Saia Reports Second Quarter Earnings per Share of $0.21
Revenues Were $266 Million, an Increase of 15 Percent From Prior Year Quarter
(firmenpresse) - JOHNS CREEK, GA -- (Marketwire) -- 07/27/11 -- Saia, Inc. (NASDAQ: SAIA), a leading multi-regional less-than-truckload (LTL) carrier, today reported improved second quarter 2011 results on stronger revenue, improved pricing fundamentals and increased tonnage.
Revenues were $266 million, an increase of 15 percent.
Operating income increased 41 percent to $8.3 million compared to $5.9 million.
Earnings per share were $0.21 vs. $0.12.
Operating ratio was 96.9 vs. 97.5.
LTL tonnage increased by 4.5 percent as LTL shipments per workday were up 3.0 percent with a 1.5 percent increase in weight per shipment.
LTL yield was up 9.6 percent due to the impact of higher fuel surcharge and measured pricing actions.
"I continue to be encouraged that improvements in the transportation landscape have permitted us to employ prudent pricing actions across our customer base. We continue to achieve increases in contract renewals which are greater this quarter than those secured in the first quarter. As in prior quarters, our measured pricing actions have resulted in deselecting a number of unprofitable accounts. This is part of a slow but steady improvement plan and is a welcome change from the challenging pricing and volume environment in which we had been operating the past several years," said Rick O'Dell, president and chief executive officer.
"The quarter was not without its challenges including significantly higher costs from health care, purchased transportation, maintenance and self insurance costs. We continue to focus on service and productivity initiatives which will produce improvements in terminal cost per freight bill. Our safety and cargo claims programs are at the heart of our initiatives across the network," continued O'Dell.
"As the result of increased demand by shippers in our newer geography, we took the opportunity to open a new terminal in Bloomington, IL, allowing us to offer 100% coverage of Illinois. The new terminal in Bloomington supports our strategy of providing 100% coverage of the states in which we operate and contributes to our efforts to build density in our geographic footprint.
"We also continue to move forward with our initiatives to improve pricing and remain focused on our cost and quality initiatives. As always, Saia's dedicated employees remain focused on providing best in class customer service. We believe Saia is well positioned to take advantage of any future industry consolidations and to capitalize on what appears to be improving industry fundamentals," O'Dell said.
Revenues were $509 million compared to $444 million in the prior year period, an increase of 15 percent.
Operating income was $12.3 million compared to $3.7 million in the prior year period.
Net income was $4.1 million compared to net loss of $1.2 million in the prior year period.
Earnings per share were $0.25 compared to losses per share of $0.08 in the prior year period.
Operating ratio was 97.6 vs. 99.2 in the prior year period.
Total debt was $81.4 million at June 30, 2011. Net of the Company's $10.7 million cash balance at quarter-end, net debt to total capital was 25.1 percent. This compares to total debt of $90.0 million and net debt to total capital of 27.4 percent in the prior year quarter.
Net capital expenditures for the first six months of 2011 were $20.6 million. This compares to $0.2 million in the prior year period. The Company is planning net capital expenditures in 2011 of approximately $63.0 million. This expenditure level reflects replacement and growth units of tractors and the Company's continued investment in technology.
The Company will hold a conference call to discuss these results today at 12:00 noon Eastern Time. This call will be webcast live via the Company web site at . To participate in the call, please dial 1-800-723-6498 or dial 785-830-7989 for international calls and use conference ID #4878983. Callers should dial in five to 10 minutes in advance of the conference call. A replay of the call will be available two hours after the completion of the call through August 5, 2011. The replay is available by dialing 1-888-203-1112 or 719-457-0820.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at , Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (), a password-protected event management site.
Saia, Inc. (NASDAQ: SAIA) is a less-than-truckload provider of regional, interregional and guaranteed services covering 34 states. With headquarters in Georgia and a network of 148 terminals, Saia employs 7,900 people. For more information, visit the Investor Relations section at .
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, general economic conditions including downturns in the business cycle; the creditworthiness of our customers and their ability to pay for services; competitive initiatives and pricing pressures, including in connection with fuel surcharge; the Company's need for capital and uncertainty of the current credit markets; the possibility of defaults under the Company's debt agreements (including violation of financial covenants); possible issuance of equity which would dilute stock ownership; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the "Compliance, Safety, Accountability" (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company's workforce become unionized; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. A forward looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.
Renee McKenzie
Treasurer
678.542.3910
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Datum: 27.07.2011 - 11:30 Uhr
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News-ID 38136
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