Exhibit 99.1
Boyd Bros. Reports Improved Second Quarter Results, as Net Income
Rises 45% to $933,541 or $0.32 Per Diluted Share
CLAYTON, Ala.--(BUSINESS WIRE)--Aug. 11, 2004--Boyd Bros.
Transportation Inc. (NASDAQ/SmallCap:BOYD) today reported improved
financial results for the second quarter and six-month period ended
June 30, 2004.
For the second quarter ended June 30, 2004, operating revenues
rose 10% to $37,896,315 from $34,368,130 in the comparable period last
year. Pre-tax income for the second quarter increased 42% to
$1,564,426 versus $1,105,421 in the year-earlier quarter, while net
income rose 45% to $933,541 or $0.32 per diluted share from $645,291
or $0.23 per diluted share in the second quarter of 2003.
For the first six months of 2004, operating revenues rose 8% to
$72,245,206 from $66,945,608 in the same period last year. Pre-tax
income for the first six months of 2004 virtually doubled to
$2,204,779 compared with $1,112,272 last year, while net income for
the first six months of 2004 rose 102% to $1,310,227 or $0.44 per
diluted share from $649,477 or $0.23 per diluted share in first half
of 2003.
The Company's higher operating revenues for the second quarter and
first half of 2004 reflected higher revenue per mile in both the
Company's Boyd and WTI divisions. Operating revenues for both of these
divisions included combined total fuel surcharges of $1,821,558 and
$1,023,291 in the second quarter of 2004 and 2003, respectively, and
$2,982,175 and $2,014,855 for the first half of 2004 and 2003,
respectively. Revenue from the Company's third division, Logistics,
totaled $2,867,027 and $2,421,732 in the second quarter of 2004 and
2003, respectively, and $5,695,115 and $5,160,632 in the first half of
2004 and 2003.
Commenting on the announcement, Gail B. Cooper, President and
Chief Executive Officer, said, "During the second quarter, we
continued to see stronger economic activity across virtually all our
markets, which translated into higher freight revenue for the period.
Significantly higher revenue per mile and fuel surcharges helped
counter ongoing cost pressures with respect to fuel and operating
supplies, insurance and claims, and other costs, as well as the
pressures created by the continued shortage of qualified drivers
facing the industry. As we look ahead to the balance of 2004, we
remain cautiously optimistic that the improving fundamentals we see in
our business can be sustained, barring another downturn in the
economy, further spikes in key cost areas, particularly for fuel, or
unexpected safety incidents."
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 effect 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 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
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, 2003. 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,
------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Operating
revenues $37,896,315 $34,368,130 $72,245,206 $66,945,608
Operating
expenses 36,057,600 32,954,104 69,514,454 65,193,591
----------- ----------- ----------- -----------
Operating
income 1,838,715 1,414,026 2,730,752 1,752,017
Other expense (274,289) (308,605) (525,973) (639,745)
----------- ----------- ----------- -----------
Income before
provision for
income taxes 1,564,426 1,105,421 2,204,779 1,112,272
Provision for
income taxes 630,885 460,130 894,552 462,795
----------- ----------- ----------- -----------
Net income $ 933,541 $ 645,291 $ 1,310,227 $ 649,477
=========== =========== =========== ===========
Net income per
share-basic $ 0.34 $ 0.24 $ 0.48 $ 0.24
=========== =========== =========== ===========
Net income per
share-diluted $ 0.32 $ 0.23 $ 0.44 $ 0.23
=========== =========== =========== ===========
Weighted average
shares
outstanding:
Basic 2,711,966 2,710,673 2,711,966 2,710,669
Diluted 2,951,199 2,836,549 2,950,927 2,837,684
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
June 30,
-------------------------
2004 2003
----------- -----------
Current assets $21,123,463 $18,281,145
Property and equipment, net 51,642,076 52,615,673
Other assets 8,587,964 10,729,777
----------- -----------
Total assets $81,353,503 $81,626,595
=========== ===========
Current liabilities $22,484,799 $27,549,761
Long-term debt 19,105,310 15,578,090
Deferred income taxes 12,365,398 12,122,259
Stockholders' equity 27,397,996 26,376,485
----------- -----------
Total liabilities and stockholders'
equity $81,353,503 $81,626,595
=========== ===========
CONTACT: Boyd Bros. Transportation Inc., Clayton
Richard C. Bailey, 334-775-1221