Boyd Bros. Announces First Quarter Results.

Business Editors

CLAYTON, Ala.--(BUSINESS WIRE)--April 24, 2002

Boyd Bros. Transportation Inc. (Nasdaq/SmallCap:BOYD) today reported results for the first quarter ended March 31, 2002.

For the quarter ended March 31, 2002, operating revenues totaled $30,629,426 compared with $30,369,663 in the same period last year. The Company reported a net loss for the first quarter of $288,097 or $0.11 per share compared with a net loss of $293,479 or $0.10 per share in the year-earlier quarter.

Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "We were encouraged to see freight levels strengthen over the course of the first quarter of 2002, which began with rather weak conditions but ended in March on a stronger note. While load levels have not rebounded as much as we would like from the downturn we witnessed in late 2001, and considering that the first quarter is seasonally the slowest period of the year for us, we nevertheless were pleased that overall revenues increased slightly during the quarter and reflected higher sales for both of our operating divisions, Boyd and WTI.

"It should be noted that higher safety costs relating to accruals for liability, cargo and workers' compensation claims were primarily responsible for the loss we incurred in the first quarter," Cooper continued. "Unfortunately, the jump in insurance and claims expense we experienced reversed what had been a generally improving trend for some time and, had it not been for this, the Company would have been profitable in the first quarter." She also pointed out that the year-earlier quarter benefited from a gain on the sale of equipment that for the most part did not recur this year. The gain in 2001 was roughly equal to the amount the Company saved due to the decline in interest expense witnessed in the first quarter of 2002, which was due to lower interest rate and debt levels this year.

On a divisional basis, WTI returned to operating profitability in the first quarter following operating losses throughout 2001. The Boyd division incurred an operating loss in the first quarter of 2002 versus an operating profit in the year-earlier period, largely due to the foregoing reasons.

"Even though we continue to confront a difficult freight environment, and have been hampered by a recent spike in insurance and claims expense, we remain cautiously optimistic that business conditions will continue to improve over the balance of the year," Cooper added. "There are clear signs that the general economy has stabilized and that America's heavy industry is beginning to rebound. Moreover, the building and construction sectors have remained largely resilient through the past several months, aided by lower interest rates and generally good weather. If these trends continue, we believe they will translate into stronger year-over-year revenue gains as 2002 unfolds. At the same time that we focus on potential revenue growth, we also recognize the importance of our ongoing program to control safety costs, which was successful throughout the past year. This emphasis is even more critical for the Company today since Boyd Bros. is largely self-insured for most insurance coverages, with retentions ranging up to $500,000 per occurrence and with excess primary and umbrella coverages beyond that. Our safety record, therefore, not only influences our current results, but also affects the costs we face at the mid-point of each year as we renew our coverages. We are hopeful that our continued efforts to improve safety costs will return the Company to the favorable trend line that existed earlier, which together with the prospects of moderating fuel costs, should help ease some of the pressure we have seen on our operating profits."

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 most of the continental United States. For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com.

Certain of the statements contained in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, business conditions and growth in the economy, including the transportation and construction sectors in particular; competitive factors, including price pressures and the ability to recruit and retain qualified drivers; the ability to control internal costs, particularly rising fuel costs that may or may not be passed on to the Company's customers; departures and defaults by owner-operators; the cost of complying with governmental regulations that are applicable to the Company; costs associated with increased insurance and claims expenses; and other risk factors referenced in the Company's periodic filings with the Securities and Exchange Commission.

                    BOYD BROS. TRANSPORTATION INC.
                    Unaudited Financial Highlights

                                              Three Months Ended
                                                   March 31,
                                         ----------------------------
                                             2002             2001
                                         ------------    ------------
Operating revenues                       $ 30,629,426    $ 30,369,663
Operating (loss) income                       (54,653)        452,652
Pre-tax loss                                 (450,470)       (432,069)
Benefit for income taxes                      162,373         138,589
Net loss                                 $   (288,097)   $   (293,479)
Net loss per share - basic and diluted   $      (0.11)   $      (0.10)
Weighted average shares outstanding         2,709,838       2,932,362