CENF Central Freight Lines

Central Freight Lines, Inc. Announces Closing of Real Estate Transactions and Second Quarter Earnings Release Date WACO, Texas, July 14 /PRNewswire-FirstCall/ -- Central Freight Lines, Inc. (NASDAQ:CENF) announced today that it has closed on several real estate transactions with net proceeds to the Company of approximately $15 million. In announcing the completion of the transactions, Central's President and Chief Executive Officer, Bob Fasso, stated, "We believe that the receipt of proceeds from these transactions will substantially improve our liquidity position going forward, allowing us to continue to focus on our business and results of operations." The real estate transactions, which were previously announced on May 12, 2005, include the sale of approximately 14 excess acres in Phoenix, the sale-leaseback of one terminal, and the mortgage financing of three other properties. The proceeds from the real estate transactions were used to repay amounts drawn on the Company's revolving line of credit led by Bank of America. Following this repayment, and subject to certain requirements under the credit agreement, the Company estimates that it had approximately $35 million of borrowing availability under the Bank of America credit facility at such date. In addition, Central currently has approximately $5 million of idle assets held for sale that may be disposed of in 2005. Central also announced today that it expects to release second-quarter results after the market closes on Thursday, July 28, 2005. Central Freight Lines, Inc. is a non-union less-than-truckload carrier specializing in regional overnight and second day markets. One of the 10 largest regional LTL carriers in the nation, Central provides regional, interregional, and expedited services, as well as value-added supply chain management, throughout the Midwest, Southwest, West Coast and Pacific Northwest. Utilizing marketing alliances, Central provides service solutions to the Great Lakes, Northeast, Southeast, Mexico and Canada. This press release contains forward-looking statements that involve risk, assumptions, and uncertainties that are difficult to predict. Statements that constitute forward-looking statements are usually identified by words such as "anticipates," "believes," "estimates," "projects," "expects," "plans," "intends," or similar expressions. These statements are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such statements are based upon the current beliefs and expectations of our management. Actual results may differ from those set forth in the forward- looking statements. Risks and uncertainties that could cause actual results to differ are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q, 10-K, and our registration statement on Form S-1. Corporate Contact: Jeff Hale, Chief Financial Officer (480) 361-5295 http://www.newscom.com/cgi-bin/prnh/20040205/DACENTRALLOGO http://photoarchive.ap.org/ DATASOURCE: Central Freight Lines, Inc. CONTACT: Jeff Hale, Chief Financial Officer of Central Freight Lines, Inc., +1-480-361-5295, or Web site: http://www.centralfreight.com/

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