-----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, Rnq3N8Eng6jGXJiI0y7h9g5ABho2uCTN7N+xcnKOUSEBHj7YPKuOUl6ZvCkFK1Tk 7OSmT2t5iHUBVNElnVvBWw== 0001157523-03-001673.txt : 20030506 0001157523-03-001673.hdr.sgml : 20030506 20030506123956 ACCESSION NUMBER: 0001157523-03-001673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030506 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23948 FILM NUMBER: 03683701 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 8-K 1 a4390971.txt BOYD BROTHERS 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report May 6, 2003 (Date of earliest event reported) Boyd Bros. Transportation Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-23948 63-6006515 - ---------------------------------------------- --------------------------------- (Commission File No.) (IRS Employer Identification No.) 3275 Highway 30 Clayton, Alabama 36016 - ----------------------------------------------- -------------------------------- (Address of principal executive offices) (Zip Code) (334) 775-1400 (Registrant's telephone number, including area code) Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press Release dated May 6, 2003 Item 9. Regulation FD Disclosure The following information is furnished pursuant to Item 12, "Disclosure of Results of Operations and Financial Condition": On May 6, 2003, Boyd Bros. Transportation, Inc. (the "Company") announced its financial results for the quarter ended March 31, 2003. The full text of the press release is set forth in Exhibit 99.1 hereto. The information in this report, including the exhibit hereto, is deemed not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Further, pursuant to the interim guidance of the Securities and Exchange Commission in Release No. 33-8216, the Company is including this Item 12 information under Item 9 because Item 12 has not yet been added to the EDGAR system. 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 hereunto duly authorized. BOYD BROS. TRANSPORTATION INC. Date: May 6, 2003 By: /s/ RICHARD C. BAILEY ----------------------------------- Richard C. Bailey Chief Operating Officer and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description of Exhibit(s) 99.1 Copy of press release issued by the Company on May 6, 2003. EX-99 3 a4390971ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Boyd Bros. Announces Improved First Quarter Results CLAYTON, Ala.--(BUSINESS WIRE)--May 6, 2003--Boyd Bros. Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported results for the first quarter ended March 31, 2003. Highlights of the quarter included higher revenue and a return to profitability versus the same period in 2002, continuing the general pattern of improvement in Company operations seen throughout the past year. Operating revenues increased 6% to $32,577,476 for the quarter ended March 31, 2003, including $991,564 in fuel surcharges, from $30,620,318 in the same period last year, which included $27,349 in fuel surcharges. Boyd Bros.' pre-tax income for the first quarter of 2003 was $6,850, marking a reversal of the pre-tax loss of $450,470 reported in the same period last year, while net income for the first quarter of 2003 was $4,185, essentially break even on a per share basis, compared with a net loss of $288,097 or $0.11 per share in the year-earlier quarter. Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "While difficult operating conditions continued in the first quarter, made worse by inclement weather in February in many of the areas we serve and skyrocketing fuel costs due to growing anxieties about war in Iraq, Boyd Bros. continued to show steady improvements in its performance. These improvements were highlighted by a notable turnaround in our profitability compared with the first quarter last year. In fact, this was the fourth consecutive quarter in which we have posted higher operating revenues and an improved bottom line compared with year-earlier quarters." Cooper noted that the increase in operating revenues for the first quarter reflected stronger growth in the Company's WTI division and higher comparative operating revenues in the Boyd division, which includes its logistics operations. These higher operating revenues were an important factor in the Company's improved bottom line for the first quarter, along with an overall decline in safety costs year over year. The Company's improved profit performance for the first quarter also reflected increased fuel surcharge collections, lower operating supplies, taxes and licenses, and depreciation and amortization expenses which, together with lower interest expense for the quarter, helped offset the impact of increased costs associated with growth in the Company's logistics operations as well as continued high fuel costs. "While we are encouraged by the progress the Company has made despite the difficult conditions we have faced for more than a year, we know these challenges will continue to shape our performance in the months ahead," Cooper continued. "Yet, with war worries abating along with fuel prices, we are hopeful that the economy may now find its footing for sustained growth. We will strive to continue the improvements in the Company's profitability that we witnessed over the past several quarters." Boyd Bros. Transportation Inc. is one of the largest flatbed trucking companies in the United States. The Company provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials industries, and operates throughout most of the continental United States. For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com. With the exception of historical information, the matters discussed and statements made in this release constitute "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Specifically, this release contains forward-looking statements regarding expectations for the performance of the freight business and the economy and results in future quarters and for the year. Whenever possible, the Company has identified these forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934) by words such as "will" and words of similar import. Such statements involve known and unknown risks, uncertainties and other factors that may cause 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. In particular, there can be no assurance that the Company's internal initiatives to improve performance, increase accountability and provide proper incentives for better execution will be successful; that business conditions and the economy will improve, including the transportation and construction sectors in particular; that costs associated with increased insurance and claims costs, and liability claims for which the Company is self-insured will not have a material adverse effect on the Company; that the Company will be able to control internal costs, particularly rising fuel costs that may or may not be passed on to the Company's customers; that departures and defaults by owner-operators will not have a material adverse effect on the Company; or that the cost of complying with governmental regulations that are applicable to the Company will not have a material adverse effect on the Company. These assumptions, risks and uncertainties included, but are not limited to, those discussed or indicated in all documents filed by the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2002. The Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. BOYD BROS. TRANSPORTATION INC. Unaudited Consolidated Statement of Operations Three Months Ended March 31, ---------------------------- 2003 2002 ------------ ------------ Operating revenues $ 32,577,476 $ 30,620,318 Operating expenses 32,239,487 30,674,971 ------------ ------------ Operating income (loss) 337,989 (54,653) Other income (expense) (331,139) (395,817) ------------ ------------ Income (loss) before provision for (benefit of) income taxes 6,850 (450,470) Provision for (benefit of) income taxes 2,665 (162,373) ------------ ------------ Net income (loss) $ 4,185 $ (288,097) ============ ============ Net income (loss) per share - basic and diluted $ 0.00 $ (0.11) ============ ============ Weighted average shares outstanding - basic 2,710,665 2,709,838 Weighted average shares outstanding - diluted 2,842,739 2,709,838 BOYD BROS. TRANSPORTATION INC. Unaudited Consolidated Balance Sheets March 31, ---------------------------- 2003 2002 ------------ ------------ Current assets $ 17,966,978 $ 21,151,298 Property and equipment, net 53,127,937 58,564,534 Other assets 9,946,491 8,330,576 ------------ ------------ Total assets $ 81,041,406 $ 88,046,408 ============ ============ Current liabilities $ 27,570,780 $ 23,952,894 Long-term debt 15,617,172 25,441,933 Deferred income taxes 12,122,259 13,697,193 Stockholders' equity 25,731,195 24,954,388 ------------ ------------ Total liabilities and stockholders' equity $ 81,041,406 $ 88,046,408 ============ ============ Note: Certain 2002 amounts have been reclassified to conform to the 2003 presentation. CONTACT: Boyd Bros. Transportation Inc., Clayton Richard C. Bailey, 334/775-1221 http://www.boydbros.com -----END PRIVACY-ENHANCED MESSAGE-----