Saia Reports Record First Quarter Earnings per Share of $0.49

JOHNS CREEK, GA--(Marketwired - Apr 29, 2015) - Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload and logistics services, today reported first quarter 2015 results.

First Quarter 2015 Compared to First Quarter 2014 Results

• Revenues were $293 million, a 2.2% decrease
• Operating income increased 39% to $21.2 million compared to $15.2 million
• Diluted earnings per share were $0.49 compared to $0.34
• Operating ratio improved to 92.8 compared to 94.9
• LTL tonnage decreased 6.6% as LTL shipments were down 2.8%
• LTL revenue per hundredweight increased by 4.6% even with materially lower fuel surcharges

"Despite a first quarter that was more sluggish than typical, I am pleased to report that our focus on pricing, safety, network optimization and service enabled us to post significantly improved financial results. Difficult year over year shipment and tonnage comparisons were further challenged by winter weather, softness in the oil patch and our continued optimization of pricing programs," said Saia President and Chief Executive Officer, Rick O'Dell.

"Our value proposition led to strong yield improvements and a better customer mix which were key to our achieving a record low first quarter operating ratio. Amidst seasonally improving demand trends and positive operational momentum, we look forward to the remainder of the year," O'Dell added.

Financial Position and Capital Expenditures
Total debt was $107.6 million at March 31, 2015 and net debt to total capital was 22.1%. This compares to total debt of $79.7 million and net debt to total capital of 20.0% at March 31, 2014.

Net capital expenditures in the first quarter were $33.2 million including equipment acquired with capital leases. This compares to $8.2 million spent in the first quarter of 2014. The Company currently plans net capital expenditures in 2015 of approximately $125 million.

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 888-510-1786 or 719-325-2315 referencing conference ID #3672683. 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 May 5, 2015 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; failure to achieve acquisition synergies; competitive initiatives and pricing pressures, including in connection with fuel surcharge; loss of significant customers; 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; 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; cyber security risks; 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; social media risk; 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)
				March 31,				December 31,
				2015				2014
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents			$	196			$	4,367
	Accounts receivable, net				140,330				128,367
	Prepaid expenses and other				55,492				56,902
		Total current assets			196,018				189,636
PROPERTY AND EQUIPMENT:
	Cost				924,466				891,145
	Less: accumulated depreciation				417,271				407,505
		Net property and equipment			507,195				483,640
OTHER ASSETS					36,310				13,169
		Total assets		$	739,523			$	686,445
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Accounts payable			$	57,346			$	42,388
	Wages and employees' benefits				33,187				28,777
	Other current liabilities				46,948				50,176
	Current portion of long-term debt				9,560				9,138
		Total current liabilities			147,041				130,479
OTHER LIABILITIES:
	Long-term debt, less current portion				98,076				73,897
	Deferred income taxes				76,853				78,406
	Claims, insurance and other				38,300				36,757
		Total other liabilities			213,229				189,060
STOCKHOLDERS' EQUITY:
	Common stock				25				25
	Additional paid-in capital				223,846				223,713
	Deferred compensation trust				(2,580	)			(2,189	)
	Retained earnings				157,962				145,357
		Total stockholders' equity			379,253				366,906
		Total liabilities and stockholders' equity		$	739,523			$	686,445

Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters Ended March 31, 2015 and 2014
(Amounts in thousands, except per share data)
(Unaudited)
				First Quarter
				2015				2014
OPERATING REVENUE				$	293,022			$	299,730
OPERATING EXPENSES:
	Salaries, wages and employees' benefits				157,729				150,222
	Purchased transportation				17,714				21,991
	Fuel, operating expenses and supplies				67,145				79,959
	Operating taxes and licenses				9,096				8,975
	Claims and insurance				4,837				9,518
	Depreciation and amortization				15,199				13,841
	Operating loss (gains), net				69				(7	)
		Total operating expenses			271,789				284,499
OPERATING INCOME					21,233				15,231
NONOPERATING EXPENSES:
	Interest expense				1,019				1,316
	Other, net				(51	)			(30	)
		Nonoperating expenses, net			968				1,286
INCOME BEFORE INCOME TAXES					20,265				13,945
Income tax expense					7,660				5,369
NET INCOME				$	12,605			$	8,576
Average common shares outstanding - basic					24,803				24,382
Average common shares outstanding - diluted					25,513				25,361
Basic earnings per share				$	0.51			$	0.35
Diluted earnings per share				$	0.49			$	0.34

Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Quarters Ended March 31, 2015 and 2014
(Amounts in thousands)
(Unaudited)
				Quarters
				2015				2014
OPERATING ACTIVITIES:
Net cash provided by operating activities				$	26,160			$	4,119
		Net cash provided by operating activities			26,160				4,119
INVESTING ACTIVITIES:
Acquisition of business					(23,080	)			-
Acquisition of property and equipment					(30,064	)			(8,379	)
Proceeds from disposal of property and equipment					294				156
		Net cash used in investing activities			(52,850	)			(8,223	)
FINANCING ACTIVITIES:
Borrowings of revolving credit agreement, net					21,577				2,831
Proceeds from stock option exercises					1,842				1,956
Other financing activities					(900	)			-
		Net cash provided by financing activities			22,519				4,787
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					(4,171	)			683
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD					4,367				159
CASH AND CASH EQUIVALENTS, END OF PERIOD				$	196			$	842
NON-CASH ITEMS:
	Acquisition of property and equipment financed with capital leases			$	3,471			$	-

Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended March 31, 2015 and 2014
(Unaudited)
															First Quarter
				First Quarter								%			Amount/Workday				%
				2015				2014				Change			2015		2014		Change
Workdays															63		63
Operating ratio					92.8	%			94.9	%
Tonnage (1)		LTL			884				947			(6.6	)		14.04		15.04		(6.6	)
		TL			188				216			(13.0	)		2.98		3.42		(13.0	)
Shipments (1)		LTL			1,542				1,586			(2.8	)		24.47		25.18		(2.8	)
		TL			27				31			(13.0	)		0.42		0.49		(13.0	)
Revenue/cwt. (2)		LTL		$	15.17			$	14.51			4.6
		TL		$	5.89			$	5.71			3.3
Revenue/shipment (2)		LTL		$	174.12			$	173.28			0.5
		TL		$	828.54			$	801.82			3.3
Pounds/shipment		LTL			1,147				1,195			(3.9	)
		TL			14,061				14,051			0.1
Length of Haul					773				753			2.7

(1)		In thousands
(2)		Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue.