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
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...