Boyd Bros. Improved Third Quarter Results as Diluted EPS More Than Doubles to $0.18 From $0.08 Last Year.Business Editors CLAYTON, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Oct. 24, 2002 Boyd Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Transportation Inc. (Nasdaq/SmallCap: BOYD) today reported financial results for the third quarter and nine months ended September 30, 2002. Aside from higher comparable 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 quarter, the Company's interim results reflected a profit rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective that continues the reversal from losses reported in late 2001 and early 2002. For the quarter ended September 30, 2002, operating revenues rose 2% to $33,180,688 from $32,457,010 in the comparable period last year. Pre-tax income for the third quarter increased 106% to $826,326 from $402,016 in the same period last year, while net income increased 115% to $495,074 versus $230,210 in the same quarter of 2001. On a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, net income rose 125% to $0.18 from $0.08 in the third quarter last year. For the first nine months of 2002, operating revenues rose 2% to $96,520,586 from $94,386,035 in the 2001 year-to-date period. Pre-tax income for the first nine months of 2002 increased 172% to $1,397,794 from $513,943 in the same period last year, while net income for the first nine months of 2002 was $814,493, more than three times the Company's net income of $220,018 in the year-earlier period. On a diluted per share basis, net income for the first nine months more than tripled to $0.29 from $0.08 in the comparable 2001 period. "We are very pleased to report another quarter of strong profitability, continuing the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. trends we saw last quarter," said Gail B. Cooper, President and Chief Executive Officer. "Both of our divisions, Boyd Bros. and WTI WTI West Texas Intermediate WTI Western Transportation Institute (Montana State University) WTI World Tribunal on Iraq WTI With The Idea (used in chess to point to the idea behind a specific move) , achieved higher sales and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the third quarter compared with the same period last year." Cooper continued: "We believe the progress evident from our results over the past two quarters - each of which has shown an increase of more than 100% in net income per diluted share - is in large part attributable to our continued focus on operational processes and enhanced organizational communication Organizational communication, broadly speaking, is: people working together to achieve individual or collective goals. [1] Discipline History The modern field traces its lineage through business information, business communication, and early mass communication . These initiatives, which are designed to improve performance, increase accountability and provide proper incentives for better execution, have allowed us to expand our revenue base with new accounts, while we maintain our strong ties to existing customers, and control the growth of our expenses. "Clearly, we remain cautious as we anticipate the Company's expected performance during this time of economic and political uncertainty," she added. "However, we believe that indications from our customers at this time warrant guarded optimism for the final quarter of 2002. Our goal is to continue to press efficiency throughout the Company, continue our emphasis on safety in our fleet operations and, as tough times take their toll on smaller, weaker operators, we want to continue our efforts to make Boyd Bros. the carrier of choice to a growing customer list." 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 most of the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. . For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com. With the exception of historical information, the matters discussed and statements made in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Specifically, this release contains forward-looking statements regarding the likely benefits from cost reductions; the internal initiatives being undertaken by the Company to improve performance, increase accountability and provide proper incentives for better execution; expectations regarding the freight business and the economy; and results in future quarters and for the year. Whenever possible, the Company has identified these forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934) by words such as "anticipates," "may," "believes," "estimates," "projects," "expects," "intends," and words of similar import. Forward-looking statements contained in this release involve certain assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements. In particular, there can be no assurance that the Company's internal initiatives to improve performance, increase accountability and provide proper incentives for better execution will be successful; that business conditions and the economy will improve, including the transportation and construction sectors in particular; that costs associated with increased insurance and claims costs, and liability claims for which the Company is self-insured will not have a material adverse affect on the Company; that the Company will be able to recruit and retain qualified drivers; that the Company will be able to control internal costs, particularly rising fuel costs that may or may not be passed on to the Company's customers; that departures and defaults by owner-operators will not have a material adverse affect on the Company; or that the cost of complying with governmental regulations that are applicable to the Company will not have a material adverse affect on the Company. These assumptions, risks and uncertainties include, but are not limited to, those discussed or indicated in all documents filed by the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001. The Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
BOYD BROS. TRANSPORTATION INC.
Unaudited Financial Highlights
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2002 2001 2002 2001
----------- ----------- ----------- -----------
Operating
revenues $33,180,688 $32,457,010 $96,520,586 $94,386,035
Operating
income 1,341,820 980,432 2,817,436 2,605,551
Pre-tax
income 826,326 402,016 1,397,794 513,943
Provision
for income
taxes 331,252 171,806 583,301 293,925
Net income $ 495,074 $ 230,210 $ 814,493 $ 220,018
Net income per share:
Basic $ 0.18 $ 0.08 $ 0.30 $ 0.08
Diluted $ 0.18 $ 0.08 $ 0.29 $ 0.08
Weighted average shares outstanding:
Basic 2,706,781 2,794,140 2,709,122 2,855,465
Diluted 2,825,674 2,794,140 2,767,228 2,855,465
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