Boyd Bros. Transportation Reports Year-End 2003 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)--Feb. 20, 2004 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 fourth quarter and year ended December December: see month. 31, 2003. For the fourth quarter ended December 31, 2003, 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. rose 7% to $32,474,777 from $30,445,720 in the year-earlier quarter. Pre-tax income for the fourth quarter was $349,455 compared with a pre-tax loss of $463,112 in the same period last year. Net income for the fourth quarter of 2003 was $128,229 or $0.04 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 compared with a net loss of $339,960 or $0.13 per diluted share in the same quarter of 2002. For the year ended December 31, 2003, operating revenues rose 5% to $134,345,652 from $127,792,396 in 2002. Boyd Bros.' pre-tax income for 2003 was $712,538 compared with pre-tax income of $934,581 in 2002. Net income for 2003 totaled $356,470 or $0.12 per diluted share compared with net income of $474,432 or $0.17 per diluted share in 2002. The Company's higher operating revenues for the periods reported reflected increases within both its divisions - Boyd, which is structured primarily using company-owned drivers, 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) , which operates primarily using owner-operators - resulting from higher fuel surcharges and freight revenue compared with year-earlier amounts. For the Company, operating revenues included total fuel surcharges of $1,111,991 and $711,938 in the fourth quarter of 2003 and 2002, respectively, and $4,726,209 and $1,538,028 in 2003 and 2002, respectively. Revenue from the Company's logistics operations also increased to $2,156,220 and $9,570,777 for the fourth quarter and year ended December 31, 2003, respectively, from $1,748,289 and $7,086,595, respectively, in the comparable 2002 periods. In addition to higher operating revenues, the Company's return to profitability in the fourth quarter also reflected an improved operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: versus the year-earlier period. For the year, the Company's profitability operating ratio declined slightly. "We are pleased to see a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in the Company's profits for the fourth quarter compared with the same period last year, even though overall earnings declined slightly during 2003," said Gail B. Cooper, President and Chief Executive Officer. "We believe the gradual improvement we have seen in economic and industry conditions during the past few quarters provides an encouraging outlook for business in the year ahead. Still, on the cost side, we remain cautious about the recent upturn in fuel prices and recognize that such a trend, if it continues, will no doubt exert added pressure on our profits going forward. Also, our success in overcoming other traditional industry challenges, such as controlling safety costs and recruiting and retaining skilled drivers, will no doubt have a bearing on our operations in the coming year." 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 with respect to 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" and "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 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 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 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, 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 Year Ended
December 31, December 31,
------------------------- ---------------------------
2003 2002 2003 2002
----------- ----------- ------------ ------------
Operating
revenues $32,474,777 $30,445,720 $134,345,652 $127,792,396
Operating
expenses 31,728,060 30,527,420 132,274,922 125,054,229
----------- ----------- ------------ ------------
Operating
(loss) income 746,717 (81,700) 2,070,730 2,738,167
Other expense (397,262) (381,412) (1,358,192) (1,803,586)
----------- ----------- ------------ ------------
Income (loss)
before
provision
for income
taxes 349,455 (463,122) 712,538 934,581
Provision
(benefit) for
income taxes 221,226 (123,152) 356,068 460,149
----------- ----------- ----------- ------------
Net income
(loss) $ 128,229 $ (339,960) $ 356,470 $ 474,432
=========== =========== =========== ============
Net income
(loss) per
share -
basic $ 0.05 $ (0.13) $ 0.13 $ 0.18
=========== =========== =========== ============
Net income
(loss) per
share -
diluted $ 0.04 $ (0.13) $ 0.12 $ 0.17
=========== =========== =========== ============
Weighted
average
shares
outstanding:
Basic 2,711,958 2,709,962 2,711,082 2,709,333
Diluted 2,908,187 2,709,962 2,875,821 2,788,234
BOYD BROS. TRANSPORTATION INC.
Unaudited Consolidated Balance Sheets
December 31,
---------------------------
2003 2002
------------ ------------
Current assets $ 17,227,104 $ 16,048,359
Property and equipment, net 52,406,761 54,724,492
Other assets 10,236,219 10,809,230
------------ ------------
Total assets $ 79,870,084 $ 81,582,081
============ ============
Current liabilities $ 21,981,882 $ 24,599,093
Long-term debt 19,385,035 19,135,870
Deferred income taxes 12,415,398 12,122,259
Stockholders' equity 26,087,769 25,724,859
------------ ------------
Total liabilities and
stockholders' equity $ 79,870,084 $ 81,582,081
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