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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Covenant Transportation Group Inc | NASDAQ:CVTI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.95 | 8.50 | 14.25 | 0 | 01:00:00 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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B.
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
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Page
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Reports of Independent Registered Public Accounting Firms
|
|
|
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Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017
|
|
|
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Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2018
|
|
|
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Notes to Financial Statements
|
|
|
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Schedule H, Line 4i – Schedule of Assets (Held at End of Year) – December 31, 2018
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EXHIBITS
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Exhibit 23.1 Consent of Independent Registered Public Accounting Firm - Mauldin & Jenkins, LLC
|
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Exhibit 23.2 Consent of Independent Registered Public Accounting Firm - LBMC, PC | Exhibit 23.2 |
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
|
December 31, 2018 and 2017
|
|
2018
|
2017
|
||||||
Assets:
|
||||||||
Non-interest bearing cash
|
$
|
17,936
|
$
|
35,987
|
||||
Investments
|
45,563,202
|
39,223,100
|
||||||
Notes receivable from participants
|
1,565,379
|
1,195,697
|
||||||
Participants' contribution receivable
|
108,766
|
67,104
|
||||||
Company contribution receivable
|
43,115
|
13,093
|
||||||
Other receivable
|
3,969
|
75
|
||||||
Net assets available for benefits
|
$
|
47,302,367
|
$
|
40,535,056
|
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
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Year Ended December 31, 2018
|
Additions:
|
||||
Investment income:
|
||||
Interest and dividends
|
$
|
729,951
|
||
Net depreciation in fair value of investments
|
(4,244,555
|
)
|
||
Net investment loss
|
(3,514,604
|
)
|
||
|
||||
Interest on notes receivable from participants
|
65,503
|
|||
Contributions from participants
|
4,892,215
|
|||
Rollovers from participants
|
333,994
|
|||
Contributions from Company
|
1,323,969
|
|||
Total additions
|
3,101,077
|
|||
|
||||
Deductions:
|
||||
|
||||
Participants' benefits
|
4,607,552
|
|||
Administrative fees
|
322,164
|
|||
Total deductions
|
4,929,716
|
|||
|
||||
Net decrease in net assets available for benefits
|
(1,828,639
|
)
|
||
|
||||
Transfer of assets into the plan
|
8,595,950
|
|||
|
||||
Net assets available for benefits at beginning of year
|
40,535,056
|
|||
|
||||
Net assets available for benefits at end of year
|
$
|
47,302,367
|
(1)
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Summary of Significant Accounting Policies
|
|
(a)
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Basis of Presentation
|
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(b)
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Investments and Investment Income
|
|
(c)
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Notes Receivable From Participants
|
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(d)
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Events Occurring After Reporting Date
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(2)
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Description of the Plan
|
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(a)
|
General
|
|
(b)
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Contributions
|
|
(c)
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Participant Accounts
|
|
(d)
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Notes Receivable From Participants
|
|
(e)
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Payment of Benefits
|
|
(f)
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Hardship Withdrawals
|
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(g)
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Vesting
|
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(h)
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Forfeited Accounts
|
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(i)
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Administrative Expenses
|
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(j)
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Plan Termination
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(3)
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Transactions With Parties-In-Interest
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(4)
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Fair Value Measurements
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Level 1
|
-
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Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
|
Level 2
|
-
|
Inputs to the valuation methodology include:
|
|
-
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Quoted prices for similar assets or liabilities in active markets;
|
||
-
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Quoted prices for identical or similar assets or liabilities in inactive markets;
|
||
-
|
Inputs other than quoted prices that is observable for the asset or liability;
|
||
-
|
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
||
-
|
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
|
||
Level 3
|
-
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
(i)
|
Cash: Valued at its outstanding balance as reported by the Trustee.
|
|
(ii)
|
Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year-end, based on closing prices reported on the active market on which the individual securities are traded.
|
Fair value Measurements as of
|
December 31, 2018 Using the Following Inputs
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Cash
|
$
|
30,874
|
$
|
30,874
|
$
|
-
|
$
|
-
|
||||||||
Mutual funds
|
40,950,980
|
40,950,980
|
-
|
-
|
||||||||||||
Unitized CVTI fund
|
2,972,782
|
-
|
2,972,782
|
-
|
||||||||||||
Total assets in the fair value hierarchy
|
43,954,636
|
$
|
40,981,854
|
$
|
2,972,782
|
$
|
-
|
|||||||||
Investments measured at NAV as a practical expedient (a)
|
1,608,566
|
|||||||||||||||
Total investments at fair value
|
$
|
45,563,202
|
Fair value Measurements as of
|
December 31, 2017 Using the Following Inputs
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Cash
|
$
|
110,583
|
$
|
110,583
|
$
|
-
|
$
|
-
|
||||||||
Mutual funds
|
10,439,541
|
10,439,541
|
-
|
-
|
||||||||||||
Unitized CVTI fund
|
4,113,975
|
-
|
4,113,975
|
-
|
||||||||||||
Total assets in the fair value hierarchy
|
14,664,099
|
$
|
10,550,124
|
$
|
4,113,975
|
$
|
-
|
|||||||||
Investments measured at NAV as a practical expedient (a)
|
24,559,001
|
|||||||||||||||
Total investments at fair value
|
$
|
39,223,100
|
(a) Certain investments are measured at NAV as a practical expedient to estimate fair value and, therefore, have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
|
Description
|
Fair Value December 31, 2018
|
Fair Value December 31, 2017
|
Unfunded Commitments
|
Redemption Frequency (if Currently Eligible)
|
Redemption Notice Period
|
|||||||||||
Collective Trust Fund
|
$
|
1,608,566
|
$
|
24,559,001
|
N/A
|
Daily
|
None
|
(5)
|
Income Tax Status
|
(6)
|
Subsequent Events
|
COVENANT TRANSPORTATION GROUP 401(k) & PROFIT SHARING PLAN
|
EIN 88-0320154 Plan No. 001
|
Plan Year Ended: December 31, 2018
|
(a)
|
(b)
Identity of Issuer, Borrower, Lessor or Similar Party |
(c)
Description of Investment, Including Maturity Date, Rate of Interest, Par or Maturity Value |
(e)
Current Value |
||||||
*
|
State Street Bank & Trust Co.
|
Cash Reserve Account
|
$ |
30,874
|
|||||
|
|
||||||||
Well's Fargo
|
Wells Fargo Stable Return C
|
1,439,441
|
|||||||
Well's Fargo
|
Federated Capital Preservation R6
|
169,125
|
|||||||
|
Collective Trust Total
|
1,608,566
|
|||||||
|
|
||||||||
American Funds
|
American Funds 2010 Trgt Date Retire R6
|
520,943
|
|||||||
American Funds
|
American Funds 2015 Trgt Date Retire R6
|
1,541,586
|
|||||||
American Funds
|
American Funds 2020 Trgt Date Retire R6
|
4,004,698
|
|||||||
American Funds
|
American Funds 2025 Trgt Date Retire R6
|
7,147,892
|
|||||||
American Funds
|
American Funds 2030 Trgt Date Retire R6
|
5,928,228
|
|||||||
American Funds
|
American Funds 2035 Trgt Date Retire R6
|
3,814,560
|
|||||||
American Funds
|
American Funds 2040 Trgt Date Retire R6
|
3,204,193
|
|||||||
American Funds
|
American Funds 2045 Trgt Date Retire R6
|
2,631,022
|
|||||||
American Funds
|
American Funds 2050 Trgt Date Retire R6
|
1,562,010
|
|||||||
American Funds
|
American Funds 2055 Trgt Date Retire R6
|
1,263,948
|
|||||||
American Funds
|
American Funds 2060 Trgt Date Retire R6
|
241,593
|
|||||||
American Funds
|
American Funds AMCAP R6
|
1,087,655
|
|||||||
American Funds
|
American Funds Capital World Growth & Income R6
|
209,258
|
|||||||
American Funds
|
American Funds EuroPacific Growth R6
|
943,339
|
|||||||
Dreyfus
|
Dreyfus/Standish Global Fixed Income Y
|
239,697
|
|||||||
Eaton Vance
|
Eaton Vance Income Fund of Boston R6
|
421,043
|
|||||||
Hartford
|
Hartford Midcap Y
|
377,334
|
|||||||
Hartford
|
Hartford Schroders Emerging Markets Equity Y
|
417,301
|
|||||||
JP Morgan
|
JPMorgan Mid Cap Value R6
|
263,823
|
|||||||
Metropolitan West
|
Metropolitan West Total Return Bond Plan
|
1,303,102
|
|||||||
MFS
|
MFS Value R6
|
1,232,724
|
|||||||
T. Rowe Price
|
T. Rowe Price QM US Small-Cap Growth Equity I
|
443,422
|
|||||||
Vanguard
|
Vanguard 500 Index Adm
|
772,150
|
|||||||
Vanguard
|
Vanguard Mid Cap Index Adm
|
594,534
|
|||||||
Vanguard
|
Vanguard Small Cap Index Adm
|
561,990
|
|||||||
Vanguard
|
Vanguard Total Bond Market Index Adm
|
21,874
|
|||||||
Vanguard
|
Vanguard Total International Stock Index Adm
|
7,008
|
|||||||
Vanguard
|
Victory Integrity Small-Cap R6
|
194,053
|
|||||||
|
Mutual Funds Total
|
40,950,980
|
|||||||
|
|
||||||||
*
|
Covenant Transportation Group, Inc.
|
Employer Stock Fund Total
|
2,972,782
|
||||||
|
Employer Stock Fund Total
|
2,972,782
|
|||||||
|
|
||||||||
*
|
Participant loans
|
Notes Receivable with interest rates of 4.25% to 7.25%
|
1,565,379
|
||||||
|
|
||||||||
|
TOTAL
|
$
|
47,128,581
|
||||||
COVENANT TRANSPORTATION GROUP 401(K) & PROFIT SHARING PLAN
|
|||
|
By:
|
|
Covenant Transport, Inc.,
|
|
|
|
Plan Administrator
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Richard B. Cribbs
|
|
|
|
|
Richard B. Cribbs,
|
|
|
|
Executive Vice President and Chief Financial Officer, on behalf of
|
|
|
|
Covenant Transport, Inc.
|
Exhibit Number
|
|
Description of Exhibit
|
|
Consent of Independent Registered Public Accounting Firm - Mauldin & Jenkins, LLC
|
|
23.2 | Consent of Independent Registered Public Accounting Firm - LBMC, PC | |
1 Year Covenant Transportation Chart |
1 Month Covenant Transportation Chart |
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