Boyd Bros. Reports Fourth Quarter and Year-End Results for 2000.Business Editors CLAYTON Clayton, city (1990 pop. 13,874), seat of St. Louis co., E central Mo., a suburb of St. Louis; inc. 1919. Developed in the 1960s, it has high-rise office buildings, hotels, and shopping centers; several major firms are headquartered there. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Feb. 9, 2001 Boyd Boyd may refer to any of the following: People See Boyd (surname) The name Boyd has Irish roots that originally meant "blondheaded". Fictional characters
BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Transportation Inc. (Nasdaq Small Cap: BOYD) today reported financial results for the fourth quarter and year ended December 31, 2000. As expected, the Company's results for the quarter and year continued to reflect several adverse industry conditions, including soft freight conditions, particularly related to the depressed steel industry which accounts for the bulk of the Company's loads. High diesel fuel costs and lower used power equipment values also have affected Boyd Bros.' results. The Company's 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 fourth quarter ended December 31, 2000, fell 15% to $29,095,944 from $34,376,679 in the same period last year. Boyd Bros. incurred a net loss for the fourth quarter of 2000 totaling $1,349,065 or $0.45 per share compared with net income of $398,466 or $0.12 per share in the year-earlier quarter. The loss largely related to the decline in revenues and the impact of higher operating costs operating costs npl → gastos mpl operacionales , particularly fuel, insurance and claims, and depreciation expense. As previously announced, the loss also reflected additional reserves set aside for possible owner/operator lease defaults as well as for lower collateral values on related equipment. For the year ended December 31, 2000, operating revenues declined 5% to $126,724,786 from $133,137,272 in 1999. The Company reported a net loss for 2000 of $974,454 or $0.32 per share versus net income of $3,457,370 or $0.99 per share in 1999. Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "We continue to face a difficult marketplace as a slowing economy affects freight volumes and, in turn, exacerbates the challenges we have faced throughout the past year with dramatically higher fuel and other costs. Fuel, which is our largest expense after personnel and driver-related costs, rose 8% in the fourth quarter year-over-year and 22% for all of 2000. As business conditions have deteriorated, we have seen these challenges affect other aspects of our business, with high operating costs forcing more of our owner/operators out of business, driving down the value of power equipment trade-ins, and increasing our depreciation expense. "Our Welborn division, which is structured almost exclusively around owner/operators, has been particularly hard hit by these conditions, incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in both the third and fourth quarters of the year," she continued. "Our Boyd Division also incurred a loss in the fourth quarter, in part because it too has had to deal with severe attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: among owner/operators, having established its own owner/operator program during 1997. Peaking in the fall of 1999, the combined owner/operator programs at both the Boyd and Welborn divisions involved about 550 drivers, of which approximately 270 operated equipment leased from Boyd Bros. By the end of 2000, however, we had approximately 280 owner/operators driving for the Company, of which 130 were participating in Company-sponsored lease or lease/purchase programs." Cooper noted that this attrition has not only affected the Company's capacity and freight volumes, it has resulted in some power equipment being absorbed into the company-owned fleet, thereby increasing depreciation and maintenance costs. Also, considering the more challenging environment that owner/operators face today, the Company decided in the fourth quarter to strengthen its reserves for possible defaults on owner/operator leases in addition to normal reserve amounts. The Company's operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: for the fourth quarter of 2000 was 103.0% compared with 95.6% in the same period last year. For the year, the Company's operating ratio was 97.8% compared with 93.8% in 1999. In closing, Cooper said that Boyd Bros. has been aggressive in implementing operational changes throughout the Company. These steps include initiatives to increase its driver ranks, boost revenues and control costs. However, the fourth and first quarters of the year are typically slow seasonal periods because of the Company's freight concentration in steel and building products. "Despite the challenges we face today, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that business conditions will improve later in the spring," she said. "This outlook reflects our discussions with customers about their current assessment of the market, as well as the fact that the springtime typically marks the beginning of a seasonally stronger time of year for shipments of steel and building products. Any 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 in freight levels and revenues could be affected, of course, by further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions or significant hikes in fuel costs from their present level." Statements in this release that are not strictly historical are forward-looking and are based upon current expectations. These 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. involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks include the availability of qualified drivers, increases in fuel prices, general economic conditions, departures and defaults by owner/operators, and adverse safety experience, all of which may have a significant effect on the Company's operations and profitability. In a highly competitive business environment, there can be no assurance that the Company's strategies will successfully improve future operating profitability. 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 Boyd Bros., go to at www.boydbros.com.
BOYD BROS. TRANSPORTATION INC.
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended
December 31,
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2000 1999
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Operating revenues $ 29,095,944 $ 34,376,679
Operating (loss) income (860,765) 1,513,069
Pre-tax (loss) income (1,795,485) 726,766
(Benefit) provision for income taxes (446,420) 328,300
Net (loss) income $ (1,349,065) $ 398,466
Net (loss) income per share
- basic and diluted $ (0.45) $ 0.12
Weighted average shares outstanding 2,988,275 3,373,370
Year Ended
December 31,
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2000 1999
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Operating revenues $ 126,724,786 $ 133,137,272
Operating (loss) income 2,834,131 8,217,692
Pre-tax (loss) income (989,772) 5,887,522
(Benefit) provision for income taxes (15,318) 2,430,152
Net (loss) income $ (974,454) $ 3,457,370
Net (loss) income per share
- basic and diluted $ (0.32) $ 0.99
Weighted average shares outstanding 3,090,292 3,507,311
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