Exhibit 99.1
Boyd Bros. Reports Improved Second Quarter Results
CLAYTON, Ala.--(BUSINESS WIRE)--Aug. 4, 2003--Boyd Bros.
Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported financial
results for the second quarter and six-month period ended June 30,
2003. With higher operating revenues and profits, the Company's
results reflected an improvement over the same period in 2002 and
continued a positive trend in operations, quarter-over-quarter, that
has been evident since early 2002.
For the second quarter ended June 30, 2003, operating revenues
rose 4% to $34,368,130 from $32,969,112 in the comparable period last
year. Included in second quarter operating revenues were fuel
surcharges totaling $1,023,291 and $258,640 in 2003 and 2002,
respectively. Logistics revenues in the Boyd division totaled
$2,333,364 in the second quarter of 2003 versus $1,759,204 in the
second quarter of 2002. Pre-tax income for the second quarter
increased 8% to $1,105,421 versus $1,021,774 in the year-earlier
quarter, while net income rose 6% to $645,291 or $0.23 per diluted
share from $607,350 or $0.22 per diluted share in the second quarter
of 2002.
For the first six months of 2003, operating revenues rose 5% to
$66,945,608 from $63,589,429 in the same period last year. Included in
operating revenues for the first half of 2003 were fuel surcharges
totaling $2,014,855 versus $285,988 in the comparable 2002 period.
Logistics revenues in the Boyd division totaled $5,012,534 in the
first half of 2003 versus $3,367,576 in the first half of 2002.
Pre-tax income for the first six months of 2003 advanced 95% to
$1,112,272 compared with $571,300 last year, while net income for the
first six months of 2003 rose 103% to $649,477 or $0.23 per diluted
share from $319,249 or $0.12 per diluted share in first half of 2002.
Commenting on the announcement, Gail B. Cooper, President and
Chief Executive Officer, said, "We are pleased to report higher
profitability for the second quarter, which in turn helped produce
solid earnings growth through the first half of 2003. This continues
an upturn that we believe illustrates the impact of our strategies to
enhance operational focus at every level of the Company, empower and
motivate our employees and drivers, and increase efficiencies in our
fleet. We are particularly gratified with the continued progress of
our WTI division, which led our revenue growth for the quarter and
showed a significant improvement in its operating ratio for the
period.
"Clearly, the operating environment we face remains challenging,"
Cooper continued, "characterized by ongoing uncertainty throughout the
economy. We have continued to see cost pressures in several areas,
particularly with diesel fuel prices that remain well above last
year's levels, and higher benefit costs for our employees. A shortage
of qualified drivers also remains an impediment to our efforts to
improve equipment utilization. On the positive side, an ongoing
decline in rates has reduced our interest expense.
"Looking ahead to the second half of the year, we believe our
ongoing focus on expense control and operating efficiencies will
position the Company for further growth and profit improvements when
the much-anticipated economic recovery gains traction and begins to
produce a positive effect on both freight rates and our freight mix.
Also, even though fuel costs remain high, current levels are similar
to those experienced in the second half of 2002. So, barring further
volatility or price spikes, the impact of high fuel costs should have
less influence on earnings comparisons going forward," Cooper
concluded.
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 "anticipates," "may, " "believes," "estimates,"
"projects," "expects," "intends" 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 Statements of Income
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Operating
revenues $34,368,130 $32,969,112 $66,945,608 $63,589,429
Operating
expenses 32,954,104 31,439,010 65,193,591 62,113,980
----------- ----------- ----------- -----------
Operating
income 1,414,026 1,530,102 1,752,017 1,475,449
Other
expense (308,605) (508,328) (639,745) (904,149)
----------- ----------- ----------- -----------
Income before
provision
for income
taxes 1,105,421 1,021,774 1,112,272 571,300
Provision for
income
taxes 460,130 414,424 462,795 252,051
----------- ----------- ----------- -----------
Net income $ 645,291 $ 607,350 $ 649,477 $ 319,249
=========== =========== =========== ===========
Net income
per share
- basic $ 0.24 $ 0.22 $ 0.24 $ 0.12
=========== =========== =========== ===========
Net income
per share
- diluted $ 0.23 $ 0.22 $ 0.23 $ 0.12
=========== =========== =========== ===========
Weighted average
shares
outstanding:
Basic 2,710,673 2,708,105 2,710,669 2,708,967
Diluted 2,836,549 2,741,712 2,837,684 2,732,590
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
June 30,
-------------------------
2003 2002
----------- -----------
Current assets $18,281,145 $19,627,304
Property and equipment, net 52,615,673 58,405,817
Other assets 10,729,777 9,442,544
----------- -----------
Total assets $81,626,595 $87,475,665
=========== ===========
Current liabilities $27,549,761 $24,244,204
Long-term debt 15,578,090 23,904,697
Deferred income taxes 12,122,259 13,761,640
Stockholders' equity 26,376,485 25,565,124
----------- -----------
Total liabilities and stockholders'
equity $81,626,595 $87,475,665
=========== ===========
CONTACT: Boyd Bros. Transportation Inc.
Richard C. Bailey, 334-775-1221