Welcome!

News Feed Item

Saia Reports Fourth Quarter Earnings per Share of $0.33

Revenues Were $264 Million With a 63 Percent Increase in Operating Income

JOHNS CREEK, GA -- (Marketwire) -- 01/30/13 -- Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics, today reported improved fourth quarter 2012 results on stronger revenue, favorable pricing actions and operational efficiencies.

Fourth Quarter 2012 Compared to Fourth Quarter 2011 Results

  • Revenues were $264 million, an increase of 4.5 percent from the prior year period
  • Revenue per workday increased by 2.8 percent with one more workday in the fourth quarter of 2012
  • Operating income increased 63 percent to $10.1 million compared to $6.2 million in the prior year period
  • Earnings per share were $0.33 compared to $0.15 in the prior year period
  • Operating ratio was 96.2 compared to 97.6 in the prior year period
  • LTL tonnage per workday decreased by 3.2 percent
  • LTL yield was up 6 percent due to effective yield management and fuel surcharge revenue

"Saia's best-in-class service quality, demonstrated yield results and emphasis on operational excellence were again the primary drivers behind our margin improvement. We continue to advance our value proposition through investments in quality and by providing consistent, superior customer service. Additionally, we remain focused on yield improvement and advancing our operational efficiency goals. I believe the positive contribution from further advancing and institutionalizing practices in these key areas will continue to favorably impact our results going forward," said Rick O'Dell, president and chief executive officer.

"In spite of a lack-luster economic environment, Saia again produced significant earnings gains. The continued implementation of industrial engineering initiatives has improved operating efficiencies, reduced our reliance on purchased transportation, increased fuel efficiency, reduced cargo claims expense and enhanced customer service. The quarter did include increased healthcare and workers' compensation expense which virtually offset more normal accident severity, in addition to the higher costs from wage increases and depreciation due to our investments in employees, equipment and technology to meet increasing customer demands. Saia's dedicated employees provided 98% on-time service and solid customer satisfaction. Our balance sheet is strong and we are making significant investments in our business to provide a solid foundation for additional progress in 2013," O'Dell said.

2012 Results Compared to 2011 Results

  • Revenues were $1.1 billion, an increase of 7 percent from the prior year period
  • Operating income was $58.7 million compared to $28.1 million in the prior year
  • Net income was $32.0 million compared to $11.4 million in the prior year
  • Earnings per share were $1.94 compared to earnings per share of $0.70 in the prior year
  • Operating ratio was 94.7 compared to 97.3 in the prior year

Financial Position and Capital Expenditures
Total debt was $60.7 million at December 31, 2012. This compares to total debt of $72.9 million at December 31, 2011. Net of the Company's $0.3 million cash balance at quarter-end, net debt to total capital was 19.2 percent.

Net capital expenditures in 2012 were $83 million. This compares to $68 million in the prior year. The Company currently plans net capital expenditures in 2013 of approximately $90 million. This expenditure level reflects replacement tractors and trailers and the Company's continued investment in technology.

Conference Call
The Company will hold a conference call to discuss these results today at 11:00 am Eastern Time. This call will be webcast live via the Company web site at www.saiacorp.com. To participate in the call, please dial 1-888-364-3109 or dial 719-325-2308 for international calls and use conference ID 3815447. Callers should dial in five to 10 minutes in advance of the conference call. A replay of the call will be available two hours after the completion of the call through February 5, 2013. The replay is available by dialing 1-888-203-1112 or 719-457-0820.

The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. Saia LTL Freight operates 147 terminals in 34 states. With headquarters in Georgia, Saia employs 7,900 people. 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; 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,
                                                    2012           2011
                                               -------------  -------------
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                    $         321  $       1,317
  Accounts receivable, net                           106,814        107,436
  Prepaid expenses and other                          37,028         34,063
                                               -------------  -------------
    Total current assets                             144,163        142,816

PROPERTY AND EQUIPMENT:
  Cost                                               718,527        669,345
  Less: accumulated depreciation                     356,823        344,890
                                               -------------  -------------
    Net property and equipment                       361,704        324,455

OTHER ASSETS                                          13,821          7,615
                                               -------------  -------------
    Total assets                               $     519,688  $     474,886
                                               =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                             $      43,706  $      39,783
  Wages and employees' benefits                       30,842         21,185
  Other current liabilities                           44,609         41,237
  Current portion of long-term debt                   22,143         22,143
                                               -------------  -------------
    Total current liabilities                        141,300        124,348

OTHER LIABILITIES:
  Long-term debt, less current portion                38,562         50,714
  Deferred income taxes                               55,611         51,289
  Claims, insurance and other                         29,696         29,234
                                               -------------  -------------
    Total other liabilities                          123,869        131,237

STOCKHOLDERS' EQUITY:
  Common stock                                            16             16
  Additional paid-in capital                         206,977        203,793
  Deferred compensation trust                         (2,213)        (2,199)
  Retained earnings                                   49,739         17,691
                                               -------------  -------------
    Total stockholders' equity                       254,519        219,301
                                               -------------  -------------
    Total liabilities and stockholders' equity $     519,688  $     474,886
                                               =============  =============



                        Saia, Inc. and Subsidiaries
                   Consolidated Statements of Operations
        For the Quarters and Years Ended December 31, 2012 and 2011
               (Amounts in thousands, except per share data)
                                (Unaudited)

                                  Fourth Quarter              Years
                               --------------------  ----------------------
                                  2012       2011       2012        2011
                               ---------  ---------  ----------  ----------

OPERATING REVENUE              $ 264,427  $ 253,020  $1,098,679  $1,030,224

OPERATING EXPENSES:
  Salaries, wages and
   employees' benefits           136,284    127,108     546,755     513,977
  Purchased transportation        15,350     18,095      74,521      87,159
  Fuel, operating expenses and
   supplies                       74,964     71,897     308,176     293,534
  Operating taxes and licenses     9,222      9,441      38,283      38,228
  Claims and insurance             6,303     10,213      24,712      32,067
  Depreciation and
   amortization                   12,304     10,179      47,985      37,278
  Operating gains, net               (78)       (93)       (487)       (165)
                               ---------  ---------  ----------  ----------
    Total operating expenses     254,349    246,840   1,039,945   1,002,078
                               ---------  ---------  ----------  ----------

OPERATING INCOME                  10,078      6,180      58,734      28,146

NONOPERATING EXPENSES:
  Interest expense                 1,707      2,321       7,807      10,468
  Other, net                         (70)       (64)       (212)        (52)
                               ---------  ---------  ----------  ----------
    Nonoperating expenses, net     1,637      2,257       7,595      10,416
                               ---------  ---------  ----------  ----------


INCOME BEFORE INCOME TAXES         8,441      3,923      51,139      17,730
Income tax expense                 3,035      1,450      19,091       6,357
                               ---------  ---------  ----------  ----------
NET INCOME                     $   5,406  $   2,473  $   32,048  $   11,373
                               =========  =========  ==========  ==========

Average common shares
 outstanding - basic              15,908     15,798      15,882      15,789
                               =========  =========  ==========  ==========
Average common shares
 outstanding - diluted            16,586     16,143      16,543      16,136
                               =========  =========  ==========  ==========

Basic earnings per share       $    0.34  $    0.16  $     2.02  $     0.72
                               =========  =========  ==========  ==========

Diluted earnings per share     $    0.33  $    0.15  $     1.94  $     0.70
                               =========  =========  ==========  ==========



                        Saia, Inc. and Subsidiaries
              Condensed Consolidated Statements of Cash Flows
               For the Years Ended December 31, 2012 and 2011
                           (Amounts in thousands)
                                (Unaudited)

                                                               Years
                                                       --------------------
                                                          2012       2011
                                                       ---------  ---------

OPERATING ACTIVITIES:
Net cash provided by operating activities              $ 100,675  $  58,211
                                                       ---------  ---------
    Net cash provided by operating activities            100,675     58,211
                                                       ---------  ---------

INVESTING ACTIVITIES:
  Acquisition of property and equipment                  (86,120)   (70,862)
  Proceeds from disposal of property and equipment         3,305      2,963
  Acquisition of subsidiary, net of cash                  (7,616)         -
                                                       ---------  ---------
    Net cash used in investing activities                (90,431)   (67,899)
                                                       ---------  ---------

FINANCING ACTIVITIES:
  Repayment of long-term debt                            (22,143)   (17,143)
  Borrowings of revolving credit agreement, net            9,990          -
  Payment of debt issuance costs                               -     (1,046)
  Proceeds from stock option exercises                       913        149
                                                       ---------  ---------
    Net cash used in financing activities                (11,240)   (18,040)
                                                       ---------  ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS                   (996)   (27,728)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD             1,317     29,045
                                                       ---------  ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD               $     321  $   1,317
                                                       =========  =========



                        Saia, Inc. and Subsidiaries
                           Financial Information
             For the Quarters Ended December 31, 2012 and 2011
                                (Unaudited)

                                                      Fourth Quarter
                                                     ---------------
                            Fourth Quarter      %     Amount/Workday    %
                           ----------------          ---------------
                             2012     2011   Change    2012    2011  Change
                           -------  -------  ------  ------- ------- ------

Workdays                                                  62      61

Operating ratio               96.2%    97.6%


Tonnage (1)          LTL       863      877    (1.6)   13.91   14.37   (3.2)
                     TL        157      164    (4.5)    2.53    2.69   (6.0)

Shipments (1)        LTL     1,466    1,517    (3.4)   23.64   24.86   (4.9)
                     TL         23       23    (3.0)    0.37    0.38   (4.6)

Revenue/cwt. (2)     LTL   $ 14.13  $ 13.33     6.0
                     TL    $  5.90  $  5.51     6.9

Revenue/shipment (2) LTL   $166.36  $154.10     8.0
                     TL    $816.62  $775.09     5.4

Pounds/shipment      LTL     1,177    1,156     1.8
                     TL     13,851   14,060    (1.5)

Length of Haul                 728      728       -

(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.

Latest Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.