Saia Reports Third Quarter Earnings per Share of $0.51

Saia Reports Third Quarter Earnings per Share of $0.51 
Revenues Were $293 Million With Operating Income Increasing 34% 
JOHNS CREEK, GA -- (Marketwired) -- 10/30/13 --  Saia, Inc. (NASDAQ:
SAIA), a leading transportation provider offering multi-regional
less-than-truckload (LTL), non-asset truckload and logistics
services, today reported improved third quarter 2013 results driven
by effective revenue management and operational efficiencies. All
prior period share and per share data in this release have been
adjusted to reflect the Company's June 2013 three for two stock
split. 
Third Quarter 2013 Compared to Third Quarter 2012 Results  


 
--  Revenues were $293 million, an increase of 5.4 percent
--  Operating income increased 34 percent to $21.9 million compared to
    $16.4 million
--  Earnings per share were $0.51 compared to $0.37
--  Operating ratio was 92.5 compared to 94.1
--  LTL tonnage per workday decreased 0.1 percent as LTL shipments per
    workday were up 0.6 percent with a 0.7 percent decrease in weight per
    shipment
--  LTL yield was up 3.8 percent

  
"Saia continues to advance our value proposition in the marketplace
through investments in quality and the consistent, superior customer
service we provide. These efforts have fueled another quarter of
meaningful yield increase which combined with efficiency initiatives
led us to a 37% increase in earnings per share," said Saia President
and Chief Executive Officer Rick O'Dell. 
"The infusion of new equipment into our network and our planned
industrial engineering initiatives are continuing to result in cost
reductions, particularly in linehaul miles driven and fuel
efficiency. The quarter did include increased wage, health care and
depreciation expense due to investments in employees, equipment and
technology to support customer satisfaction. Saia's dedicated
employees provided 98% on-time service for the eighth consecutive
quarter and quality initiatives further reduced our cargo claim
ratio. I believe the Company's strong balance sheet, effective
revenue management and demonstrated operational excellence provide a
solid foundation for additional progress as we move forward," O'Dell
concluded. 
Year to Date 2013 Compared to Year to Date 2012 Results 


 
--  Revenues were $859 mill
ion compared to $834 million
--  Operating income was $59.7 million compared to $48.7 million
--  Net income was $35.6 million compared to $26.6 million
--  Earnings per share were $1.41 compared to $1.07
--  Operating ratio was 93.1 compared to 94.2

  
Financial Position and Capital Expenditures
 Total debt was $91.5
million at September 30, 2013. Net of the Company's $4.1 million cash
balance at quarter-end, net debt to total capital was 22.9 percent.
This compares to total debt of $81.2 million and net debt to total
capital of 24.5 percent in the prior year quarter.  
Net capital expenditures for the first nine months of 2013 were $97.7
million. This compares to $79.3 million in the prior year period. The
Company is now planning net capital expenditures in 2013 of
approximately $115 million. This expenditure includes a significant
investment in 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
quarterly results today at 11:00 a.m. Eastern Time. To participate in
the call, please dial 888-417-8533 or 719-457-2085 referencing
conference ID #6722348. Callers should dial in five to ten 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 offered two hours after the completion of the call through
November 5, 2013 at 2:00 p.m. Eastern Time. The replay will be
available by dialing 1-888-203-1112 or 719-457-0820. 
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of
less-than-truckload, non-asset truckload, expedited and logistics
services. With headquarters in Georgia, Saia LTL Freight operates 147
terminals in 34 states. 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; integration risks;
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)                           
                                (Una
udited)                                 
                                                                            
                                               September 30,   December 31, 
                                                    2013           2012     
                                               -------------  ------------- 
ASSETS                                                                      
                                                                            
CURRENT ASSETS:                                                             
  Cash and cash equivalents                    $       4,060  $         321 
  Accounts receivable, net                           127,542        106,814 
  Prepaid expenses and other                          37,551         37,028 
                                               -------------  ------------- 
    Total current assets                             169,153        144,163 
                                                                            
PROPERTY AND EQUIPMENT:                                                     
  Cost                                               787,677        718,527 
  Less: accumulated depreciation                     365,798        356,823 
                                               -------------  ------------- 
    Net property and equipment                       421,879        361,704 
                                                                            
OTHER ASSETS                                          14,643         13,821 
                                               -------------  ------------- 
    Total assets                               $     605,675  $     519,688 
                                               =============  ============= 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                                            
CURRENT LIABILITIES:                                                        
  Accounts payable                             $      48,974  $      43,706 
  Wages and employees' benefits                       35,338         30,842 
  Other current liabilities                           44,286         44,609 
  Current portion of long-term debt                   14,643         22,143 
                                               -------------  ------------- 
    Total current liabilities                        143,241        141,300 
                                                                            
OTHER LIABILITIES:                                                          
  Long-term debt, less current portion                76,863         38,562 
  Deferred income taxes                               59,514         55,611 
  Claims, insurance and other                         31,215         29,696 
                                               -------------  ------------- 
    Total other liabilities                          167,592        123,869 
                                                                            
STOCKHOLDERS' EQUITY:                                                       
  Common stock                                            24             24 
  Additional paid-in capital                         211,762        206,969 
  Deferred compensation trust                         (2,246)        (2,213)
  Retained earnings                                   85,302         49,739 
                                               -------------  ------------- 
  Total stockholders' equity                         294,842        254,519 
                                               -------------  ------------- 
    Total liabilities and stockholders' equity $     605,675  $     519,688 
                                               =============  ============= 
                                                                            
                                                                            
                        Saia, Inc. and Subsidiaries                         
                   Consolidated Statements of Operations                    
     For the Quarters and Nine Months Ended September 30, 2013 and 2012     
               (Amounts in thousands, except per share data)                
                                (Unaudited)                                 
                                                                            
                                     Third Quarter          Nine Months     
                                 --------------------  -------------------- 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
                                                                            
OPERATING REVENUE                $ 293,087  $ 278,024  $ 859,439  $ 834,252 
                                                                            
OPERATING EXPENSES:                                                         
  Salaries, wages and employees'                                            
   benefits                        147,305    138,532    428,468    410,471 
  Purchased transportation          18,914     18,810     55,023     59,171 
  Fuel, operating expenses and                                              
   supplies                         75,803     76,461    232,959    233,212 
  Operating taxes and licenses       9,074      9,445     27,983     29,061 
  Claims and insurance               6,607      6,133     18,085     18,409 
  Depreciation and amortization     13,745     12,315     37,765     35,681 
  Operating gains, net                (296)       (88)      (570)      (409)
                                 ---------  ---------  ---------  --------- 
    Total operating expenses       271,152    261,608    799,713    785,596 
                                 ---------  ---------  ---------  --------- 
                                                                            
OPERATING INCOME                    21,935     16,416     59,726     48,656 
                                                                            
NONOPERATING EXPENSES:                                                      
  Interest expense                   1,760      1,941      4,906      6,100 
  Other, net                           (85)       (44)      (180)      (142)
                                 ---------  ---------  ---------  --------- 
    Nonoperating expenses, net       1,675      1,897      4,726      5,958 
                                 ---------  ---------  ---------  --------- 
                                                                            
                                                                            
INCOME BEFORE INCOME TAXES          20,260     14,519     55,000     42,698 
Income tax expense                   7,352      5,263     19,437     16,056 
                                 ---------  ---------  ---------  --------- 
NET INCOME                       $  12,908  $   9,256  $  35,563  $  26,642 
                                 =========  =========  =========  ========= 
                                                                    
        
Average common shares                                                       
 outstanding - basic                24,220     23,850     24,123     23,810 
                                 =========  =========  =========  ========= 
Average common shares                                                       
 outstanding - diluted              25,269     24,863     25,173     24,794 
                                 =========  =========  =========  ========= 
                                                                            
Basic earnings per share         $    0.53  $    0.39  $    1.47  $    1.12 
                                 =========  =========  =========  ========= 
                                                                            
Diluted earnings per share       $    0.51  $    0.37  $    1.41  $    1.07 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                        Saia, Inc. and Subsidiaries                         
              Condensed Consolidated Statements of Cash Flows               
           For the Nine Months Ended September 30, 2013 and 2012            
                           (Amounts in thousands)                           
                                (Unaudited)                                 
                                                            Nine Months     
                                                       -------------------- 
                                                          2013       2012   
                                                       ---------  --------- 
                                                                            
OPERATING ACTIVITIES:                                                       
Net cash provided by operating activities              $  67,557  $  77,425 
                                                       ---------  --------- 
    Net cash provided by operating activities             67,557     77,425 
                                                       ---------  --------- 
                                                                            
INVESTING ACTIVITIES:                                                       
  Acquisition of property and equipment                 (100,799)   (81,888)
  Proceeds from disposal of property and equipment         3,058      2,609 
  Acquisition, net of cash                                     -     (7,616)
                                                       ---------  --------- 
    Net cash used in investing activities                (97,741)   (86,895)
                                                       ---------  --------- 
                                                                            
FINANCING ACTIVITIES:                                                       
  Repayment of long-term debt                            (11,071)   (11,071)
  Borrowings of revolving credit agreement, net           41,872     19,391 
  Proceeds from stock option exercises                     3,708        637 
  Other financing activities                                (586)         - 
                                                       ---------  --------- 
    Net cash provided by financing activities             33,923      8,957 
                                                       ---------  --------- 
                                                                            
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS       3,739       (513)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD               321      1,317 
                                                       ---------  --------- 
CASH AND CASH EQUIVALENTS, END OF PERIOD               $   4,060  $     804 
                                                       =========  ========= 
                                                                            
                                                                            
                        Saia, Inc. and Subsidiaries                         
                           Financial Information                            
             For the Quarters Ended September 30, 2013 and 2012             
                                (Unaudited)                                 
                                                                            
                                                      Third Quarter         
                                                     ---------------        
                              Third Quarter      %    Amount/Workday    %   
                            -----------------        ---------------        
                              2013     2012   Change   2013    2012  Change 
                            -------- -------- ------ ------- ------- ------ 
                                                                            
Workdays                                                  64      63        
                                                                            
Operating Ratio (1)             92.5%    94.1%                              
                                                                            
                                                                            
Tonnage (2)             LTL      932      918    1.5   14.56   14.57   (0.1)
                        TL       178      176    1.1    2.78    2.79   (0.4)
                                                                            
Shipments (2)           LTL    1,608    1,574    2.2   25.13   24.98    0.6 
                        TL        26       25    2.4    0.40    0.40    0.8 
                                                                            
Revenue/cwt. (3)        LTL $  14.54 $  14.00    3.8                        
                        TL  $   5.89 $   5.71    3.2                        
                                                                            
Revenue/shipment (3)    LTL $ 168.43 $ 163.32    3.1                        
                        TL  $ 808.48 $ 793.48    1.9                        
                                                                            
Pounds/shipment         LTL    1,159    1,167   (0.7)                       
                        TL    13,719   13,896   (1.3)                       
                                                                            
Length of Haul                   742      727    2.0                        
                                                                            
(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.
Melanie Baker
mbaker@saia.com
770.232.4088 
 
 
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