-----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, MP6vmEaRXInBR8toD/ePhh2DXnRtJKN9YEwDYsx0vH9JBYfGClcBZWn0hCGVAEZJ bjUKRTYf5gs8L8bFSfIDTg== 0000950144-01-502301.txt : 20010516 0000950144-01-502301.hdr.sgml : 20010516 ACCESSION NUMBER: 0000950144-01-502301 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 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: 1634996 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 g69271e10-q.txt 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, 2001 -------------- 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 11, 2001. Common Stock, $.001 Par Value 2,836,911 ----------------------------- --------- (Class) (Number of Shares) 2 INDEX
Page Number Part I. Financial Information Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets March 31, 2001 and December 31, 2000 3 Condensed Consolidated Statements of Operations Three-months Ended March 31, 2001 and 2000 5 Condensed Consolidated Statements of Cash Flows Three-months Ended March 31, 2001 and 2000 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, 2001 2000 ----------- ------------ (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 116,665 $ 1,273,281 Short-term investments 250,000 250,000 Accounts receivable: Trade and interline 12,343,485 10,907,099 Other 143,711 690,212 Current portion of net investment in sales-type leases 1,658,297 1,562,329 Income tax receivable 2,375,902 1,954,786 Parts and supplies inventory 486,804 431,967 Prepaid tire expense 173,000 282,915 Other prepaid expenses 1,014,438 1,606,814 Deferred income taxes 810,284 919,811 ----------- ----------- Total current assets 19,372,586 19,879,214 ----------- ----------- PROPERTY AND EQUIPMENT: Land and land improvements 2,279,164 2,263,326 Buildings 2,927,611 2,927,611 Revenue equipment 76,569,709 76,637,858 Other equipment 11,220,816 11,781,884 Leasehold improvements 384,884 384,884 Construction in progress 5,165,089 5,090,631 ----------- ----------- Total 98,547,273 99,086,194 Less accumulated depreciation and amortization 34,510,117 32,348,826 ----------- ----------- Property and equipment, net 64,037,156 66,737,368 ----------- ----------- OTHER ASSETS: Net investment in sales-type leases 2,560,739 2,908,691 Goodwill 3,620,296 3,676,246 Deposits and other assets 481,499 454,739 Revenue equipment available for lease 1,391,567 1,395,865 ----------- ----------- Total other assets 8,054,101 8,435,541 ----------- ----------- TOTAL $91,463,843 $95,052,123 ----------- -----------
See notes to condensed consolidated financial statements. 3 4 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31, 2001 2000 ------------ ------------ (UNAUDITED) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 13,586,008 $ 13,534,198 Line of credit 780,207 1,049,831 Accounts Payable 2,182,053 2,575,676 Accrued liabilities: Self-insurance claims 2,625,527 2,510,396 Salaries and wages 880,837 505,181 Other 1,246,044 1,184,493 ------------ ------------ Total current liabilities 21,300,676 21,359,775 LONG-TERM DEBT 30,466,951 33,322,377 DEFERRED INCOME TAXES 13,187,549 13,187,549 ------------ ------------ Total liabilities 64,955,176 67,869,701 ------------ ------------ 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; 4,069,640 shares issued and outstanding 4,070 4,070 Treasury Stock at cost, 1,174,729 (2001) and 1,118,746 shares (2000) (8,498,999) (8,137,959) Additional paid-in capital 16,864,622 16,864,622 Retained earnings 18,138,974 18,451,689 ------------ ------------ Total stockholders' equity 26,508,667 27,182,422 ------------ ------------ TOTAL $ 91,463,843 $ 95,052,123 ============ ============
See notes to condensed consolidated financial statements. 4 5 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, ------------------------------- 2001 2000 ----------- ----------- (UNAUDITED) OPERATING REVENUES $30,258,720 $33,825,625 ----------- ----------- OPERATING EXPENSES: Salaries, wages and employee benefits 10,494,579 9,438,522 Cost of independent contractors 6,583,149 10,741,228 Fuel 4,000,709 3,272,674 Operating supplies 2,952,977 2,612,743 Taxes and licenses 522,148 753,603 Insurance and claims 1,725,405 1,832,876 Communications and utilities 391,006 397,536 Depreciation and amortization 3,165,001 2,904,318 Gain on disposition of property and equipment, net (506,804) -- Other 477,206 465,880 ----------- ----------- Total operating expenses 29,805,376 32,419,380 ----------- ----------- OPERATING INCOME 453,344 1,406,245 ----------- ----------- OTHER INCOME (EXPENSE): Interest income 16,511 22,171 Interest expense (901,232) (976,273) ----------- ----------- Other expense, net (884,721) (954,102) ----------- ----------- INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (431,377) 452,143 PROVISION (BENEFIT) FOR INCOME TAXES (138,475) 221,362 ----------- ----------- NET INCOME (LOSS) $ (292,902) $ 230,781 =========== =========== NET INCOME (LOSS) PER SHARE (Basic and Diluted) $ (0.10) $ 0.07 =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted) 2,932,362 3,309,366 =========== ===========
See notes to condensed consolidated financial statements. 5 6 BOYD BROS. TRANSPORTATION INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, -------------------------------- 2001 2000 ----------- ----------- (UNAUDITED) OPERATING ACTIVITIES: Net income (loss) $ (292,902) $ 230,781 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 3,165,001 2,904,318 Net effect of sales-type leases on cost of independent contractors (102,109) (352,134) Gain on disposal of property and equipment, net (506,804) -- Changes in assets and liabilities provided (used) cash: Accounts receivable (889,885) (709,966) Refundable income taxes (421,116) -- Other current assets 756,981 426,557 Deposits and other assets (22,462) 18 Accounts payable (393,623) (253,524) Accrued liabilities and other current liabilities 552,338 (700,495) ----------- ----------- Net cash provided by operating activities 1,845,419 1,545,555 ----------- ----------- INVESTING ACTIVITIES: Payments received on sales type leases 603,634 968,489 Capital expenditures: Revenue equipment (790,778) (2,607,481) Other property and equipment (58,880) (5,371) Construction in progress (74,458) (345,233) Proceeds from disposals of property and equipment 780,843 -- ----------- ----------- Net cash provided by (used in) investing activities 460,361 (1,989,596) ----------- ----------- FINANCING ACTIVITIES: Purchase of treasury stock (389,156) (716,601) Net borrowings (payments) on line of credit (269,624) 798,550 Proceeds from long-term debt 391,047 2,979,174 Principal payments on long-term debt (3,194,663) (3,036,461) ----------- ----------- Net cash provided by (used in) financing activities (3,462,396) 24,662 ----------- ----------- NET DECREASE IN CASH AND CASH EQUIVALENTS (1,156,616) (419,379) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,273,281 1,006,826 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 116,665 $ 587,447 =========== ===========
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, ------------------------------------- 2001 2000 ---------------- ---------------- (UNAUDITED) SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for: Interest $ 901,232 $ 976,273 ================ ================ Income taxes, net of refunds $ 162,088 $ 925,000 ================ ================ SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES: Net investment in sales-type leases $ (109,136) $ 968,992 ================ ================
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, 2001, and the results of operations and cash flows for the three months ended March 31, 2001 and 2000. 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, 2000. 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, 2000. 2. PRINCIPLES OF CONSOLIDATION 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 2001, the Company did not purchase any shares under this program. However, the Company purchased 59,870 shares of its common stock from two related parties for $389,156 in accordance with terms of the acquisition agreement pursuant to which the Company acquired Welborn Transport in 1997. 5. DERIVATIVE INSTRUMENTS Effective January 1, 2001, the Company adopted Statement of Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. The adoption of SFAS No. 133 did not materially impact the Company's consolidated financial statements as of March 31, 2001. 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 decreased $3,566,905 or 10.5% for the three-month period ended March 31, 2001 compared with the same period in 2000. The decrease was partially due to inconsistent freight volume and partially the result of an incremental decrease in logistics revenues due to the closing down of the logistics division at Welborn Transport and the subsequently re-opening of the division at Boyd. Total operating expenses decreased $2,614,004 or 8.1% during the three-month period ended March 31, 2001 compared with the three months ended March 31, 2000. The decrease was due primarily to the decrease in the number of owner/operators in 2001. The operating ratio for the first quarter of 2001 was 98.5% compared with 95.8% for the same period in 2000. Salaries, wages and benefits, during the first quarter of 2001, increased $1,056,057 or 11.2% compared with the first quarter of 2000 from $9,438,522 to $10,494,579. The increase in salaries and wages was due to the decrease in the number of active owner/operator units, which have been converted to company-owned units as a result of rising fuel costs. The owner/operator fleet comprised 23% of the Company's power units or 220 power units for the period ended March 31, 2001, compared with 42% or 433 power units for the same period in 2000. Fuel costs increased $728,035 or 22.2% compared with the first quarter of 2000 from $3,272,674 to $4,000,709. An increase in fuel cost per gallon and the decrease in owner/operator units contributed to an increase in the Company's aggregate fuel costs for the first quarter of 2001. Operating supplies increased $340,234 or 13.0% compared with the first quarter of 2000 from $2,612,743 to $2,952,977. As a percentage of operating revenues, operating supplies increased from 7.7% to 9.8% due to the decrease in the size of the owner/operator fleet. Taxes and licenses decreased $231,455 or 30.7% compared with the first quarter of 2000 from $753,603 to $522,148. Taxes and licenses decreased due to cost-saving initiatives implemented by the Company that pertain to licensing and permitting tractors and trailers. Insurance and claims decreased $107,471 or 5.9% compared with the first quarter of 2000 from $1,832,876 to $1,725,405. As a percentage of operating revenues, insurance and claims increased from 5.4% to 5.7%. The percentage increase was due to a decrease in operating revenues. Insurance and claims decreased in total due to an improved accident frequency compared to the same period last year. Depreciation and amortization expense increased $260,683 or 9.0% compared with the first quarter of 2000 from $2,904,318 to $3,165,001. As a percentage of operating revenues, depreciation and amortization increased from 8.6% for the first quarter of 2000 to 10.5% for the first quarter of 2001. Depreciation and amortization expense increased due to the decrease in the owner/operator fleet. Cost of independent contractors, or owner/operators, was $6,583,149 for the three months ended March 21, 2001 compared with $10,741,228 for the three months ended March 31, 2000. Cost of independent contractors comprises the net payments made to owner/operators after certain operating expenses are deducted. Interest expense decreased $75,041 or 7.7% compared with the first quarter of 2000 from $976,273 to $901,232. As a percentage of operating revenues, interest expense increased from 2.9% to 3.0% due to the decrease in operating revenues for the period ended March 31, 2001. Interest expense in total decreased due to the decrease in debt and also the decrease in the LIBOR rate compared to the same period last year. 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 and bank borrowings. Accounts receivable - trade and interline at March 31, 2001 decreased 11.1% or $1,535,239 compared with the amount at March 31, 2000. This represented 13.5% of total assets at March 31, 2001 versus 14.1% of total assets at March 31, 2000. The days of revenue in accounts receivable for the period ended March 31, 2001 were 36.7 compared with 37.3 for the same period in 2000. 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, 2001 was $124,649 compared with $352,340 for the same period in 2000. Net cash flow provided by operating activities was $1,845,419 during the first three months of 2001, compared with $1,545,555 during the same period in 2000. The Company's bank debt bears interest ranging from LIBOR plus 1.25% to LIBOR plus 1.75%, all payable in monthly installments and with maturities through November 2004. The bank debt is collateralized by revenue equipment. The Company also has one line of credit totaling $2,500,000 bearing interest at the bank's 30-day LIBOR rate plus 1.75%. As of March 31, 2001, the Company had outstanding borrowings on its lines of credit totaling $780,207. In March 2001, the Company received waivers executed by two of its lenders (extending through the periods ended April 30, 2001 and June 30, 2001) relating to certain financial covenant ratio requirements contained in two of the Company's long-term debt loan agreements as to which the Company was not in compliance as of December 31, 2000. There can be no assurance that the Company will be able to comply with these covenants in the future. However, the Company believes it will be able to maintain its relationships with lenders on a satisfactory basis, as it has in the past in spite of the fact that from time to time the Company has been out of compliance with certain debt covenants. If the Company is unable to comply with these covenants in the future, there can be no assurance that the Company's lenders will provide any additional waivers with respect to any such noncompliance. During the first quarter of 2001, the Company purchased 29,935 shares of its common stock from each of Miller Welborn, the Vice-Chairman of the Company, and Steven Rumsey, the Chief Executive Officer of Welborn Transport, for an aggregate purchase price of $389,156, at a price per share of $6.50 in accordance with the terms of the acquisition agreement pursuant to which the Company acquired Welborn Transport in 1997. The Company funded these purchases using its working capital. During the first quarter of 2001, the Company purchased 10 trucks for its Welborn fleet at a net cost of $.4 million (net of 23 trucks traded). The Company has no plans to purchase any additional tractors during the remainder of 2001. As of March 31, 2001, the Company believes that the availability of credit under its line of credit and internally generated cash will be adequate to finance its operations and anticipated capital expenditures through fiscal year 2001. Over the long term, the Company will continue to have significant capital requirements that may require the Company to seek additional borrowings or equity capital. The availability of debt financing or equity capital will depend upon prevailing market conditions, the market price of its common stock and other factors over which the Company has no control, as well as the Company's financial condition and results of operations. 10 11 FUEL PRICE TREND The average price per gallon of diesel fuel increased from about $.96 per gallon at the beginning of 1999 and peaked at $1.67 during the fourth quarter of 2000 and also into the first quarter of 2001. If fuel prices continue to increase or are sustained at these higher levels for a continuing period of time, the higher fuel costs may have a materially adverse effect on the financial condition and business operations of the Company. Additionally, the increased fuel costs may continue to have a materially adverse effect on the Company's efforts to attract and retain 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 left the Company's owner-operator program in the fourth quarter of 2000, and an additional 55 drivers have departed during the first quarter of 2001. 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 2001, that may or may not be passed on to the Company's customers, departures and defaults by owner-operators, the cost of complying with governmental regulations that are applicable to the Company, 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, 2001 bore interest rates ranging from 1.25% to 1.75% 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 $672,469. 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, Financial Statements and Schedules
10.1 Debt Covenant Waiver dated March 27, 2001 from Compass Bank related to Credit and Security Agreement dated April 11, 2000 (incorporated by reference to Exhibit 10.8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2000). 10.2 Waiver and Consent Agreement dated March 28, 2001 by and between the Company and AmSouth Bank N.A. relating to Credit Agreement dated April 1, 1994 (incorporated by reference to Exhibit 10.9 of the Company's Annual Report on Form 10-K for the year ended December 31, 2000).
(b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended March 31, 2001. 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, 2001 /s/ Richard C. Bailey ------------------------------------------- Richard C. Bailey, Chief Financial Officer (Principal Accounting Officer) 12 -----END PRIVACY-ENHANCED MESSAGE-----