Saia Reports Fourth Quarter Earnings per Share of $0.53

JOHNS CREEK, GA--(Marketwired - Jan 30, 2015) - Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics services, today reported record fourth quarter and full year 2014 results. Diluted earnings per share were $0.53 for the fourth quarter and include a $0.04 per share positive impact from tax credits for the full year 2014, enacted in the fourth quarter. The Company earned $0.32 per diluted share in the fourth quarter of 2013.

Fourth Quarter 2014 Compared to Fourth Quarter 2013 Results

• Revenues were $310 million, an increase of 10.7%
• Operating income increased 40% to $20.6 million compared to $14.7 million
• Diluted earnings per share were $0.53 including $0.04 in tax credits enacted in the fourth quarter compared to $0.32
• Operating ratio was 93.4 compared to 94.7
• LTL tonnage increased 4.3% as LTL shipments were up 7.2% and average weight per LTL shipment fell by 2.7%
• LTL revenue per hundredweight increased by 6.0%
  
  

"Demand in the quarter was consistent with seasonal expectations and I am pleased with the work of our team to deliver 98% on-time service in the quarter. Our significant year-over-year increase in earnings per share was achieved through our balanced approach towards adding tonnage at a reasonable price," said Saia President and Chief Executive Officer Rick O'Dell. 

"We are proud of Saia's 90 year operating history celebrated in 2014 and it is gratifying to close that year with record revenue and earnings," O'Dell added.

2014 Results Compared to 2013 Results

• LTL tonnage increased 6.3%, while yield improved 4.4%
• Revenues were $1.3 billion compared to $1.1 billion
• Operating income was $85.7 million compared to $74.4 million
• Net income was $52.0 million compared to $43.6 million
• Diluted earnings per share were $2.04 compared to $1.73, which included $0.04 in tax credits enacted in 2013 retroactive to 2012
• Operating ratio was 93.3 compared to 93.5
  
  

Financial Position and Capital Expenditures
Total debt was $83.0 million at December 31, 2014. Net of the Company's $4.4 million cash balance at quarter end, net debt to total capital was 17.7%. This compares to total debt of $76.9 million and net debt to total capital of 20.1% at December 31, 2013.

Net capital expenditures in 2014 were $112 million inclusive of equipment acquired with capital leases. This compares to $122 million in the prior year. The Company currently plans net capital expenditures in 2015 of approximately $125 million. This expenditure level reflects primarily replacement of revenue equipment, and investments in real estate projects and technology.

Conference Call
Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-359-3624 or 719-325-2495 referencing conference ID #5368032. 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.saiacorp.com. A replay of the call will be offered two hours after the completion of the call through February 5, 2015 at 2:00 p.m. Eastern Time. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 147 terminals in 34 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.

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; loss of significant customers; 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; integration risks; 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; cyber security risks; 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.