Saia Reports Fourth Quarter Earnings per Share of $0.15

JOHNS CREEK, GA--(Marketwire - Jan 31, 2012) - Saia, Inc. (NASDAQ: SAIA), a leading multi-regional less-than-truckload (LTL) carrier, today reported improved fourth quarter 2011 results on stronger revenue and improving pricing fundamentals.

Fourth Quarter 2011 Compared to Fourth Quarter 2010 Results

• Revenues were $253 million, an increase of 13 percent from the prior year period
• Operating income increased more than three fold to $6.2 million compared to $1.8 million in the prior year period
• Earnings per share were $0.15 compared to $0.04 in the prior year period
• Operating ratio was 97.6 compared to 99.2 in the prior year period
• LTL tonnage increased by 1.5 percent as LTL shipments per workday were down 1.2 percent with a 2.8 percent increase in weight per shipment
• LTL yield was up 11.0 percent due to the impact of favorable pricing actions and higher fuel surcharges
• Claims expense was $4.8 million over the prior year due primarily to accident severity

"We continue to leverage our excellent service in the improved industry environment which has allowed us to again advance pricing initiatives across our customer base. We attained solid increases in contract renewals during the quarter from customers who value Saia's service quality. Our focus remains on yield improvement and I believe these steady increases will continue," said Rick O'Dell, president and chief executive officer.

"Our fourth quarter results were impacted by higher costs from health care and maintenance. Quarterly results were further unfavorably affected by higher accident severity and workers' compensation expense including an adjustment for claim development," continued O'Dell.

"In spite of cost challenges, we continue to improve financial and operational results. Saia's dedicated employees provided 98% on-time service during the quarter delivering a strong value proposition in the marketplace. Our balance sheet is strong and we are making significant investments in our business to provide a solid foundation for additional progress in 2012," O'Dell said.

2011 Results Compared to 2010 Results

• Revenues were $1.0 billion compared to $903 million in the prior year, an increase of 14 percent
• Operating income was $28.1 million compared to $12.1 million in the prior year
• Net income was $11.4 million compared to $2.0 million in the prior year
• Earnings per share were $0.70 compared to earnings per share of $0.12 in the prior year
• Operating ratio was 97.3 compared to 98.7 in the prior year

Financial Position and Capital Expenditures
Total debt was $72.9 million at December 31, 2011. This compares to total debt of $90.0 million at December 31, 2010. Net of the Company's $1.3 million cash balance at quarter-end, net debt to total capital was 24.6 percent.

Net capital expenditures in 2011 were $68 million. This compares to $3 million in the prior year period. The Company is planning net capital expenditures in 2012 of approximately $80 million. This expenditure level reflects replacement tractors and trailers and the Company's continued investment in technology.

Conference Call
The Company will hold a conference call to discuss these results today at 11:00 am Eastern Time. This call will be webcast live via the Company web site at www.saia.com. To participate in the call, please dial 1-800-533-7954 or dial 785-830-1294 for international calls and use conference ID 4744631. Callers should dial in five to 10 minutes in advance of the conference call. A replay of the call will be available two hours after the completion of the call through February 6, 2012. The replay is available by dialing 1-888-203-1112 or 719-457-0820.

The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

Saia, Inc. (NASDAQ: SAIA) is a less-than-truckload provider of regional, interregional and guaranteed services covering 34 states. With headquarters in Georgia and a network of 148 terminals, Saia employs 7,900 people. For more information, visit the Investor Relations section at www.saia.com.

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, general economic conditions including downturns in the business cycle; the creditworthiness of our customers and their ability to pay for services; competitive initiatives and pricing pressures, including in connection with fuel surcharge; the Company's need for capital and uncertainty of the current credit markets; the possibility of defaults under the Company's debt agreements (including violation of financial covenants); possible issuance of equity which would dilute stock ownership; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the "Compliance, Safety, Accountability" (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company's workforce become unionized; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.

Saia, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
				December 31,				December 31,
				2011				2010
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents			$	1,317			$	29,045
	Accounts receivable, net				107,436				94,569
	Prepaid expenses and other				34,063				29,882
		Total current assets			142,816				153,496
PROPERTY AND EQUIPMENT:
	Cost				669,345				610,572
	Less: accumulated depreciation				344,890				319,634
		Net property and equipment			324,455				290,938
OTHER ASSETS					7,615				7,723
		Total assets		$	474,886			$	452,157
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Accounts payable			$	39,783			$	37,745
	Wages and employees' benefits				21,185				19,101
	Other current liabilities				41,237				31,777
	Current portion of long-term debt				22,143				17,143
		Total current liabilities			124,348				105,766
OTHER LIABILITIES:
	Long-term debt, less current portion				50,714				72,857
	Deferred income taxes				51,289				39,077
	Claims, insurance and other				29,234				28,099
		Total other liabilities			131,237				140,033
STOCKHOLDERS' EQUITY:
	Common stock				16				16
	Additional paid-in capital				203,793				202,751
	Deferred compensation trust				(2,199	)			(2,727	)
	Retained earnings				17,691				6,318
		Total stockholders' equity			219,301				206,358
		Total liabilities and stockholders' equity		$	474,886			$	452,157

Saia, Inc. and Subsidiary
Consolidated Statements of Operations
For the Quarters and Years Ended December 31, 2011 and 2010
(Amounts in thousands, except per share data)
(Unaudited)
				Fourth Quarters								Years
				2011				2010				2011				2010
OPERATING REVENUE				$	253,020			$	224,432			$	1,030,224			$	902,660
OPERATING EXPENSES:
	Salaries, wages and employees' benefits				127,108				119,014				513,977				481,197
	Purchased transportation				18,095				19,796				87,159				80,859
	Fuel, operating expenses and supplies				71,897				60,502				293,534				233,771
	Operating taxes and licenses				9,441				9,301				38,228				36,981
	Claims and insurance				10,213				5,377				32,067				21,870
	Depreciation and amortization				10,179				8,686				37,278				36,159
	Operating gains, net				(93	)			(48	)			(165	)			(277	)
		Total operating expenses			246,840				222,628				1,002,078				890,560
OPERATING INCOME					6,180				1,804				28,146				12,100
NONOPERATING EXPENSES:
	Interest expense				2,321				2,375				10,468				10,602
	Other, net				(64	)			(88	)			(52	)			(435	)
		Nonoperating expenses, net			2,257				2,287				10,416				10,167
INCOME (LOSS) BEFORE INCOME TAXES					3,923				(483	)			17,730				1,933
Income tax expense (benefit)					1,450				(1,188	)			6,357				(24	)
NET INCOME				$	2,473			$	705			$	11,373			$	1,957
Average common shares outstanding - basic					15,798				15,730				15,789				15,713
Average common shares outstanding - diluted					16,143				16,135				16,136				16,115
Basic earnings per share				$	0.16			$	0.04			$	0.72			$	0.12
Diluted earnings per share				$	0.15			$	0.04			$	0.70			$	0.12

Saia, Inc. and Subsidiary
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2011 and 2010
(Amounts in thousands)
(Unaudited)
				Years
				2011				2010
OPERATING ACTIVITIES:
Net cash provided by operating activities				$	58,211			$	23,386
		Net cash provided by operating activities			58,211				23,386
INVESTING ACTIVITIES:
	Acquisition of property and equipment				(70,862	)			(3,815	)
	Proceeds from disposal of property and equipment				2,963				560
		Net cash used in investing activities			(67,899	)			(3,255	)
FINANCING ACTIVITIES:
	Repayment of long-term debt				(17,143	)			-
	Payment of debt issuance costs				(1,046	)			-
	Proceeds from stock option exercises				149				168
		Net cash (used in) provided by financing activities			(18,040	)			168
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS					(27,728	)			20,299
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR					29,045				8,746
CASH AND CASH EQUIVALENTS, END OF YEAR				$	1,317			$	29,045

Saia, Inc. and Subsidiary
Financial Information
For the Quarters Ended December 31, 2011 and 2010
(Amounts in thousands)
(Unaudited)
													Fourth Quarter
				Fourth Quarter						%			Amount/Workday				%
				2011			2010			Change			2011		2010		Change
Workdays													61		61
Operating ratio				97.6	%		99.2	%
F/S Revenue		LTL		234,818			207,716			13.0			3,849.5		3,405.2		13.0
		TL		18,202			16,715			8.9			298.4		274.0		8.9
		Total		253,020			224,432			12.7			4,147.9		3,679.2		12.7
Revenue excluding		LTL		233,723			207,426			12.7			3,831.5		3,400.4		12.7
revenue recognition		TL		18,119			16,692			8.5			297.0		273.6		8.5
adjustment		Total		251,843			224,118			12.4			4,128.6		3,674.1		12.4
Tonnage		LTL		877			863			1.5			14.37		14.15		1.5
		TL		164			166			(1.2	)		2.69		2.73		(1.2	)
		Total		1,041			1,030			1.1			17.06		16.88		1.1
Shipments		LTL		1,517			1,536			(1.2	)		24.86		25.17		(1.2	)
		TL		23			24			(0.8	)		0.38		0.39		(0.8	)
		Total		1,540			1,559			(1.2	)		25.25		25.56		(1.2	)
Revenue/cwt.		LTL		13.33			12.01			11.0
		TL		5.51			5.02			9.9
		Total		12.10			10.88			11.1
Revenue/shipment		LTL		154.10			135.08			14.1
		TL		775.09			708.00			9.5
		Total		163.52			143.74			13.8
Pounds/shipment		LTL		1,156			1,124			2.8
		TL		14,060			14,110			(0.4	)
		Total		1,352			1,321			2.3