Saia, Inc. Reports First Quarter 2013 Earnings
JOHNS CREEK, GA -- (Marketwired) --
- Revenues were
$274 million , an increase of 1.9 percent - Revenue per workday increased by 3.5 percent with one less workday in the first quarter of 2013
- Operating income increased by 32 percent to
$14.5 million from$11.0 million - Earnings per share were
$0.55 , including$0.06 in tax credits enacted in 2013 retroactive to 2012, compared to$0.34 - Operating ratio was 94.7 compared to 95.9
- LTL tonnage per workday decreased 2.1 percent
- LTL yield was up 5.4 percent due to yield management and higher fuel surcharges
"Saia's superior service quality, operational excellence and revenue management initiatives facilitated another quarter of improved margins. We achieved a 120 basis point improvement in our operating ratio by marketing to customers who value quality service and by achieving targeted operational efficiencies. I am pleased that the company's execution in key areas continues to progress margins and earnings per share," said
"Saia's service was consistently 98 percent on-time during the quarter. We remain committed to advancing our value proposition through major investments in equipment and technology that are also driving operational efficiencies. I was particularly pleased that we achieved projected efficiencies in our linehaul network performance in spite of relatively soft tonnage. I believe that Saia's strong overall service, focused pricing discipline and operational strength provide a solid foundation for long-term profitable growth and increased shareholder and customer value," O'
Financial Position and Capital Expenditures
Total debt was
Net capital expenditures for the first three months of 2013 were
Conference Call
Management will hold a conference call to discuss first-quarter results today at
The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.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; indemnification obligations associated with the 2006 sale of
Saia, Inc. and Subsidiaries | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(Amounts in thousands) | ||||||||||
(Unaudited) | ||||||||||
March 31, | December 31, | |||||||||
2013 | 2012 | |||||||||
ASSETS | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ | 437 | $ | 321 | ||||||
Accounts receivable, net | 126,597 | 106,814 | ||||||||
Prepaid expenses and other | 32,585 | 37,028 | ||||||||
Total current assets | 159,619 | 144,163 | ||||||||
PROPERTY AND EQUIPMENT: | ||||||||||
Cost | 722,265 | 718,527 | ||||||||
Less: accumulated depreciation | 361,364 | 356,823 | ||||||||
Net property and equipment | 360,901 | 361,704 | ||||||||
OTHER ASSETS | 14,534 | 13,821 | ||||||||
Total assets | $ | 535,054 | $ | 519,688 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | $ | 53,476 | $ | 43,706 | ||||||
Wages and employees' benefits | 26,848 | 30,842 | ||||||||
Other current liabilities | 44,721 | 44,609 | ||||||||
Current portion of long-term debt | 22,143 | 22,143 | ||||||||
Total current liabilities | 147,188 | 141,300 | ||||||||
OTHER LIABILITIES: | ||||||||||
Long-term debt, less current portion | 36,613 | 38,562 | ||||||||
Deferred income taxes | 55,611 | 55,611 | ||||||||
Claims, insurance and other | 31,639 | 29,696 | ||||||||
Total other liabilities | 123,863 | 123,869 | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||||
Common stock | 16 | 16 | ||||||||
Additional paid-in capital | 207,258 | 206,977 | ||||||||
Deferred compensation trust | (2,165 | ) | (2,213 | ) | ||||||
Retained earnings | 58,894 | 49,739 | ||||||||
Total stockholders' equity | 264,003 | 254,519 | ||||||||
Total liabilities and stockholders' equity | $ | 535,054 | $ | 519,688 | ||||||
Saia, Inc. and Subsidiaries | ||||||||||
Consolidated Statements of Operations | ||||||||||
For the Quarters Ended March 31, 2013 and 2012 | ||||||||||
(Amounts in thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
First Quarter | ||||||||||
2013 | 2012 | |||||||||
OPERATING REVENUE | $ | 273,795 | $ | 268,690 | ||||||
OPERATING EXPENSES: | ||||||||||
Salaries, wages and employees' benefits | 136,854 | 131,700 | ||||||||
Purchased transportation | 16,771 | 19,309 | ||||||||
Fuel, operating expenses and supplies | 79,002 | 79,397 | ||||||||
Operating taxes and licenses | 9,579 | 9,866 | ||||||||
Claims and insurance | 5,595 | 6,174 | ||||||||
Depreciation and amortization | 11,634 | 11,415 | ||||||||
Operating gains, net | (172 | ) | (219 | ) | ||||||
Total operating expenses | 259,263 | 257,642 | ||||||||
OPERATING INCOME | 14,532 | 11,048 | ||||||||
NONOPERATING EXPENSES: | ||||||||||
Interest expense | 1,528 | 1,964 | ||||||||
Other, net | (66 | ) | (95 | ) | ||||||
Nonoperating expenses, net | 1,462 | 1,869 | ||||||||
INCOME BEFORE INCOME TAXES | 13,070 | 9,179 | ||||||||
Income tax expense | 3,915 | 3,644 | ||||||||
NET INCOME | $ | 9,155 | $ | 5,535 | ||||||
Average common shares outstanding - basic | 15,990 | 15,833 | ||||||||
Average common shares outstanding - diluted | 16,632 | 16,358 | ||||||||
Basic earnings per share | $ | 0.57 | $ | 0.35 | ||||||
Diluted earnings per share | $ | 0.55 | $ | 0.34 | ||||||
Saia, Inc. and Subsidiaries | |||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
For the Quarters Ended March 31, 2013 and 2012 | |||||||||
(Amounts in thousands) | |||||||||
(Unaudited) | |||||||||
Quarters | |||||||||
2013 | 2012 | ||||||||
OPERATING ACTIVITIES: | |||||||||
Net cash provided by operating activities | $ | 7,018 | $ | 24,049 | |||||
Net cash provided by operating activities | 7,018 | 24,049 | |||||||
INVESTING ACTIVITIES: | |||||||||
Acquisition of property and equipment | (6,725 | ) | (40,595 | ) | |||||
Proceeds from disposal of property and equipment | 710 | 1,358 | |||||||
Net cash used in investing activities | (6,015 | ) | (39,237 | ) | |||||
FINANCING ACTIVITIES: | |||||||||
Borrowings (payment) of revolving credit agreement, net | (1,945 | ) | 13,595 | ||||||
Proceeds from stock option exercises | 1,058 | 336 | |||||||
Net cash provided by (used in) financing activities | (887 | ) | 13,931 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 116 | (1,257 | ) | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 321 | 1,317 | |||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 437 | $ | 60 | |||||
Saia, Inc. and Subsidiaries | ||||||||||||||||||||
Financial Information | ||||||||||||||||||||
For the Quarters Ended March 31, 2013 and 2012 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
First Quarter | ||||||||||||||||||||
First Quarter | % | Amount/Workday | % | |||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||
Workdays | 63 | 64 | ||||||||||||||||||
Operating Ratio (1) | 94.7 | % | 95.9 | % | ||||||||||||||||
Tonnage (2) | LTL | 896 | 929 | (3.6 | ) | 14.22 | 14.52 | (2.1 | ) | |||||||||||
TL | 165 | 178 | (7.5 | ) | 2.62 | 2.79 | (6.0 | ) | ||||||||||||
Shipments (2) | LTL | 1,520 | 1,599 | (5.0 | ) | 24.12 | 24.99 | (3.5 | ) | |||||||||||
TL | 24 | 25 | (5.9 | ) | 0.38 | 0.40 | (4.4 | ) | ||||||||||||
Revenue/cwt. (3) | LTL | $ | 14.18 | $ | 13.45 | 5.4 | ||||||||||||||
TL | $ | 5.90 | $ | 5.60 | 5.5 | |||||||||||||||
Revenue/shipment (3) | LTL | $ | 167.25 | $ | 156.39 | 6.9 | ||||||||||||||
TL | $ | 814.57 | $ | 785.98 | 3.6 | |||||||||||||||
Pounds/shipment | LTL | 1,179 | 1,162 | 1.4 | ||||||||||||||||
TL | 13,804 | 14,047 | (1.7 | ) | ||||||||||||||||
Length of Haul | 734 | 728 | 0.8 | |||||||||||||||||
(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: