<PAGE> 1
FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
--------------------------
to
------------------
Commission File Number 0-23948
-----------------------------------------------------
BOYD BROS. TRANSPORTATION INC.
(Exact name of Registrant as specified in its charter)
Delaware 63-6006515
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
3275 Highway 30, Clayton, Alabama 36016
---------------------------------------
(Address of principal executive offices)
(Zip Code)
(334) 775-1400
--------------
(Registrant's telephone number, including area code)
Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) Yes [X] No [ ], and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of November 9, 1999.
Common Stock, $.001 Par Value 3,453,985
----------------------------- ---------
(Class) (Number of Shares)
<PAGE> 2
INDEX
<TABLE>
<CAPTION>
Page Number
<S> <C>
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets
September 30, 1999 and December 31, 1998 3
Condensed Consolidated Statements of Income
Three- and Nine-month Periods Ended September 30, 1999 and 1998 5
Condensed Consolidated Statements of Cash Flows
Nine-month Periods Ended September 30, 1999 and 1998 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures about Market Risk 10
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
</TABLE>
2
<PAGE> 3
BOYD BROS. TRANSPORTATION INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1998
---- ----
(UNAUDITED)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 948,344 $ 1,361,664
Marketable securities 250,000 250,000
Accounts receivable:
Trade and interline 14,106,217 12,735,168
Other 843,959 170,094
Current portion of net investment in sales-type lease 3,688,843 1,495,510
Inventories 393,142 263,943
Prepaid tire expense 767,933 838,900
Other prepaid expenses 3,092,463 2,059,490
Deferred income tax 694,091 644,712
----------- -----------
Total current assets 24,784,992 19,819,481
----------- -----------
PROPERTY AND EQUIPMENT:
Land and land improvements 2,263,326 2,262,486
Buildings 2,927,611 2,927,611
Revenue equipment 65,172,169 60,619,648
Other equipment 13,314,079 10,806,777
Leasehold improvements 377,831 339,994
----------- -----------
Total 84,055,016 76,956,516
Less accumulated depreciation and
amortization 28,381,357 28,265,861
----------- -----------
Property and equipment, net 55,673,659 48,690,655
----------- -----------
OTHER ASSETS:
Net investment in sales-type lease 9,834,276 4,120,787
Goodwill 4,012,984 4,235,422
Assets held for lease 1,352,642 --
Deposits and other assets 333,942 181,081
----------- -----------
Total other assets 15,533,844 8,537,290
----------- -----------
TOTAL $95,992,495 $77,047,426
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE> 4
BOYD BROS. TRANSPORTATION INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1998
---- ----
(UNAUDITED)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $11,694,726 $ 7,833,286
Accounts payable - trade and interline 5,942,183 1,648,537
Income taxes 634,620 1,686,502
Accrued liabilities:
Self-insurance claims 2,156,163 2,132,042
Salaries and wages 932,982 957,710
Other 1,776,671 1,200,642
----------- -----------
Total current liabilities 23,137,345 15,458,719
LONG-TERM DEBT 30,041,776 18,049,490
DEFERRED INCOME TAXES 11,128,339 10,677,510
----------- -----------
Total liabilities 64,307,460 44,185,719
----------- -----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value - 1,000,000
shares authorized; no shares issued and
outstanding
Common stock, $.001 par value - 10,000,000
shares authorized; 3,510,285
shares issued and
outstanding 3,498 4,070
Additional paid-in capital 12,629,618 16,864,622
Retained earnings 19,051,919 15,993,015
----------- -----------
Total stockholders' equity 31,685,035 32,861,707
----------- -----------
TOTAL $95,992,495 $77,047,426
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE> 5
BOYD BROS. TRANSPORTATION INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
1999 1998 1999 1998
---- ---- ---- ----
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 35,475,470 $ 30,255,895 $ 98,760,593 $ 88,479,598
OPERATING EXPENSES:
Salaries, wages and
employee benefits 8,929,944 9,271,197 26,516,395 27,730,414
Cost of independent contractors 12,595,138 8,000,644 33,293,004 23,758,406
Fuel 3,085,736 2,613,539 8,272,325 8,034,395
Operating supplies 3,120,624 2,937,056 8,368,203 8,020,965
Taxes and licenses 711,399 750,898 2,023,311 1,938,801
Insurance and claims 1,579,176 1,483,067 4,607,466 3,982,656
Communications and utilities 396,330 391,298 1,121,071 1,189,171
Depreciation and amortization 2,646,656 2,486,506 7,999,525 7,379,526
Gain on disposition of property
and equipment, net (333,516) (261,111) (1,429,419) (326,548)
Other 502,154 383,863 1,284,089 1,060,724
------------ ------------ ------------ ------------
Total operating expenses 33,233,641 28,056,957 92,055,970 82,768,510
------------ ------------ ------------ ------------
OPERATING INCOME 2,241,829 2,198,938 6,704,623 5,711,088
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSES):
Interest income 25,141 25,245 72,778 50,785
Interest expense (625,343) (363,960) (1,616,645) (1,141,728)
------------ ------------ ------------ ------------
Other expenses, net (600,202) (338,715) (1,543,867) (1,090,943)
------------ ------------ ------------ ------------
INCOME BEFORE PROVISION FOR
INCOME TAXES 1,641,627 1,860,223 5,160,756 4,620,145
PROVISION FOR INCOME TAXES 659,593 754,569 2,101,852 1,852,841
------------ ------------ ------------ ------------
NET INCOME $ 982,034 $ 1,105,654 $ 3,058,904 $ 2,767,304
============ ============ ============ ============
NET INCOME PER SHARE
(Basic and Diluted) $ 0.28 $ 0.27 $ 0.86 $ 0.68
============ ============ ============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 3,522,757 4,094,628 3,552,829 4,094,628
============ ============ ============ ============
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE> 6
BOYD BROS. TRANSPORTATION INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,
1999 1998
---- ----
(UNAUDITED)
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 3,058,904 $ 2,767,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 7,999,526 7,379,527
Net effect of sales-type leases on cost of independent contractors (1,286,443) (512,986)
Gain on disposal of property and equipment, net (1,429,419) (326,548)
Changes in assets and liabilities provided (used) cash:
Accounts receivable (2,044,914) (2,013,238)
Deferred income taxes 401,450 536,933
Deposits and other assets (1,244,066) (1,597,945)
Accounts payable - trade and interline 4,293,646 509,523
Accrued liabilities and other current liabilities (476,460) 1,462,325
------------ ------------
Net cash provided by operating activities 9,272,224 8,204,895
------------ ------------
INVESTING ACTIVITIES:
Purchase of short-term investments -- 250,000
Payments received on sales type leases 2,613,526 712,747
Capital expenditures:
Revenue equipment (26,282,562) (10,070,520)
Other equipment (2,439,556) --
Proceeds from disposals of property and equipment 4,804,898 989,963
------------ ------------
Net cash used in operating activities (21,303,694) (8,117,810)
------------ ------------
FINANCING ACTIVITIES:
Purchase of common stock (4,235,576) --
Proceeds under line of credit 1,500,000 --
Proceeds from long-term debt 19,803,989 9,292,748
Principal payments on long-term debt (5,450,263) (11,623,452)
------------ ------------
Net cash provided by (used in) financing activities 11,618,150 (2,330,704)
------------ ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (413,320) (2,243,619)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,361,664 3,417,174
------------ ------------
BALANCE AT END OF PERIOD $ 948,344 $ 1,173,555
============ ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid (received) during the year for:
Income taxes $ 2,662,230 $ 1,269,255
============ ============
Interest $ 1,439,503 $ 940,147
============ ============
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:
Net investment in sales-type leases $ 5,379,803 $ 3,866,065
============ ============
</TABLE>
See notes to condensed consolidated financial statements
6
<PAGE> 7
BOYD BROS. TRANSPORTATION INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited condensed
consolidated financial statements include all normal adjustments considered
necessary to present fairly the financial position of Boyd Bros. Transportation
Inc. and Subsidiary ("Boyd Bros." or the "Company") as of September 30, 1999,
and the results of operations for the three and nine-month periods ended
September 30, 1999 and 1998, and cash flows for the nine-month periods ended
September 30, 1999 and 1998. Interim results are not necessarily indicative of
results for a full year.
The condensed consolidated financial statements and notes are presented
as permitted by Form 10-Q, and do not contain certain information included in
the Company's audited consolidated financial statements and notes for the fiscal
year ended December 31,1998. These condensed consolidated financial statements
and notes should be read in conjunction with the summary of accounting policies
and notes to the financial statements included in the Company's Form 10-K for
the year ended December 31,1998.
2. FINANCIAL STATEMENTS
The condensed consolidated financial statements include the accounts of
Boyd Bros. and its wholly owned subsidiary, Welborn Transport, Inc. ("Welborn
Transport"). Boyd Bros. and Welborn Transport are referred to herein
collectively as the "Company." All significant intercompany balances,
transactions and stockholdings have been eliminated.
3. ENVIRONMENTAL MATTERS
The Company's operations are subject to certain federal, state and
local laws and regulations concerning the environment. Certain of the Company's
facilities are located in historically industrial areas, and therefore, there is
the possibility of environmental liability as a result of operations by prior
owners as well as the Company's use of fuels and underground storage tanks at
its regional service centers.
4. CAPITAL TRANSACTIONS
In January 1999, the Company repurchased 500,000 shares of its common
stock from one of its largest stockholders for $3,660,000. In February 1999, the
Company's Board of Directors authorized a program under which the Company may
purchase up to 600,000 shares of its common stock in open market or negotiated
transactions. Through September 30, 1999, the Company repurchased 72,000 shares
for $575,576 under this program.
5. ACCOUNTING STANDARDS NOT YET ADOPTED
In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for
Derivative Instruments and Hedging Activities, which is effective for fiscal
years beginning after June 15, 2000. It requires that an entity recognize all
derivative financial instruments as either assets or liabilities in the
statement of financial position and measure those instruments at fair value. The
Company is currently evaluating this statement and has not yet determined its
impact on the Company's financial statements.
6. RECLASSIFICATIONS
Certain reclassifications have been made to the 1998 consolidated
financial statements to conform to the 1999 presentation.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
The Company is a flatbed truckload carrier that operates throughout
most of the continental United States, hauling steel products and building
materials. In these markets, Boyd Bros. serves high-volume, time-sensitive
shippers that demand time-definite delivery.
Historically, the Company has owned its revenue equipment and operated
through employee-operators. The Company's expansion in the past, therefore, has
required significant capital expenditures, which Boyd Bros. has funded through
secured borrowings. During 1997, as a strategy to expand the Company's potential
for growth, the Company began adding owner/operators to its fleet. The Company
then accelerated the implementation of this strategy in December 1997 with the
acquisition of Welborn Transport which specializes in short-haul routes using a
largely owner/operator fleet.
RESULTS OF OPERATIONS
Operating revenues increased $5,219,575 or 17.3% for the three-month
period ended September 30, 1999 compared to the same period in 1998. The
increase is due to greater demand for the Company's services and an increase in
the number of trucks on the road. Additionally, revenue per truck increased due
to better utilization and reduced deadhead. Operating revenues increased
$10,280,995 or 11.6% for the nine-month period ended September 30, 1999 compared
to the same period in 1998. The increase is due to greater demand for the
Company's services. Additionally, revenue per truck increased due to better
utilization and reduced deadhead.
Total operating expenses increased $5,176,684 or 18.5% compared to the
third quarter of 1998. The operating ratio for the third quarter of 1999 was
93.7% compared to 92.7% for the same period in 1998. The increase in fuel for
the third quarter 1999 compared with the same period in 1998 accounted for the
greater percentage increase in the operating expenses.
Salaries, wages and employee benefits declined $341,253 or 3.7%
compared to the third quarter of 1998 due to the Company's continued emphasis on
expanding its owner/operator operations. As a percentage of operating revenues,
salaries, wages and employee benefits declined to 25.2% from 30.6% last year.
Cost of independent contractors, or owner/operators, increased $4,594,494 or
57.4% in the third quarter of 1998 as the Company increased its owner/operator
fleet to 546 power units in the third quarter of 1999 from 410 power units in
the third quarter of 1998. As a percentage of operating revenues, cost of
independent contractors increased to 35.5% from 26.4% last year. Fuel costs
increased $472,197 or 18.1% compared to the third quarter of 1998 due to higher
cost per gallon and a decrease in mileage efficiency. As a percentage of
operating revenues, fuel costs increased to 8.7% from 8.6% last year. Operating
supplies increased $183,568 or 6.3% compared to the third quarter of 1998 due to
the increase in tire costs and over-the-road maintenance costs. As a percentage
of operating revenues, operating supplies declined to 8.8% from 9.7% last year.
Taxes and licenses declined $39,499 or 5.3% compared to the third quarter of
1998 due to the increase in the owner/operator fleet. As a percentage of
operating revenues, taxes and licenses declined to 2.0% from 2.5% last year.
Insurance and claims increased $96,109 or 6.5% compared to the third quarter of
1998. Insurance and claims as a percentage of operating revenues declined to
4.5% from 4.9% last year. Communication and utilities increased $5,032 or 1.3%
compared to the third quarter of 1998 due to a re-negotiated contract with a
major telecommunications company and the implementation of an internal
monitoring program. As a percentage of operating revenues, communication and
utilities declined to 1.1% from 1.3% last year. Depreciation and amortization
expense increased $160,150 or 6.4% compared to the third quarter of 1998 due to
the increase in fleet size. As a percentage of operating revenues, depreciation
and amortization declined to 7.5% from 8.2% last year. Gain on disposition of
property and equipment, net increased $72,405 or 27.7% compared to the third
quarter of 1998 due to the Company's capital equipment replacement program. As a
percentage of operating revenues, gain on disposition of property, remained
unchanged from 0.9% last year. Other expense increased $118,291 or 30.8%
compared to the third quarter of 1998. As a percentage of operating revenues,
other expense increased to 1.4% from 1.3% last year.
8
<PAGE> 9
RESULTS OF OPERATIONS (CONTINUED)
Interest expense increased $261,383 or 71.8% compared to the third
quarter of 1998 due to an increase in debt incurred to finance revenue
equipment, much of which was subsequently leased to owner/operators. As a
percentage of operating revenues, interest expense increased to 1.8% from 1.2%.
Provision for income taxes declined $94,976 or 12.6% compared to the
third quarter of 1998. As a percentage of pre-tax income, provision for income
taxes decreased to 40.2% from 40.6% last year.
Total operating expenses for the year-to-date period ended September
30, 1999 increased $9,287,460 or 11.2% compared to the same period last year.
The operating ratio year to date through September 30, 1999 was 93.2% compared
to 93.5% for the same period last year. Operating supplies increased $347,238 or
4.3% compared to the same period last year due to an increase in over-the-road
maintenance, tire costs, and also training costs. However, operating supplies
costs declined as a percentage of operating revenues to 8.5% from 9.1% last
year. Gain on disposition of property and equipment, net increased $1,102,871 or
337.7% compared to the same period last year due to the ongoing replacement of
revenue equipment.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary cash requirements are for capital expenditures
and operating expenses, including labor costs, fuel costs and operating
supplies. Historically, the Company's primary sources of cash have been
continuing operations, bank borrowings and the issuance of common stock of the
Company.
Accounts receivable, trade and interline at September 30, 1999
increased $1,371,049 or 10.8%. This represented 14.7% of total assets at
September 30, 1999 versus 16.5% of total assets at December 31, 1998. The
increase was due to the higher sales volume and did not represent a change in
uncollectible accounts. The days of revenue in accounts receivable trade and
interline for the period ended September 30, 1999 were 39.0 compared to 35.2 for
the same period in 1998. The Company has not recognized any significant bad debt
expense in any of the periods represented relating to trade receivables. The
Company does reserve for bad debts that are related to the sales-type leases.
Bad debt expense on sales-type leases for the quarter ended September 30, 1999
was $532,924 and for the nine months ended was $1,306,318.
Net cash flow provided by operating activities was $9,272,224 during
the first nine months of 1999 compared to $8,204,895 during the same period for
1998. The Company had a working capital surplus of $1,647,647 at September 30,
1999.
The Company's bank debt bears interest ranging from LIBOR plus 1.00% to
LIBOR plus 1.50%, all payable in monthly installments with maturities through
May 2004. The bank debt is collateralized by revenue equipment. The Company also
has two lines of credit with limits of $1,750,000 and $1,500,000, respectively,
bearing interest at the bank's 30-day LIBOR rate plus 1.25%. As of September 30,
1999, the Company had no outstanding borrowings on its line of credit.
During 1999, Management anticipates purchasing 295 tractors while
trading 250 tractors, resulting in net adds of 45 tractors. Also, during 1999,
Management anticipates purchasing 447 trailers while trading 382 trailers,
resulting in net adds of 65 trailers. The net cost for the tractor and trailer
replacement will be approximately $27,337,700. Management expects to continue
financing such equipment purchases through equipment financing arrangements with
various lenders. The Company is in full compliance with all of its debt
covenants as of September 30,1999.
As of September 30,1999, the Company believes that the availability of
credit under both lines of credit and internally generated cash will be adequate
to finance its operations and anticipated capital expenditures through fiscal
year 1999.
9
<PAGE> 10
YEAR 2000 COMPLIANCE
State of Readiness- The Company is in the process of performing a
comprehensive program to address its Year 2000 issues. The overall program
includes six phases: (1) inventorying Year 2000 items; (2) assigning priorities
to identified items; (3) assessing the Year 2000 compliance of items determined
to be material to the Company; (4) replacing or updating material items
determined not to be Year 2000 compliant; (5) testing material items; and (6)
designing and implementing contingency and business continuation plans.
The Company has grouped its information technology (IT)-Systems and
Non-IT Systems into two categories, mission-critical and support-secondary. The
mission-critical group includes the IT-Systems and Non-IT Systems that are
necessary to execute the Company's basic functions of hauling freight via the
Company's flatbed trucks. The Company has formed a committee to address both the
mission critical and support secondary categories.
Each of the mission-critical and support-secondary groups has
inventoried Year 2000 items and assigned priorities to identified items.
The mission-critical group has determined items material to the Company
and either has replaced or updated these items. As of September 30, 1999, the
testing of mission-critical items that were replaced or updated is 100%
complete. Based on information provided to the Company by Qualcomm, the
Company's supplier of IT-Systems and software that is used to track and
communicate with the fleet, the Company believes that all systems provided to it
by Qualcomm are Year 2000 compliant. The committee addressing secondary items
(systems that increase efficiencies but are not necessary for the provision of
services or the receipt of payment), has completed assessment of Year 2000
compliance. As of September 30, 1999, the support secondary group is 90%
complete as to replacing and updating these items, and is expected to be
completed by the end of the fourth quarter of 1999. The testing is ongoing as
the items are replaced or updated.
Contingency and Business Continuation Plan- The Company has not
developed a contingency plan, but such a plan is scheduled to be completed by
the end of the fourth quarter of 1999.
Risks and Reasonably Likely Worst Case Scenarios- As part of the
Company's comprehensive review, it is continuing to identify and verify the Year
2000 readiness of third parties (vendors and customers) with whom the Company
has material relationships. At present, the Company is not able to determine the
effect on results of operations, liquidity and financial condition in the event
the Company's material vendors and customers are not Year 2000 compliant. The
Company will continue to monitor the progress of its material vendors and
customers and formulate a contingency plan at that point in time when it does
not believe that a material vendor or customer will be compliant.
Costs- The Company expects to spend approximately $105,000 in
connection with the Year 2000 remediation. The Company is still evaluating all
necessary purchases, but as of September 30, 1999 the Company has spent $97,000.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is exposed to interest rate risk due to its long-term debt,
which at September 30, 1999 bore interest rates ranging from 1.00% to 1.50%
above the bank's LIBOR rate. Under the provisions of Statement of Financial
Accounting Standards ("SFAS") No. 107, Disclosures about Fair Value of Financial
Instruments, the Company has estimated the fair value of its long-term debt
approximates its carrying value, using a discounted cash flow analysis based on
borrowing rates available to the Company. The effect of a hypothetical 10%
increase in interest rates would increase the estimated fair value of the
Company's long-term debt by approximately $725,000. Management believes that
current working capital funds are sufficient to offset any adverse effects
caused by changes in the interest rates.
10
<PAGE> 11
PART II. OTHER INFORMATION.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial data schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter
ended September 30, 1999.
11
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Boyd Bros. Transportation Inc.
(Registrant)
Date: November 15, 1999 /s/ Richard C. Bailey
---------------------
Richard C. Bailey, Chief Financial Officer
(Principal Accounting Officer)
12
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 948,344
<SECURITIES> 250,000
<RECEIVABLES> 14,950,176
<ALLOWANCES> 0
<INVENTORY> 393,142
<CURRENT-ASSETS> 24,784,992
<PP&E> 84,055,016
<DEPRECIATION> 28,381,357
<TOTAL-ASSETS> 95,992,495
<CURRENT-LIABILITIES> 23,137,345
<BONDS> 0
0
0
<COMMON> 3,498
<OTHER-SE> 31,681,537
<TOTAL-LIABILITY-AND-EQUITY> 95,992,495
<SALES> 98,760,593
<TOTAL-REVENUES> 98,760,593
<CGS> 0
<TOTAL-COSTS> 92,055,970
<OTHER-EXPENSES> (72,778)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,616,645
<INCOME-PRETAX> 5,160,756
<INCOME-TAX> 2,101,852
<INCOME-CONTINUING> 3,058,904
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,058,904
<EPS-BASIC> .86
<EPS-DILUTED> .86
</TABLE>
