Smithway Motor Xpress Corp. Reports First Quarter Results

Apr 26, 2001, 01:00 ET from Smithway Motor Xpress Corp.

    FORT DODGE, Iowa, April 26 /PRNewswire/ --
     Smithway Motor Xpress Corp. (Nasdaq:   SMXC) announced today financial and
 operating results for the first quarter ended March 31, 2001.  For the first
 quarter, operating revenue decreased 6.6% to $47.4 million from $50.7 million
 during the same quarter in 2000.  Net loss was $1.3 million, or ($.26) per
 basic and diluted share, compared with net earnings of $238,000, or $.05 per
 basic and diluted share, during the 2000 quarter.
     Chairman, President, and Chief Executive Officer William G. Smith stated,
 "The slowing economy and the worst winter in many years were the main factors
 that affected Smithway's profitability during the first quarter, along with
 many other companies in our industry.  Soft freight demand caused a
 combination of fewer loads, rate pressure, higher non-revenue miles, and more
 layovers.  Our trucks were chasing freight throughout the quarter, and average
 revenue per tractor per week dropped $130, to $2,193 from $2,323 during the
 2000 quarter.  The harsh winter added to the problem, increasing fuel, towing,
 and repair expense, making deliveries difficult, and further slowing the
 activity of customers in our core building materials group.  In addition,
 increased engine idling because of the cold weather and higher non-revenue
 miles reduced the overall effect of our fuel surcharges.  All in all, we are
 experiencing one of the most challenging trucking environments I can remember.
 These challenges continue in the second quarter of 2001.
     "As much as the current trucking environment has impacted Smithway, it has
 hit many of our competitors even harder.  Some have gone out of business and
 more will follow.  We believe Smithway has received some benefit from the
 shakeout, as we have experienced record driver orientation classes and our
 tractor fleet is practically fully seated with drivers for the first time in
 several years.  When the economy improves and industry-wide truck capacity
 comes back in line with demand, we expect better production and pricing will
 follow.  In the meantime we intend to focus on controlling costs, finding the
 best available freight, and minimizing capital expenditures."
     Smithway is a truckload carrier that hauls diversified freight nationwide,
 concentrating primarily on the flatbed segment of the truckload market.  Its
 Class A Common Stock is traded on the Nasdaq National Market under the symbol
 "SMXC."
 
     This press release and statements made by the Company in reports to its
 stockholders and public filings, as well as oral public statements by Company
 representatives, may contain certain forward-looking information that is
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those projected.  Without limitation, these risks and
 uncertainties include economic recessions or downturns in customers' business
 cycles, excessive increases in capacity within truckload markets, decreased
 demand for transportation services offered by the Company, rapid inflation,
 fuel prices and fuel hedging, increases in interest rates, the availability
 and compensation of qualified drivers and owner-operators, the resale value of
 used equipment, and the ability to negotiate, consummate, and integrate
 acquisitions.  Readers should review and consider the various disclosures made
 by the Company in this press release and in its reports to stockholders and
 periodic reports on Forms 10-K and 10-Q.
 
 
                  SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
      (Dollars in thousands, except share and per share data and operating
                                  statistics)
 
                                                       Three months ended
                                                             March 31,
                                                      2000              2001
        Operating revenue:
           Freight                                  $50,579           $47,230
           Other                                        169               149
              Operating revenue                      50,748            47,379
        Operating expenses:
           Purchased transportation                  19,974            17,579
           Compensation and employee
            benefits                                 13,309            13,360
           Fuel, supplies, and maintenance            7,264             8,615
           Insurance and claims                         798               984
           Taxes and licenses                           918               886
           General and administrative                 1,891             1,989
           Communications and utilities                 526               561
           Depreciation and amortization              4,549             4,532
              Total operating expenses               49,229            48,506
              Earnings from operations                1,519            (1,127)
 
        Financial (expense) income:
           Interest expense                          (1,015)             (860)
           Interest income                               17                12
              Earnings before income taxes              521            (1,975)
           Income taxes                                 283              (687)
              Net earnings                             $238           ($1,288)
 
        Basic and diluted earnings per
         share                                        $0.05            ($0.26)
 
        Basic weighted average common
         shares outstanding                       5,020,464         4,875,503
        Diluted weighted average common
         shares outstanding                       5,020,464         4,875,503
 
 
           Operating Statistics                       Three months ended
                                                           March 31,
                                                    2000              2001
 
           Operating ratio                           97.0%            102.4%
           Average revenue per tractor per
            week                                   $2,323 *          $2,193 *
           Average length of haul in miles            682               756
           Average revenue per loaded mile          $1.33 *           $1.31 *
           Ending company tractors                    860               935
           Ending owner/operators tractors            672               667
           Ending trailers                          2,791             2,805
           Weighted average tractors                1,538             1,501
 
     * excludes fuel surcharge
 
 
                  SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
 
                                                   December 31,       March 31,
                                                      2000              2001
                                                                    (Unaudited)
       ASSETS
          Current assets:
             Cash and cash equivalents                 $349              $795
             Receivables, net                        19,159            21,975
             Inventories                              1,586             1,601
             Prepaid expenses and other               2,454             3,402
                Total current assets                 23,548            27,773
 
          Property and equipment                    136,180           138,995
          Less accumulated depreciation              49,432            53,538
             Net property and equipment              86,748            85,457
 
          Other assets                                5,532             5,650
 
       Total assets                                $115,828          $118,880
 
       LIABILITIES AND STOCKHOLDERS'
        EQUITY
          Current liabilities:
             Current debt                            $8,636            $9,687
             Accounts payable and accrued
              expenses                               11,612            13,685
                Total current liabilities            20,248            23,372
 
          Long-term debt                             43,698            45,694
          Deferred income taxes                      14,649            14,011
 
       Total liabilities                             78,595            83,077
 
          Stockholders' equity                       37,233            35,803
 
       Total liabilities and stockholders'
        equity                                     $115,828          $118,880
 
                      MAKE YOUR OPINION COUNT - Click Here
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SOURCE Smithway Motor Xpress Corp.
    FORT DODGE, Iowa, April 26 /PRNewswire/ --
     Smithway Motor Xpress Corp. (Nasdaq:   SMXC) announced today financial and
 operating results for the first quarter ended March 31, 2001.  For the first
 quarter, operating revenue decreased 6.6% to $47.4 million from $50.7 million
 during the same quarter in 2000.  Net loss was $1.3 million, or ($.26) per
 basic and diluted share, compared with net earnings of $238,000, or $.05 per
 basic and diluted share, during the 2000 quarter.
     Chairman, President, and Chief Executive Officer William G. Smith stated,
 "The slowing economy and the worst winter in many years were the main factors
 that affected Smithway's profitability during the first quarter, along with
 many other companies in our industry.  Soft freight demand caused a
 combination of fewer loads, rate pressure, higher non-revenue miles, and more
 layovers.  Our trucks were chasing freight throughout the quarter, and average
 revenue per tractor per week dropped $130, to $2,193 from $2,323 during the
 2000 quarter.  The harsh winter added to the problem, increasing fuel, towing,
 and repair expense, making deliveries difficult, and further slowing the
 activity of customers in our core building materials group.  In addition,
 increased engine idling because of the cold weather and higher non-revenue
 miles reduced the overall effect of our fuel surcharges.  All in all, we are
 experiencing one of the most challenging trucking environments I can remember.
 These challenges continue in the second quarter of 2001.
     "As much as the current trucking environment has impacted Smithway, it has
 hit many of our competitors even harder.  Some have gone out of business and
 more will follow.  We believe Smithway has received some benefit from the
 shakeout, as we have experienced record driver orientation classes and our
 tractor fleet is practically fully seated with drivers for the first time in
 several years.  When the economy improves and industry-wide truck capacity
 comes back in line with demand, we expect better production and pricing will
 follow.  In the meantime we intend to focus on controlling costs, finding the
 best available freight, and minimizing capital expenditures."
     Smithway is a truckload carrier that hauls diversified freight nationwide,
 concentrating primarily on the flatbed segment of the truckload market.  Its
 Class A Common Stock is traded on the Nasdaq National Market under the symbol
 "SMXC."
 
     This press release and statements made by the Company in reports to its
 stockholders and public filings, as well as oral public statements by Company
 representatives, may contain certain forward-looking information that is
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those projected.  Without limitation, these risks and
 uncertainties include economic recessions or downturns in customers' business
 cycles, excessive increases in capacity within truckload markets, decreased
 demand for transportation services offered by the Company, rapid inflation,
 fuel prices and fuel hedging, increases in interest rates, the availability
 and compensation of qualified drivers and owner-operators, the resale value of
 used equipment, and the ability to negotiate, consummate, and integrate
 acquisitions.  Readers should review and consider the various disclosures made
 by the Company in this press release and in its reports to stockholders and
 periodic reports on Forms 10-K and 10-Q.
 
 
                  SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
      (Dollars in thousands, except share and per share data and operating
                                  statistics)
 
                                                       Three months ended
                                                             March 31,
                                                      2000              2001
        Operating revenue:
           Freight                                  $50,579           $47,230
           Other                                        169               149
              Operating revenue                      50,748            47,379
        Operating expenses:
           Purchased transportation                  19,974            17,579
           Compensation and employee
            benefits                                 13,309            13,360
           Fuel, supplies, and maintenance            7,264             8,615
           Insurance and claims                         798               984
           Taxes and licenses                           918               886
           General and administrative                 1,891             1,989
           Communications and utilities                 526               561
           Depreciation and amortization              4,549             4,532
              Total operating expenses               49,229            48,506
              Earnings from operations                1,519            (1,127)
 
        Financial (expense) income:
           Interest expense                          (1,015)             (860)
           Interest income                               17                12
              Earnings before income taxes              521            (1,975)
           Income taxes                                 283              (687)
              Net earnings                             $238           ($1,288)
 
        Basic and diluted earnings per
         share                                        $0.05            ($0.26)
 
        Basic weighted average common
         shares outstanding                       5,020,464         4,875,503
        Diluted weighted average common
         shares outstanding                       5,020,464         4,875,503
 
 
           Operating Statistics                       Three months ended
                                                           March 31,
                                                    2000              2001
 
           Operating ratio                           97.0%            102.4%
           Average revenue per tractor per
            week                                   $2,323 *          $2,193 *
           Average length of haul in miles            682               756
           Average revenue per loaded mile          $1.33 *           $1.31 *
           Ending company tractors                    860               935
           Ending owner/operators tractors            672               667
           Ending trailers                          2,791             2,805
           Weighted average tractors                1,538             1,501
 
     * excludes fuel surcharge
 
 
                  SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
 
                                                   December 31,       March 31,
                                                      2000              2001
                                                                    (Unaudited)
       ASSETS
          Current assets:
             Cash and cash equivalents                 $349              $795
             Receivables, net                        19,159            21,975
             Inventories                              1,586             1,601
             Prepaid expenses and other               2,454             3,402
                Total current assets                 23,548            27,773
 
          Property and equipment                    136,180           138,995
          Less accumulated depreciation              49,432            53,538
             Net property and equipment              86,748            85,457
 
          Other assets                                5,532             5,650
 
       Total assets                                $115,828          $118,880
 
       LIABILITIES AND STOCKHOLDERS'
        EQUITY
          Current liabilities:
             Current debt                            $8,636            $9,687
             Accounts payable and accrued
              expenses                               11,612            13,685
                Total current liabilities            20,248            23,372
 
          Long-term debt                             43,698            45,694
          Deferred income taxes                      14,649            14,011
 
       Total liabilities                             78,595            83,077
 
          Stockholders' equity                       37,233            35,803
 
       Total liabilities and stockholders'
        equity                                     $115,828          $118,880
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X65857130
 
 SOURCE  Smithway Motor Xpress Corp.