Saia to Announce First Quarter 2010 Results on April 29, 2010
-(BUSINESS WIRE)--Saia, Inc. (NASDAQ: SAIA - News), a multi-regional trucking transportation company, today announced that it will release its first quarter 2010 results before the market opens on Thursday, April 29, 2010. Saia management will host a conference call to discuss the results that morning at 11:00 a.m. Eastern Time.To participate in the call, please dial 1-800-776-9057 or 913-312-9321 with conference ID #4878983. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the company web site at www.saia.com. A replay of the call will be offered two hours after the completion of the call through May 6, 2010 at 2.00 pm ET. The replay will be available by dialing 1-888-203-1112 or 719-457-0820................
JOHNS CREEK, Ga., Apr 29, 2010 (BUSINESS WIRE) --
Saia, Inc. (NASDAQ: SAIA | Quote | Chart | News | PowerRating), a leading multi-regional less-than-truckload (LTL) carrier, today reported first quarter 2010 results.
First Quarter 2010 Results Compared to First Quarter 2009
-- Revenues were $212.2 million, an increase of 3 percent over the prior year quarter
-- Operating loss was $2.1 million compared to operating loss of $7.5 million in the prior year quarter
-- Net loss per share was $0.21. Net loss per share in the prior year quarter was $0.47
-- Operating ratio was 101.0 vs. 103.6 in the prior year quarter
-- LTL tonnage per workday was up 2.8 percent from prior year as LTL shipments per workday were flat with a 2.8 percent increase in weight per shipment
-- LTL yield was down 0.2 percent from the prior year quarter due to competitive pricing partially offset by higher fuel surcharge
First quarter margins improved primarily due to cost reduction efforts and productivity initiatives. These initiatives include the following:
-- Productivity improvement in load average, dock and clerical categories
-- Terminal labor cost per bill improvement of 8.5 percent
-- Lower accident severity and 30 percent improvement in lost time injuries
-- Improved cargo claims experience
"While improved relative to 2009 trends, the environment remains difficult with soft tonnage and industry overcapacity which continue to pressure yields. We are addressing this challenging environment with measured pricing decisions, targeted sales and marketing programs and engineered efficiency initiatives. While we are beginning to see some rationalization in pricing, we have a long way to go to recover the yield deterioration experienced over the past two years,"said Rick O'Dell, president and chief executive officer. "In the meantime, our execution is solid on a number of fronts including best in class on-time service and improved performance in key productivity metrics, safety and cargo claims."
"Saia remains committed to managing through these difficult times with a relentless focus on our strategy of building density in our network, customer satisfaction and engineered process improvements to achieve long-term benefits for our customers and shareholders," O'Dell said.
Financial Position and Capital Expenditures
Total debt was $90.0 million at March 31, 2010. Net of the Company's $6.4 million cash balance at quarter-end, net debt to total capital was 29.5 percent. This compares to total debt of $116.3 million and net debt to total capital of 37.0 percent in the prior year quarter.
Net capital expenditures for the first three months of 2010 were $63 thousand. This compares to $1.9 million in the prior year quarter. The Company is planning net capital expenditures in 2010 of approximately $10 million. This reduced level is due to the uncertain economic environment and will be reevaluated as tonnage im
Thanks for posting that, Jake. The numbers were better than some thought they would be. Maybe with the company dumping some of the account we were breaking even or losing money on, things will turn around.
The numbers are trending in the right direction. We have to remember that the first quarter is typically the slowest for the freight industry. As we have all been experiencing, the increased business coupled with the efficiency improvements hopefully will get us to that position we all want the company to be in. There are three things I saw that really gives me hope. First the lowering amount of debt the company is retaining. I hope the board and president aim to get this company to a debt free or nearly debt free position. Second, the reduction in accident severity is paramount. A linehaul accident is the most expensive. I, for one, don't want to be one of those numbers talked about in the quarterly meetings. Thirdly, the reduction in cargo claims. Load it right and drive it right and we will quit giving money back.