-----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, T1akkC/gdLqUDkaia49B9AYMvGV6BOJJP9+SGKJajyEFz7n+CV9UZb+CI/JiEztG FwGYbxOrezHcR6Cs2rJ0zQ== 0000950137-04-009289.txt : 20041101 0000950137-04-009289.hdr.sgml : 20041101 20041101171435 ACCESSION NUMBER: 0000950137-04-009289 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041101 DATE AS OF CHANGE: 20041101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITHWAY MOTOR XPRESS CORP CENTRAL INDEX KEY: 0000941914 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 421433844 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20793 FILM NUMBER: 041110815 BUSINESS ADDRESS: STREET 1: 2031 QUAIL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 BUSINESS PHONE: 5155767418 MAIL ADDRESS: STREET 1: 2031 QUAIL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 8-K 1 c89289e8vk.txt CURRENT REPORT UNITED STATES 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 OCTOBER 29, 2004 - -------------------------------------------------------------------------------- Date of report (Date of earliest event reported) SMITHWAY MOTOR XPRESS CORP. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) NEVADA 000-20793 42-1433844 - ------------------------ ------------------------ -------------------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 2031 QUAIL AVENUE, FORT DODGE, IOWA 50501 - ---------------------------------------- -------------------- (Address of Principal Executive Offices) (Zip Code) (515) 576-7418 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On October 29, 2004, Smithway Motor Xpress Corp. (the "Company") reported its financial results for its second fiscal quarter ended September 30, 2004. See the Company's press release dated September 30, 2004, which is furnished as Exhibit 99 hereto. In the press release, the Company provides net earnings for the nine months ended September 30, 2004 and the related per share amount excluding the effects of tax-free life insurance proceeds. The measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from operational income and per share measures used by other companies. We believe that the presentation of net earnings and the related per share amount excluding the one-time effect of our receipt of life insurance proceeds provides useful information to investors regarding business trends relating to our financial condition and results of ongoing operations. Item 9.01. Financial Statements and Exhibits. (c) Exhibit. 99 Press Release dated October 29, 2004 2 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. SMITHWAY MOTOR XPRESS CORP. Date: October 29, 2004 /s/ Douglas C. Sandvig ------------------------------------- Douglas C. Sandvig Senior Vice President, Chief Financial Officer and Treasurer 3 EXHIBIT INDEX
No. Description Manner of Filing - --- ----------- ---------------- 99 Press Release dated October 29, 2004................... Filed Electronically
EX-99 2 c89289exv99.txt PRESS RELEASE EXHIBIT 99 OCTOBER 29, 2004 FOR IMMEDIATE RELEASE PRESS CONTACT: DOUGLAS C. SANDVIG Senior Vice President, Treasurer and Chief Financial Officer Smithway Motor Xpress Corp. (515) 576-7418 SMITHWAY MOTOR XPRESS CORP. ANNOUNCES CONTINUED IMPROVED PROFITABILITY FORT DODGE, IOWA (PR NEWSWIRE) OCTOBER 29, 2004--Smithway Motor Xpress Corp. (Nasdaq SmallCap Market: SMXC) announced today financial and operating results for the third quarter and nine months ended September 30, 2004. For the third quarter of 2004, operating revenue increased approximately 14.6% to $48.7 million from $42.5 million for the corresponding quarter in 2003. Net earnings were $854,000, or $0.18 per basic and $0.17 per diluted share, compared with net loss of ($305,000), or ($0.06) per basic and diluted share, for the same quarter in 2003. For the first nine months of 2004, operating revenue increased approximately 11.5% to $138.9 million from $124.6 million for the first nine months in 2003. Net earnings were $1.9 million, or $0.38 per basic share and diluted share, compared with net loss of ($2.3 million), or ($0.48) per basic and diluted share, for the first nine months of 2003. Net earnings for the first nine months of 2004 include $727,000, or $0.15 per basic and diluted share, of tax-free life insurance proceeds received during the first quarter. Without the life insurance proceeds, net earnings for the first nine months would have been $1.1 million, or $0.23 per basic and diluted share, compared with net loss of ($2.3 million), or ($0.48) per basic and diluted share, for the first nine months of 2003. G. Larry Owens, President and Chief Executive Officer, commented, "Smithway's results for the third quarter 2004 mark our highest quarterly earnings since the second quarter of 1999. For the quarter, average revenue per seated tractor per week increased by $290, or 11.0%, compared to the third quarter of 2003 as we continued our focus on asset productivity and lane flow and as freight demand increased, allowing for a nine cent increase in revenue per loaded mile, increased revenue miles per tractor, and decreased deadhead. Higher truck production and freight rates have allowed us to absorb a two cent per mile driver pay increase and unusually high fuel prices. Almost all of our trucks, which we are replacing at the rate of 20 units per month, are seated with a driver. We are pleased with our continued profitability and look forward to further improvement." Smithway is a truckload carrier that hauls diversified freight nationwide, concentrating primarily on the flatbed segment of the truckload market. Its Class A Common Stock is traded on the Nasdaq National Market under the symbol "SMXC." This press release and statements made by the Company in its stockholder reports and public filings, as well as oral public statements by Company representatives, may contain certain forward-looking information, usually identified by words such as "anticipates," "believes," "estimates," "projects," "expects," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in forward-looking statements: failure to sustain the recent return to quarterly operating profitability, which could result in violation of bank covenants and acceleration of indebtedness at several financial institutions; the ability to obtain financing on acceptable terms, and obtain waivers and amendments to current financing in the event of default; economic recessions or downturns in customers' business cycles; excessive increases in capacity within truckload markets; surplus inventories; decreased demand for transportation services offered by the Company; increases or rapid fluctuations in inflation, interest rates, fuel prices, and fuel hedging; the availability and costs of attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts, or changes in excess coverage, relating to accident, cargo, workers' compensation, health, and other claims; the resale value of used equipment and prices of new equipment; seasonal factors such as harsh weather conditions that increase operating costs; regulatory requirements that increase costs and decrease efficiency, including emissions standards and hours-of-service regulations; changes in management; and the ability to negotiate, consummate, and integrate acquisitions. Readers should review and consider the various disclosures made by the Company in this press release, stockholder reports, and in its Forms 10-K, 10-Q, and other public filings. The Company disclaims any such obligation to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA AND OPERATING STATISTICS)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (UNAUDITED) (UNAUDITED) -------------------------- -------------------------- 2003 2004 2003 2004 ----------- ----------- ----------- ----------- Operating revenue: Freight $ 42,325 $ 48,469 $ 124,056 $ 138,338 Other 136 189 532 599 ----------- ----------- ----------- ----------- Operating revenue 42,461 48,658 124,588 138,937 Operating expenses: Purchased transportation 13,891 16,125 42,590 45,384 Compensation and employee benefits 13,185 13,572 38,812 40,272 Fuel, supplies, and maintenance 7,420 9,710 22,351 27,352 Insurance and claims 1,370 1,288 3,268 3,953 Taxes and licenses 893 906 2,573 2,778 General and administrative 1,867 1,714 5,081 5,148 Communications and utilities 337 282 1,130 962 Depreciation and amortization 3,467 3,203 10,958 9,695 ----------- ----------- ----------- ----------- Total operating expenses 42,430 46,800 126,763 135,544 ----------- ----------- ----------- ----------- (Loss) earnings from operations 31 1,858 (2,175) 3,393 Other (expense) income: Interest expense (443) (378) (1,389) (1,141) Interest income 21 16 25 26 Life Insurance Proceeds -- -- -- 727 ----------- ----------- ----------- ----------- (Loss) earnings before income taxes (391) 1,496 (3,539) 3,005 Income tax (benefit) expense (86) 642 (1,218) 1,151 ----------- ----------- ----------- ----------- Net (loss) earnings $ (305) $ 854 $ (2,321) $ 1,854 =========== =========== =========== =========== ----------- ----------- ----------- ----------- Basic (loss) earnings per share $ (0.06) $ 0.18 $ (0.48) $ 0.38 ----------- ----------- ----------- ----------- Diluted (loss) earnings per share $ (0.06) $ 0.17 $ (0.48) $ 0.38 ----------- ----------- ----------- ----------- Basic weighted average common shares outstanding 4,846,821 4,848,821 4,846,821 4,847,609 Diluted weighted average common shares outstanding 4,846,821 4,968,889 4,846,821 4,940,442
OPERATING STATISTICS
------------------------ ------------------------ 2003 2004 2003 2004 ---------- ---------- ---------- ---------- Operating ratio 99.9% 96.2% 101.7% 97.6% Average operating revenue per tractor per week $ 2,704 $ 3,227 $ 2,556 $ 3,034 Average revenue per tractor per week $ 2,495* $ 2,842* $ 2,345* $ 2,725* Average revenue per seated tractor per week $ 2,625* $ 2,915* $ 2,464* $ 2,816* Average length of haul in miles 660 653 653 661 Average revenue per loaded mile $ 1.39* $ 1.48* $ 1.37* $ 1.45* Ending company tractors 746 754 746 754 Ending owner/operators tractors 436 435 436 435 Ending trailers 2,299 2,163 2,299 2,163 Weighted average tractors 1,208 1,160 1,250 1,174
* excludes fuel surcharge, brokerage, and other revenue. SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
DECEMBER 31, SEPTEMBER 30, 2003 2004 ------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 355 $ 5,260 Receivables, net 14,697 18,446 Inventories 882 1,102 Prepaid expenses and other 4,304 4,753 ------------- ------------- Total current assets 20,238 29,561 Property and equipment 124,634 119,238 Less accumulated depreciation 70,235 67,534 ------------- ------------- Net property and equipment 54,399 51,704 Other assets 2,043 2,022 ------------- ------------- Total assets $ 76,680 $ 83,287 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current debt $ 10,582 $ 10,525 Accounts payable and accrued expenses 13,438 17,874 ------------- ------------- Total current liabilities 24,020 28,399 Long-term debt 23,035 22,001 Deferred income taxes 9,020 10,423 ------------- ------------- Total liabilities 56,075 60,823 Stockholders' equity 20,605 22,464 ------------- ------------- Total liabilities and stockholders' equity $ 76,680 $ 83,287 ============= =============
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