Saia Reports Third Quarter Earnings per Share of $0.51

JOHNS CREEK, GA--(Marketwired - Oct 30, 2013) -  Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics services, today reported improved third quarter 2013 results driven by effective revenue management and operational efficiencies. All prior period share and per share data in this release have been adjusted to reflect the Company's June 2013 three for two stock split.

Third Quarter 2013 Compared to Third Quarter 2012 Results

• Revenues were $293 million, an increase of 5.4 percent
• Operating income increased 34 percent to $21.9 million compared to $16.4 million
• Earnings per share were $0.51 compared to $0.37
• Operating ratio was 92.5 compared to 94.1
• LTL tonnage per workday decreased 0.1 percent as LTL shipments per workday were up 0.6 percent with a 0.7 percent decrease in weight per shipment
• LTL yield was up 3.8 percent

"Saia continues to advance our value proposition in the marketplace through investments in quality and the consistent, superior customer service we provide. These efforts have fueled another quarter of meaningful yield increase which combined with efficiency initiatives led us to a 37% increase in earnings per share," said Saia President and Chief Executive Officer Rick O'Dell.

"The infusion of new equipment into our network and our planned industrial engineering initiatives are continuing to result in cost reductions, particularly in linehaul miles driven and fuel efficiency. The quarter did include increased wage, health care and depreciation expense due to investments in employees, equipment and technology to support customer satisfaction. Saia's dedicated employees provided 98% on-time service for the eighth consecutive quarter and quality initiatives further reduced our cargo claim ratio. I believe the Company's strong balance sheet, effective revenue management and demonstrated operational excellence provide a solid foundation for additional progress as we move forward," O'Dell concluded.

Year to Date 2013 Compared to Year to Date 2012 Results

• Revenues were $859 million compared to $834 million
• Operating income was $59.7 million compared to $48.7 million
• Net income was $35.6 million compared to $26.6 million
• Earnings per share were $1.41 compared to $1.07
• Operating ratio was 93.1 compared to 94.2

Financial Position and Capital Expenditures
Total debt was $91.5 million at September 30, 2013. Net of the Company's $4.1 million cash balance at quarter-end, net debt to total capital was 22.9 percent. This compares to total debt of $81.2 million and net debt to total capital of 24.5 percent in the prior year quarter.

Net capital expenditures for the first nine months of 2013 were $97.7 million. This compares to $79.3 million in the prior year period. The Company is now planning net capital expenditures in 2013 of approximately $115 million. This expenditure includes a significant investment in tractors and trailers to reduce the average age of our fleet and the Company's continued investment in technology.

Conference Call
Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-417-8533 or 719-457-2085 referencing conference ID #6722348. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the company web site at www.saiacorp.com. A replay of the call will be offered two hours after the completion of the call through November 5, 2013 at 2:00 p.m. Eastern Time. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 147 terminals in 34 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.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; integration risks; 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 Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
				September 30,				December 31,
				2013				2012
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents			$	4,060			$	321
	Accounts receivable, net				127,542				106,814
	Prepaid expenses and other				37,551				37,028
		Total current assets			169,153				144,163
PROPERTY AND EQUIPMENT:
	Cost				787,677				718,527
	Less: accumulated depreciation				365,798				356,823
		Net property and equipment			421,879				361,704
OTHER ASSETS					14,643				13,821
		Total assets		$	605,675			$	519,688
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Accounts payable			$	48,974			$	43,706
	Wages and employees' benefits				35,338				30,842
	Other current liabilities				44,286				44,609
	Current portion of long-term debt				14,643				22,143
		Total current liabilities			143,241				141,300
OTHER LIABILITIES:
	Long-term debt, less current portion				76,863				38,562
	Deferred income taxes				59,514				55,611
	Claims, insurance and other				31,215				29,696
		Total other liabilities			167,592				123,869
STOCKHOLDERS' EQUITY:
	Common stock				24				24
	Additional paid-in capital				211,762				206,969
	Deferred compensation trust				(2,246	)			(2,213	)
	Retained earnings				85,302				49,739
	Total stockholders' equity				294,842				254,519
		Total liabilities and stockholders' equity		$	605,675			$	519,688

Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Nine Months Ended September 30, 2013 and 2012
(Amounts in thousands, except per share data)
(Unaudited)
				Third Quarter								Nine Months
				2013				2012				2013				2012
OPERATING REVENUE				$	293,087			$	278,024			$	859,439			$	834,252
OPERATING EXPENSES:
	Salaries, wages and employees' benefits				147,305				138,532				428,468				410,471
	Purchased transportation				18,914				18,810				55,023				59,171
	Fuel, operating expenses and supplies				75,803				76,461				232,959				233,212
	Operating taxes and licenses				9,074				9,445				27,983				29,061
	Claims and insurance				6,607				6,133				18,085				18,409
	Depreciation and amortization				13,745				12,315				37,765				35,681
	Operating gains, net				(296	)			(88	)			(570	)			(409	)
		Total operating expenses			271,152				261,608				799,713				785,596
OPERATING INCOME					21,935				16,416				59,726				48,656
NONOPERATING EXPENSES:
	Interest expense				1,760				1,941				4,906				6,100
	Other, net				(85	)			(44	)			(180	)			(142	)
		Nonoperating expenses, net			1,675				1,897				4,726				5,958
INCOME BEFORE INCOME TAXES					20,260				14,519				55,000				42,698
Income tax expense					7,352				5,263				19,437				16,056
NET INCOME				$	12,908			$	9,256			$	35,563			$	26,642
Average common shares outstanding - basic					24,220				23,850				24,123				23,810
Average common shares outstanding - diluted					25,269				24,863				25,173				24,794
Basic earnings per share				$	0.53			$	0.39			$	1.47			$	1.12
Diluted earnings per share				$	0.51			$	0.37			$	1.41			$	1.07

Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2013 and 2012
(Amounts in thousands)
(Unaudited)
				Nine Months
				2013				2012
OPERATING ACTIVITIES:
Net cash provided by operating activities				$	67,557			$	77,425
		Net cash provided by operating activities			67,557				77,425
INVESTING ACTIVITIES:
	Acquisition of property and equipment				(100,799	)			(81,888	)
	Proceeds from disposal of property and equipment				3,058				2,609
	Acquisition, net of cash				-				(7,616	)
		Net cash used in investing activities			(97,741	)			(86,895	)
FINANCING ACTIVITIES:
	Repayment of long-term debt				(11,071	)			(11,071	)
	Borrowings of revolving credit agreement, net				41,872				19,391
	Proceeds from stock option exercises				3,708				637
	Other financing activities				(586	)			-
		Net cash provided by financing activities			33,923				8,957
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					3,739				(513	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD					321				1,317
CASH AND CASH EQUIVALENTS, END OF PERIOD				$	4,060			$	804

Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended September 30, 2013 and 2012
(Unaudited)
												Third Quarter
				Third Quarter						%		Amount/Workday				%
				2013			2012			Change		2013		2012		Change
Workdays												64		63
Operating Ratio (1)					92.5	%		94.1	%
Tonnage (2)		LTL			932			918		1.5		14.56		14.57		(0.1	)
		TL			178			176		1.1		2.78		2.79		(0.4	)
Shipments (2)		LTL			1,608			1,574		2.2		25.13		24.98		0.6
		TL			26			25		2.4		0.40		0.40		0.8
Revenue/cwt. (3)		LTL		$	14.54		$	14.00		3.8
		TL		$	5.89		$	5.71		3.2
Revenue/shipment (3)		LTL		$	168.43		$	163.32		3.1
		TL		$	808.48		$	793.48		1.9
Pounds/shipment		LTL			1,159			1,167		(0.7	)
		TL			13,719			13,896		(1.3	)
Length of Haul					742			727		2.0

(1)	The operating ratio is the calculation of operating expenses divided by operating revenue.
(2)	In thousands
(3)	Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue.