Saia (SAIA) 8-K Saia, Inc. Reports Fourth Quarter 2008 Results Earnings per share of $0.11 from continuing operations

Exhibit 99.1

Saia, Inc. Reports Fourth Quarter 2008 Results
Earnings per share of $0.11 from continuing operations

JOHNS CREEK, GA – January 30, 2009 – Saia, Inc. (NASDAQ: SAIA), a leading multi-regional less-than-truckload (LTL) carrier (“the Company”), today reported fourth quarter 2008 results. Earnings per share were $0.11 from continuing operations compared to $0.05 in the prior year quarter. Fourth quarter revenue was $231 million, down 5 percent from prior year, reflecting softer tonnage and declining fuel surcharge. Operating income from continuing operations was $5.3 million compared to the prior year quarter operating income of $3.9 million.

Fourth quarter 2008 highlights include:

• Operating ratio from continuing operations improved to 97.7 from 98.4

• LTL tonnage per workday decreased 4.7%

• LTL yield decreased 0.2% due to reduced fuel surcharge partially offset by increasing length of haul

• Prior year quarter results included a charge of $0.04 per share resulting from an employment related matter

“I was pleased that our cost execution allowed us to achieve improved earnings per share and operating margins in spite of one of the worst economic environments in decades,” said Rick O’Dell, President and Chief Executive Officer. “Just as important, Saia employees again demonstrated best in class service by delivering 97.4% on-time delivery performance.”

Revenue for the full year 2008 exceeded $1.0 billion, an increase of 6 percent from 2007. Operating income from continuing operations for 2008 was $26 million, compared with 2007 operating income of $38 million which included $2.4 million in integration expenses. Income from continuing operations was $9.7 million in 2008 compared to $17.1 million in 2007. Earnings per share from continuing operations were $0.71 in 2008, compared to $1.22 in 2007 which included charges for integration.

2008 highlights are summarized as follows:

• Operating ratio was 97.5 vs. 96.1 in the prior year

• LTL tonnage per workday decreased 3.0%

• LTL yield increased 9.1% including the impact of higher fuel surcharge and longer length of haul

• The impact of equity based compensation was negligible compared to a benefit of $3.0 million in prior year

Saia, Inc. Fourth-Quarter 2008 Earnings
Page 2

“During 2008, we continued to focus on our strategy of building density, customer satisfaction, cost reduction supported by engineered process improvements and effective balance sheet management. While absolute profitability deteriorated due to the difficult environment, underlying fundamental execution on service and key cost metrics improved significantly in 2008. Our balance sheet also improved with a reduction in net debt by $56.9 million during the year. We believe our ability to execute on critical initiatives will allow us to continue to navigate through this challenging environment. As we continue to capitalize on effective marketing and excellent service offerings, we feel that Saia’s broad coverage, reliable service and solid cost execution provide a solid foundation for long-term profitable growth and increased shareholder and customer value” O’Dell said.

Financial Position and Capital Expenditures

Total debt was $136.4 million at December 31, 2008. Net of the Company’s $27.1 million cash balance at December 31, 2008, net debt to total capital was 33.9 percent. This compares to total debt of $172.8 million and net debt to total capital of 45.3 percent at December 31, 2007.

Net capital expenditures from continuing operations for 2008 were $26 million. This compares to $89 million of capital expenditures in 2007. The Company is planning net capital expenditures in 2009 of approximately $10 million. This reduced level is due to the uncertain economic environment and will be reevaluated as tonnage improves.

Due to the deteriorating macro-environment, declines in the stock market and the decline in the price of the Company’s common stock, the Company has experienced a significant decline in its market capitalization.   As a result, the Company is currently performing an impairment analysis of its goodwill of approximately $35 million.  In the event that the Company determines its goodwill is impaired in whole or part, this would result in a one-time, non-cash charge not to exceed the goodwill balance.

Conference Call

Management will hold a conference call to discuss fourth-quarter results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 1-877-558-9192 or dial 706-758-1748 for international calls with conference id #79937020. Callers should dial in five to 10 minutes in advance of the conference call. This call will be webcast live via the Company web site at www.saia.com. A replay of the call will be available two hours after the completion of the call through February 06, 2009. The replay will be available by dialing 1-800-642-1687 or 706-645-9291.

The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors.  Individual investors can listen to the call atwww.earnings.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents.  Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com).”

Saia, Inc. (NASDAQ: SAIA) is a less-than-truckload provider of regional, interregional and guaranteed services covering 34 states. With headquarters in Georgia and a network of 147 terminals, Saia employs 7,800 people. For more information, visit Investor Relations at www.saia.com.

Saia, Inc. Fourth-Quarter 2008 Earnings
Page 3

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 publicly update or revise any forward-looking statements. 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 any forward-looking statements. These factors and risks 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); integration risks; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of ongoing litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, property, revenue equipment and other operating assets; governmental regulations, including but not limited to Hours of Service, engine emissions, 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; effectiveness of company-specific performance improvement initiatives; terrorism risks; self-insurance claims, equity-based compensation and other expense volatility; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.

# # #

CONTACT: Saia, Inc.
Renée McKenzie, Treasurer
RMcKenzie@Saia.com
678.542.3910

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

	December 31,			December 31,
	2008			2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	27,061		$	6,656
Accounts receivable, net		93,691			107,116
Prepaid expenses and other		34,875			37,837
Total current assets		155,627			151,609
PROPERTY AND EQUIPMENT:
Cost		615,212			596,357
Less: accumulated depreciation		259,410			227,585
Net property and equipment		355,802			368,772
GOODWILL AND OTHER ASSETS		39,427			40,202
Total assets	$	550,856		$	560,583
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and checks outstanding	$	46,572		$	42,732
Wages and employees’ benefits		28,148			32,862
Other current liabilities		43,262			38,138
Current portion of long-term debt		28,899			12,793
Total current liabilities		146,881			126,525
OTHER LIABILITIES:
Long-term debt, less current portion		107,500			160,052
Deferred income taxes		56,284			55,961
Claims, insurance and other		27,215			17,393
Total other liabilities		190,999			233,406
SHAREHOLDERS’ EQUITY:
Common stock		14			13
Additional paid-in capital		174,079			170,260
Deferred compensation trust		(2,757	)		(2,584	)
Retained earnings		41,640			32,963
Total shareholders’ equity		212,976			200,652
Total liabilities and shareholders’ equity	$	550,856		$	560,583

Saia, Inc.
Consolidated Statements of Operations
For the Quarters and Years Ended December 31, 2008 and 2007
(Amounts in thousands, except per share data)
(Unaudited)

		Fourth Quarter						Twelve Months
		2008			2007			2008			2007
OPERATING REVENUE		$	230,860		$	243,710		$	1,030,421		$	976,123
OPERATING EXPENSES:
Salaries, wages and employees’ benefits			127,895			130,291			537,857			524,599
Purchased transportation			16,748			20,172			78,462			76,123
Fuel, operating expenses and supplies			54,455			62,196			279,763			227,198
Operating taxes and licenses			8,340			8,765			35,356			34,474
Claims and insurance			8,116			8,492			32,860			36,754
Depreciation and amortization			10,057			10,083			40,898			38,685
Operating gains, net			(25	)		(171	)		(435	)		(2,305	)
Integration charges			—			—			—			2,427
Total operating expenses			225,586			239,828			1,004,761			937,955
OPERATING INCOME			5,274			3,882			25,660			38,168
NONOPERATING EXPENSES:
Interest expense			3,261			2,934			12,441			10,049
Other, net			197			(19	)		419			(272	)
Nonoperating expenses, net			3,458			2,915			12,860			9,777
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES			1,816			967			12,800			28,391
Income tax provision			367			251			3,085			11,306
INCOME FROM CONTINUING OPERATIONS			1,449			716			9,715			17,085
Income (loss) from discontinued operations, net			(43	)		1,257			(1,038	)		1,257
NET INCOME		$	1,406		$	1,973		$	8,677		$	18,342
Average common shares outstanding — basic			13,347			13,281			13,316			13,823
Average common shares outstanding — diluted			13,633			13,433			13,612			14,038
	��
Basic earnings per share-continuing operations		$	0.11		$	0.05		$	0.73		$	1.24
Basic earnings (loss) per share-discontinued operations			—			0.09			(0.08	)		0.09
Basic earnings per share		$	0.11		$	0.15		$	0.65		$	1.33
Diluted earnings per share-continuing operations		$	0.11		$	0.05		$	0.71		$	1.22
Diluted earnings (loss) per share-discontinued operations			—			0.09			(0.08	)		0.09
Diluted earnings per share		$	0.10		$	0.15		$	0.64		$	1.31

Saia, Inc.
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2008 and 2007
(Amounts in thousands)
(Unaudited)

	2008			2007
OPERATING ACTIVITIES:
Net cash provided by operating activities-continuing operations	$	70,248		$	46,271
Net cash provided by operating activities-discontinued operations		12,091			—
Net cash provided by operating activities		82,339			46,271
INVESTING ACTIVITIES:
Acquisition of property and equipment		(27,808	)		(95,486	)
Proceeds from disposal of property and equipment		1,803			6,401
Acquisition of business		—			(2,344	)
Net cash used in investing activities		(26,005	)		(91,429	)
FINANCING ACTIVITIES:
Proceeds from long-term debt		25,000			73,724
Repayment of long-term debt		(61,517	)		(11,402	)
Repurchase of common stock		—			(23,226	)
Proceeds from stock option exercises		588			2,049
Net cash provided by (used in) financing activities		(35,929	)		41,145
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS		20,405			(4,013	)
CASH & CASH EQUIVALENTS, BEGINNING OF YEAR		6,656			10,669
CASH & CASH EQUIVALENTS, END OF YEAR	$	27,061		$	6,656

Saia, Inc.
Financial Information
For the Quarters Ended December 31, 2008 and 2007
(Amounts in thousands)
(Unaudited)

									Fourth Quarter
		Fourth Quarter				%			Amount/Workday				%
		2008		2007		Change			2008		2007		Change
Workdays										62		62
Operating ratio			97.7		98.4
F/S Revenue	LTL		215,249		226,738		(5.1	)		3,471.8		3,657.1		(5.1	)
	TL		15,611		16,972		(8.0	)		251.8		273.7		(8.0	)
	Total		230,860		243,710		(5.3	)		3,723.6		3,930.8		(5.3	)
Revenue excluding	LTL		216,002		226,995		(4.8	)		3,483.9		3,661.2		(4.8	)
revenue recognition	TL		15,666		16,991		(7.8	)		252.7		274.0		(7.8	)
adjustment	Total		231,668		243,986		(5.0	)		3,736.6		3,935.3		(5.0	)
Tonnage	LTL		865		907		(4.7	)		13.94		14.63		(4.7	)
	TL		161		180		(10.3	)		2.60		2.90		2.1
	Total		1,026		1,086		(5.5	)		16.55		18.02		(8.2	)
Shipments	LTL		1,596		1,664		(4.1	)		25.74		26.84		(4.1	)
	TL		22		24		(8.9	)		0.35		0.39		2.5
	Total		1,618		1,688		(4.1	)		26.10		28.00		(6.8	)
Revenue/cwt.	LTL		12.49		12.52		(0.2	)
	TL		4.85		4.73		2.6
	Total		11.29		11.23		0.5
Revenue/shipment	LTL		135.33		136.45		(0.8	)
	TL		716.24		706.72		1.3
	Total		143.18		144.57		(1.0	)
Pounds/shipment	LTL		1,083		1,090		(0.6	)
	TL		14,759		14,945		(1.2	)
	Total		1,268		1,288		(1.5	)