Saia Reports Fourth Quarter Earnings per Share of $0.53
JOHNS CREEK, GA -- (
Fourth Quarter 2014 Compared to Fourth Quarter 2013 Results
- Revenues were
$310 million , an increase of 10.7% - Operating income increased 40% to
$20.6 million compared to$14.7 million - Diluted earnings per share were
$0.53 including$0.04 in tax credits enacted in the fourth quarter compared to$0.32 - Operating ratio was 93.4 compared to 94.7
- LTL tonnage increased 4.3% as LTL shipments were up 7.2% and average weight per LTL shipment fell by 2.7%
- LTL revenue per hundredweight increased by 6.0%
"Demand in the quarter was consistent with seasonal expectations and I am pleased with the work of our team to deliver 98% on-time service in the quarter. Our significant year-over-year increase in earnings per share was achieved through our balanced approach towards adding tonnage at a reasonable price," said Saia President and Chief Executive Officer
"We are proud of Saia's 90 year operating history celebrated in 2014 and it is gratifying to close that year with record revenue and earnings," O'
2014 Results Compared to 2013 Results
- LTL tonnage increased 6.3%, while yield improved 4.4%
- Revenues were
$1.3 billion compared to$1.1 billion - Operating income was
$85.7 million compared to$74.4 million - Net income was
$52.0 million compared to$43.6 million - Diluted earnings per share were
$2.04 compared to$1.73 , which included$0.04 in tax credits enacted in 2013 retroactive to 2012 - Operating ratio was 93.3 compared to 93.5
Financial Position and Capital Expenditures
Total debt was
Net capital expenditures in 2014 were
Conference Call
Management will hold a conference call to discuss quarterly results today at
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; loss of significant customers; 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; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the "Compliance, Safety, Accountability" (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company's workforce become unionized; cyber security risks; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's
| Saia, Inc. and Subsidiaries | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (Amounts in thousands) | |||||||||
| (Unaudited) | |||||||||
| December 31, | December 31, | ||||||||
| 2014 | 2013 | ||||||||
| ASSETS | |||||||||
| CURRENT ASSETS: | |||||||||
| Cash and cash equivalents | $ | 4,367 | $ | 159 | |||||
| Accounts receivable, net | 128,367 | 117,937 | |||||||
| Prepaid expenses and other | 56,902 | 52,157 | |||||||
| Total current assets | 189,636 | 170,253 | |||||||
| PROPERTY AND EQUIPMENT: | |||||||||
| Cost | 891,145 | 797,527 | |||||||
| Less: accumulated depreciation | 407,505 | 365,301 | |||||||
| Net property and equipment | 483,640 | 432,226 | |||||||
| OTHER ASSETS | 13,169 | 14,322 | |||||||
| Total assets | $ | 686,445 | $ | 616,801 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| CURRENT LIABILITIES: | |||||||||
| Accounts payable | $ | 42,388 | $ | 50,799 | |||||
| Wages and employees' benefits | 28,777 | 35,248 | |||||||
| Other current liabilities | 50,176 | 47,667 | |||||||
| Current portion of long-term debt | 9,138 | 7,143 | |||||||
| Total current liabilities | 130,479 | 140,857 | |||||||
| OTHER LIABILITIES: | |||||||||
| Long-term debt, less current portion | 73,897 | 69,740 | |||||||
| Deferred income taxes | 78,406 | 69,916 | |||||||
| Claims, insurance and other | 36,757 | 31,496 | |||||||
| Total other liabilities | 189,060 | 171,152 | |||||||
| STOCKHOLDERS' EQUITY: | |||||||||
| Common stock | 25 | 24 | |||||||
| Additional paid-in capital | 223,713 | 213,648 | |||||||
| Deferred compensation trust | (2,189 | ) | (2,246 | ) | |||||
| Retained earnings | 145,357 | 93,366 | |||||||
| Total stockholders' equity | 366,906 | 304,792 | |||||||
| Total liabilities and stockholders' equity | $ | 686,445 | $ | 616,801 | |||||
| Saia, Inc. and Subsidiaries | |||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||
| For the Quarters and Years Ended December 31, 2014 and 2013 | |||||||||||||||||
| (Amounts in thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Fourth Quarter | Years | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| OPERATING REVENUE | $ | 309,648 | $ | 279,655 | $ | 1,272,321 | $ | 1,139,094 | |||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Salaries, wages and employees' benefits | 162,854 | 144,019 | 639,633 | 572,487 | |||||||||||||
| Purchased transportation | 22,214 | 17,952 | 99,610 | 72,975 | |||||||||||||
| Fuel, operating expenses and supplies | 73,347 | 73,405 | 314,788 | 306,364 | |||||||||||||
| Operating taxes and licenses | 9,027 | 8,530 | 36,028 | 36,513 | |||||||||||||
| Claims and insurance | 6,912 | 7,409 | 37,563 | 25,494 | |||||||||||||
| Depreciation and amortization | 14,758 | 13,799 | 59,022 | 51,564 | |||||||||||||
| Operating gains, net | (36 | ) | (151 | ) | (16 | ) | (721 | ) | |||||||||
| Total operating expenses | 289,076 | 264,963 | 1,186,628 | 1,064,676 | |||||||||||||
| OPERATING INCOME | 20,572 | 14,692 | 85,693 | 74,418 | |||||||||||||
| NONOPERATING EXPENSES: | |||||||||||||||||
| Interest expense | 1,007 | 1,584 | 4,564 | 6,490 | |||||||||||||
| Other, net | (50 | ) | (37 | ) | (99 | ) | (217 | ) | |||||||||
| Nonoperating expenses, net | 957 | 1,547 | 4,465 | 6,273 | |||||||||||||
| INCOME BEFORE INCOME TAXES | 19,615 | 13,145 | 81,228 | 68,145 | |||||||||||||
| Income tax expense | 6,046 | 5,081 | 29,237 | 24,518 | |||||||||||||
| NET INCOME | $ | 13,569 | $ | 8,064 | $ | 51,991 | $ | 43,627 | |||||||||
| Average common shares outstanding - basic | 24,624 | 24,246 | 24,505 | 24,154 | |||||||||||||
| Average common shares outstanding - diluted | 25,565 | 25,289 | 25,463 | 25,205 | |||||||||||||
| Basic earnings per share | $ | 0.55 | $ | 0.33 | $ | 2.12 | $ | 1.81 | |||||||||
| Diluted earnings per share | $ | 0.53 | $ | 0.32 | $ | 2.04 | $ | 1.73 | |||||||||
| Saia, Inc. and Subsidiaries | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| For the Years Ended December 31, 2014 and 2013 | |||||||||
| (Amounts in thousands) | |||||||||
| (Unaudited) | |||||||||
| Years | |||||||||
| 2014 | 2013 | ||||||||
| OPERATING ACTIVITIES: | |||||||||
| Net cash provided by operating activities | $ | 102,170 | $ | 101,312 | |||||
| Net cash provided by operating activities | 102,170 | 101,312 | |||||||
| INVESTING ACTIVITIES: | |||||||||
| Acquisition of property and equipment | (97,750 | ) | (126,358 | ) | |||||
| Proceeds from disposal of property and equipment | 2,905 | 4,338 | |||||||
| Net cash used in investing activities | (94,845 | ) | (122,020 | ) | |||||
| FINANCING ACTIVITIES: | |||||||||
| Repayment of long-term debt | (7,143 | ) | (22,143 | ) | |||||
| Borrowings (repayment) of revolving credit agreement, net | (3,317 | ) | 38,327 | ||||||
| Proceeds from stock option exercises | 7,623 | 4,948 | |||||||
| Other financing activities | (280 | ) | (586 | ) | |||||
| Net cash provided by (used in) financing activities | (3,117 | ) | 20,546 | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,208 | (162 | ) | ||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 159 | 321 | |||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 4,367 | $ | 159 | |||||
| NON-CASH ITEMS: | |||||||||
| Acquisition of property and equipment financed with capital leases | $ | 16,886 | $ | - | |||||
| Saia, Inc. and Subsidiaries | |||||||||||||||
| Financial Information | |||||||||||||||
| For the Quarters Ended December 31, 2014 and 2013 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Fourth Quarter | |||||||||||||||
| Fourth Quarter | % | Amount/Workday | % | ||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||
| Workdays | 62 | 62 | |||||||||||||
| Operating ratio | 93.4% | 94.7% | |||||||||||||
| Tonnage (1) | LTL | 926 | 888 | 4.3 | 14.94 | 14.32 | 4.3 | ||||||||
| TL | 195 | 187 | 4.1 | 3.14 | 3.02 | 4.1 | |||||||||
| Shipments (1) | LTL | 1,597 | 1,490 | 7.2 | 25.77 | 24.04 | 7.2 | ||||||||
| TL | 28 | 27 | 4.5 | 0.45 | 0.43 | 4.5 | |||||||||
| Revenue/cwt. (2) | LTL | $ | 15.33 | $ | 14.46 | 6.0 | |||||||||
| TL | $ | 6.16 | $ | 5.73 | 7.5 | ||||||||||
| Revenue/shipment (2) | LTL | $ | 177.72 | $ | 172.22 | 3.2 | |||||||||
| TL | $ | 858.96 | $ | 802.35 | 7.1 | ||||||||||
| Pounds/shipment | LTL | 1,159 | 1,191 | (2.7 | ) | ||||||||||
| TL | 13,940 | 13,992 | (0.4 | ) | |||||||||||
| Length of Haul | 773 | 746 | 3.7 | ||||||||||||
| (1) | In thousands | ||||||||||||||
| (2) | Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue. | ||||||||||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||
| Financial Information | ||||||||||||||
| For the Years Ended December 31, 2014 and 2013 | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Year Over Year | ||||||||||||||
| Year Over Year | % | Amount/Workday | % | |||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||
| Workdays | 253 | 253 | ||||||||||||
| Operating ratio | 93.3% | 93.5% | ||||||||||||
| Tonnage (1) | LTL | 3,902 | 3,670 | 6.3 | 15.42 | 14.51 | 6.3 | |||||||
| TL | 853 | 708 | 20.6 | 3.37 | 2.80 | 20.6 | ||||||||
| Shipments (1) | LTL | 6,646 | 6,260 | 6.2 | 26.27 | 24.74 | 6.2 | |||||||
| TL | 122 | 102 | 19.1 | 0.48 | 0.40 | 19.1 | ||||||||
| Revenue/cwt. (2) | LTL | $ | 14.96 | $ | 14.33 | 4.4 | ||||||||
| TL | $ | 5.87 | $ | 5.84 | 0.5 | |||||||||
| Revenue/shipment (2) | LTL | $ | 175.71 | $ | 168.06 | 4.5 | ||||||||
| TL | $ | 821.46 | $ | 807.21 | 1.8 | |||||||||
| Pounds/shipment | LTL | 1,174 | 1,173 | 0.1 | ||||||||||
| TL | 13,993 | 13,821 | 1.2 | |||||||||||
| Length of Haul | 763 | 741 | 3.0 | |||||||||||
| (1) | In thousands | |||||||||||||
| (2) | Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue. | |||||||||||||
CONTACT:
Doug Col
dcol@saia.com
678.542.3910
Source: