favor of the motion. Grant Thornton LLP has been ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, by a majority of the votes represented and entitled to vote at the meeting. On the motion to amend the company's articles to change the company's name to Covenant Logistics Group, Inc., a majority of the votes represented and entitled to vote at the meeting were in favor of the motion. On the motion to amend the company's incentive plan, the majority of the votes represented and entitled to vote at the meeting were in favor of this motion. Voting results will be included in a Form 8-K that we will file with the SEC within the next 4 business days.

Thank you. We have concluded the business part of the annual meeting, which is officially adjourned. I would like to finish in prayer. Father, we thank you for this last year and in particular, Lord, the last 3 or 4 months that every business in the United States has gone through with this pandemic, and we thank you, Lord, for the wisdoms that you have given us and helped direct our steps. Father, we just thank you, Lord, for all of our people, all of the teammates that we've got employed and protecting them, Lord, through this virus. And Father, we thank you for all the managers of our company and the leaders of our company. And Father, we thank you, Lord, for giving us everybody that works at this company, and we ask you, Lord, that you would just give us wisdom for the future and direct our steps as we are dependent upon you. And we thank you, Father, for everything in Jesus' name. Amen. Thank you.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.