Saia (SAIA) 8-K SCS Transportation, Inc., Announces Third-Quarter Earnings per Share of $0.34, up 26 percent

Exhibit 99.1

For Immediate Release October 16, 2003

SCS Transportation, Inc., Announces Third-Quarter
Earnings per Share of $0.34, up 26 percent

(KANSAS CITY, Mo.) — SCS Transportation, Inc. (NASDAQ: SCST) today reported revenue of $211.5 million in the third quarter of 2003, up 5.2 percent from $201.2 million in the prior-year period. Operating income in the third quarter rose 37.8 percent to $11.2 million, from $8.1 million a year earlier. Net income increased 28.1 percent to $5.1 million for the quarter, from $4.0 million in the third quarter of 2002. Earnings per share for the third quarter of 2003 were $0.34, up 25.9 percent from $0.27 a year earlier.

“As we conclude our first year as an independent company, we are pleased to again report improvements in revenue, operating income and earnings,” said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. “Moving into our second year, we are encouraged by signs of an improving economy, that along with our operating initiatives, point toward continuing upside opportunities.”

Segment Results
Third-quarter revenues, operating income and less-than-truckload (LTL) volumes increased for both operating companies, Saia and Jevic, versus the prior year quarter. Yields remained relatively stable but continued to reflect competitive pricing conditions in the industry.

Revenue at Saia was $134.3 million in the third quarter, compared with $127.6 million a year earlier. Excluding fuel surcharge, Saia revenue per day was up 3.9 percent. Third-quarter operating income for Saia was $8.1 million, up 24.2 percent from $6.5 million a year earlier. Saia’s third-quarter operating ratio was 94.0 percent, an improvement from 94.9 percent a year earlier.

SCS Transportation Announces Third-Quarter Earnings
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Saia continued to grow its presence in key markets, increasing LTL tonnage per day 4.0 percent from the third quarter of 2002. LTL revenue per hundredweight, excluding fuel surcharge, dropped 0.3 percent from the prior-year quarter.

“Saia once again delivered improved profitability versus a year ago by adding value for customers and improving capacity utilization, while effectively managing costs and the mix of business,” Trucksess said. “Despite an already strong service product, Saia recently improved service standards by one day on over 11 million zip code pairs, reflecting our commitment to best-in-class service and continuous improvement.”

At Jevic, third-quarter revenue was $77.2 million, versus $73.6 million a year earlier. Revenue per day, excluding fuel surcharge, rose 3.5 percent. Jevic operating income was $3.8 million versus $1.9 million in the third quarter of 2002. The current quarter included $0.9 million in favorable out-of-period reserve adjustments, while the prior-year quarter had $0.9 million in unfavorable out-of-period reserve adjustments. Jevic’s third-quarter operating ratio was 95.1 percent compared to 97.5 percent a year earlier.

Total revenue per hundredweight for Jevic, excluding fuel surcharge, improved 2.5 percent, due primarily to an increasing mix of higher-yielding LTL tonnage. LTL revenue per hundredweight was down 1.5 percent year-over-year but has been relatively stable during 2003.

“Less-than-truckload tonnage for Jevic increased in the quarter, and the company is making progress on improving operating performance. Despite a tight labor market, Jevic advanced its driver recruiting, which along with continuing improvements in manpower planning, helped reduce higher-cost purchased transportation,” Trucksess said.

Net holding company operating expenses were $0.7 million in the quarter versus $0.3 million a year earlier. Comparison to the third quarter of 2002 is not meaningful because public-company operations commenced with the October 1, 2002, spin-off of SCST. Interest expense in the quarter was $2.4 million, up from $1.2 million a year earlier, as a result of the capital structure created with the spin-off.

SCS Transportation Announces Third-Quarter Earnings
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Outlook
Subject to forward-looking risk factors, management expects 2003 earnings per share for the fourth quarter to be in a range of $0.25 to $0.31 and expects earnings per share for the full year to be in a range of $0.94 to $1.00. These estimates are based on company-specific business trends and initiatives, as well as economic assumptions for the remainder of the year.

Conference Call
SCS Transportation will hold its quarterly conference call on Friday, October 17, 2003, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). To participate, please dial 1-800-275-8866 or 1-706-634-4936 for international calls. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the company’s web site at www.scstransportation.com and will be archived on the site for 90 days. A replay also will be available from two hours after completion of the call through October 24, 2003, by dialing 1-800-642-1687 and using conference code 2957548.

SCS Transportation, Inc. (NASDAQ: SCST) is a trucking transportation company providing regional and interregional less-than-truckload and selected truckload (TL) service solutions to more than 71,000 customers across the United States. Its operating subsidiaries are Saia, based in Duluth, Ga.; and Jevic, based in Delanco, N.J. Headquartered in Kansas City, Mo., SCST has approximately 7,500 employees nationwide.

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,” “plan,” “predict,” “believe” and similar words or expressions are intended to identify forward-looking statements. We use such forward-looking statements regarding our future financial condition and results of operations and our business operations in this release. All forward-looking statements reflect the present expectation of future events of our management 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 the forward-looking statements. These factors and risks include, but are not limited to, general economic conditions; labor relations; cost and availability of qualified drivers; governmental regulations, including but not limited to Hours of Service, engine emissions and Homeland Security; cost and availability of fuel; inclement weather; competitive initiatives and pricing pressures; self-insurance claims and other expense volatility; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.

SCS Transportation Announces Third-Quarter Earnings
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# # #

INVESTOR CONTACT:	Greg Drown SCS Transportation, Inc. 816-714-5906 gdrown@scstransportation.com
MEDIA CONTACT:	Dick Johnson Johnson Strategic Communications Inc. 913-649-8885 dick@johnsonstrategic.com

Editor’s note: Photography, video B-roll and logos for SCS Transportation are available upon request.

SCS Transportation, Inc. and Subsidiaries
Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)

			September 30,			December 31,
			2003			2002
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	31,280		$	21,872
	Accounts receivable			98,079			86,908
	Prepaid expenses and other			31,149			30,709
		Total current assets		160,508			139,489
PROPERTY AND EQUIPMENT:
	Cost			508,884			487,803
	Less: Accumulated depreciation			223,143			200,645
		Net property and equipment		285,741			287,158
GOODWILL AND OTHER ASSETS				17,344			17,696
		Total assets	$	463,593		$	444,343
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Accounts payable and checks outstanding		$	28,590		$	26,009
	Wages and employees’ benefits			34,990			27,870
	Other current liabilities			33,698			30,682
		Total current liabilities		97,278			84,561
OTHER LIABILITIES:
	Long-term debt			116,485			116,410
	Deferred income taxes			49,185			54,087
	Claims, insurance and other			15,749			15,008
		Total other liabilities		181,419			185,505
SHAREHOLDERS’ EQUITY:
	Common stock			15			15
	Additional paid-in capital			201,589			200,611
	Deferred compensation trust			(738	)		—
	Retained earnings (deficit)			(15,970	)		(26,349	)
		Total shareholders’ equity		184,896			174,277
		Total liabilities and shareholders’ equity	$	463,593		$	444,343

SCS Transportation, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarter and Nine Months Ended September 30, 2003 and 2002
(Amounts in thousands, except per share data)
(Unaudited)

			Third Quarter					Nine Months
			2003			2002		2003			2002
OPERATING REVENUE			$	211,530		$	201,155	$	619,903		$	581,181
OPERATING EXPENSES:
	Salaries, wages and employees’ benefits			119,054			112,604		348,201			330,516
	Purchased transportation			20,927			20,854		62,427			58,861
	Operating expenses and supplies			35,166			34,792		108,171			97,382
	Operating taxes and licenses			8,127			7,778		24,186			23,265
	Claims and insurance			5,979			5,439		19,321			17,201
	Depreciation and amortization			11,074			11,359		32,915			33,717
	Operating (gains) and losses			45			233		104			495
		Total operating expenses		200,372			193,059		595,325			561,437
OPERATING INCOME				11,158			8,096		24,578			19,744
NONOPERATING EXPENSES:
	Interest expense			2,385			1,201		7,062			3,913
	Other, net			(90	)		77		(319	)		153
		Nonoperating expenses, net		2,295			1,278		6,743			4,066
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE				8,863			6,818		17,835			15,678
Income tax provision				3,733			2,813		7,456			6,652
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE				5,130			4,005		10,379			9,026
Cumulative effect of change in accounting for goodwill				—			—		—			(75,175	)
NET INCOME (LOSS)			$	5,130		$	4,005	$	10,379		$	(66,149	)
Average common shares outstanding — basic*				14,750			14,565		14,722			14,565
Average common shares outstanding — diluted*				15,147			14,565		15,108			14,565
Basic earnings (loss) per share:
	Before cumulative effect of accounting change		$	0.35		$	0.27	$	0.70		$	0.62
	Cumulative effect of change in accounting for goodwill			—			—		—			(5.16	)
	Net income (loss)		$	0.35		$	0.27	$	0.70		$	(4.54	)
Diluted earnings (loss) per share:
	Before cumulative effect of accounting change		$	0.34		$	0.27	$	0.69		$	0.62
	Cumulative effect of change in accounting for goodwill			—			—		—			(5.16	)
	Net income (loss)		$	0.34		$	0.27	$	0.69		$	(4.54	)

*2002 Shares represent SCS Transportation shares distributed on September 30, 2002

SCS Transportation, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2003 and 2002
(Amounts in thousands)
(Unaudited)

			Nine Months
			2003			2002
OPERATING ACTIVITIES:
		Net cash from operating activities	$	41,031		$	17,232
INVESTING ACTIVITIES:
	Acquisition of property and equipment			(35,501	)		(29,359	)
	Proceeds from disposal of property and equipment			3,387			4,987
		Net cash used in investing activities		(32,114	)		(24,372	)
FINANCING ACTIVITIES:
Net proceeds of long-term debt				—			88,264
Proceeds from stock option exercises				491			—
Net change in Notes to former Parent				—			(80,221	)
		Net cash from financing activities		491			8,043
NET INCREASE IN CASH AND CASH EQUIVALENTS				9,408			903
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD				21,872			1,480
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	31,280		$	2,383

Saia Motor Freight Line, Inc.
Financial Information
For the Quarter and Nine Months Ended September 30, 2003 and 2002
(Amounts in thousands)

	Third Quarter				%		Nine Months				%
	2003		2002		Change		2003		2002		Change
Operating revenue (excluding fuel surcharge)		129,886		125,001		3.9		377,065		360,508		4.6
Operating revenue		134,347		127,580		5.3		391,076		366,636		6.7
Operating income		8,105		6,526				20,305		16,176
Operating ratio		94.0		94.9				94.8		95.6

									Third Quarter
		Third Quarter				%			Amount/Workday				%
		2003		2002		Change			2003		2002		Change
Workdays										64		64
F/S Revenue	LTL		123,625		117,495		5.2			1,931.6		1,835.9		5.2
	TL		10,722		10,085		6.3			167.5		157.6		6.3
	Total		134,347		127,580		5.3			2,099.1		1,993.5		5.3
Revenue excluding	LTL		123,681		117,572		5.2			1,932.5		1,837.1		5.2
revenue recognition	TL		10,727		10,091		6.3			167.6		157.7		6.3
adjustment	Total		134,408		127,663		5.3			2,100.1		1,994.8		5.3
Tonnage	LTL		626		602		4.0			9.78		9.40		4.0
	TL		146		138		5.9			2.28		2.15		5.9
	Total		772		740		4.3			12.06		11.55		4.3
Shipments	LTL		1,153		1,131		2.0			18.02		17.67		2.0
	TL		18		17		5.9			0.29		0.27		5.9
	Total		1,171		1,148		2.0			18.31		17.94		2.0
Revenue/cwt	LTL		9.88		9.77		1.2
	TL		3.68		3.67		0.3
	Total		8.71		8.63		0.9
Revenue/cwt	LTL		9.53		9.56		(0.3	)
(excluding fuel surcharge)	TL		3.65		3.65		0.2
	Total		8.42		8.46		(0.4	)
Revenue/shipment	LTL		107.23		103.96		3.2
	TL		579.93		577.78		0.4
	Total		114.70		111.17		3.2
Pounds/shipment	LTL		1,085		1,064		2.0
	TL		15,752		15,748		0.0
	Total		1,316		1,287		2.3

Jevic Transportation, Inc.
Financial Information
For the Quarter and Nine Months Ended September 30, 2003 and 2002
(Amounts in thousands)

	Third Quarter				%		Nine Months				%
	2003		2002		Change		2003		2002		Change
Operating revenue (excluding fuel surcharge)		74,580		72,079		3.5		220,332		211,242		4.3
Operating revenue		77,183		73,575		4.9		228,827		214,545		6.7
Operating income		3,773		1,851				6,448		3,650
Operating ratio		95.1		97.5				97.2		98.3

									Third Quarter
		Third Quarter				%			Amount/Workday				%
		2003		2002		Change			2003		2002		Change
Workdays										64		64
F/S Revenue	LTL		49,797		47,170		5.6			778.1		737.0		5.6
	TL		23,612		25,054		(5.8	)		368.9		391.5		(5.8	)
	Other		3,774		1,351		179.3			59.0		21.1		179.3
	Total		77,183		73,575		4.9			1,206.0		1,149.6		4.9
Revenue excluding	LTL		49,936		46,949		6.4			780.2		733.6		6.4
revenue recognition	TL		23,675		24,941		(5.1	)		369.9		389.7		(5.1	)
adjustment	Other		3,774		1,351		179.3			59.0		21.1		179.3
	Total		77,385		73,241		5.7			1,209.1		1,144.4		5.7
Tonnage	LTL		265		249		6.4			4.14		3.89		6.4
	TL		293		318		(7.8	)		4.59		4.97		(7.8	)
	Total		558		567		(1.6	)		8.73		8.86		(1.6	)
Shipments	LTL		218		209		4.6			3.41		3.26		4.6
	TL		34		35		(2.6	)		0.54		0.55		(2.6	)
	Total		252		244		3.3			3.95		3.81		3.3
Revenue/cwt	LTL		9.42		9.42		—
	TL		4.03		3.92		3.0
	Total		6.59		6.33		4.0
Revenue/cwt	LTL		9.08		9.22		(1.5	)
(excl. fuel surcharge)	TL		3.89		3.84		1.4
	Total		6.36		6.20		2.5
Revenue/shipment	LTL		228.57		224.78		1.7
	TL		689.59		707.91		(2.6	)
	Total		291.18		294.52		(1.1	)
Pounds/shipment	LTL		2,428		2,387		1.7
	TL		17,097		18,069		(5.4	)
	Total		4,420		4,650		(5.0	)