Times were good for Briggs Transportation during the 1970″s with more acquisitions, additional territory to serve, more equipment purchases and one important financial milestone. The company went public and offered shares of common stock!
At the beginning of the decade Clarence Briggs, a driver with 37 years of service, retired. A year later Andrew Amble , the Director of Maintenance, retired in July 1971. It was a sad day in May 1979 when it was announced that company founder Herman D. Briggs, passed away at age 88.
Logan Valley Transfer, Inc. of Lyons, Nebraska was purchased in 1971, which allowed Briggs to serve Sioux City , Iowa along with 35 additional Nebraska points. A terminal was opened in Sioux City at 3314 Highway 75 North. The same year a 30 door terminal and maintenance shop was constructed in Des Moines, Iowa.
Hennis Freight Lines sold part of their operating authority to Briggs, into Kansas City, Missouri. A terminal was opened in that city and a longhaul route established between Madison, Wisconsin and Kansas City. A smaller acquisition was also made in 1972 when Briggs purchased Clayton-Mor, Inc. of Cedar Rapids, Iowa. This gave Briggs 24 more points in the system and allowed a terminal to be opened in Ottawa, Iowa.
Before 1972 ended the company offered 300,000 shares of common stock to the public in an initial public offering, as what it is called when a company sells stock to the public for the first time. The shares were priced at $8.50 per share with half of the proceeds to be used to reduce long term debt incurred in the purchase of revenue equipment.
During 1973 Briggs completed acquisition of seven operating authorities extending operations into portions of Colorado, South Dakota, northern alf of Nebraska, new territory in Iowa and northern Minnesota. Terminals opened in Denver, Colorado Cheyenne, Wyoming Torrington, Wyoming Ora, Nebraska Broken Bow, Nebraska Valentine, Nebraska Ainsworth, Nebraska and Ottumwa, Iowa. also during 1973 Briggs ordered new fleet equipment including 105 road tractors, 30 city tractors, 25 city trailers and 40 road trailers.
In September 1974 filed an application with the ICC for permission to issue 125,000 shares of common stock to employees through an Employee Stock Purchase Plan. Also in 1974 there were two additional acquisitions. One was the operating authority of Burlington-Chicago Cartage, Inc of Kewaunee, Illinois with service to that city, Macomb, Illinois, Monmouth, Illinois Galesburg, Illinois Burlington, Iowa Musactine, Iowa Keokuk, Iowa Fort Madison, Iowa and Ottumwa, Iowa.The other authority purchased was from Orange, Inc which gave Briggs the right to serve the Iowa cities of Pleasantville, Knoxville and Charlton.
below is a selected list of quarterly financial results during the 1970’s, the fist column of fires are the revenues and following to the right is net income or (loss)
Time Period Revenues Net Income
- 1st Qtr 1972 $6,.13,148 $130,795
- 1st Qtr 1973 7,599,612 202,930
- 2nd Qtr 1973 8,397,191 303,207
- 1st Qtr 1974 10,157,109 216,209
- 2nd Qtr 1974 10,786,743 411,555