BOYD BROS. REPORTS SECOND QUARTER RESULTS.CLAYTON, Ala.--(BUSINESS WIRE)--July 29, 1996--Boyd Bros BROS BrothersBROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Transportation Inc. (Nasdaq/NM: BOYD) today reported results for the second quarter and six-month period ended June 30, 1996. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the second quarter increased to $16,349,678 compared with $15,987,342 in the same period last year. Net earnings for the second quarter, however, declined to $307,033 or $.08 per share compared with $680,409 or $.18 per share in the year-earlier period. For the first half of 1996, operating revenues rose to $31,278,763 compared with $30,625,077 in the same period last year. Net earnings for the first six months totaled $78,387 or $.02 per share versus $1,458,780 or $.38 per share in the year-earlier period. "Although our results for the second quarter continued to reflect the competitive nature of our marketplace, the Company is making progress to bring its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. more in line," said Donald G. Johnston, President and Chief Executive Officer. "A shortage of drivers and higher fuel costs also have penalized pe·nal·ize tr.v. pe·nal·ized, pe·nal·iz·ing, pe·nal·iz·es 1. To subject to a penalty, especially for infringement of a law or official regulation. See Synonyms at punish. 2. our earnings, just as they did in the first quarter of 1996, but with increasing gasoline supplies, fuel costs have stabilized. Our miles per gallon Noun 1. miles per gallon - the distance traveled in a vehicle powered by one gallon of gasoline or diesel fuel unit, unit of measurement - any division of quantity accepted as a standard of measurement or exchange; "the dollar is the United States unit of have improved dramatically during the past two months, and we are also experiencing lower driver turnover. These trends will have a positive impact on our results for the second half of the year, if they continue." Johnston noted that increased expenses in the second quarter and first half of 1996 were offset to some extent by gains on the sale of older revenue equipment. Boyd Bros.' operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: for the second quarter was 94.6% compared with 92.2% in the same period last year. This resulted in a year-to-date ratio of 97.5% versus 91.3% in 1995. Average revenue per mile was $1.151 in the second quarter compared with $1.15 in the same period last year; average revenue per mile was $1.13 in the first half of 1996 compared with $1.137 in the year-earlier period. Boyd Bros. Transportation Inc. is one of the largest flatbed trucking A flatbed truck is a type of truck which can be either articulated or rigid. It has an entirely flat, level body with absolutely no sides or roof. This allows for quick and easy loading of goods, and consequently they are used to transport heavy loads that are not delicate or companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . industries, and operates throughout the eastern two-thirds of the United States. -0-
BOYD BROS. TRANSPORTATION, INC.
Unaudited Financial Highlights
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Operating revenues $16,349,678 $15,987,342 $31,278,763 $30,625,077 Operating income 890,018 1,240,623 791,850 2,669,513 Net income $ 307,033 $ 680,409 $ 73,387 $ 1,458,780 Net income per share .08 .18 .02 .38 Weighted average shares outstanding 3,728,050 3,823,000 3,744,773 3,823,000 CONTACT: Boyd Bros. Transportation Inc., Clayton Richard C. Bailey, 205/775-3261 |
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