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SAIA | O.k., Now That Jevic is Gone

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SCS posts loss on higher revenue, changes name

In a release after the market closed, the Kansas City-based company (Nasdaq: SCST - News) reported a loss of $35.9 million, or $2.42 a share, for the quarter that ended June 30. This compares with earnings of $5.8 million, or 38 cents a share, for the same quarter last year.


Income from continuing operations was $9 million for the quarter, up 70 percent from $5.3 million a year earlier.

The company took a one-time, noncash charge of $44 million, or $2.96 a share, in the quarter for the June 30 sale of its Jevic Transportation Inc. subsidiary. The company now reflects Jevic as a discontinued operation in its financial statements.
 
You left out the part about the O.R. being 91.7 excluding the costs of selling Jevic.

Jevic isn't really dissappearing from doing business with us. Just married to somebody else now. I hope they prosper and grow.
 
Didn't leave anything out. Simply posted the results. If you have a similar post That reflects what you assert, please indulge us.

Nobody
 
KANSAS CITY, Mo. & DULUTH, Ga.--(BUSINESS WIRE)--July 20, 2006--SCS Transportation, Inc. (NASDAQ: SCST), a holding company comprised of Saia Motor Freight Line, Inc. (Saia), a leading multi-regional less-than-truckload (LTL) carrier, today reported second-quarter 2006 results. The Company also announced today that effective immediately its name has changed to Saia, Inc. and effective Monday, July 24, 2006 it will adopt and trade under the new NASDAQ ticker symbol "SAIA". These changes more accurately reflect the Company's focus on its sole operating company, Saia, following the June 30, 2006 completion of the sale of Jevic Transportation, Inc. (Jevic).


Second-Quarter 2006 Results from Continuing Operations Compared to Second-Quarter 2005

-- Revenues were $225 million, an increase of 21 percent

-- Operating income was $17.0 million, an increase of 51 percent

-- Income from continuing operations was $9.0 million, an increase of 70 percent

-- Earnings per share from continuing operations were $0.60, an increase of 71 percent

Second-Quarter 2006 Operational Highlights From Continuing Operations

-- LTL tonnage increased 12 percent versus the prior-year quarter

-- LTL yield grew 8 percent (3 percent excluding fuel surcharges)

-- Operating ratio, excluding restructuring charges, improved 220 basis points to 91.7
 
Above post

I believe the losses that were stated in the press release are as a result of the divestiture of Jevic and the charges of moving and consolidating the corporate offices. The numbers from operations were excellent.

The above post was copied from a press release on Business Wire dated 7/20/06.

The full text of the press release can be found by accessing the SCST website @
www.scst.com and go to newsroom.
 
I'm updating this thread from when we parted ways with Jevic in '06. I was looking on the Jevic board and others might want to as well.

It seems they are ceasing operations as of May 19, 2008 and clearing the freight out of their system. That is per announcement on their web site.

It is sad to see so many people loose their jobs. I wish all the former Jevic employees well.
 
It is finally official. Jevic is closed, filing a Chapter 11 today. My wife and I have been instructed to return our truck and empty trailer we had from Friday back to the J5 terminal. I guess 10 years o good, and now the trip is over.
 
Hate to see anybody lose thier jobs.

They had many trucks going back and forth between Cincinnati Chicago.

Wonder if this fits with how Saia was going after a different kind of HazMat business.
 
Just found this on their website:

Category: General
Date: 08:33:05 AM, EDT, 05/19/08
Print

Dear Valued Jevic Customer:
I regret to inform you that Jevic Transportation Inc. will be discontinuing operations. The current high fuel costs, economic downturn, increasing insurance costs, and tightening credit markets have made this decision necessary. Jevic will stop providing pickup service effective Monday 5/19/08. However, we will continue operating to deliver all freight within our system prior to closing.

Operations and Customer Service:

Jevic will not be accepting pickup requests after Friday 5/16/08 and the web and EDI pickup functions will be disabled.
We will continue to provide Customer Service through the wind down period at 888-Go-Jevic. We ask that you please utilize the automated voice response system as much as possible as the number of calls is expected to be high and there will be longer hold times.
The Jevic website will remain active and will be updated during the period as well and that should be your primary point of contact for tracing and needed documentation.
We greatly appreciate the loyalty of our many Jevic customers. It has been our pleasure to provide solutions to your transportation needs over these many years. We are committed to providing the prompt delivery of your shipments in our system and professional customer service for all your needs during this process. Thank you again.


Sincerely,

David G.
President and CEO
 
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