Boyd Bros. Reports Improved Second Quarter Results.Business Editors CLAYTON, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Aug. 4, 2003 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 second quarter and six-month period ended June 30, 2003. With higher 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. and profits, the Company's results reflected an improvement over the same period in 2002 and continued a positive trend in operations, quarter-over-quarter, that has been evident since early 2002. For the second quarter ended June 30, 2003, operating revenues rose 4% to $34,368,130 from $32,969,112 in the comparable period last year. Included in second quarter operating revenues were fuel surcharges totaling $1,023,291 and $258,640 in 2003 and 2002, respectively. Logistics revenues in the Boyd division totaled $2,333,364 in the second quarter of 2003 versus $1,759,204 in the second quarter of 2002. Pre-tax income for the second quarter increased 8% to $1,105,421 versus $1,021,774 in the year-earlier quarter, while net income rose 6% to $645,291 or $0.23 per 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. share from $607,350 or $0.22 per diluted share in the second quarter of 2002. For the first six months of 2003, operating revenues rose 5% to $66,945,608 from $63,589,429 in the same period last year. Included in operating revenues for the first half of 2003 were fuel surcharges totaling $2,014,855 versus $285,988 in the comparable 2002 period. Logistics revenues in the Boyd division totaled $5,012,534 in the first half of 2003 versus $3,367,576 in the first half of 2002. Pre-tax income for the first six months of 2003 advanced 95% to $1,112,272 compared with $571,300 last year, while net income for the first six months of 2003 rose 103% to $649,477 or $0.23 per diluted share from $319,249 or $0.12 per diluted share in first half of 2002. Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "We are pleased to report higher profitability for the second quarter, which in turn helped produce solid earnings growth through the first half of 2003. This continues an upturn that we believe illustrates the impact of our strategies to enhance operational focus at every level of the Company, empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems and motivate our employees and drivers, and increase efficiencies in our fleet. We are particularly gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. with the continued progress of our 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) division, which led our revenue growth for the quarter and showed a significant improvement in its operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: for the period. "Clearly, the operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. we face remains challenging," Cooper continued, "characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by ongoing uncertainty throughout the economy. We have continued to see cost pressures in several areas, particularly with diesel fuel prices that remain well above last year's levels, and higher benefit costs for our employees. A shortage of qualified drivers also remains an impediment A disability or obstruction that prevents an individual from entering into a contract. Infancy, for example, is an impediment in making certain contracts. Impediments to marriage include such factors as consanguinity between the parties or an earlier marriage that is still valid. to our efforts to improve equipment utilization. On the positive side, an ongoing decline in rates has reduced our interest expense. "Looking ahead to the second half of the year, we believe our ongoing focus on expense control and operating efficiencies will position the Company for further growth and profit improvements when the much-anticipated economic recovery gains traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. and begins to produce a positive effect on both freight rates Noun 1. freight rate - the charge for transporting something by common carrier; "we pay the freight"; "the freight rate is usually cheaper" freightage, freight and our freight mix. Also, even though fuel costs remain high, current levels are similar to those experienced in the second half of 2002. So, barring further volatility or price spikes spikes see peplomer. , the impact of high fuel costs should have less influence on earnings comparisons going forward," Cooper concluded. 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 expectations for the performance of 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. Such 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. 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 effect on the Company; 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 effect on the Company; or that the cost of complying with governmental regulations that are applicable to the Company will not have a material adverse effect on the Company. These assumptions, risks and uncertainties included, 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, 2002. 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 Consolidated Statements of Income
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Operating
revenues $34,368,130 $32,969,112 $66,945,608 $63,589,429
Operating
expenses 32,954,104 31,439,010 65,193,591 62,113,980
----------- ----------- ----------- -----------
Operating
income 1,414,026 1,530,102 1,752,017 1,475,449
Other
expense (308,605) (508,328) (639,745) (904,149)
----------- ----------- ----------- -----------
Income before
provision
for income
taxes 1,105,421 1,021,774 1,112,272 571,300
Provision for
income
taxes 460,130 414,424 462,795 252,051
----------- ----------- ----------- -----------
Net income $ 645,291 $ 607,350 $ 649,477 $ 319,249
=========== =========== =========== ===========
Net income
per share
- basic $ 0.24 $ 0.22 $ 0.24 $ 0.12
=========== =========== =========== ===========
Net income
per share
- diluted $ 0.23 $ 0.22 $ 0.23 $ 0.12
=========== =========== =========== ===========
Weighted average
shares
outstanding:
Basic 2,710,673 2,708,105 2,710,669 2,708,967
Diluted 2,836,549 2,741,712 2,837,684 2,732,590
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
June 30,
-------------------------
2003 2002
----------- -----------
Current assets $18,281,145 $19,627,304
Property and equipment, net 52,615,673 58,405,817
Other assets 10,729,777 9,442,544
----------- -----------
Total assets $81,626,595 $87,475,665
=========== ===========
Current liabilities $27,549,761 $24,244,204
Long-term debt 15,578,090 23,904,697
Deferred income taxes 12,122,259 13,761,640
Stockholders' equity 26,376,485 25,565,124
----------- -----------
Total liabilities and stockholders'
equity $81,626,595 $87,475,665
=========== ===========
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