Boyd Bros. Reports Third Quarter Results.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)--Oct. 31, 2003 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/SmallCap: BOYD) today reported financial results for the third quarter and nine-month period ended September September: see month. 30, 2003. 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 third quarter ended September 30, 2003, rose 2% to $34,123,212 from $33,518,768 in the comparable period last year. The Company posted a net loss for the third quarter of $421,516 or $0.16 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 versus net income of $495,074 or $0.18 per diluted share in the same period last year. For the first nine months of 2003, operating revenues rose 4% to $101,068,819 from $97,144,652 in the same period last year. Net income for the first nine months of 2003 was $228,241 or $0.08 per diluted share versus $814,493 or $0.29 per diluted share in the first nine months of 2002. The Company's 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 is primarily structured using owner-operators, accounted for all of Boyd Bros.' revenue growth in the third quarter as the Boyd division, in which about three-fourths Noun 1. three-fourths - three of four equal parts; "three-fourths of a pound" three-quarters common fraction, simple fraction - the quotient of two integers of the equipment is company-owned, experienced a slight decline in operating revenues for the quarter. Included in third quarter operating revenues were fuel surcharges totaling $797,308 and $338,079 in 2003 and 2002, respectively. Logistics revenues totaled $2,253,925 in the third quarter of 2003 versus $1,960,202 in the third quarter of 2002. Operating revenues for the first nine months of 2003 included fuel surcharges totaling $2,812,162 versus $624,066 in the comparable 2002 period. Logistics revenues totaled $7,414,557 in the first nine months of 2003 versus $5,338,307 in the first nine months of 2002. The Company's third quarter loss and lower year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. profits primarily reflected higher insurance and claims expense related to the establishment of preliminary reserves for two accidents during the quarter, involving Boyd division company-owned trucks, which resulted in third-party fatalities. The Company is largely self-insured self-insured Self fund Health insurance adjective Referring to the practice of carrying an individual health insurance policy for oneself; self insurance is usually more expensive than group insurance for such accident claims. Also during the quarter, the Boyd division increased its provision for potential bad debts by approximately $460,000 on owner-operator leases. These items, along with higher owner-operator costs related to increased revenues in the WTI division, were partially offset by moderating fuel costs across the Company's operations and lower interest expense. Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "During the third quarter, we witnessed several encouraging trends that reinforce our view that the economy - and our markets - continue to strengthen. Revenues from our WTI division advanced 22% for the quarter versus the same period last year while logistics revenues increased 15%. On the cost side, we were pleased to see the price of diesel fuel continue to decline from peak levels earlier this year, resulting in overall lower fuel costs for the quarter. "Despite these generally favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. developments, the quarter was not without its challenges," Cooper continued. "Obviously, our greatest concern now centers on those affected by the two accidents that occurred during the quarter. While investigations of the events are ongoing, we considered it prudent to strengthen our insurance reserves during the quarter. We also determined during the quarter that an addition to our reserve was needed for possible losses on sales-type leases Sales-type lease The leasing out of a firm's own equipment, such as a printing company leasing its own presses, thereby competing with an independent leasing company. , which we have entered into with many of our owner-operators, considering the higher turnover we have experienced among our owner-operators. However, we remain hopeful that these steps, together with the outlook for continued strengthening in the economy, will help put us back on course for a return to profitable operations in the fourth quarter and for the full year 2003." 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 "hopeful," "outlook, " "expects," "anticipates," "may," "believes," "projects," "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 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; or that departures and defaults by owner-operators 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 Nine Months Ended
September 30, September 30,
------------------------- --------------------------
2003 2002 2003 2002
----------- ----------- ------------ -----------
Operating
revenues $34,123,212 $33,518,768 $101,068,819 $97,144,652
Operating
expenses 34,551,496 32,176,948 99,744,806 94,327,216
----------- ----------- ------------ -----------
Operating (loss)
income (428,284) 1,341,820 1,324,013 2,817,436
Other expense (321,185) (515,494) (960,930) (1,419,642)
----------- ----------- ------------ -----------
(Loss) income
before provision
for income
taxes (749,469) 826,326 363,083 1,397,794
(Benefit)
provision for
income taxes (327,953) 331,252 134,842 583,301
----------- ----------- ------------ -----------
Net (loss)
income $ (421,516) $ 495,074 $ 228,241 $ 814,493
=========== =========== ============ ===========
Net (loss)
income per
share-basic $ (0.16) $ 0.18 $ 0.08 $ 0.30
=========== =========== ============ ===========
Net (loss)
income per
share-diluted $ (0.16) $ 0.18 $ 0.08 $ 0.29
=========== =========== ============ ===========
Weighted average
shares
outstanding:
Basic 2,711,393 2,706,781 2,710,914 2,709,122
Diluted 2,711,393 2,825,674 2,951,079 2,767,228
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
September 30,
--------------------------
2003 2002
------------ -----------
Current assets $ 18,914,585 $19,018,496
Property and equipment, net 52,052,966 56,044,171
Other assets 13,303,655 10,387,843
------------ -----------
Total assets $ 84,271,206 $85,450,510
============ ===========
Current liabilities $ 26,150,736 $22,752,901
Long-term debt 20,739,175 22,360,460
Deferred income taxes 11,423,915 14,272,229
Stockholders' equity 25,957,380 26,064,920
------------ -----------
Total liabilities and stockholders'
equity $ 84,271,206 $85,450,510
============ ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion