Atlas Van Lines Dedicates New World Headquarters in Evansville; Corporate Officials Report Record Earnings for Atlas, Third-Largest Mover

September 20, 2000

EVANSVILLE, (Ind.) - After continually out-growing its physical confines in Evansville for four decades, Atlas Van Lines and its holding company, Atlas World Group (AWG), dedicated the organization's new world headquarters building recently on the heels of another summer that stretched the van line to its maximum service capacity.

During the event, Atlas officials also announced projected year-end revenues for AWG, revealing numbers which will exceed last year's totals by 11 percent and nearly double consolidated revenue figures reported by the company five years ago. Chief Financial Officer Howard Parker stated in the September 20 stockholder meeting that year-end consolidated revenues for 2000 are projected to reach nearly $580 million. The company traditionally releases year-end projections at the close of its summer season.

At the building dedication, Atlas Van Lines President and COO Jim Stamm addressed company board members, stockholders, and employees; guests from the Evansville business community; and the media while flanked by other Atlas officials and Evansville Mayor Russell Lloyd, Jr. The new 65,000-square-foot building will supplement working space in the older Atlas building, which is now being refurbished and will continue to house several Atlas departments. The design for the new headquarters and its surroundings included new green areas, the planting of 150 trees, and other enhancements intended to improve the aesthetic value of the Atlas campus within the neighborhood and to those passing the company's facilities on Highway 41.

The growth of Atlas Van Lines since it was founded in Chicago in 1948 - and especially since the company moved operations from Chicago to Evansville in 1960 -- has been notable. Atlas Van Lines reported $1 million in revenues in 1949; $10 million in revenues in 1962; and by 1999, with consolidated revenues for AWG exceeding $520 million, Atlas had reached its current position as the nation's third-largest carrier of household goods. Atlas has held its standing as the fastest growing household goods mover, in terms of shipments, for the past 11 consecutive years.

"Your company has had another very remarkable year and is in excellent financial condition," Parker told Atlas stockholders at their annual meeting.

Besides consolidated revenues that are expected to reach nearly $580 million, Parker also announced that net income for AWG is projected to total approximately $10 million by year end, which will constitute a 12 percent increase in net income over 1999 and an increase of almost 60 percent over net income totals reported in 1994.

According to Parker, growth in revenues and profitability for AWG this year originated mainly from Atlas Van Lines' two divisions: Relocation Services Group (formerly known as the Household Goods Division) and Specialized Transportation Group, which handles the transport of sensitive or high-value goods, tradeshow exhibits, and commercial products such as new furniture and fixtures.

This year's numbers for the Relocation Services Group from January through July, 2000 indicate that the revenues for the division have risen by $18 million - or 11 percent -- over the same months in 1999, and that Atlas' Specialized Transportation Group for the first seven months of the year has increased revenues by $15 million, or 48 percent to date over last year.

"The increase in the Relocation Services Group came primarily from business generated by established Atlas agents," Parker said, "but most of the increase realized by Specialized Transportation is due to 22 new business locations - 12 of which are new branches to existing agents, and 10 of which are new agents to this company. Atlas' success continues to lie primarily in these two core segments of our business."

Atlas World Group's subsidiaries include Atlas Van Lines, Atlas Van Lines International, Atlas Van Lines Canada, Ltd., and Red Ball Corporation and subsidiaries.

With its world headquarters in Evansville, Indiana, Atlas Van Lines transports household goods and special products through some 600 agents across the U.S. and Canada, and nearly 800 worldwide.