-----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, DdOI2vCb/xYYPVG4D6yNJ0Y8kOqOFJu6P2USrOr4YjWocgaF+SKxalG2gqcU8Bun 1ZeuD4Coz/m/X/dl0wctNQ== 0001157523-03-006147.txt : 20031103 0001157523-03-006147.hdr.sgml : 20031103 20031031174424 ACCESSION NUMBER: 0001157523-03-006147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031031 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031103 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: 03971072 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 a4506531.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 October 31, 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 October 31, 2003 Item 12. Results of Operations and Financial Condition On October 31, 2003, Boyd Bros. Transportation, Inc. (the "Company") announced its financial results for the quarter ended September 30, 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. 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: October 31, 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 October 31, 2003. EX-99 3 a4506531ex991.txt EXHIBIT 99.1 Exhibit 99.1 Boyd Bros. Reports Third Quarter Results CLAYTON, Ala.--(BUSINESS WIRE)--Oct. 31, 2003--Boyd Bros. Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported financial results for the third quarter and nine-month period ended September 30, 2003. Operating revenues for the third quarter ended September 30, 2003, rose 2% to $34,123,212 from $33,518,768 in the comparable period last year. The Company posted a net loss for the third quarter of $421,516 or $0.16 per diluted share versus net income of $495,074 or $0.18 per diluted share in the same period last year. For the first nine months of 2003, operating revenues rose 4% to $101,068,819 from $97,144,652 in the same period last year. Net income for the first nine months of 2003 was $228,241 or $0.08 per diluted share versus $814,493 or $0.29 per diluted share in the first nine months of 2002. The Company's WTI division, which is primarily structured using owner-operators, accounted for all of Boyd Bros.' revenue growth in the third quarter as the Boyd division, in which about three-fourths of the equipment is company-owned, experienced a slight decline in operating revenues for the quarter. Included in third quarter operating revenues were fuel surcharges totaling $797,308 and $338,079 in 2003 and 2002, respectively. Logistics revenues totaled $2,253,925 in the third quarter of 2003 versus $1,960,202 in the third quarter of 2002. Operating revenues for the first nine months of 2003 included fuel surcharges totaling $2,812,162 versus $624,066 in the comparable 2002 period. Logistics revenues totaled $7,414,557 in the first nine months of 2003 versus $5,338,307 in the first nine months of 2002. The Company's third quarter loss and lower year-to-date profits primarily reflected higher insurance and claims expense related to the establishment of preliminary reserves for two accidents during the quarter, involving Boyd division company-owned trucks, which resulted in third-party fatalities. The Company is largely self-insured for such accident claims. Also during the quarter, the Boyd division increased its provision for potential bad debts by approximately $460,000 on owner-operator leases. These items, along with higher owner-operator costs related to increased revenues in the WTI division, were partially offset by moderating fuel costs across the Company's operations and lower interest expense. Commenting on the announcement, Gail B. Cooper, President and Chief Executive Officer, said, "During the third quarter, we witnessed several encouraging trends that reinforce our view that the economy - and our markets - continue to strengthen. Revenues from our WTI division advanced 22% for the quarter versus the same period last year while logistics revenues increased 15%. On the cost side, we were pleased to see the price of diesel fuel continue to decline from peak levels earlier this year, resulting in overall lower fuel costs for the quarter. "Despite these generally favorable developments, the quarter was not without its challenges," Cooper continued. "Obviously, our greatest concern now centers on those affected by the two accidents that occurred during the quarter. While investigations of the events are ongoing, we considered it prudent to strengthen our insurance reserves during the quarter. We also determined during the quarter that an addition to our reserve was needed for possible losses on sales-type leases, which we have entered into with many of our owner-operators, considering the higher turnover we have experienced among our owner-operators. However, we remain hopeful that these steps, together with the outlook for continued strengthening in the economy, will help put us back on course for a return to profitable operations in the fourth quarter and for the full year 2003." 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 "hopeful," "outlook, " "expects," "anticipates," "may," "believes," "projects," "intends," 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 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; or that departures and defaults by owner-operators 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 Statements of Income Three Months Ended Nine Months Ended September 30, September 30, ------------------------- -------------------------- 2003 2002 2003 2002 ----------- ----------- ------------ ----------- Operating revenues $34,123,212 $33,518,768 $101,068,819 $97,144,652 Operating expenses 34,551,496 32,176,948 99,744,806 94,327,216 ----------- ----------- ------------ ----------- Operating (loss) income (428,284) 1,341,820 1,324,013 2,817,436 Other expense (321,185) (515,494) (960,930) (1,419,642) ----------- ----------- ------------ ----------- (Loss) income before provision for income taxes (749,469) 826,326 363,083 1,397,794 (Benefit) provision for income taxes (327,953) 331,252 134,842 583,301 ----------- ----------- ------------ ----------- Net (loss) income $ (421,516) $ 495,074 $ 228,241 $ 814,493 =========== =========== ============ =========== Net (loss) income per share-basic $ (0.16) $ 0.18 $ 0.08 $ 0.30 =========== =========== ============ =========== Net (loss) income per share-diluted $ (0.16) $ 0.18 $ 0.08 $ 0.29 =========== =========== ============ =========== Weighted average shares outstanding: Basic 2,711,393 2,706,781 2,710,914 2,709,122 Diluted 2,711,393 2,825,674 2,951,079 2,767,228 BOYD BROS. TRANSPORTATION INC. Unaudited Consolidated Balance Sheets September 30, -------------------------- 2003 2002 ------------ ----------- Current assets $ 18,914,585 $19,018,496 Property and equipment, net 52,052,966 56,044,171 Other assets 13,303,655 10,387,843 ------------ ----------- Total assets $ 84,271,206 $85,450,510 ============ =========== Current liabilities $ 26,150,736 $22,752,901 Long-term debt 20,739,175 22,360,460 Deferred income taxes 11,423,915 14,272,229 Stockholders' equity 25,957,380 26,064,920 ------------ ----------- Total liabilities and stockholders' equity $ 84,271,206 $85,450,510 ============ =========== CONTACT: Boyd Bros. Transportation Inc., Clayton Richard C. Bailey, 334-775-1221 -----END PRIVACY-ENHANCED MESSAGE-----