BOYD BROS. REPORTS SECOND QUARTER RESULTS.
Operating revenues 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 more in line," said Donald G. Johnston, President and Chief Executive Officer. "A shortage of drivers and higher fuel costs also have penalized 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 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 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 companies in the United States. The Company provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials 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