Exhibit 99.1
Boyd Bros. Announces Improved First Quarter Results
CLAYTON, Ala.--(BUSINESS WIRE)--May 6, 2003--Boyd Bros.
Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported results for
the first quarter ended March 31, 2003. Highlights of the quarter
included higher revenue and a return to profitability versus the same
period in 2002, continuing the general pattern of improvement in
Company operations seen throughout the past year.
Operating revenues increased 6% to $32,577,476 for the quarter
ended March 31, 2003, including $991,564 in fuel surcharges, from
$30,620,318 in the same period last year, which included $27,349 in
fuel surcharges. Boyd Bros.' pre-tax income for the first quarter of
2003 was $6,850, marking a reversal of the pre-tax loss of $450,470
reported in the same period last year, while net income for the first
quarter of 2003 was $4,185, essentially break even on a per share
basis, compared with a net loss of $288,097 or $0.11 per share in the
year-earlier quarter.
Commenting on the announcement, Gail B. Cooper, President and
Chief Executive Officer, said, "While difficult operating conditions
continued in the first quarter, made worse by inclement weather in
February in many of the areas we serve and skyrocketing fuel costs due
to growing anxieties about war in Iraq, Boyd Bros. continued to show
steady improvements in its performance. These improvements were
highlighted by a notable turnaround in our profitability compared with
the first quarter last year. In fact, this was the fourth consecutive
quarter in which we have posted higher operating revenues and an
improved bottom line compared with year-earlier quarters."
Cooper noted that the increase in operating revenues for the first
quarter reflected stronger growth in the Company's WTI division and
higher comparative operating revenues in the Boyd division, which
includes its logistics operations. These higher operating revenues
were an important factor in the Company's improved bottom line for the
first quarter, along with an overall decline in safety costs year over
year. The Company's improved profit performance for the first quarter
also reflected increased fuel surcharge collections, lower operating
supplies, taxes and licenses, and depreciation and amortization
expenses which, together with lower interest expense for the quarter,
helped offset the impact of increased costs associated with growth in
the Company's logistics operations as well as continued high fuel
costs.
"While we are encouraged by the progress the Company has made
despite the difficult conditions we have faced for more than a year,
we know these challenges will continue to shape our performance in the
months ahead," Cooper continued. "Yet, with war worries abating along
with fuel prices, we are hopeful that the economy may now find its
footing for sustained growth. We will strive to continue the
improvements in the Company's profitability that we witnessed over the
past several quarters."
Boyd Bros. Transportation Inc. is one of the largest flatbed
trucking companies in the United States. The Company provides
transportation services to high-volume, time-sensitive customers,
primarily in the steel and building materials industries, and operates
throughout most of the continental United States. For more information
about the Company, visit Boyd Bros. on the Internet at
www.boydbros.com.
With the exception of historical information, the matters
discussed and statements made in this release constitute
"forward-looking statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Specifically, this release contains forward-looking statements
regarding expectations for the performance of the freight business and
the economy and results in future quarters and for the year. Whenever
possible, the Company has identified these forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934) by
words such as "will" and words of similar import. Such statements
involve known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
In particular, there can be no assurance that the Company's internal
initiatives to improve performance, increase accountability and
provide proper incentives for better execution will be successful;
that business conditions and the economy will improve, including the
transportation and construction sectors in particular; that costs
associated with increased insurance and claims costs, and liability
claims for which the Company is self-insured will not have a material
adverse effect on the Company; that the Company will be able to
control internal costs, particularly rising fuel costs that may or may
not be passed on to the Company's customers; that departures and
defaults by owner-operators will not have a material adverse effect on
the Company; or that the cost of complying with governmental
regulations that are applicable to the Company will not have a
material adverse effect on the Company. These assumptions, risks and
uncertainties included, but are not limited to, those discussed or
indicated in all documents filed by the Company with the Securities
and Exchange Commission, including the Company's Annual Report on Form
10-K for the year ended December 31, 2002. The Company expressly
disclaims any obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Statement of Operations
Three Months Ended
March 31,
----------------------------
2003 2002
------------ ------------
Operating revenues $ 32,577,476 $ 30,620,318
Operating expenses 32,239,487 30,674,971
------------ ------------
Operating income (loss) 337,989 (54,653)
Other income (expense) (331,139) (395,817)
------------ ------------
Income (loss) before provision for
(benefit of) income taxes 6,850 (450,470)
Provision for (benefit of) income
taxes 2,665 (162,373)
------------ ------------
Net income (loss) $ 4,185 $ (288,097)
============ ============
Net income (loss) per share -
basic and diluted $ 0.00 $ (0.11)
============ ============
Weighted average shares outstanding -
basic 2,710,665 2,709,838
Weighted average shares outstanding -
diluted 2,842,739 2,709,838
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
March 31,
----------------------------
2003 2002
------------ ------------
Current assets $ 17,966,978 $ 21,151,298
Property and equipment, net 53,127,937 58,564,534
Other assets 9,946,491 8,330,576
------------ ------------
Total assets $ 81,041,406 $ 88,046,408
============ ============
Current liabilities $ 27,570,780 $ 23,952,894
Long-term debt 15,617,172 25,441,933
Deferred income taxes 12,122,259 13,697,193
Stockholders' equity 25,731,195 24,954,388
------------ ------------
Total liabilities and stockholders'
equity $ 81,041,406 $ 88,046,408
============ ============
Note: Certain 2002 amounts have been reclassified to conform to
the 2003 presentation.
CONTACT: Boyd Bros. Transportation Inc., Clayton
Richard C. Bailey, 334/775-1221
http://www.boydbros.com