Exhibit 99.1
Boyd Bros. Transportation Reports Year-End 2003 Results
CLAYTON, Ala.--(BUSINESS WIRE)--Feb. 20, 2004--Boyd Bros.
Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported financial
results for the fourth quarter and year ended December 31, 2003.
For the fourth quarter ended December 31, 2003, the Company's
operating revenues rose 7% to $32,474,777 from $30,445,720 in the
year-earlier quarter. Pre-tax income for the fourth quarter was
$349,455 compared with a pre-tax loss of $463,112 in the same period
last year. Net income for the fourth quarter of 2003 was $128,229 or
$0.04 per diluted share compared with a net loss of $339,960 or $0.13
per diluted share in the same quarter of 2002.
For the year ended December 31, 2003, operating revenues rose 5%
to $134,345,652 from $127,792,396 in 2002. Boyd Bros.' pre-tax income
for 2003 was $712,538 compared with pre-tax income of $934,581 in
2002. Net income for 2003 totaled $356,470 or $0.12 per diluted share
compared with net income of $474,432 or $0.17 per diluted share in
2002.
The Company's higher operating revenues for the periods reported
reflected increases within both its divisions - Boyd, which is
structured primarily using company-owned drivers, and WTI, which
operates primarily using owner-operators - resulting from higher fuel
surcharges and freight revenue compared with year-earlier amounts. For
the Company, operating revenues included total fuel surcharges of
$1,111,991 and $711,938 in the fourth quarter of 2003 and 2002,
respectively, and $4,726,209 and $1,538,028 in 2003 and 2002,
respectively. Revenue from the Company's logistics operations also
increased to $2,156,220 and $9,570,777 for the fourth quarter and year
ended December 31, 2003, respectively, from $1,748,289 and $7,086,595,
respectively, in the comparable 2002 periods.
In addition to higher operating revenues, the Company's return to
profitability in the fourth quarter also reflected an improved
operating ratio versus the year-earlier period. For the year, the
Company's profitability operating ratio declined slightly.
"We are pleased to see a turnaround in the Company's profits for
the fourth quarter compared with the same period last year, even
though overall earnings declined slightly during 2003," said Gail B.
Cooper, President and Chief Executive Officer. "We believe the gradual
improvement we have seen in economic and industry conditions during
the past few quarters provides an encouraging outlook for business in
the year ahead. Still, on the cost side, we remain cautious about the
recent upturn in fuel prices and recognize that such a trend, if it
continues, will no doubt exert added pressure on our profits going
forward. Also, our success in overcoming other traditional industry
challenges, such as controlling safety costs and recruiting and
retaining skilled drivers, will no doubt have a bearing on our
operations in the coming year."
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 with
respect to expectations regarding 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" and "intends" and words of similar import.
Forward-looking statements contained in this release involve certain
assumptions, risks and uncertainties that could cause actual results
to differ materially from those included in or contemplated by the
statements. In particular, there can be no assurance 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 affect on
the Company; that the Company will be able to recruit and retain
qualified drivers; 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 affect on the
Company; or that the cost of complying with governmental regulations
that are applicable to the Company will not have a material adverse
affect on the Company. These assumptions, risks and uncertainties
include, 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 Year Ended
December 31, December 31,
------------------------- ---------------------------
2003 2002 2003 2002
----------- ----------- ------------ ------------
Operating
revenues $32,474,777 $30,445,720 $134,345,652 $127,792,396
Operating
expenses 31,728,060 30,527,420 132,274,922 125,054,229
----------- ----------- ------------ ------------
Operating
(loss) income 746,717 (81,700) 2,070,730 2,738,167
Other expense (397,262) (381,412) (1,358,192) (1,803,586)
----------- ----------- ------------ ------------
Income (loss)
before
provision
for income
taxes 349,455 (463,122) 712,538 934,581
Provision
(benefit) for
income taxes 221,226 (123,152) 356,068 460,149
----------- ----------- ----------- ------------
Net income
(loss) $ 128,229 $ (339,960) $ 356,470 $ 474,432
=========== =========== =========== ============
Net income
(loss) per
share -
basic $ 0.05 $ (0.13) $ 0.13 $ 0.18
=========== =========== =========== ============
Net income
(loss) per
share -
diluted $ 0.04 $ (0.13) $ 0.12 $ 0.17
=========== =========== =========== ============
Weighted
average
shares
outstanding:
Basic 2,711,958 2,709,962 2,711,082 2,709,333
Diluted 2,908,187 2,709,962 2,875,821 2,788,234
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
December 31,
---------------------------
2003 2002
------------ ------------
Current assets $ 17,227,104 $ 16,048,359
Property and equipment, net 52,406,761 54,724,492
Other assets 10,236,219 10,809,230
------------ ------------
Total assets $ 79,870,084 $ 81,582,081
============ ============
Current liabilities $ 21,981,882 $ 24,599,093
Long-term debt 19,385,035 19,135,870
Deferred income taxes 12,415,398 12,122,259
Stockholders' equity 26,087,769 25,724,859
------------ ------------
Total liabilities and
stockholders' equity $ 79,870,084 $ 81,582,081
============ ============
CONTACT: Boyd Bros. Transportation Inc., Clayton
Richard C. Bailey, 334-775-1221