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Saia, Inc. Reports First Quarter 2013 Earnings

Saia, Inc. Reports First Quarter 2013 Earnings 
Operating Income Increased 32 Percent to $14.5 Million 
JOHNS CREEK, GA -- (Marketwired) -- 04/26/13 --  Saia, Inc. (NASDAQ:
SAIA), a leading transportation provider offering multi-regional
less-than-truckload (LTL), non-asset truckload and logistics
services, today reported improved first quarter 2013 results driven
by effective yield management and operational efficiencies. 
First Quarter 2013 Compared to First Quarter 2012 Results  


 
--  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 Rick O'Dell, Saia President and Chief
Executive Officer. 
"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'Dell said. 
Financial Position and Capital Expenditures 
 Total debt was $58.8
million at March 31, 2013 resulting in net debt to total capital of
18.1 percent. This compares to total debt of $
86.5 million and net
debt to total capital of 27.7 percent at March 31, 2012. 
Net capital expenditures for the first three months of 2013 were $6
million. This compares to $39 million of net capital expenditures in
the same period in 2012. The Company is planning net capital
expenditures in 2013 of approximately $90 million. This expenditure
level reflects replacement tractors and trailers to reduce the
average age of our fleet and the Company's continued investment in
technology. 
Conference Call
 Management will hold a conference call to discuss
first-quarter results today at 11:00 a.m. Eastern Time. To
participate in the call, please dial 1-888-389-5988 or 719-457-2664
referencing conference ID #4697039. Callers should dial in five
minutes in advance of the conference call. This call will be webcast
live via the Company web site at www.saiacorp.com. A replay of the
call will be available starting two hours after the completion of the
call through May 2, 2013 at 2:00 p.m. Eastern Time. The replay will
be available by dialing 1-888-203-1112 or 719-457-0820. 
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). 
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of
less-than-truckload, non-asset truckload, expedited and logistics
services. Saia LTL Freight operates 147 terminals in 34 states. With
headquarters in Georgia, Saia employs 8,000 people. For more
information on Saia, Inc. visit the Investor Relations section at
www.saiacorp.com. 
The Securities and Exchange Commission encourages companies to
disclose forward-looking information so that investors can better
understand the future prospects of a company and make informed
investment decisions. This news release contains these types of
statements, which are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. 
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 Jevic Transportation,
Inc.; 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; 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 SEC filings. As a result of these and other
factors, no assurance can be given as to our future results and
achievements. A forward looking statement is neither a prediction nor
a guarantee of future events or circumstances and those future events
or circumstances may not occur. 


 
                                                                            
                        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: 
Saia, Inc.
Renee McKenzie
Treasurer
RMcKenzie@Saia.com
678.542.3910