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SCS Transportation

SCS Transportation (Up 158.4%) Announces 89% Increase In EPS for 1st Quarter of 2004

04/23/2004 How SCS Transportation has performed for us: +158.4% in 16 months (101.4% annualized). On Wednesday the company reported that earnings per share in the first quarter increased by 89% and net income increased 97%. Excerpts from the company's earnings release follows:

KANSAS CITY, Mo.--(BUSINESS WIRE)--April 21, 2004--SCS Transportation, Inc. (NASDAQ: SCST - News) today announced earnings per share of $0.17 for the first quarter of 2004, up 89 percent from $0.09 in the first quarter of 2003. Net income was $2.6 million in the quarter, a 97 percent increase from approximately $1.3 million in the first quarter of 2003. Results for the current quarter included $1.0 million, or $0.04 per share, in integration charges relating to the company's recent acquisition. First-quarter revenues were $225.3 million, up 12.6 percent from $200.1 million a year earlier.

"We are encouraged by this strong start to 2004," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "In addition to growing revenues and improving first-quarter profitability, the integration of Clark Bros. Transfer, Inc., which we acquired in February, remains on track. This acquisition expands the Saia service area to 30 states, now including the Midwest and Plains regions."

Consolidated first-quarter operating income was $6.8 million, an increase of 50 percent from $4.5 million a year earlier. These results include $0.4 million in higher than planned equity-based compensation charges resulting from the 24 percent increase in our stock price during the first quarter. The results also include integration charges of $1.0 million associated with the Clark Bros. acquisition. These integration charges were entirely offset by operating income generated by the Clark Bros. operation during the second half of the first quarter. The consolidated performance improvement reflects actions by SCS Transportation to increase operational efficiency and enhance revenues, as well as an improving economy. In addition, the first quarter of 2003 was more adversely effected by winter weather and contained one less work day than the current year quarter.

Outlook

"Our growth initiatives and operational improvements position SCS Transportation well for the economic upturn we're seeing in 2004. Additionally, customers are embracing Saia's expansion into the Midwest and Plains, which we believe will provide revenue synergy benefits in the second half of 2004," Trucksess said.

Updating its forward-looking guidance, management now expects full-year 2004 earnings per share in a range of $1.40 to $1.48 including $2.1 million of integration charges. For the second quarter of 2004, the company expects earnings per share in the range of $0.32 to $0.38 including $1.1 million of integration charges.

SCS Transportation, Inc. (NASDAQ: SCST - News) provides trucking transportation and supply chain solutions to a broad base of customers across the United States. With 2003 revenues of $827 million, the company focuses on regional and interregional less-than-truckload (LTL) and selected truckload (TL) services. Operating subsidiaries are Saia, a multi-region LTL carrier based in Duluth, Ga., and Jevic, a hybrid LTL and truckload carrier based in Delanco, N.J. Headquartered in Kansas City, Mo., SCST has approximately 8,300 employees nationwide.

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," "plan," "predict," "believe" and similar words or expressions are intended to identify forward-looking statements. We use such forward-looking statements regarding our future financial condition and results of operations and our business operations in this release. All forward-looking statements reflect the present expectation of future events of our management 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 the forward-looking statements. These factors and risks include, but are not limited to, general economic conditions; labor relations; cost and availability of qualified drivers; governmental regulations, including but not limited to Hours of Service, engine emissions and Homeland Security; cost and availability of fuel; inclement weather; integration risks; competitive initiatives and pricing pressures; self-insurance claims and other expense volatility; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings.

SCS Transportation Investor Contact:
Greg Drown
SCS Transportation, Inc.
816-714-5906
gdrown@scstransportation.com
SCS Transportation Media Contact:
Dick Johnson
Johnson Strategic Communications Inc.
913-649-8885
dick@johnsonstrategic.com

The company's complete press release can be found at www.scstransportation.com

Source: SCS Transportation, Inc.

 




 

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