Boyd Bros. to Take Fourth Quarter Charges.

Business Editors

CLAYTON, Ala.--(BUSINESS WIRE)--Dec. 19, 2001

Boyd Bros. Transportation Inc. (Nasdaq/SmallCap:BOYD) today announced that the Company will record fourth quarter charges totaling approximately $725,000 (about $445,000 or $0.16 per share after tax) associated with its WTI Transport division (formerly Welborn Transport). The charges will include a write-down of approximately $425,000 on power equipment to reduce the book carrying value of approximately 50 tractors at WTI to fair value, reflecting the impact of declining market values for used tractors as more equipment becomes available in the face of soft market conditions. The Company also will increase its reserve at WTI by about $300,000 for receivables relating to leases originated with owner/operators.

The Company noted that no write-downs of these kinds are currently expected for its Boyd Bros. division.

Separately, Boyd Bros. noted that its freight volumes weakened in November and early December following a solid sales month in October. These freight trends are below the Company's expectations for the period and, if they continue, may affect Boyd Bros.' fourth quarter revenues and net results. Consequently, the Company continues to believe that its results from operations for the fourth quarter, excluding the impact of asset write-downs, will be at best breakeven. In the fourth quarter last year, Boyd Bros. reported operating revenues of $29.1 million and a net loss of $1.3 million or $0.45 per share, which included a one-time charge to increase reserves on lease receivables. From an operating standpoint, the Company's loss for the fourth quarter of 2000 was $0.37 per share.

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.

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; the potential effects of customer bankruptcy filings on its current and future financial and operating results; and other risk factors referenced in the Company's periodic filings with the Securities and Exchange Commission.