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SCS Transportation

SCS Transportation (Up 146.4%) Announces 29% Increase in Full-Year Net Income

01/29/2005 How SCS Transportation has performed for us: +146.4% in 24 months. On Tuesday, the company reported that net income for the year increased by 29%. Excerpts from the company's earnings release follows:

KANSAS CITY, Mo.--Jan. 25, 2005--SCS Transportation, Inc. (SCST) today reported full-year 2004 revenue of $982.3 million, up 19 percent from $827.4 million in 2003. Net income increased 29 percent to $19.3 million for 2004, compared with $14.9 million in 2003. Earnings per share for 2004 were $1.26, up 27 percent from $0.99 per share the previous year.

Results for 2004 include costs of $0.08 per share related to Saia's first-half acquisition of Clark Bros., Inc. and previously announced charges for an increase in the actuarially estimated liability of Jevic workers' compensation claims, of which $0.18 per share related to prior-year claims. In addition, 2004 results benefited by $0.12 per share from the sale of assets.

"Our most significant strategic event in 2004 was the successful acquisition by Saia of trucking operations in the Midwest and Plains States -- expanding the Saia service area for customers and adding to earnings in the first year of the integration," said Bert Trucksess, chairman, president and chief executive officer.

"We are also pleased to report continued strong growth in core operating profitability in our second full year as an independent public company. We are optimistic about prospects for 2005, as we expect ongoing improvement from company-specific initiatives, as well as favorable industry supply-demand fundamentals," added Trucksess.

Fourth-quarter revenue was $251.9 million, up 21 percent from $207.5 million a year earlier. Net income of $4.6 million and earnings per share of $0.30 were both unchanged from the fourth quarter of 2003. Fourth-quarter 2004 results reflect the previously announced $0.15 per share charge for an increase in the actuarially estimated liability of workers' compensation claims at Jevic. In addition, the fourth quarter of 2004 benefited from a reduction in income taxes related to the favorable resolution of various tax matters of $0.04 per share, compared to a similar $0.06 per share benefit in the fourth quarter of 2003.

Outlook and Financial Position

Based on current trends and conditions, management expects 2005 earnings per share in a range of $1.65 to $1.80.

The Company is planning for net capital expenditures of approximately $60 million in 2005 and is evaluating several strategic real estate opportunities within existing geography that could add up to $25 million. In 2004, net capital expenditures were $56 million.

SCS Transportation ended 2004 financially strong with a debt to total capital ratio of 37 percent, down from 38 percent at December 31, 2003. The Company's 2004 Clark acquisition, as well as its 2004 capital expenditures, were substantially funded from cash and cash flows from operations.

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.

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

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

Source: SCS Transportation, Inc.

 




 

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