Boyd Bros. Reports First Quarter Results.

Business Editors

CLAYTON, Ala.--(BUSINESS WIRE)--April 23, 2001

Boyd Bros. Transportation Inc. (Nasdaq/SmallCap:BOYD) today reported financial results for the first quarter ended March 31, 2001. As expected, the Company's results for the quarter continued to reflect soft freight conditions, which were made worse by the seasonally slow winter period, as well as the ongoing adverse impact of higher fuel costs.

For the quarter ended March 31, 2001, operating revenues declined 11% to $30,258,720 versus $33,825,625 last year. The Company's net loss for the first quarter of 2001 was $292,902 or $.10 per share, representing a significant improvement from the loss reported in the fourth quarter of 2000. In the year-earlier quarter, the Company reported net income of $230,781 or $.07 per share.

The decline in revenues from year to year was primarily attributable to the Company's Welborn division, which closed its logistics and specialized operations in late 2000. Freight volume for both the Boyd and Welborn divisions was slow for the quarter as a whole, although loads and revenues in both divisions began to strengthen in March, as expected. With these improving conditions as the quarter came to an end, both the Boyd and Welborn divisions were profitable for the month of March. Fuel costs for the quarter increased 22% in the first quarter of 2001 versus the same period last year.

Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "Although our first quarter reflected lower revenues and a loss for the period, we continue to see encouraging signs of a rebound in general business conditions and our operating outlook. As we expected, warmer weather in March brought with it stronger load counts and increased revenues. This recovery had a very positive effect on our profitability late in the quarter and has restored freight volume to a level that approaches our current capacity, although pricing still remains depressed from the levels we witnessed during the 1997-99 time frame because of the mix of freight we now carry. Clearly, it is too early to predict whether this rebound in freight levels can be sustained through the spring and summer, and we remain concerned about pricing and the continuing challenges presented by higher operating costs, particularly for diesel fuel and auto liability and motor truck cargo insurance. Nevertheless, the trends we have seen in the first quarter are consistent with our earlier assessment that industry conditions, and our own operations, may continue to strengthen in 2001 compared with the downturn we witnessed in the last half of 2000." Boyd Bros.' operating ratio for the first quarter of 2001 was 98.5% compared with 95.8% in the prior-year period.

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; and other risk factors referenced in the Company's periodic filings with the Securities and Exchange Commission.

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.

                    BOYD BROS. TRANSPORTATION INC.
                    Unaudited Financial Highlights

                                               Three Months Ended
                                                    March 31,
                                          ---------------------------
                                              2001            2000
                                          -----------     -----------
Operating revenues                        $30,258,720     $33,825,625
Operating income                              453,344       1,406,245
Pre-tax (loss) income                        (431,377)        452,143
(Benefit) provision for income taxes         (138,475)        221,362
Net (loss) income                            (292,902)        230,781
Net (loss) income per share -
  basic and diluted                             (0.10)           0.07
Weighted average shares outstanding         2,932,362       3,309,366