-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pv07KjjEp31SvCce1ew5OMwGGDDKe5FYeQGGq94djpb51QRE5V4rUKuziFkFGjRZ SmbW/GJrr7HV3mVikb19pQ== 0000950144-00-006729.txt : 20000516 0000950144-00-006729.hdr.sgml : 20000516 ACCESSION NUMBER: 0000950144-00-006729 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOYD BROS TRANSPORTATION INC CENTRAL INDEX KEY: 0000920907 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 636006515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23948 FILM NUMBER: 632522 BUSINESS ADDRESS: STREET 1: 3275 HIGHWAY 30 CITY: CLAYTON STATE: AL ZIP: 36016 BUSINESS PHONE: 3347753261 MAIL ADDRESS: STREET 1: 3275 HWY 30 CITY: CLAYTON STATE: AL ZIP: 36016 10-Q 1 BOYD BROS. TRANSPORTATION INC. 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 -------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ------------------------------ to ------------------------ Commission File Number 0-23948 ------------------------------------------------- BOYD BROS. TRANSPORTATION INC. (Exact name of Registrant as specified in its charter) Delaware 63-6006515 (State or other jurisdiction of (IRS Employer Identification incorporation or organization) Number) 3275 Highway 30, Clayton, Alabama 36016 --------------------------------------- (Address of principal executive offices) (Zip Code) (334) 775-1400 -------------- (Registrant's telephone number, including area code) Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 8, 2000. Common Stock, $.001 Par Value 2,970,240 ----------------------------- --------- (Class) (Number of Shares) 2 INDEX Page Number Part I. Financial Information Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets March 31, 2000 and December 31, 1999 3 Condensed Consolidated Statements of Income Three-months Ended March 31, 2000 and 1999 5 Condensed Consolidated Statements of Cash Flows Three-months Ended March 31, 2000 and 1999 6 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3. Quantitative and Qualitative Disclosures about Market Risk 11 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12
2 3 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31, 2000 1999 ----------- ----------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 587,447 $ 1,006,826 Marketable securities 250,000 250,000 Accounts receivable: Trade and interline 13,878,724 12,475,739 Other 389,596 1,082,615 Current portion of net investment in sales-type lease 3,123,362 3,620,723 Inventories 376,746 326,202 Prepaid tire expense 602,086 837,136 Other prepaid expenses 2,246,433 2,488,484 Deferred income taxes 281,834 281,834 ----------- ----------- Total current assets 21,736,228 22,369,559 ----------- ----------- PROPERTY AND EQUIPMENT: Land and land improvements 2,263,326 2,263,326 Buildings 2,927,611 2,927,611 Revenue equipment 71,807,568 69,944,259 Other equipment 11,515,585 11,510,214 Leasehold improvements 377,831 377,831 Construction in Progress 3,884,670 3,539,437 ----------- ----------- Total 92,776,591 90,562,678 Less accumulated depreciation and amortization 31,455,302 28,680,556 ----------- ----------- Property and equipment, net 61,321,289 61,882,122 ----------- ----------- OTHER ASSETS: Net investment in sales-type lease 7,197,123 8,522,614 Goodwill 3,899,884 3,955,834 Deposits and other assets 438,354 438,372 Revenue equipment available for lease 4,164,314 2,287,267 ----------- ----------- Total other assets 15,699,675 15,204,087 ----------- ----------- TOTAL $98,757,192 $99,455,768 =========== ===========
See notes to condensed consolidated financial statements. 3 4 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31, 2000 1999 ------------ ------------ (UNAUDITED) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 16,127,967 $ 14,245,584 Accounts payable - trade and interline 3,817,422 4,070,946 Income taxes 818 802,395 Accrued liabilities: Self-insurance claims 1,819,681 1,768,114 Salaries and wages 771,433 746,805 Other 1,809,974 1,785,087 ------------ ------------ Total current liabilities 24,347,295 23,418,931 LONG-TERM DEBT 33,547,462 34,688,582 DEFERRED INCOME TAXES 10,954,964 10,954,964 ------------ ------------ ------------ ------------ Total liabilities 68,849,721 69,062,477 ------------ ------------ COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value - 1,000,000 shares authorized; no shares issued and outstanding Common stock, $.001 par value - 10,000,000 shares authorized; 4,081,910 shares issued and outstanding in 2000 and 1999 4,082 4,082 Treaasury Stock at cost, 866,470 shares (6,617,347) (5,900,746) Additional paid-in capital 16,839,570 16,839,570 Retained earnings 19,681,166 19,450,385 ------------ ------------ Total stockholders' equity 29,907,471 30,393,291 ------------ ------------ TOTAL $ 98,757,192 $ 99,455,768 ============ ============
See notes to condensed consolidated financial statements. 4 5 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, ------------------------------ 2000 1999 ------------ ------------ (UNAUDITED) OPERATING REVENUES $ 33,825,625 $ 30,038,000 ------------ ------------ OPERATING EXPENSES: Salaries, wages and employee benefits 9,438,522 8,776,800 Cost of independent contractors 10,741,228 9,151,749 Fuel 3,272,674 2,554,675 Operating supplies 2,612,743 2,584,605 Taxes and licenses 753,603 649,698 Insurance and claims 1,832,876 1,539,116 Communications and utilities 397,536 366,050 Depreciation and amortization 2,904,318 2,625,750 Gain on disposition of property and equipment, net -- (167,876) Other 465,880 394,684 ------------ ------------ Total operating expenses 32,419,380 28,475,251 ------------ ------------ OPERATING INCOME 1,406,245 1,562,749 ------------ ------------ OTHER INCOME (EXPENSES): Interest income 22,171 20,033 Interest expense (976,273) (439,204) ------------ ------------ Other expenses, net (954,102) (419,171) ------------ ------------ INCOME BEFORE PROVISION FOR INCOME TAXES 452,143 1,143,578 PROVISION FOR INCOME TAXES 221,362 481,371 ------------ ------------ NET INCOME $ 230,781 $ 662,207 ============ ============ NET INCOME PER SHARE (Basic and Diluted) $ 0.07 $ 0.18 ============ ============ WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted) 3,309,366 3,603,156 ============ ============
See notes to condensed consolidated financial statements. 5 6 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, ---------------------------- 2000 1999 ----------- ----------- (UNAUDITED) OPERATING ACTIVITIES: Net income $ 230,781 $ 662,207 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,904,318 2,625,750 Net effect of sales- type leases on cost of independent contractors (352,134) (295,970) Gain on disposal of property and equipment, net -- (167,876) Changes in assets and liabilities provided (used) cash: Accounts receivable (709,966) 1,044,551 Other current assets 426,557 (242,277) Deposits and other assets 18 (143,867) Accounts payable- trade and interline (253,524) 1,725,078 Accrued liabilities and other current liabilities (700,495) (1,002,624) ----------- ----------- Net cash provided by operating activities 1,545,555 4,204,972 ----------- ----------- INVESTING ACTIVITIES: Payments received on sales type leases 968,489 529,000 Capital expenditures: Revenue equipment (2,607,481) (4,615,070) Other property and equipment (5,371) (254,196) Construction in Process (345,233) (1,250) Proceeds from disposals of property and equipment -- 562,782 ----------- ----------- Net cash used in investing activities (1,989,596) (3,778,734) ----------- ----------- FINANCING ACTIVITIES: Purchase of treasury stock (716,601) (3,926,472) Proceeds from line of credit 798,550 -- Proceeds from long term debt 2,979,174 6,063,205 Principal payments on long-term debt (3,036,461) (2,467,757) ----------- ----------- Net cash provided by (used in) financing activities 24,662 (331,024) ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (419,379) 95,214 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,006,826 1,361,664 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 587,447 $ 1,456,878 =========== ===========
See notes to condensed consolidated financial statements. 6 7 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
THREE MONTHS ENDED MARCH 31, --------------------------- 2000 1999 -------- ---------- (UNAUDITED) SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for: Interest $976,273 $ 439,204 ======== ========== Income taxes, net of refunds $925,000 $2,010,778 ======== ========== SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES: Net investment in sales-type leases $968,992 $ 63,129 ======== ==========
See notes to condensed consolidated financial statements. 7 8 BOYD BROS. TRANSPORTATION INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal adjustments considered necessary to present fairly the financial position of Boyd Bros. Transportation, Inc. ("Boyd Bros." or the "Company") as of March 31, 2000, and the results of operations for the three months ended March 31, 2000 and 1999, and cash flows for the three months ended March 31, 2000 and 1999. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Company's audited consolidated financial statements and notes for the fiscal year ended December 31, 1999. The condensed consolidated financial statements and notes should be read in conjunction with the summary of accounting policies and notes to the financial statements included in the Company's Form 10-K for the year ended December 31, 1999. 2. FINANCIAL STATEMENTS The condensed consolidated financial statements include the accounts of Boyd Bros. and its wholly owned subsidiary, Welborn Transport, Inc. ("Welborn Transport"). Boyd Bros. and Welborn Transport are referred to herein collectively as the "Company." All significant intercompany balances, transactions and stockholdings have been eliminated. 3. ENVIRONMENTAL MATTERS The Company's operations are subject to certain federal, state and local laws and regulations concerning the environment. Certain of the Company's facilities are located in historically industrial areas and, therefore, there is the possibility of environmental liability as a result of operations by prior owners as well as the Company's use of fuels and underground storage tanks at its regional service centers. 4. CAPITAL TRANSACTIONS In February 1999, the Company's Board of Directors authorized a program under which the Company may purchase up to 600,000 shares of its common stock in open market or negotiated transactions. During the first quarter of 2000, the Company repurchased 114,800 shares for $716,601 under this program. As of March 31, 2000 the Company is authorized to buy an additional 221,260 shares of its common stock under this program. 5. ACCOUNTING STANDARDS NOT YET ADOPTED In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for Derivative Instruments and Hedging Activities, which is effective for fiscal years beginning after June 15, 2000. It requires that an entity recognize all derivative financial instruments as either assets or liabilities in the statement of financial position and measure those instruments at fair value. The Company is currently evaluating this Statement and has not yet determined its impact on the Company's financial statements. 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Company, headquartered in Clayton, Alabama, is a flatbed truckload carrier that operates throughout most of the continental United States, hauling steel products and building materials. In these markets, the Company serves high-volume, time-sensitive shippers that demand time definite delivery. Historically, the Company has owned its revenue equipment and operated through employee-operators. The Company's expansion in the past, therefore, has required significant capital expenditures that have been funded through secured borrowings. During 1997, as a strategy to expand its potential for growth without the concomitant increase in capital expenditures typically related to owned equipment, the Company began adding owner/operators to its fleet. The Company then accelerated the implementation of this strategy in December 1997 with the acquisition of Welborn Transport, which specializes in short-haul routes using a largely owner/operator fleet. RESULTS OF OPERATIONS Operating revenues increased $3,787,625 or 12.6% for the three-month period ended March 31, 2000 compared with the same period in 1999. The increase was due to better equipment utilization and an increase in the fleet size. Total operating expenses increased $3,944,129 or 13.9% during the three-month period ended March 31, 2000 compared with the three months ended March 31, 1999. The increase was due primarily to increased fuel costs in 2000. Fuel now costs approximately $1.40 per gallon, representing a dramatic increase over the price per gallon for the same period in 1999. The operating ratio for the first quarter of 2000 was 95.8% compared with 94.8% for the same period in 1999. Salaries, wages and benefits increased $661,722 or 7.5% compared with the first quarter of 1999 from $8,766,800 to $9,438,522. The increase in salaries and wages was due to the decrease in the number of active owner/operator units as a result of rising fuel costs. Many owner/operators have been converted back to company drivers, hence the increase in salaries, wages and benefits. The owner/operator fleet comprised 42% of the Company's power units or 433 power units for the period ended March 31, 2000, compared with 46% or 462 power units for the same period in 1999. Fuel costs increased $717,999 or 28.1% compared with the first quarter of 1999 from $2,554,675 to $3,272,674. Increasing fuel costs per gallon and the decrease in owner/operator units contributed to the increase in aggregate fuel costs for the first quarter of 2000. Operating supplies increased $28,138 or 1.1% compared with the first quarter of 1999 from $2,584,605 to $2,612,743. As a percentage of operating revenues, operating supplies declined from 8.6% to 7.7% due to the decrease in the size of the owner/operator fleet. Taxes and licenses increased $103,905 or 16.0% compared with the first quarter of 1999 from $649,698 to $753,603. As a percentage of operating revenues, taxes and licenses remained unchanged at 2.2%. Insurance and claims increased $293,760 or 19.1% compared with the first quarter of 1999 from $1,539,116 to $1,832,876. As a percentage of operating revenues, insurance and claims increased from 5.1% to 5.4%. The increase was due to an increase in claims related to cargo and an increase in accident frequency and the increase in annual premiums. Communication and utilities increased $31,486 or 8.6% compared with the first quarter of 1999 from $366,050 to $397,536. As a percentage of operating revenues, communication and utilities remained constant at 1.2%. Depreciation and amortization expense increased $278,568 or 10.6% compared with the first quarter of 1999 from $2,625,750 to $2,904,318. As a percentage of operating revenues, depreciation and amortization declined from 8.7% to 8.6%. Cost of independent contractors, or owner/operators, was $10,741,228 for the three months ended March 21, 2000 compared with $9,151,749 for the three months ended March 31, 1999. Cost of independent contractors comprises the net payments made to the owner/operators after certain operating expenses are deducted. Interest expense increased $537,069 or 122.3% compared with the first quarter of 1999 from $439,204 to $976,273. As a percentage of operating revenues, interest expense increased from 1.5% to 2.9% due to the increase in debt primarily of which was to replenish its tractor and trailer fleet. 9 10 LIQUIDITY AND CAPITAL RESOURCES The Company's primary cash requirements are for capital expenditures and operating expenses, including labor costs, fuel costs and operating supplies. Historically, the Company's primary sources of cash have been from operations, bank borrowings and sales of common stock of the Company. Accounts receivable - trade and interline at March 31, 2000 increased 11.2% or $1,402,985 compared with the amount at March 31, 1999. This represented 14.1% of total assets at March 31, 2000 versus 12.5% of total assets at March 31, 1999. The days of revenue in accounts receivable for the period ended March 31, 2000 were 37.3 compared with 34.7 for the same period in 1999. The increase in accounts receivable was due to the increase in sales volume and does not represent a change in uncollectible accounts. The Company has not recognized any significant bad debt expense in any of the periods represented relating to trade receivables. The Company reserves for bad debts that are related to the sale-leaseback transactions with its owner/operators. Bad debt expense on such leases for the quarter ended March 31, 2000 was $352,340 compared with $180,147 for the same period in 1999. Net cash flow provided by operating activities was $1,545,555 during the first three months of 2000, compared with $4,204,972 during the same period in 1999. The Company's bank debt bears interest ranging from LIBOR plus 1.00% to LIBOR plus 1.50%, all payable in monthly installments and with maturities through November 2004. The bank debt is collateralized by revenue equipment. The Company also has two lines of credit totaling $4,500,000 bearing interest at the bank's 30-day LIBOR rate plus 1.75%. As of March 31, 2000, the Company had outstanding borrowings on its lines of credit totaling $798,550. Management anticipates increasing the Company's fleet in 2000 by an aggregate of 35 tractors and 51 trailers, net of replacements, at an anticipated cost of approximately $5,500,000. Management expects to continue financing such equipment purchases through equipment financing arrangements with various lenders. As of March 31, 2000, the Company believes that the availability of credit under both lines of credit and internally generated cash will be adequate to finance its operations and anticipated capital expenditures through fiscal year 2000. YEAR 2000 COMPLIANCE In June 1998 the Company developed and began implementing a plan to review its overall Year 2000 compliance. The plan encompassed the Company's critical information technology ("IT") and its critical non-IT systems that are necessary to execute the Company's basic functions of hauling freight via the Company's flatbed trucks. The Company did not experience any significant malfunctions or errors in its operating or business systems when the date changed from 1999 to 2000. Based on operations since January 1, 2000, the Company does not expect any significant impact to its on-going business as a result of the "Year 2000 issue." However, it is possible that the full impact of the date change, which was of concern due to computer programs that use two digits instead of four digits to define years, has not been fully recognized. For example, it is possible that Year 2000 or similar issues such as leap year-related problems may occur with billing, payroll, or financial closings at month, quarterly or year-end. The Company believes that any such problems are likely to be minor and correctable. In addition, the Company could still be negatively impacted if its customers or suppliers are adversely affected by the Year 2000 or similar issues. The Company currently is not aware of any significant Year 2000 or similar problems that have arisen for its customers and suppliers. The Company expended $105,000 on Year 2000 readiness efforts from 1998 to 1999. These efforts included replacing some outdated, noncompliant hardware and noncompliant software as well as identifying and remediating Year 2000 problems. 10 11 FUEL PRICE TREND Diesel fuel prices have increased materially during the first quarter of 2000. The average price per gallon of diesel fuel has increased from about $.96 per gallon at the beginning of 1999 to nearly $1.50 at the end of the first quarter of 2000. If fuel prices continue to increase or remain at these higher levels for a continued period of time, higher fuel costs may have a material adverse effect on the financial condition and business operations of the Company. Additionally, the increased fuel costs may also have a material adverse effect on the Company's efforts to build a base of owner/operators, expand its pool of available trucks and diversify its operations. Higher fuel costs dilute the financial incentive for owner/operators, who are typically paid a flat rate per mile; therefore, as a result of higher fuel prices, about 50 drivers have left the Company's owner/operator program in the fourth quarter of the year ended 1999 and additional drivers have departed in the first quarter of 2000. The diminishing number of owner/operators further impacts the Company's financial condition - and therefore compounds the direct impact of higher fuel costs - because each owner/operator that leaves the Company's program also leaves behind a power unit that must then be absorbed into the Company's fleet. As a result, each of these trucks can no longer be recorded as a variable expense that is related to a contractual rate per mile and is incurred only if freight is moved, but must instead be recorded as a Company-owned truck with indirect costs of ownership, such as depreciation, maintenance and capital expenses. As a result, the continuing higher fuel costs may lead to empty trucks, diminished fleet efficiency, and reduced revenue potential. FORWARD-LOOKING STATEMENTS Certain of the above statements contained herein under the caption "Management's Discussion and Analysis Financial Conditions and Result of Operations" constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, business conditions and growth in the economy, including the transportation and construction sectors in particular, competitive factors, including price pressures and the ability to recruit and retain qualified drivers, the ability to control internal costs, particularly fuel costs which have continued to rise materially during the first quarter of 2000, that are not passed on to the Company's customers, and other factors referenced elsewhere herein. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to interest rate risk due to its long-term debt, which at March 31, 2000 bore interest rates ranging from 1.00% to 1.50% above the bank's LIBOR rate. Under the provisions of Statement of Financial Accounting Standards ("SFAS") No. 107, Disclosures about Fair Value of Financial Instruments, the Company has estimated the fair value of its long-term debt approximates its carrying value, using a discounted cash flow analysis based on borrowing rates available to the Company. The effect of a hypothetical 10% increase in interest rates would increase the estimated fair value of the Company's long-term debt by approximately $658,000. Management believes that current working capital funds are sufficient to offset any adverse effects caused by changes in the interest rates. 11 12 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27 Financial data schedule (b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended March 31, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Boyd Bros. Transportation Inc. (Registrant) Date: May 15, 2000 /s/ Richard C. Bailey ------------------------------ Richard C. Bailey, Chief Financial Officer (Principal Accounting Officer) 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF BOYD BROS TRANSPORTATION, INC. FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 587,447 250,000 13,878,724 0 376,746 21,736,228 92,776,591 (31,455,302) 98,757,192 24,347,295 0 0 0 4,082 29,903,389 98,757,192 33,825,625 33,825,625 32,419,380 32,419,380 (22,171) 0 976,273 452,143 221,362 230,781 0 0 0 230,781 .07 .07
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