-----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, Hc29T8xNFJV/gpPPxQ68bd8O71BNY7YvwjL/3ovTUNUwjfxClcwqIOXNL8DkbJfw RZ1m4yz2iEIJwtBqmoowVg== 0000950144-03-004733.txt : 20030410 0000950144-03-004733.hdr.sgml : 20030410 20030410110309 ACCESSION NUMBER: 0000950144-03-004733 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20030513 FILED AS OF DATE: 20030410 EFFECTIVENESS DATE: 20030410 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: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-23948 FILM NUMBER: 03644887 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 DEF 14A 1 g81894def14a.htm BOYD BROS. TRANSPORTATION INC. BOYD BROS. TRANSPORTATION INC.
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SCHEDULE 14A

(RULE 14a — 101)

INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. ___)

Filed by the registrant (CHECKBOX)

Filed by a party other than the registrant (BOX)

Check the appropriate box:

     
     
(BOX)   Preliminary proxy statement.
     
(BOX)   Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))
     
(CHECKBOX)   Definitive proxy statement.
     
(BOX)   Definitive additional materials.
     
(BOX)   Soliciting material under Rule 14a-12.

BOYD BROS. TRANSPORTATION INC.


(Name of Registrant as Specified in Its Charter)


(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of filing fee (check the appropriate box):

     
(CHECKBOX)   No fee required.
(BOX)   Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

  1)   Title of each class of securities to which transaction applies:
 

 
       
 
  2)   Aggregate number of securities to which transaction applies:
 

 
       
 
  3)   Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
 

 
       
 
  4)   Proposed maximum aggregate value of transaction:
 

 
       
 
  5)   Total fee paid:
 

         
    (BOX)   Fee paid previously with preliminary materials.
    (BOX)   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

  (1)   Amount Previously Paid:
 

 
       
 
  (2)   Form, Schedule or Registration Statement No.:
 

 
       
 
  (3)   Filing Party:
 

 
       
 
  (4)   Date Filed:
 

 


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(BOYD BROS. TRANSPORTATION INC. LOGO)

April 10, 2003

Dear Stockholder:

It is my pleasure to invite you to the 2003 Annual Meeting of Stockholders of Boyd Bros. Transportation Inc. (the “Company”). The meeting will be held at 11:00 a.m., local time, on Tuesday, May 13, 2003, at the Company’s corporate headquarters, 3275 Highway 30, Clayton, Alabama 36016. Admission to the meeting will begin at 10:00 a.m.

The attached Notice of Annual Meeting of Stockholders and Proxy Statement covers the formal business of the meeting, which includes the election of two Directors and other corporate matters that may be of interest to you as a stockholder.

It is important that your shares be represented at this meeting, whether or not you attend the meeting in person and regardless of the number of shares you own. To be sure your shares are represented, we urge you to complete and mail the enclosed proxy card as soon as possible. If you attend the meeting and wish to vote in person, the ballot that you submit at the meeting will supersede your proxy.

  Sincerely,

  (-s- Boyd Whighman)
Boyd Whigham
Chairman of the Board

 


NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
PROXY STATEMENT
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
COMPENSATION OF EXECUTIVE OFFICERS
SUMMARY COMPENSATION TABLE
TEN YEAR OPTION REPRICING
TRANSACTIONS WITH MANAGEMENT AND OTHERS
COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION
STOCKHOLDER RETURN PERFORMANCE GRAPH
OPERATIONS OF THE BOARD OF DIRECTORS AND COMMITTEES
AUDIT COMMITTEE REPORT
THE COMPANY’S INDEPENDENT PUBLIC ACCOUNTANTS
ELECTION OF DIRECTORS
(Proposal No. 1)
STOCKHOLDER PROPOSALS
OTHER BUSINESS


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BOYD BROS. TRANSPORTATION INC.

________________________________

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

May 13, 2003

     NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders (the “Meeting”) of Boyd Bros. Transportation Inc., a Delaware corporation (the “Company”), will be held on Tuesday, May 13, 2003 at 11:00 a.m., local time, at the Company’s corporate headquarters, 3275 Highway 30, Clayton, Alabama 36016, for the following purposes:

     (1) To elect two Directors to hold office for a three-year term expiring at the 2006 Annual Meeting of Stockholders; and

     (2) To consider and take action upon any other business as may properly come before the Meeting or any postponements or adjournments thereof;

all as set forth in the Proxy Statement accompanying this Notice.

     Only holders of record of the Company’s Common Stock, par value $.001 per share, as of the close of business on March 28, 2003 are entitled to notice of, and to vote at, the Meeting and any postponement or adjournment thereof.

  By Order of the Board of Directors,

  (-s- Ginger B. Tibbs)
Ginger B. Tibbs
Secretary-Treasurer

Clayton, Alabama
April 10, 2003

IMPORTANT
Whether or not you plan to attend in person, please vote by means of the
enclosed proxy card that you are requested to sign, date and return as soon
as possible in the enclosed postage prepaid envelope.

 


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BOYD BROS. TRANSPORTATION INC.
3275 Highway 30
Clayton, Alabama 36016

________________________________

PROXY STATEMENT

________________________________

     This Proxy Statement and the accompanying proxy card are being furnished to the stockholders of Boyd Bros. Transportation Inc., a Delaware corporation (the “Company”), in connection with the solicitation of proxies by the Board of Directors of the Company for use at the Annual Meeting of Stockholders (the “Meeting”) to be held on May 13, 2003 at 11:00 a.m., local time, at the Company’s corporate headquarters, 3275 Highway 30, Clayton, Alabama 36016, or at any postponement or adjournment thereof, for the purposes set forth in the accompanying Notice of Annual Meeting of Stockholders. The Proxy Statement and accompanying proxy card are first being mailed or otherwise distributed to stockholders on or about April 11, 2003.

     Holders of record of outstanding shares of the Company’s common stock, par value $.001 per share (the “Common Stock”), at the close of business on March 28, 2003 (the “Record Date”) are entitled to notice of, and to vote at, the Meeting. Each stockholder is entitled to one vote for each share of Common Stock held on the Record Date. On the Record Date, there were 2,709,956 shares of Common Stock outstanding.

     Shares of Common Stock cannot be voted at the Meeting unless the owner is present or represented by proxy. A proxy may be revoked at any time before it is voted by (1) giving written notice of revocation to the Secretary of the Company, (2) executing and delivering to the Company at the address shown above a new proxy bearing a later date, or (3) attending the Meeting and voting in person. All properly executed proxies, unless previously revoked, will be voted at the Meeting or at any postponement or adjournment thereof in accordance with the directions given.

     With respect to the election of Directors, stockholders of the Company voting by proxy may vote in favor of the nominees, may withhold their vote for the nominees, or may withhold their vote as to specific nominees. With respect to the other proposals for stockholder action, stockholders of the Company voting by proxy may vote in favor of such proposals, against such proposals or may abstain from voting on such proposals. If no specific instructions are given with respect to the matters to be acted upon at the Meeting, shares of Common Stock represented by a properly executed proxy will be voted FOR the election of all nominees listed under the caption “Election of Directors”. The Board of Directors does not intend to present, and knows of no others who intend to present at the Meeting, any matter of business other than those matters set forth in the accompanying Notice of Annual Meeting of Stockholders. However, if other matters (including stockholder proposals omitted from this Proxy Statement in accordance with the rules and regulations of the Securities and Exchange Commission (the “Commission”)) properly come before the Meeting, it is the intention of the persons named in the enclosed proxy to vote the proxy in accordance with their best judgment.

     At the Meeting, inspectors of election will determine the presence of a quorum and tabulate the results of the voting by stockholders. A majority of the outstanding shares of Common Stock must be present in person or by proxy at the Meeting in order to have the quorum necessary for the transaction of business. Abstentions and non-votes will be counted for purposes of determining the presence of a quorum at the Meeting. The nominees for Director will be elected by the affirmative vote of a plurality of the shares of Common Stock present in person or by proxy and actually voting at the Meeting. All other matters require for their approval the favorable vote of a majority of the shares of Common Stock voted in person or by proxy at the Meeting. Abstentions and non-votes will have no effect on the outcome of any voting. A non-vote may occur when a nominee holding shares of Common Stock for a beneficial owner does not vote on a proposal because such nominee does not have discretionary voting power and has not received instructions from the beneficial owner.

     A proxy card is enclosed for your use. YOU ARE SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS TO COMPLETE, SIGN, DATE AND RETURN THE PROXY CARD IN THE ACCOMPANYING ENVELOPE, which is postage prepaid if mailed from within the United States.

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     The cost of soliciting proxies will be paid by the Company. Arrangements will be made with brokerage houses and other custodians, nominees and fiduciaries to send proxies and proxy materials to their principals, and the Company will reimburse them for their expenses in so doing. Officers and other regular employees of the Company may also request the return of proxies by telephone, telegram, or in person.

     A copy of the 2002 Annual Report to Stockholders, which includes the financial statements of the Company for the fiscal year ended December 31, 2002, is being mailed with this Proxy Statement to all stockholders entitled to vote at the Meeting.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth, as of March 28, 2003, certain information with respect to all stockholders known by the Company to be the beneficial owners of more than five percent (5%) of the Common Stock, the only class of voting securities of the Company outstanding, as well as information with respect to the Common Stock owned beneficially by each Director and Director Nominee of the Company, by each Executive Officer named in the Summary Compensation Table on page three (3) and by all Directors, Director Nominees and Executive Officers of the Company as a group. Certain information set forth in the table is based upon information contained in filings made by such beneficial owners with the Commission.

                 
    Amount and Nature   Approximate
    of Beneficial   Percent of
Name of Beneficial Owner   Ownership(1)   Common Stock

 
 
Dempsey Boyd(2)
    1,137,216 (3)     42 %
Gail B. Cooper(2)
    417,100 (4)     15.4 %
Ginger B. Tibbs(2)
    395,600 (5)     14.6 %
Frances S. Boyd(2)
    1,137,216 (6)     42 %
Richard C. Bailey
    43,822 (7)     1.6 %
Steven Rumsey
    7,400       *  
Mark Dunning
    6,000 (8)     *  
Boyd Whigham
    14,800 (9)     *  
Stephen J. Silverman
    6,500 (10)     *  
J. Larry Baxter
    6,501 (11)     *  
All Directors, Director Nominees and Executive Officers as a group (7 persons)
    1,631,939       60.2 %


*   Less than one percent of the Common Stock.
 
(1)   Under the Rules of the Commission, a person is deemed to be the beneficial owner of a security if such person has or shares the power to vote or direct the voting of such security or the power to dispose or direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities if that person has the right to acquire beneficial ownership within 60 days. Accordingly, more than one person may be deemed to be a beneficial owner of the same securities. Unless otherwise indicated by footnote, the named persons have sole voting and investment power with respect to the shares of Common Stock beneficially owned.
 
(2)   The address for each of Mr. and Mrs. Boyd, Ms. Cooper and Ms. Tibbs is 3275 Highway 30, Clayton, Alabama 36016.
 
(3)   Includes 384,000 shares owned by Mr. Boyd’s wife, Frances S. Boyd. Excludes 2,500 shares held as custodian for five minor grandchildren, as to which shares Mr. Boyd disclaims beneficial ownership.
 
(4)   Includes 8,700 shares obtainable by Ms. Cooper within 60 days of March 28, 2003 upon the exercise of stock options. Includes 1,000 shares held by a third party custodian for Ms. Cooper’s children, as to which shares she disclaims beneficial ownership.
 
(5)   Includes 4,200 shares obtainable by Ms. Tibbs within 60 days of March 28, 2003 upon the exercise of stock options. Includes 1,500 shares held by a third party custodian for Ms. Tibbs’ children, as to which shares she disclaims beneficial ownership.
 
(6)   Includes 827,516 shares owned by Mrs. Boyd’s husband, Dempsey Boyd.
 
(7)   Includes 31,700 shares obtainable by Mr. Bailey within 60 days of March 28, 2003 upon the exercise of stock options.
 
(8)   Includes 6,000 shares obtainable by Mr. Dunning within 60 days of March 28, 2003 upon the exercise of non-qualified stock options.
 
(9)   Includes 8,500 shares obtainable by Mr. Whigham within 60 days of March 28, 2003 upon the exercise of non-qualified stock options.
 
(10)   Includes 6,500 shares obtainable by Mr. Silverman within 60 days of March 28, 2003 upon the exercise of non-qualified stock options.
 
(11)   Includes 321 shares held by the J. Larry Baxter – IRA and 180 shares held by the Haldine D. Baxter –IRA and also includes 6,000 shares obtainable by Mr. Baxter within 60 days of March 28, 2003 upon the exercise of non-qualified stock options..

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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

     Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), requires that the Company’s Directors, Executive Officers and persons who beneficially own more than ten percent (10%) of the Company’s Common Stock file with the Commission initial reports of beneficial ownership and reports of changes in beneficial ownership of such Common Stock. Directors, Executive Officers and persons who beneficially own greater than ten percent (10%) of the Common Stock are required by the Commission’s rules to furnish the Company with copies of all such reports. To the Company’s knowledge, based solely on review of the copies of such reports furnished to the Company or written representations from the Company’s Directors and Executive Officers that no other reports were required, all Section 16(a) filing requirements applicable to the Company’s Directors and Executive Officers were complied with during the year ended December 31, 2002.

COMPENSATION OF EXECUTIVE OFFICERS

Summary of Cash and Certain Other Compensation

     The following table sets forth in summary form all compensation for all services rendered in all capacities to the Company for the years ended December 31, 2002, 2001 and 2000, respectively, to (a) each person who served as Chief Executive Officer of the Company during the fiscal year most recently completed, and (b) those executive officers of the Company who earned in excess of $100,000 (collectively with each Chief Executive Officer, the “Named Executive Officers”):

SUMMARY COMPENSATION TABLE

                                                   
                  LONG TERM    
                  ANNUAL COMPENSATION    
              ANNUAL COMPENSATION  
   
             
  Securities    
Name and               Other Annual   Underlying   All Other
Principal Position   Year   Salary   Bonus   Compensation   Options(#)   Compensation(1)

 
 
 
 
 
 
Gail B. Cooper
                                               
 
Chief Executive Officer and President
    2002     $ 150,000     $ 25,000             43,500     $ 4,974  
 
    2001       150,000                         4,674  
 
    2000       142,333                         4,444  
 Richard C. Bailey,
                                               
 
Chief Operating Officer & Chief
                                               
 
Financial Officer
    2002     $ 155,667     $ 25,000             158,500     $ 2,912  
 
    2001       146,000                         4,554  
 
    2000       146,000       58,400                   4,974  
 
                                               
Steven Rumsey Chief Executive Officer-
                                               
 
WTI Transport, Inc.
    2002     $ 110,000                       $ 3,300  
 
    2001       144,993                         4,560  
 
    2000       151,992                         4,560  

(1)   Constitutes matching contributions by the Company to the 401(k) plan: (i) in 2002, $4,800 to Ms. Cooper ; $2,738 to Mr. Bailey; and $3,300 to Mr. Rumsey (ii) in 2001, $4,500 to Ms. Cooper; $4,380 to Mr. Bailey; and $4,560 to Mr. Rumsey and (iii) in 2000, $4,270 to Ms. Cooper; $4,800 to Mr. Bailey and $4,560 to Mr. Rumsey. Also includes payment of life insurance premiums: (i) in 2002, $174 for each of Ms. Cooper and Mr. Bailey; (ii) in 2001, $174 for each of Ms. Cooper and Mr. Bailey; and (iii) in 2000, $174 for each of Ms. Cooper and Mr. Bailey

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Stock Option Grants

                                                 
                                    Potential
                                    Realizable Value at
                                    Assumed Annual Rates
                                    Of Stock Price
                                    Appreciation
    Number of   Percent of                   For Option Term
    Securities   Total                  
    Underlying   Options/SARs                
    Options/   Granted to   Exercise            
    SARs   Employees   or       5%   10%
    Granted   In   Base Price   Expiration        
Name   (#)   Fiscal Year   ($/Sh)   Date   ($)   ($)

 
 
 
 
 
 
(a)   (b)   (c)   (d)   (e)   (f)   (g)
 
Gail B. Cooper
    23,500 (1)     6.02 %   $ 2.67       1/17/2012     $ 39,460     $ 99,999  
 
    20,000 (2)     5.12 %   $ 2.65       2/19/2012     $ 33,331     $ 84,468  
 
                                               
Richard C. Bailey
    138,500 (1)     35.47 %   $ 2.67       1/17/2012     $ 232,562     $ 589,358  
 
    20,000 (2)     5.12 %   $ 2.65       2/19/2012     $ 33,331     $ 84,468  
 
                                               
Steven Rumsey
                                   

(1)   Options granted on January 17, 2002. They vest at a rate of 20% per year on the anniversary date of the grant; the options could vest earlier if certain pricing conditions are met.

(2)   Options granted on February 19, 2002. They vest at a rate of 20% per year on the anniversary date of the grant; the options could vest earlier if certain pricing conditions are met.

Stock Option Exercises and Year-End Holdings

                                                 
    Shares                           Value of Unexercised
    Acquired                           In-the-Money
    on   Value   Number of Unexercised   Options/SARs at
    Exercise   Realized   Options/SARs at FY-End   FY-End
Name   (#)   ($)(1)   (#)   ($)(2)

 
 
 
 
(a)   (b)   (c)   (d)   (e)
                    Exercisable   Unexercisable   Exercisable   Unexercisable
                   
 
 
 
Gail B. Cooper
                      43,500           $ 35,200  
Richard C. Bailey
                      158,500           $ 127,200  
Steven Rumsey
                                   

(1)   This column indicates the market value of the underlying securities at time of exercise minus the exercise price.

(2)   This column indicates the market value of the underlying securities at the market price on December 31, 2002 ($3.47 per share) minus the exercise price.

Stock Option Cancellations

     On July 16, 2001, the Company implemented an option cancellation and replacement program to address the substantial loss in value of the outstanding stock options held by the Company’s employees and the increasing inability of those options to serve as a meaningful incentive for optionees to remain in the Company’s employ. Under the option cancellation and replacement program, current employees of the Company were permitted to cancel existing options in anticipation of intended future option grants. The employees and executive officers of the Company agreed that the replacement grants could not be made for at least six months and one day after the cancellation date so the Company would not have to recognize compensation expense.

     The options were cancelled on July 16, 2001, and had original exercise prices ranging from a high of $11.00 per share to a low of $7.38 per share. Participants received new options on January 17, 2002 at an exercise price of $2.67 per share, the fair market value of the common stock on that day. Options granted on January 17, 2002 were

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planned to vest at a rate of 20% per year on the anniversary date of the grant; provided, however, that the options could vest earlier if certain pricing conditions were met. The options expire ten years from the date of grant or January 17, 2012. Both Richard Bailey and Gail Cooper participated in the option cancellation and replacement program.

     The following table sets forth certain information concerning option cancellation and replacements, including (i) the name and position of each executive officer who participated in the program, (ii) the date of any such repricing, (iii) the number of securities underlying replaced options, (iv) the per share market price of the underlying security at the time of the repricing, (v) the original exercise price of the cancelled option at the time of repricing, (vi) the per share exercise price of the option received in exchange for the existing option, and (vii) the original option term remaining at the date of exchange. There have been no other stock option repricing programs of the Company within the last ten years.

TEN YEAR OPTION REPRICING

                                                 
            Market           Length of
        Number of   Price of   Exercise       Original
        Securities   Common   Price       Option Term
Name   Date   Underlying   Stock at   at Time   New   Remaining
and   of   Options   Time of   of   Exercise   at Date of
Position   Repricing   Repriced   Repricing   Repricing   Price   Repricing

 
 
 
 
 
 
Gail B. Cooper,
    1/17/02       15,000     $ 2.67     $ 11.00     $ 2.67       2.4  
Chief Executive
    1/17/02       5,000       2.67       9.3125       2.67       5.9  
Officer and
    1/17/02       3,500       2.67       10.25       2.67       7.3  
President
                                               
 
                                               
Richard C. Bailey,
    1/17/02       30,000     $ 2.67     $ 11.00     $ 2.67       2.4  
Chief Financial
    1/17/02       10,000       2.67       11.00       2.67       3.0  
Officer and Chief
    1/17/02       10,000       2.67       7.75       2.67       4.0  
Operating Officer
    1/17/02       15,000       2.67       7.38       2.67       5.7  
 
    1/17/02       35,000       2.67       9.50       2.67       6.3  
 
    1/17/02       35,000       2.67       8.00       2.67       6.6  
 
    1/17/02       3,500       2.67       10.25       2.67       7.3  

Severance Agreement

     In 1998, the Company entered into a Severance Agreement with Mr. Bailey (the “Severance Agreement”). The Severance Agreement provides that in the event (a) Mr. Bailey’s employment is terminated by the Company other than for Cause (as such term is defined in the Severance Agreement) or (b) Mr. Bailey resigns from his employment with the Company for Good Reason (as such term is defined in the Severance Agreement), Mr. Bailey will be entitled to a payment which, if such termination occurs in 2002 or any year thereafter, will be equal to twelve (12) months salary at the rate in effect immediately prior to the Severance Date (as defined in the Severance Agreement)(the “Severance Payment”). At the Company’s option, the Severance Payment may be made either (1) as a lump sum within thirty (30) days of the Severance Date or (2) as a series of payments in accordance with the Company’s normal payroll procedures. In addition to the Severance Payment, Mr. Bailey is entitled to receive payment for all vacation time accrued during the calendar year in which the Severance Date occurred and a pro rata payment for any bonus earned for the year through the Severance Date.

     The Severance Agreement also provides that the Company will reimburse Mr. Bailey for any costs incurred in electing COBRA continuation coverage under the Company’s health insurance and will maintain life insurance coverage for Mr. Bailey until the earlier of (a) the date which is twelve months from the Severance Date or (b) such time as Mr. Bailey obtains medical coverage from a new employer.

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TRANSACTIONS WITH MANAGEMENT AND OTHERS

     During 2002, the Company continued to retain the services of the Baxter Agency, LLC., an insurance placement and risk management firm, to obtain various forms of insurance coverage. J. Larry Baxter, who is a director of the Company, served as President of the Baxter Agency until April 1, 2001, and continued to work for the Baxter Agency, LLC until his retirement in July 2002. The aggregate premiums paid by the Company for the insurance placed by the Baxter Agency during 2002, equaled $1,457,033, and the aggregate amount of commissions collected by the Baxter Agency for such placement equaled $165,498.

     On January 1, 2002, the Company entered into a consulting agreement with Dempsey Boyd, the Company’s former Chairman of the Board. The agreement has a term beginning on January 1, 2002 and ending December 31, 2003, pursuant to which Mr. Boyd will be paid approximately $12,000 per month for certain consulting services. Ms. Cooper and Ms. Tibbs are Mr. Boyd’s daughters.

COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION

     The following paragraphs constitute the report of the Compensation Committee of the Board of Directors (the “Committee”) on executive compensation policies for fiscal year 2002. In accordance with Commission rules, this report shall not be deemed to be incorporated by reference into any statements or reports filed by the Company with the Commission that do not specifically incorporate this report by reference, notwithstanding the incorporation of this Proxy Statement into any such report.

Compensation Committee Interlocks and Insider Participation

     The Company’s Compensation Committee is comprised of Mark Dunning, Stephen J. Silverman and Boyd Whigham, all of whom are members of the Company’s Board of Directors. During 2002, no executive officer of the Company served as a member of the Committee or as a director of any other entity, one of whose executive officers served on the Committee or was a director of the Company, nor does any such relationship exist currently. The Committee administers the compensation program for operating officers of the Company and bases its decisions on both individual performance and the financial results achieved by the Company. While the Committee consults with the Chief Executive Officer on certain matters, all compensation decisions are made by the Committee without such officer’s participation. The Committee held two meetings during 2002.

     The principal elements of the compensation program for executive officers are base salary, performance-based annual bonuses and stock options. The goals of the program are to give the executive officers incentives to work toward the improved financial performance of the Company and to reward them for their contributions to the Company’s success. The program is also designed to encourage the Company’s key executives to maximize the Company’s premium service to its customers and maintain high standards of efficiency, productivity and safety. For a summary of 2002 compensation, see the Summary Compensation Table under the heading “Compensation of Executive Officers” above.

     Salaries. The Committee has based its decisions on salaries for the Company’s executive officers, including its chief executive officer and chief financial officer, on a number of factors, both objective and subjective. Objective factors considered include increases in the cost of living, the Company’s overall historical performance, and comparable industry data, although no specific formulas based on such factors have been used to determine salaries. Salary decisions are based primarily on the Committee’s subjective analysis of the factors contributing to the Company’s long-term success and of the executives’ individual contributions to such success.

     Bonuses. For fiscal year 2002, the Committee imposed a sliding scale for which no bonuses would be paid unless the Company achieved a minimum of $550,000 of income before taxes. Under this program, the Company paid an aggregate bonus of $25,000 to each of Ms. Cooper and Mr. Bailey for fiscal 2002. Under the bonus program adopted for 2003, the Committee again imposed a sliding scale for the payment of bonuses. Neither Ms. Cooper nor Mr. Bailey shall be eligible to receive a bonus under this program unless a minimum of $1,025,000 in income before income taxes is achieved by the Company for fiscal 2003.

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     Stock Options. The Committee views stock options as its primary long-term compensation vehicle for the Company’s executive officers. At the time of the Company’s initial public offering in May 1994, the Committee granted an aggregate of 94,000 stock options under the 1994 Stock Option Plan to each of the Company’s executive officers, other than Mr. Boyd, who, as founder of the Company, elected not to participate. The Company has granted options to its executive officers since then, most recently in 2002 when the Committee granted an aggregate of 202,000 shares to two executive officers whose individual performance, in the Committee’s view, warranted an enhanced equity position in the Company. Options granted in 2002 included replacement grants of 162,000 for options, which were cancelled in 2001 under the stock option cancellation and replacement program.

     Stock Option Cancellation and Replacement Program. In light of the substantial decline in the market price of the Company’s Common Stock that occurred as a result of the economic downturn in the U.S. economy and the flatbed trucking industry, many of the outstanding options held by the Company’s executive officers and key employees had exercise prices significantly higher than the market price of the underlying Common Stock. The Committee believed that many of these options had little or no value and were unlikely to be exercised in the foreseeable future. As a result, the Committee decided that these options were no longer effective in achieving the desired objectives of retaining and incentivizing employees important to the Company’s attainment of its business and financial objectives and the creation of value for its stockholders. The Committee recommended the stock option cancellation and replacement program to the Board of Directors as a means of addressing these issues.

     Chief Executive Officer Compensation. In February 2000, Ms. Gail B. Cooper became Chief Executive Officer and President of the Company. Her base salary was increased from $90,000 to $150,000 based on the factors and analysis described above and in recognition of her increased responsibilities. Ms. Cooper’s salary did not increase in 2002.

     Chief Financial Officer/Chief Operating Officer Compensation. Mr. Bailey’s base salary was increased from $146,000 to $175,000 during 2002.

By the Members of the Compensation Committee:
Mark Dunning, Stephen J. Silverman and Boyd Whigham (Chairman).

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STOCKHOLDER RETURN PERFORMANCE GRAPH

     The following graph compares the cumulative total stockholder return (assuming reinvestment of dividends) on the Company’s Common Stock against the NASDAQ Stock Market and the NASDAQ Trucking and Transportation Stock Index, from December 31, 1997 through December 31, 2002. The Company’s Common Stock traded on the NASDAQ National Market until August 30, 2000, when it began trading on the Nasdaq SmallCap Market. The graph assumes that the value of the investment in the Company’s Common Stock on each index was $100 on December 31, 1997. The Company has not paid any dividends on its Common Stock and does not expect to pay dividends for the foreseeable future. The stockholder return performance graph below is not necessarily indicative of future performance.

(PERFORMANCE GRAPH)

                                                 

    12/97   12/98   12/99   12/00   12/01   12/02

   Boyd Bros. Transportation Inc.
  $ 100     $ 75     $ 81     $ 28     $ 36     $ 41  
   NASDAQ U.S. Companies
  $ 100     $ 141     $ 262     $ 157     $ 125     $ 86  
   NASDAQ Trucking & Transportation
  $ 100     $ 90     $ 86     $ 78     $ 93     $ 94  

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OPERATIONS OF THE BOARD OF DIRECTORS AND COMMITTEES

     Pursuant to the Certificate of Incorporation of the Company, the Board of Directors is classified into three (3) classes, each of which shall be as nearly equal in number as possible, and will be elected to a three-year term. The By-laws of the Company provide that the number of Directors shall be fixed by resolution of the Board of Directors or by the stockholders at the annual meeting or a special meeting.

     The Board of Directors holds regular meetings and special meetings at the call of the Chairman of the Board, the President or any two members of the Board of Directors. In 2002, the Board of Directors held four meetings. Presently, the Board has standing Audit, Compensation and Executive Committees, which assist in the discharge of the Board’s responsibilities. The Company does not have a nominating committee. Members of such Committees serve at the pleasure of the Board of Directors. All Directors attended at least seventy-five percent (75%) of Board meetings and Committee meetings of which they are members during 2002.

     The Compensation Committee consists of all Directors of the Company who are “disinterested persons” within the meaning of Rule 16b-3 under the Exchange Act. This Committee administers the Company’s 1994 Stock Option Plan and employee benefit plans, and is responsible for establishing compensation programs for the Company’s executive officers. The members of this Committee currently are Boyd Whigham, Chairman, Stephen J. Silverman and Mark Dunning. The Compensation Committee met two times during 2002.

     Directors who are not executive officers of the Company receive an annual retainer of $5,000, are paid a fee of $1,500 for each Board meeting attended in person and $750 for each Board meeting attended by telephone, and are reimbursed for travel expenses incurred in connection with attending meetings. Non-employee Directors who serve on the Executive Committee receive an additional fee of $1,000 for each Executive Committee meeting attended. Directors are not entitled to additional fees for serving on other committees of the Board of Directors.

AUDIT COMMITTEE REPORT

     In accordance with its written charter adopted by the Board of Directors (“Board”), the Audit Committee of the Board (“Committee”) assists the Board in fulfilling its responsibility for oversight of the quality and integrity of the accounting, auditing and financial reporting practices of the Company. During 2002, the Committee met one time.

     The Board has adopted a written charter for the Committee. All members of the Committee are independent as defined in Rule 4200(a)(15) of The Nasdaq Stock Market’s listing standards.

     In discharging its oversight responsibility as to the audit process, the Committee obtained from the independent auditors a formal written statement describing all relationships between the auditors and the Company that might bear on the auditors’ independence consistent with Independence Standards Board Standard No.1 “Independence Discussions with Audit Committees,” discussed with the auditors any relationships that may impact their objectivity and independence and satisfied itself as to the auditors’ independence. The Committee also discussed with management and the Company’s finance department, the quality and adequacy of the Company’s internal controls. The Committee discussed with the independent auditors, the quality and adequacy of the Company’s accounting policies. The Committee reviewed with both the independent auditors and the Company’s finance department their audit plans, audit scope, and the identification of audit risks.

     The Committee discussed and reviewed with the independent auditors all communications required by generally accepted auditing standards, including those described in Statement on Auditing Standards No. 61, as amended, “Communication with Audit Committees” and, with and without management present, discussed and reviewed the results of the independent auditors’ examination of the financial statements. BDO Seidman, LLP has not provided information technology services or any other non-audit services to the Company, and therefore the Committee has not had to consider whether the provision of such services is compatible with the maintenance of BDO Seidman, LLP’s independence.

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     The Committee reviewed the audited financial statements of the Company as of and for the year ended December 31, 2002, with management and the independent auditors. Management has the responsibility for the preparation of the Company’s financial statements and the independent auditors have the responsibility for the examination of those statements.

     Based on the above-mentioned review and discussions with management and the independent auditors, the Committee recommended to the Board that the Company’s audited financial statements be included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2002, for filing with the Securities and Exchange Commission.

     
Date: March 28, 2003   Boyd Whigham, Chairman; Mark Dunning and Steve Silverman, Members

THE COMPANY’S INDEPENDENT PUBLIC ACCOUNTANTS

     The firm of BDO Seidman, LLP examined the financial statements of the Company for the year ended December 31, 2002, and the Board of Directors intends to continue the services of this firm for the fiscal year ending December 31, 2003. Representatives of BDO Seidman, LLP are expected to be present at the Meeting and shall have the opportunity to make a statement, if they desire to do so, and will be available to respond to appropriate questions from stockholders.

     On September 17, 2001, the Company dismissed Deloitte & Touche, LLP as its independent accountants. This decision was recommended and approved by the Audit Committee of the Company’s Board of Directors. Deloitte & Touche’s reports on the Company’s financial statements for the years ended December 31, 2000, 1999, and 1998 did not contain an adverse opinion, and were not qualified or modified for uncertainty, audit scope, or accounting principle.

Audit Fees

     The aggregate fees and expenses billed by BDO Seidman, LLP for professional services rendered for the audit of the Company’s annual financial statements for the fiscal year ended December 31, 2002 and for the reviews of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for that fiscal year were $124,144 of which an aggregate amount of $44,500 was billed through December 31, 2002.

Financial Information Systems Design And Implementation Fees

     There were no fees billed by BDO Seidman, LLP for professional services described in Paragraph (c)(4)(ii) of Rule 2-01 of Regulation S-X rendered for information technology for the fiscal year ended December 31, 2002.

All Other Fees

     BDO Seidman, LLP did not bill the Company for fees other than for services described under “Audit Fees” above.

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ELECTION OF DIRECTORS
(Proposal No. 1)

General

     Stockholders will vote on the election of two Directors, each of whom will be elected to serve a three-year term, until his or her successor has been elected and qualified.

     The shares represented by the proxies solicited hereby will be voted in favor of the election of the persons named below unless authorization to do so is withheld by proxy. In the event that any of the nominees should be unable to serve as Director, an event which the Company does not presently anticipate, it is the intention of the persons named in the proxies to cast the votes represented by the proxies for the election of such other person or persons as the Board of Directors may nominate.

     The nominees for election at the Meeting are J. Larry Baxter and Gail B. Cooper.

     Based upon information received from the respective Directors, set forth below is information with respect to the nominees for the Board of Directors, as well as certain information concerning the Directors whose terms extend beyond the 2003 Annual Meeting.

Directors to be Elected to Serve Until 2006

     J. Larry Baxter, age 55, retired from his position as an insurance broker in 2002. Mr. Baxter has served as a Director of the Company since May 2000. Previously, Mr. Baxter was an insurance broker with The Baxter Agency, LLC, an insurance placement and risk management firm, from October 1980 to July 2002, and served as President of The Baxter Agency, LLC from June 1999 to April 2001. Mr. Baxter served as President of The Baxter Agency, Inc., an insurance and risk management company, from October 1980 to June 1999. In 2002, the Baxter Agency, LLC placed insurance coverage for the Company in return for commission payments from the Company. Mr. Baxter is the brother-in-law of Boyd Whigham.

     Gail B. Cooper, age 52, has served as President, Chief Executive Officer and as a Director of the Company since February 17, 2000. Ms. Cooper served as Secretary of the Company from December 1969 until February 2000. Ms. Cooper received a B.S. in business administration from Troy State University. She has served the Company in numerous administrative and accounting positions since joining the Company full-time in 1972.

Incumbent Director Whose Term Will Expire in 2004

     Boyd Whigham, age 66, has been a Director of the Company since February 1989. He has been the District Attorney for the Third Judicial Circuit, in Barbour and Bullock Counties, Alabama, since January 1993. Prior to 1993, he operated a general civil law practice in Clayton, Alabama and periodically provided legal services to the Company and to Mr. Boyd, former Chairman of the Company. Mr. Whigham is the brother-in-law of J. Larry Baxter.

Incumbent Directors Whose Terms Will Expire in 2005

     Richard C. Bailey, age 52, has served as Chief Financial Officer since joining the Company in August 1992 and has served as a Director since February 1995. Mr. Bailey was named Chief Operating Officer of the Company in July 2001. He served as president and director of Eastern Inter-Trans Services, Inc., a dry van truckload carrier based in Columbus, Georgia, from December 1989 to August 1992. Mr. Bailey is a certified public accountant with a B.S. in accounting from Georgia State University. He was previously employed in various financial positions by Ernst & Young, Intermet Corporation and Snapper Products (a division of The Actava Group Inc.). Mr. Bailey has served on the Advisory Board of the University of Georgia Trucking Profitability Strategies Conference.

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     Stephen J. Silverman, age 58, has been the President and Chief Executive Officer of Silver Solutions, Inc., a transportation consulting firm based in Jacksonville, Florida since January 1997. Prior thereto, he served as President/Chief Executive Officer and a Director of SilverEagle Transport, Inc., an irregular route truckload carrier based in Jacksonville, Florida, from 1984 until 1997. He is also currently President and Chief Executive Officer of Raven Transport Holding, Inc., a minority owned dry van truckload carrier, and has held these positions since December 1998. Mr. Silverman has been a Director of the Company since May 1997. He has previously served as Chairman of the University of Georgia Trucking Profitability Strategies Conference, as well as on the Boards of the American Trucking Association, Florida Trucking Association, and the Interstate Truckload Carriers Conference. Mr. Silverman received a B.A. from Bradley University, and an M.B.A. from the University of Michigan.

     J. Mark Dunning, age 43, has been President of Mark Dunning Industries, Inc., a waste collection and disposal company, since September 1980, and has been a Director of the Company since May 2000. Mr. Dunning is a director of Regions Bank in Dothan, Alabama.

Recommendation

     The Board of Directors recommends a vote FOR all of the foregoing nominees for Director.

STOCKHOLDER PROPOSALS

     Any proposal by a stockholder intended to be presented at the 2004 Annual Meeting of Stockholders must be received by the Company on or before December 15, 2003 to be included in the proxy materials of the Company relating to such meeting. According to the rules under the Exchange Act, for a stockholder proposal to be properly brought before the 2004 Annual Meeting of Stockholders (other than a proposal to be considered for inclusion in the 2004 proxy materials), it must be a proper matter for stockholder action and must be delivered to the Company no later than February 26, 2004.

OTHER BUSINESS

     It is not anticipated that any other matters will be brought before the Meeting for action; however, if any such other matters shall properly come before the Meeting, it is intended that the persons authorized under the proxies may, in the absence of instructions to the contrary, vote or act thereon in accordance with their best judgment.

     A copy of the Company’s Annual Report on Form 10-K for the year ended December 31, 2002, which has been filed with the Commission pursuant to the Exchange Act, may be obtained without charge upon written request to Richard C. Bailey, Chief Financial Officer, Boyd Bros. Transportation Inc., 3275 Highway 30, Clayton, Alabama 36016.

  By Order of the Board of Directors,

  (-s- Ginger B. Tibbs)
Ginger B. Tibbs
Secretary-Treasurer

Clayton, Alabama
April 11, 2003

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BOYD BROS. TRANSPORTATION INC.
3275 HIGHWAY 30
CLAYTON, ALABAMA 36016

Proxy   THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS. The undersigned hereby appoints Richard C. Bailey and Gail B. Cooper and each of them with power of substitution in each, proxies to appear and vote, as designated below, all Common Stock of Boyd Bros. Transportation Inc. held of record on March 28, 2003 by the undersigned, at the Annual Meeting of Stockholders to be held on May 13, 2003, and at all adjournments thereof. Management recommends a vote in favor of all nominees listed in Item 1.

   
                     
1.   ELECTION OF DIRECTORS
                     
    Director Nominees: J. Larry Baxter and Gail B. Cooper (each for a three year term)
                     
        []   FOR all director nominees listed above   []   WITHHOLD AUTHORITY
            (except as marked to the contrary)       to vote for all director nominees listed above

INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE
A LINE THROUGH THAT NOMINEE’S NAME IN THE LIST ABOVE.

                     
2.   In their discretion, the proxies are authorized to vote upon such other business as may properly come before the meeting.

THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE INSTRUCTIONS INDICATED. IF NO INDICATION IS MADE, IT WILL BE VOTED IN FAVOR OF ALL DIRECTOR-NOMINEES.

     
Dated:___________________________, 2003    
   
   
________________________________    
   
   
________________________________    
Signature(s)    
(Please sign as name appears on proxy. When shares are held by joint tenants, both should sign. When signing in a fiduciary or representative capacity, give full title as such.)

PLEASE MARK, DATE, AND SIGN THIS PROXY, INDICATING ANY CHANGE OF ADDRESS, AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. THE ENCLOSED ENVELOPE ALREADY IS ADDRESSED AND NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.

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