JOHNS CREEK, Ga., Oct 23, 2009 (BUSINESS WIRE) ----Saia, Inc. (NASDAQ: SAIA: 14.68, -0.24, -1.61%), a leading multi-regional less-than-truckload (LTL) carrier, today reported third quarter 2009 results.

Third Quarter 2009 Compared to Third Quarter 2008 Results from Continuing Operations

-- Revenues were $222 million, a decrease of 19 percent from the prior year quarter.

-- Operating income was $7.8 million compared to operating income of $7.5 million in the prior year quarter. Results included $8.4 million in reduced expenses due to a change in vacation policy.

-- Earnings per share were $0.24 vs. earnings per share of $0.21 in the prior year quarter.

-- Operating ratio was 96.5 vs. 97.3 in the prior year quarter.

-- LTL tonnage was down 4.4 percent from the prior year quarter as LTL shipments per workday were down 2.3 percent with a 2.2 percent decrease in weight per shipment.

-- LTL yield was down 14.2 percent from the prior year quarter primarily due to the impact of reduced fuel surcharges and competitive pricing.

"As in prior periods, our results continue to be affected by a weak shipping environment and lower yields driven by continued pricing pressure. The quarterly results included favorable effects from our change in vacation policy as well as other prudent cost actions taken this year such as multiple reductions in force, a salary and wage reduction and other cost control measures. Unfavorable costs in the quarter included workers' compensation and group health insurance. We continue to address the challenging environment by taking aggressive actions to control costs and improve productivity through focused engineered initiatives," said Rick O'Dell, president and chief executive officer.

"While our results remain affected by the economy and overcapacity in the industry, we continue to focus on Saia specific initiatives to improve customer service, invest in technology to enhance efficiency and take prudent balance sheet management actions. We believe that Saia is taking the appropriate measures to be well positioned to take advantage of any future industry consolidations and improvements in the economy. Saia's dedicated employees remain focused on cost efficiencies to improve profits while providing a strong customer experience delivering over 97% on-time service again this quarter," O'Dell said.

Year to Date 2009 Compared to Year to Date 2008 Results from Continuing Operations

-- Revenues were $647 million compared to $800 million in the prior year period.

-- Operating loss was $100 thousand compared to operating income of $20.4 million in the prior year period.

-- Net loss was $4.7 million compared to net income of $8.3 million in the prior year period.

-- Losses per share were $0.36 compared to earnings per share of $0.61 in the prior year period.

Financial Position and Capital Expenditures

Total debt was $116.3 million at September 30, 2009. Net of the Company's $18.2 million cash balance at quarter-end, net debt to total capital was 35.2 percent. Total debt has been reduced by $20.1 million during the first nine months from $136.4 million at December 31, 2008.

Net capital expenditures for the first nine months of 2009 were $6.2 million. This compares to $20.5 million in the prior year period. The Company is planning net capital expenditures in 2009 of approximately $10 million. This reduced level is due to the uncertain economic environment and will be reevaluated as tonnage improves.