Saia Reports Second Quarter Earnings per Share of $0.54
JOHNS CREEK, GA -- (Marketwired) --
- Revenues were
$293 million , an increase of 2 percent - Operating income increased 10 percent to
$23.3 million compared to$21.2 million - Earnings per share were
$0.54 compared to$0.48 - Operating ratio was 92.0 compared to 92.6
- LTL tonnage decreased by 1.6 percent as LTL shipments were down 0.9 percent with a 0.7 percent decrease in weight per shipment
- LTL yield was up 3.2 percent due to the favorable impact of pricing actions
"Saia's high service quality, continued progress with yield and focus on operational excellence were the drivers of our margin improvement. While volumes during the quarter were relatively soft in line with the general economy, we continue to advance our value proposition with investments in quality and focus on customer service," said Saia President and Chief Executive Officer
"Saia's Quality Matters initiative is the foundation of our improvements in every major quality metric, highlighted by our seventh consecutive quarter of 98 percent on-time service. Our industrial engineering initiatives and operating efficiencies have reduced our reliance on purchased transportation, increased fuel efficiency, improved safety and cargo claims and enhanced customer service. I believe that our focus on quality, customer service, revenue management and operational excellence has set the stage for solid financial performance in the second half of the year," continued O'
"Investments in our people, technology and equipment drive operational efficiencies and enhance our customer service which has led to overall quality improvement throughout every segment of our company. I believe that our execution on quality, revenue management and operations optimization affords Saia with a strong foundation for further progress and long term profitable growth in the future," O'
Year to Date 2013 Compared to Year to Date 2012 Results
- Revenues were
$566 million compared to$556 million - Operating income was
$37.8 million compared to$32.2 million - Net income was
$22.7 million compared to$17.4 million - Earnings per share were
$0.90 compared to$0.70 - Operating ratio was 93.3 compared to 94.2
Financial Position and Capital Expenditures
Total debt was
On
Net capital expenditures for the first six months of 2013 were
Conference Call
Management will hold a conference call to discuss quarterly results today at
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com,
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 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; integration risks; indemnification obligations associated with the 2006 sale of
| Saia, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (Amounts in thousands) | ||||||||||
| (Unaudited) | ||||||||||
| June 30, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 2,872 | $ | 321 | ||||||
| Accounts receivable, net | 130,929 | 106,814 | ||||||||
| Prepaid expenses and other | 33,601 | 37,028 | ||||||||
| Total current assets | 167,402 | 144,163 | ||||||||
| PROPERTY AND EQUIPMENT: | ||||||||||
| Cost | 787,616 | 718,527 | ||||||||
| Less: accumulated depreciation | 369,346 | 356,823 | ||||||||
| Net property and equipment | 418,270 | 361,704 | ||||||||
| OTHER ASSETS | 14,845 | 13,821 | ||||||||
| Total assets | $ | 600,517 | $ | 519,688 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ | 59,597 | $ | 43,706 | ||||||
| Wages and employees' benefits | 31,925 | 30,842 | ||||||||
| Other current liabilities | 41,480 | 44,609 | ||||||||
| Current portion of long-term debt | 14,643 | 22,143 | ||||||||
| Total current liabilities | 147,645 | 141,300 | ||||||||
| OTHER LIABILITIES: | ||||||||||
| Long-term debt, less current portion | 84,378 | 38,562 | ||||||||
| Deferred income taxes | 55,733 | 55,611 | ||||||||
| Claims, insurance and other | 31,515 | 29,696 | ||||||||
| Total other liabilities | 171,626 | 123,869 | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||
| Common stock | 24 | 24 | ||||||||
| Additional paid-in capital | 211,054 | 206,969 | ||||||||
| Deferred compensation trust | (2,226 | ) | (2,213 | ) | ||||||
| Retained earnings | 72,394 | 49,739 | ||||||||
| Total stockholders' equity | 281,246 | 254,519 | ||||||||
| Total liabilities and stockholders' equity | $ | 600,517 | $ | 519,688 | ||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||||
| For the Quarters and Six Months Ended June 30, 2013 and 2012 | ||||||||||||||||||
| (Amounts in thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| OPERATING REVENUE | $ | 292,557 | $ | 287,538 | $ | 566,352 | $ | 556,228 | ||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||
| Salaries, wages and employees' benefits | 144,309 | 140,239 | 281,163 | 271,939 | ||||||||||||||
| Purchased transportation | 19,338 | 21,052 | 36,109 | 40,361 | ||||||||||||||
| Fuel, operating expenses and supplies | 78,154 | 77,354 | 157,156 | 156,751 | ||||||||||||||
| Operating taxes and licenses | 9,330 | 9,750 | 18,909 | 19,616 | ||||||||||||||
| Claims and insurance | 5,883 | 6,102 | 11,478 | 12,276 | ||||||||||||||
| Depreciation and amortization | 12,386 | 11,951 | 24,020 | 23,366 | ||||||||||||||
| Operating gains, net | (102 | ) | (102 | ) | (274 | ) | (321 | ) | ||||||||||
| Total operating expenses | 269,298 | 266,346 | 528,561 | 523,988 | ||||||||||||||
| OPERATING INCOME | 23,259 | 21,192 | 37,791 | 32,240 | ||||||||||||||
| NONOPERATING EXPENSES: | ||||||||||||||||||
| Interest expense | 1,618 | 2,195 | 3,146 | 4,159 | ||||||||||||||
| Other, net | (29 | ) | (3 | ) | (95 | ) | (98 | ) | ||||||||||
| Nonoperating expenses, net | 1,589 | 2,192 | 3,051 | 4,061 | ||||||||||||||
| INCOME BEFORE INCOME TAXES | 21,670 | 19,000 | 34,740 | 28,179 | ||||||||||||||
| Income tax expense | 8,170 | 7,149 | 12,085 | 10,793 | ||||||||||||||
| NET INCOME | $ | 13,500 | $ | 11,851 | $ | 22,655 | $ | 17,386 | ||||||||||
| Average common shares outstanding - basic | 24,163 | 23,827 | 24,073 | 23,789 | ||||||||||||||
| Average common shares outstanding - diluted | 25,218 | 24,771 | 25,123 | 24,708 | ||||||||||||||
| Basic earnings per share | $ | 0.56 | $ | 0.50 | $ | 0.94 | $ | 0.73 | ||||||||||
| Diluted earnings per share | $ | 0.54 | $ | 0.48 | $ | 0.90 | $ | 0.70 | ||||||||||
| Saia, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| For the Six Months Ended June 30, 2013 and 2012 | ||||||||||
| (Amounts in thousands) | ||||||||||
| (Unaudited) | ||||||||||
| Six Months | ||||||||||
| 2013 | 2012 | |||||||||
| OPERATING ACTIVITIES: | ||||||||||
| Net cash provided by operating activities | $ | 31,982 | $ | 50,326 | ||||||
| Net cash provided by operating activities | 31,982 | 50,326 | ||||||||
| INVESTING ACTIVITIES: | ||||||||||
| Acquisition of property and equipment | (72,092 | ) | (71,442 | ) | ||||||
| Proceeds from disposal of property and equipment | 1,273 | 2,138 | ||||||||
| Net cash used in investing activities | (70,819 | ) | (69,304 | ) | ||||||
| FINANCING ACTIVITIES: | ||||||||||
| Repayment of long-term debt | (11,071 | ) | (11,071 | ) | ||||||
| Borrowings of revolving credit agreement, net | 49,386 | 28,945 | ||||||||
| Proceeds from stock option exercises | 3,659 | 613 | ||||||||
| Other financing activities | (586 | ) | - | |||||||
| Net cash provided by financing activities | 41,388 | 18,487 | ||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,551 | (491 | ) | |||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 321 | 1,317 | ||||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 2,872 | $ | 826 | ||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||||||
| Financial Information | ||||||||||||||||||||
| For the Quarters Ended June 30, 2013 and 2012 | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Second Quarter | ||||||||||||||||||||
| Second Quarter | % | Amount/Workday | % | |||||||||||||||||
| 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||
| Workdays | 64 | 64 | ||||||||||||||||||
| Operating Ratio (1) | 92.0 | % | 92.6 | % | ||||||||||||||||
| Tonnage (2) | LTL | 955 | 970 | (1.6 | ) | 14.92 | 15.16 | (1.6 | ) | |||||||||||
| TL | 178 | 193 | (7.9 | ) | 2.78 | 3.02 | (7.9 | ) | ||||||||||||
| Shipments (2) | LTL | 1,642 | 1,656 | (0.9 | ) | 25.65 | 25.87 | (0.9 | ) | |||||||||||
| TL | 26 | 28 | (6.7 | ) | 0.40 | 0.43 | (6.7 | ) | ||||||||||||
| Revenue/cwt. (3) | LTL | $ | 14.16 | $ | 13.71 | 3.2 | ||||||||||||||
| TL | $ | 5.84 | $ | 5.53 | 5.7 | |||||||||||||||
| Revenue/shipment (3) | LTL | $ | 164.68 | $ | 160.62 | 2.5 | ||||||||||||||
| TL | $ | 804.16 | $ | 771.04 | 4.3 | |||||||||||||||
| Pounds/shipment | LTL | 1,163 | 1,172 | (0.7 | ) | |||||||||||||||
| TL | 13,763 | 13,946 | (1.3 | ) | ||||||||||||||||
| Length of Haul | 743 | 725 | 2.5 | |||||||||||||||||
| (1) | The operating ratio is the calculation of operating expenses divided by operating revenue. |
| (2) | In thousands |
| (3) | Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue. |
CONTACT:
Treasurer
RMcKenzie@Saia.com
678.542.3910
Source: