Saia Reports Fourth Quarter Earnings per Share of $0.32

Saia Reports Fourth Quarter Earnings per Share of $0.32 
Revenues Were $280 Million With Operating Income Increasing 46% 
JOHNS CREEK, GA -- (Marketwired) -- 01/31/14 --  Saia, Inc. (NASDAQ:
SAIA), a leading transportation provider offering multi-regional
less-than-truckload (LTL), non-asset truckload and logistics
services, today reported improved fourth 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. 
Fourth Quarter 2013 Compared to Fourth Quarter 2012 Results  


 
--  Revenues were $280 million, an increase of 5.8%
--  Operating income increased 46% to $14.7 million compared to $10.1
    million
--  Diluted earnings per share were $0.32 compared to $0.22
--  Operating ratio was 94.7 compared to 96.2
--  LTL tonnage per workday increased 2.9% as LTL shipments per workday
    were up 1.7% with a 1.2% increase in weight per shipment
--  LTL yield was up 2.3%

  
"Saia's Quality Matters initiative continues to be the guiding force in
advancing our value proposition in the marketplace. Saia employees
across our organization are focused on providing consistent, superior
customer service. These efforts have fueled another quarter of
meaningful yield increase which combined with efficiency and
technology initiatives led us to a 45% increase in earnings per share
compared to the fourth quarter last year," said Saia President and
Chief Executive Officer Rick O'Dell. 
"Investments in technology, equipment and continuous on-going
employee training have allowed Saia to post its ninth consecutive
quarter of 98% on-time service. The combination of strong service and
our committed pricing effort enabled Saia to improve its operating
ratio by 150 basis points versus fourth quarter last year. With our
recently expanded sales force, Saia ended the year with improving
tonnage trends and we believe we are well positioned to grow our
market share going forward," O'Dell said. 
2013 Results Compared to 2012 Results 


 
--  Revenues were $1,139 million compared to $1,099 million
--  Operating income was $74.4 million compared to $58.7 million
--  Net income was $43.6 million compared to $32.0 million
--  Diluted earnings per share were $1.73 compared to $1.29
--  Operating ratio was 93.5 compared to 94.7

  
Financial Position and Capital Expenditures
 Total debt was $76.9
million at December 31, 2013. Net of the Company's $0.2 million cash
balance at quarter end, debt to total capital was 20.1%. This
compares to total debt of $60.7 million and net debt to total capital
of 19.2% in the prior year quarter.  
Net capital expenditures in 2013 were $122 million. This compares to
$83 million in the prior year. The Company currently plans net
capital expenditures in 2014 of approximately $85 million. This
expenditure level reflects primarily replacement of revenue
equipment, and investments in technology and real estate projects. 
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 888-500-6950 or 719-457-2697 referencing
conference ID #7135869. 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
February 6, 2014 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)                           
                                (Unaudited)                                 
                                                                            
                                                December 31,   December 31, 
                                     
               2013           2012     
                                                ------------   ------------ 
ASSETS                                                                      
                                                                            
CURRENT ASSETS:                                                             
  Cash and cash equivalents                     $        159   $        321 
  Accounts receivable, net                           117,937        106,814 
  Prepaid expenses and other                          52,157         37,028 
                                                ------------   ------------ 
    Total current assets                             170,253        144,163 
                                                                            
PROPERTY AND EQUIPMENT:                                                     
  Cost                                               797,527        718,527 
  Less: accumulated depreciation                     365,301        356,823 
                                                ------------   ------------ 
    Net property and equipment                       432,226        361,704 
                                                                            
OTHER ASSETS                                          14,322         13,821 
                                                ------------   ------------ 
    Total assets                                $    616,801   $    519,688 
                                                ============   ============ 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                                            
CURRENT LIABILITIES:                                                        
  Accounts payable                              $     50,799   $     43,706 
  Wages and employees' benefits                       35,248         30,842 
  Other current liabilities                           47,667         44,609 
  Current portion of long-term debt                    7,143         22,143 
                                                ------------   ------------ 
    Total current liabilities                        140,857        141,300 
                                                                            
OTHER LIABILITIES:                                                          
  Long-term debt, less current portion                69,740         38,562 
  Deferred income taxes                               69,916         55,611 
  Claims, insurance and other                         31,496         29,696 
                                                ------------   ------------ 
    Total other liabilities                          171,152        123,869 
                                                                            
STOCKHOLDERS' EQUITY:                                                       
  Common stock                                            24             24 
  Additional paid-in capital                         213,648        206,969 
  Deferred compensation trust                         (2,246)        (2,213)
  Retained earnings                                   93,366         49,739 
                                                ------------   ------------ 
    Total stockholders' equity                       304,792        254,519 
                                                ------------   ------------ 
    Total liabilities and stockholders' equity  $    616,801   $    519,688 
                                                ============   ============ 
                                                                            
                                                                            
                                                                            
                        Saia, Inc. and Subsidiaries                         
                   Consolidated Statements of Operations                    
        For the Quarters and Years Ended December 31, 2013 and 2012         
               (Amounts in thousands, except per share data)                
                                (Unaudited)                                 
                                                                            
                              Fourth Quarter                 Years          
                         ------------------------  ------------------------ 
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
                                                                            
OPERATING REVENUE        $   279,655  $   264,427  $ 1,139,094  $ 1,098,679 
                                                                            
OPERATING EXPENSES:                                                         
  Salaries, wages and                                                       
   employees' benefits       144,019      136,284      572,487      546,755 
  Purchased                                                                 
   transportation             17,952       15,350       72,975       74,521 
  Fuel, operating                                                           
   expenses and supplies      73,405       74,964      306,364      308,176 
  Operating taxes and                                                       
   licenses                    8,530        9,222       36,513       38,283 
  Claims and insurance         7,409        6,303       25,494       24,712 
  Depreciation and                                                          
   amortization               13,799       12,304       51,564       47,985 
  Operating gains, net          (151)         (78)        (721)        (487)
                         -----------  -----------  -----------  ----------- 
    Total operating                                                         
     expenses                264,963      254,349    1,064,676    1,039,945 
                         -----------  -----------  -----------  ----------- 
                                                                            
OPERATING INCOME              14,692       10,078       74,418       58,734 
                                                                            
NONOPERATING EXPENSES:                                                      
  Interest expense             1,584        1,707        6,490        7,807 
  Other, net                     (37)         (70)        (217)        (212)
                         -----------  -----------  -----------  ----------- 
    Nonoperating                                                            
     expenses, net             1,547        1,637        6,273        7,595 
                         -----------  -----------  -----------  ----------- 
                                                                            
                                                                            
INCOME BEFORE INCOME                                                        
 TAXES                        13,145        8,441       68,145       51,139 
Income tax expense             5,081        3,035       24,518       
19,091 
                         -----------  -----------  -----------  ----------- 
NET INCOME               $     8,064  $     5,406  $    43,627  $    32,048 
                         ===========  ===========  ===========  =========== 
                                                                            
Average common shares                                                       
 outstanding - basic          24,246       23,862       24,154       23,823 
                         ===========  ===========  ===========  =========== 
Average common shares                                                       
 outstanding - diluted        25,289       24,879       25,205       24,815 
                         ===========  ===========  ===========  =========== 
                                                                            
Basic earnings per share $      0.33  $      0.23  $      1.81  $      1.35 
                         ===========  ===========  ===========  =========== 
                                                                            
Diluted earnings per                                                        
 share                   $      0.32  $      0.22  $      1.73  $      1.29 
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
                                                                            
                        Saia, Inc. and Subsidiaries                         
              Condensed Consolidated Statements of Cash Flows               
               For the Years Ended December 31, 2013 and 2012               
                           (Amounts in thousands)                           
                                (Unaudited)                                 
                                                           Years            
                                                --------------------------- 
                                                    2013           2012     
                                                ------------   ------------ 
                                                                            
OPERATING ACTIVITIES:                                                       
Net cash provided by operating activities       $    101,312   $    100,675 
                                                ------------   ------------ 
    Net cash provided by operating activities        101,312        100,675 
                                                ------------   ------------ 
                                                                            
INVESTING ACTIVITIES:                                                       
  Acquisition of property and equipment             (126,358)       (86,120)
  Proceeds from disposal of property and                                    
   equipment                                           4,338          3,305 
  Acquisition of subsidiary, net of cash                   -         (7,616)
                                                ------------   ------------ 
    Net cash used in investing activities           (122,020)       (90,431)
                                                ------------   ------------ 
                                                                            
FINANCING ACTIVITIES:                                                       
  Repayment of long-term debt                        (22,143)       (22,143)
  Borrowings of revolving credit agreement,                                 
   net                                                38,327          9,990 
  Proceeds from stock option exercises                 4,948            913 
  Other financing activities                            (586)             - 
                                                ------------   ------------ 
    Net cash used in financing activities             20,546        (11,240)
                                                ------------   ------------ 
                                                                            
NET DECREASE IN CASH AND CASH EQUIVALENTS               (162)          (996)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           321          1,317 
                                                ------------   ------------ 
CASH AND CASH EQUIVALENTS, END OF PERIOD        $        159   $        321 
                                                ============   ============ 
                                                                            
                                                                            
                                                                            
                         Saia, Inc. and Subsidiaries                        
                            Financial Information                           
              For the Quarters Ended December 31, 2013 and 2012             
                                 (Unaudited)                                
                                                                            
                                                      Fourth Quarter        
                                                     ---------------        
                           Fourth Quarter      %      Amount/Workday    %   
                          ----------------           ---------------        
                            2013     2012    Change    2013    2012   Change
                          -------  -------  -------  ------- ------- -------
                                                                            
Workdays                                                  62      62        
                                                                            
Operating ratio              94.7%    96.2%                                 
                                                                            
                                                                            
Tonnage (1)           LTL     888      863      2.9    14.32   13.91     2.9
                      TL      187      157     19.2     3.02    2.53    19.2
                                                                            
Shipments (1)         LTL   1,490    1,466      1.7    24.04   23.64     1.7
                      TL       27       23     18.0     0.43    0.37    18.0
                                                                            
Revenue/cwt. (2)      LTL $ 14.46  $ 14.13      2.3                         
                      TL  $  5.73  $  5.90     (2.7)                        
                                                                            
Revenue/shipment (2)  LTL $172.22  $166.36      3.5                         
                      TL  $802.35  $816.62     (1.7)                        
                                                                            
Pounds/shipment       LTL   1,191    1,177      1.2                         
                      TL   13,992   13,851      1.0                         
                                                                            
Length of Haul                746      728      2.5                         
                                                                            
(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: 
Saia, Inc.
Doug Col
dcol@saia.com
678.542.3910 
 
 
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