Boyd Bros. Announces Fourth Quarter and Year-End Results.

Business Editors

CLAYTON, Ala.--(BUSINESS WIRE)--Feb. 1, 2002

Boyd Bros. Transportation Inc. (Nasdaq/SmallCap:BOYD) today reported results for the fourth quarter and year ended December 31, 2001.

For the quarter ended December 31, 2001, operating revenues rose 1% to $29,470,244 from $29,095,944 last year. The Company reported a net loss for the fourth quarter of $626,717 or $0.23 per share compared with a net loss of $1,349,065 or $0.45 per share in the same period last year.

For the year ended December 31, 2001, operating revenues declined 2% to $123,856,279 versus $126,724,786 in the same period last year. The Company's net loss for 2001 was $406,700 or $0.14 per share compared with a net loss of $974,454 or $0.32 per share a year ago.

Due to challenging industry conditions that have continued for almost two years, which have had a particularly adverse impact on owner/operators, Boyd Bros.' results for the fourth quarter and year 2001 reflect write-downs to reduce the carrying value of power equipment at the Company's WTI Transport division (formerly known as Welborn Transport) and charges to increase reserves for WTI's receivables associated with owner/operator leases. In the 2001 periods specified, these write-downs and charges total approximately $725,000 before tax. In the 2000 periods specified, the Company recorded similar charges, principally associated with increased reserves for owner/operator leases in its Boyd division, totaling approximately $434,000 before tax. On a pro forma basis, excluding the impact of these charges, Boyd Bros.' net loss for the fourth quarter of 2001 was $188,092 or $0.07 per share compared with a pro forma net loss of $1,086,495 or $0.36 per share in the year-earlier period. For 2001, excluding these charges, the Company's pro forma net income was $31,925 or $0.01 per share versus a pro forma net loss of $711,884 or $0.23 per share in 2000.

The Company noted that its Boyd division was profitable for both the fourth quarter and year ended December 31, 2001. These profits were more than offset by losses in the WTI Transport division, both from operations and including the foregoing write-downs and charges, resulting in net losses for the quarter and year.

Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "Although we continue to confront a difficult operating environment, we are encouraged by the fact that revenues again increased in the fourth quarter - the second consecutive quarter in which we have made progress on the top line. This feat was especially gratifying considering the seasonally slow nature of the fourth quarter. Additionally, we are pleased to note that our net loss for both the fourth quarter and full year in 2001 declined significantly from the levels reported in 2000.

"The Company's improving results in recent months reflect both a slight increase in freight volumes and moderating fuel costs. In addition, we have begun to realize cost-savings and efficiencies from our focus over the past year on our internal processes and systems. These efforts have not only enabled us to cut costs but, through our greater focus on driver training and safety, have also resulted in improved safety trends."

Despite slightly better operating conditions over the past several months, the Company remains cautious in its outlook for 2002, especially for the seasonally slow first quarter. "Obviously, there continues to be much uncertainty in the economy now. Near-term trends and how they might affect freight levels, the competitive outlook, and other factors that could influence our business are difficult to forecast at this time," Cooper added. "While we are hopeful that the trucking business overall, and the flatbed segment of trucking in particular, will begin to rebound in the coming year, we nevertheless plan to remain focused on controlling our costs, continuing the programs already in place, and working to enhance the efficiency of our operations."

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               Year Ended
                       December 31,                 December 31,
                -------------------------   --------------------------
                   2001          2000           2001          2000
                -----------   -----------   ------------  ------------
Operating
  revenues      $29,470,244   $29,095,944   $123,856,279  $126,724,786
Operating
  (loss)
  income           (386,142)     (860,765)     2,219,410     2,834,131
Pre-tax
  (loss)           (915,604)   (1,795,485)      (401,662)     (989,772)
Provision
  (benefit)
  for income
  taxes            (288,886)     (446,420)         5,039       (15,318)
Net (loss)       $ (626,717)  $(1,349,065)   $  (406,700)   $ (974,454)
Net (loss)
  per share -
  basic and
  diluted        $    (0.23)  $     (0.45)   $     (0.14)   $    (0.32)
Weighted
  average
  shares
  outstanding     2,752,903     2,988,275      2,829,614     3,090,292