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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 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, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (, 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

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)

                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------

  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

  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
                                               =============  =============


  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

  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

  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)

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

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

  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

  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)

                                                          2012       2011
                                                       ---------  ---------

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

  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)
                                                       ---------  ---------

  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, END OF PERIOD               $     321  $   1,317
                                                       =========  =========

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

                                                      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.

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