Saia (SAIA) 8-K Saia, Inc. Reports First Quarter 2012 Results

***FOR IMMEDIATE RELEASE***

Saia, Inc. Reports First Quarter 2012 Results

Earnings per share were $0.34 on an 11% increase in revenue

JOHNS CREEK, GA – April 27, 2012 – Saia, Inc. (NASDAQ: SAIA), a leading multi-regional less-than-truckload (LTL) carrier, today reported improved first quarter 2012 results on stronger revenue, improving pricing and solid cost execution.

First Quarter 2012 Compared to First Quarter 2011 Results

• Revenues were $269 million, an increase of 11 percent from the prior year period

• Operating income increased to $11.0 million from $4.1 million in the prior year period

• Earnings per share were $0.34 compared to $0.04 in the prior year period

• Operating ratio was 95.9 compared to 98.3 in the prior year period

• LTL tonnage increased by 2.6 percent as LTL shipments per workday were down slightly with a 3.3 percent increase in LTL weight per shipment

• LTL yield was up 7.9 percent due to the impact of favorable pricing actions and higher fuel surcharges

“Saia’s excellent service quality and continued progress with yield in an improving environment provided the foundation of our margin improvement in the quarter. This higher yield combined with continued cost optimization initiatives throughout our network were the primary drivers of the 240 basis point improvement in our operating ratio. Meaningful margin improvement was achieved in the quarter in spite of some expected higher wage and benefit costs necessary to support our workforce and customer requirements. On the other hand, we benefited from the mild winter weather this year. I am pleased with our progress on many fronts that contributed to materially improved margins for the quarter,” said Rick O’Dell, President and Chief Executive Officer.

“Saia’s service was 98 percent on-time and we saw improvements in essentially every quality metric we measure. I believe that our fundamental execution on quality, yield management and efficiency initiatives has never been better and the stage is set for further progress. Saia’s balance sheet is strong and we are making major investments in technology and equipment that are also contributing to the enhancement of our company image while building on our operational efficiencies. I believe that Saia’s targeted marketing, strong service offering, focused pricing discipline and consistent 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 $86.5 million at March 31, 2012 resulting in net debt to total capital of 27.7 percent. This compares to total debt of $90.0 million and net debt to total capital of 24.6 percent at March 31, 2011.

Saia, Inc. First-Quarter 2012 Earnings

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Net capital expenditures for the first three months of 2012 were $39 million. This compares to $6 million of capital expenditures over the same period in 2011. The Company is planning net capital expenditures in 2012 of approximately $80 million. This expenditure level reflects replacement tractors and trailers and the Company’s continued investment in technology.

Conference Call

Management will hold a conference call to discuss first-quarter results today at 10:30 a.m. Eastern Time. To participate in the call, please dial 1-800-548-7911 or 719-325-4907 referencing conference ID #4755613. Callers should dial in five to ten 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 offered two hours after the completion of the call. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.

The webcast is also being distributed over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’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 148 terminals, the carrier employs 8,000 people. For more information, please visit the Investor Relations section of the website at www.saia.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 publicly 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

Saia, Inc. First-Quarter 2012 Earnings

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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.

# # #

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

Saia, Inc. and Subsidiary

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

	March 31, 2012			December 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	60		$	1,317
Accounts receivable, net		120,743			107,436
Prepaid expenses and other		29,215			34,063
Total current assets		150,018			142,816
PROPERTY AND EQUIPMENT:
Cost		700,132			669,345
Less: accumulated depreciation		342,987			344,890
Net property and equipment		357,145			324,455
OTHER ASSETS		7,761			7,615
Total assets	$	514,924		$	474,886
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	54,307		$	39,783
Wages and employees’ benefits		25,512			21,185
Other current liabilities		41,834			41,237
Current portion of long-term debt		22,143			22,143
Total current liabilities		143,796			124,348
OTHER LIABILITIES:
Long-term debt, less current portion		64,309			50,714
Deferred income taxes		51,289			51,289
Claims, insurance and other		29,954			29,234
Total other liabilities		145,552			131,237
STOCKHOLDERS’ EQUITY:
Common stock		16			16
Additional paid-in capital		204,555			203,793
Deferred compensation trust		(2,221	)		(2,199	)
Retained earnings		23,226			17,691
Total stockholders’ equity		225,576			219,301
Total liabilities and stockholders’ equity	$	514,924		$	474,886

Saia, Inc. and Subsidiary

Consolidated Statements of Operations

For the Quarters Ended March 31, 2012 and 2011

(Amounts in thousands, except per share data)

(Unaudited)

	First Quarter
	2012			2011
OPERATING REVENUE	$	268,690		$	243,018
OPERATING EXPENSES:
Salaries, wages and employees’ benefits		131,700			122,740
Purchased transportation		19,309			21,066
Fuel, operating expenses and supplies		79,397			69,941
Operating taxes and licenses		9,866			9,357
Claims and insurance		6,174			7,252
Depreciation and amortization		11,415			8,573
Operating gains loss, net		(219	)		(1	)
Total operating expenses		257,642			238,928
OPERATING INCOME		11,048			4,090
NONOPERATING EXPENSES:
Interest expense		1,964			2,998
Other, net		(95	)		(91	)
Nonoperating expenses, net		1,869			2,907
INCOME BEFORE INCOME TAXES		9,179			1,183
Income tax expense		3,644			470
NET INCOME	$	5,535		$	713
Average common shares outstanding—basic		15,833			15,768
Average common shares outstanding—diluted		16,358			16,119
Basic earnings per share	$	0.35		$	0.05
Diluted earnings per share	$	0.34		$	0.04

Saia, Inc. and Subsidiary

Condensed Consolidated Statements of Cash Flows

For the Quarters Ended March 31, 2012 and 2011

(Amounts in thousands)

(Unaudited)

	First Quarter
	2012			2011
OPERATING ACTIVITIES:
Net cash provided by operating activities	$	24,049		$	(999	)
Net cash provided by (used in) operating activities		24,049			(999	)
INVESTING ACTIVITIES:
Acquisition of property and equipment		(40,595	)		(6,106	)
Proceeds from disposal of property and equipment		1,358			61
Net cash used in investing activities		(39,237	)		(6,045	)
FINANCING ACTIVITIES:
Borrowings of revolving credit agreement, net		13,595			—
Proceeds from stock option exercises		336			—
Net cash provided by financing activities		13,931			—
NET DECREASE IN CASH AND CASH EQUIVALENTS		(1,257	)		(7,044	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		1,317			29,045
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	60		$	22,001

Saia, Inc. and Subsidiary

Financial Information

For the Quarters Ended March 31, 2012 and 2011

(Amounts in thousands)

(Unaudited)

											First Quarter
		First Quarter						% Change			Amount/Workday				% Change
		2012			2011						2012		2011
Workdays												64		64
Operating ratio			95.9	%		98.3	%
F/S Revenue	LTL		248,840			225,043			10.6			3,888.1		3,516.3		10.6
	TL		19,850			17,975			10.4			310.2		280.9		10.4
	Total		268,690			243,018			10.6			4,198.3		3,797.2		10.6
Revenue excluding	LTL		250,098			225,765			10.8			3,907.8		3,527.6		10.8
revenue recognition	TL		19,951			18,032			10.6			311.7		281.8		10.6
adjustment	Total		270,048			243,797			10.8			4,219.5		3,809.3		10.8
Tonnage	LTL		929			906			2.6			14.52		14.15		2.6
	TL		178			175			1.6			2.79		2.74		1.6
	Total		1,108			1,081			2.5			17.31		16.89		2.5
Shipments	LTL		1,599			1,609			(0.6	)		24.99		25.15		(0.6	)
	TL		25			25			1.8			0.40		0.39		1.8
	Total		1,625			1,634			(0.6	)		25.38		25.54		(0.6	)
Revenue/cwt.	LTL		13.45			12.47			7.9
	TL		5.60			5.14			8.9
	Total		12.19			11.28			8.1
Revenue/shipment	LTL		156.39			140.28			11.5
	TL		785.98			723.05			8.7
	Total		166.23			149.18			11.4
Pounds/shipment	LTL		1,162			1,125			3.3
	TL		14,047			14,073			(0.2	)
	Total		1,364			1,323			3.1