BOYD BROS. REPORTS YEAR-END RESULTS.

CLAYTON, Ala.--(BUSINESS WIRE)--Feb. 12, 1997--Boyd Bros. Transportation Inc. (Nasdaq/NM:BOYD) today reported results for fourth quarter and year ended December 31, 1996. The Company's operations reflected continued growth in revenues, with a general increase in average number of loads per week throughout 1996. These gains were offset, however, by significantly higher fuel costs during the year.

Operating revenues for the fourth quarter rose 8% to $16,715,851 compared with $15,411,621 in the same period last year. Net earnings for the fourth quarter were $247,366 or $.07 per share compared with $351,400 or $.09 per share in the year-earlier period. However, earnings for the fourth quarter of 1995 benefitted from gains on the sale of equipment and a positive adjustment to the Company's environmental reserve which did not recur in 1996. Together, these gains increased net income for the year-earlier period by approximately $150,000 or $.04 per share.

For the year ended December 31, 1996, operating revenues increased 6% to $65,523,412 compared with $61,865,851 last year. Net earnings for 1996 were $827,612 or $.22 per share compared with earnings of $2,124,658 or $.56 per share in the year-earlier period. Included in net income for 1996 were gains on the sale of equipment of approximately $.13 per share, net of tax, versus gains of approximately $.11 per share, net of tax, in 1995. In addition, positive adjustments to the Company's environmental reserve in 1995, which did not recur in 1996, increased net income for 1995 by approximately $.05 per share

Commenting on the announcement, Donald G. Johnston, Boyd Bros.' President and Chief Executive Officer, noted that the Company's operations continued to gain momentum throughout 1996, particularly in the second half of the year. Average revenue per mile increased to $1.14 in the fourth quarter from $1.13 in the same period last year, but was unchanged at $1.14 for the year compared with 1995. Average loads per week increased to 1,660 in the fourth quarter, up 12% over 1,484 in the same period last year, while for 1996 as a whole, average loads per week increased 9% to 1,607 compared with 1,470 last year.

Boyd Bros.' operating ratio for the fourth quarter was 95.7% compared with 95.2% in 1995. For the year, the operating ratio was 95.8% versus 93.4% in 1995.

"Although we continue to see encouraging signs among shippers that the business climate is improving, our progress has been hampered by higher fuel costs and an ongoing shortage of drivers," he said. "Fuel costs alone rose more than $1.6 million in 1996 -- more than accounting for the decline we experienced in our operating income for the year. In addition, a lack of qualified drivers unquestionably affected our ability to take full advantage of the strengthening market we see.

"Throughout 1996, we moved aggressively to address these challenges," he continued. "We reduced our deadhead factor in 1996 and continued to modernize and expand our fleet to improve fuel efficiency. Also, we have implemented driver incentive programs, a more attractive driver pay scale, and have placed a greater emphasis on recruiting. The early results of these efforts are encouraging.

"We remain strongly committed to building our business and improving operating efficiencies. With our traditional structure as a company-owned fleet, one new area of particular interest is to develop a base of operations that would be serviced by an owner- operators. This operation, which would most likely be established through an acquisition, could increase our route densities and enhance the opportunities within the Company for new drivers. Although no specific acquisition activities have been finalized at the present time, we continue to consider a number of situations that could prove attractive," Johnston concluded.

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. For more information about the Company, visit Boyd Bros. on the Internet at http://www.boydbros.com . -0-

                   BOYD BROS. TRANSPORTATION, INC.
                   Unaudited Financial Highlights

                         Three Months Ended           Year Ended
                            December 31,              December 31,

                         1996         1995         1996         1995
Operating revenues   $16,715,851  $15,411,621  $65,523,412  $61,865,851
Operating income         715,238      735,718    2,749,294    4,100,776
Pre-tax income           400,366      550,755    1,485,820    3,401,940
Provision for
  income taxes           153,000      199,355      658,208    1,277,282
Net income           $   247,366  $   351,400  $   827,612  $ 2,124,658
Net income per share $       .07  $       .09  $       .22  $       .56
Weighted average
  shares outstanding   3,700,688    3,823,000    3,726,183    3,823,000

CONTACT: Boyd Bros. Transportation, Inc., Clayton

Richard C. Bailey, 334/775-1221