SYS-CON MEDIA Authors: Kevin Benedict, Gilad Parann-Nissany, Michael Bushong, Eric Brown

News Feed Item

Saia Reports Fourth Quarter Earnings per Share of $0.32

Revenues Were $280 Million With Operating Income Increasing 46%

JOHNS CREEK, GA -- (Marketwired) -- 01/31/14 -- Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics services, today reported improved fourth quarter 2013 results driven by effective revenue management and operational efficiencies. All prior period share and per share data in this release have been adjusted to reflect the Company's June 2013 three for two stock split.

Fourth Quarter 2013 Compared to Fourth Quarter 2012 Results

  • Revenues were $280 million, an increase of 5.8%
  • Operating income increased 46% to $14.7 million compared to $10.1 million
  • Diluted earnings per share were $0.32 compared to $0.22
  • Operating ratio was 94.7 compared to 96.2
  • LTL tonnage per workday increased 2.9% as LTL shipments per workday were up 1.7% with a 1.2% increase in weight per shipment
  • LTL yield was up 2.3%

"Saia's Quality Matters initiative continues to be the guiding force in advancing our value proposition in the marketplace. Saia employees across our organization are focused on providing consistent, superior customer service. These efforts have fueled another quarter of meaningful yield increase which combined with efficiency and technology initiatives led us to a 45% increase in earnings per share compared to the fourth quarter last year," said Saia President and Chief Executive Officer Rick O'Dell.

"Investments in technology, equipment and continuous on-going employee training have allowed Saia to post its ninth consecutive quarter of 98% on-time service. The combination of strong service and our committed pricing effort enabled Saia to improve its operating ratio by 150 basis points versus fourth quarter last year. With our recently expanded sales force, Saia ended the year with improving tonnage trends and we believe we are well positioned to grow our market share going forward," O'Dell said.

2013 Results Compared to 2012 Results

  • Revenues were $1,139 million compared to $1,099 million
  • Operating income was $74.4 million compared to $58.7 million
  • Net income was $43.6 million compared to $32.0 million
  • Diluted earnings per share were $1.73 compared to $1.29
  • Operating ratio was 93.5 compared to 94.7

Financial Position and Capital Expenditures
Total debt was $76.9 million at December 31, 2013. Net of the Company's $0.2 million cash balance at quarter end, debt to total capital was 20.1%. This compares to total debt of $60.7 million and net debt to total capital of 19.2% in the prior year quarter.

Net capital expenditures in 2013 were $122 million. This compares to $83 million in the prior year. The Company currently plans net capital expenditures in 2014 of approximately $85 million. This expenditure level reflects primarily replacement of revenue equipment, and investments in technology and real estate projects.

Conference Call
Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-500-6950 or 719-457-2697 referencing conference ID #7135869. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company web site at www.saiacorp.com. A replay of the call will be offered two hours after the completion of the call through February 6, 2014 at 2:00 p.m. Eastern Time. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 147 terminals in 34 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, general economic conditions including downturns in the business cycle; the creditworthiness of our customers and their ability to pay for services; competitive initiatives and pricing pressures, including in connection with fuel surcharge; the Company's need for capital and uncertainty of the current credit markets; the possibility of defaults under the Company's debt agreements (including violation of financial covenants); possible issuance of equity which would dilute stock ownership; integration risks; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the "Compliance, Safety, Accountability" (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company's workforce become unionized; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. A forward looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.


                        Saia, Inc. and Subsidiaries
                   Condensed Consolidated Balance Sheets
                           (Amounts in thousands)
                                (Unaudited)

                                                December 31,   December 31,
                                                    2013           2012
                                                ------------   ------------
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                     $        159   $        321
  Accounts receivable, net                           117,937        106,814
  Prepaid expenses and other                          52,157         37,028
                                                ------------   ------------
    Total current assets                             170,253        144,163

PROPERTY AND EQUIPMENT:
  Cost                                               797,527        718,527
  Less: accumulated depreciation                     365,301        356,823
                                                ------------   ------------
    Net property and equipment                       432,226        361,704

OTHER ASSETS                                          14,322         13,821
                                                ------------   ------------
    Total assets                                $    616,801   $    519,688
                                                ============   ============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                              $     50,799   $     43,706
  Wages and employees' benefits                       35,248         30,842
  Other current liabilities                           47,667         44,609
  Current portion of long-term debt                    7,143         22,143
                                                ------------   ------------
    Total current liabilities                        140,857        141,300

OTHER LIABILITIES:
  Long-term debt, less current portion                69,740         38,562
  Deferred income taxes                               69,916         55,611
  Claims, insurance and other                         31,496         29,696
                                                ------------   ------------
    Total other liabilities                          171,152        123,869

STOCKHOLDERS' EQUITY:
  Common stock                                            24             24
  Additional paid-in capital                         213,648        206,969
  Deferred compensation trust                         (2,246)        (2,213)
  Retained earnings                                   93,366         49,739
                                                ------------   ------------
    Total stockholders' equity                       304,792        254,519
                                                ------------   ------------
    Total liabilities and stockholders' equity  $    616,801   $    519,688
                                                ============   ============



                        Saia, Inc. and Subsidiaries
                   Consolidated Statements of Operations
        For the Quarters and Years Ended December 31, 2013 and 2012
               (Amounts in thousands, except per share data)
                                (Unaudited)

                              Fourth Quarter                 Years
                         ------------------------  ------------------------
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------

OPERATING REVENUE        $   279,655  $   264,427  $ 1,139,094  $ 1,098,679

OPERATING EXPENSES:
  Salaries, wages and
   employees' benefits       144,019      136,284      572,487      546,755
  Purchased
   transportation             17,952       15,350       72,975       74,521
  Fuel, operating
   expenses and supplies      73,405       74,964      306,364      308,176
  Operating taxes and
   licenses                    8,530        9,222       36,513       38,283
  Claims and insurance         7,409        6,303       25,494       24,712
  Depreciation and
   amortization               13,799       12,304       51,564       47,985
  Operating gains, net          (151)         (78)        (721)        (487)
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                264,963      254,349    1,064,676    1,039,945
                         -----------  -----------  -----------  -----------

OPERATING INCOME              14,692       10,078       74,418       58,734

NONOPERATING EXPENSES:
  Interest expense             1,584        1,707        6,490        7,807
  Other, net                     (37)         (70)        (217)        (212)
                         -----------  -----------  -----------  -----------
    Nonoperating
     expenses, net             1,547        1,637        6,273        7,595
                         -----------  -----------  -----------  -----------


INCOME BEFORE INCOME
 TAXES                        13,145        8,441       68,145       51,139
Income tax expense             5,081        3,035       24,518       19,091
                         -----------  -----------  -----------  -----------
NET INCOME               $     8,064  $     5,406  $    43,627  $    32,048
                         ===========  ===========  ===========  ===========

Average common shares
 outstanding - basic          24,246       23,862       24,154       23,823
                         ===========  ===========  ===========  ===========
Average common shares
 outstanding - diluted        25,289       24,879       25,205       24,815
                         ===========  ===========  ===========  ===========

Basic earnings per share $      0.33  $      0.23  $      1.81  $      1.35
                         ===========  ===========  ===========  ===========

Diluted earnings per
 share                   $      0.32  $      0.22  $      1.73  $      1.29
                         ===========  ===========  ===========  ===========



                        Saia, Inc. and Subsidiaries
              Condensed Consolidated Statements of Cash Flows
               For the Years Ended December 31, 2013 and 2012
                           (Amounts in thousands)
                                (Unaudited)
                                                           Years
                                                ---------------------------
                                                    2013           2012
                                                ------------   ------------

OPERATING ACTIVITIES:
Net cash provided by operating activities       $    101,312   $    100,675
                                                ------------   ------------
    Net cash provided by operating activities        101,312        100,675
                                                ------------   ------------

INVESTING ACTIVITIES:
  Acquisition of property and equipment             (126,358)       (86,120)
  Proceeds from disposal of property and
   equipment                                           4,338          3,305
  Acquisition of subsidiary, net of cash                   -         (7,616)
                                                ------------   ------------
    Net cash used in investing activities           (122,020)       (90,431)
                                                ------------   ------------

FINANCING ACTIVITIES:
  Repayment of long-term debt                        (22,143)       (22,143)
  Borrowings of revolving credit agreement,
   net                                                38,327          9,990
  Proceeds from stock option exercises                 4,948            913
  Other financing activities                            (586)             -
                                                ------------   ------------
    Net cash used in financing activities             20,546        (11,240)
                                                ------------   ------------

NET DECREASE IN CASH AND CASH EQUIVALENTS               (162)          (996)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           321          1,317
                                                ------------   ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD        $        159   $        321
                                                ============   ============



                         Saia, Inc. and Subsidiaries
                            Financial Information
              For the Quarters Ended December 31, 2013 and 2012
                                 (Unaudited)

                                                      Fourth Quarter
                                                     ---------------
                           Fourth Quarter      %      Amount/Workday    %
                          ----------------           ---------------
                            2013     2012    Change    2013    2012   Change
                          -------  -------  -------  ------- ------- -------

Workdays                                                  62      62

Operating ratio              94.7%    96.2%


Tonnage (1)           LTL     888      863      2.9    14.32   13.91     2.9
                      TL      187      157     19.2     3.02    2.53    19.2

Shipments (1)         LTL   1,490    1,466      1.7    24.04   23.64     1.7
                      TL       27       23     18.0     0.43    0.37    18.0

Revenue/cwt. (2)      LTL $ 14.46  $ 14.13      2.3
                      TL  $  5.73  $  5.90     (2.7)

Revenue/shipment (2)  LTL $172.22  $166.36      3.5
                      TL  $802.35  $816.62     (1.7)

Pounds/shipment       LTL   1,191    1,177      1.2
                      TL   13,992   13,851      1.0

Length of Haul                746      728      2.5

(1)    In thousands

(2)    Revenue does not include the adjustment required for financial
       statement purposes in accordance with the Company's revenue
       recognition policy and other revenue.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.