Friday, asset-based trucking company, Saia Inc. (SAIA), reported a drop in net income for the fourth quarter of fiscal 2008, hurt by lower operating revenues during the three-month period. Income from continuing operations were however higher when compared with the last year.
Following the disclosure of results, the company's stock is currently trading up more than 15% on the Nasdaq exchange.
Saia posted a net income of $1.41 million or $0.10 per share, lower than the profit of $1.97 million or $0.15 per share in the same period last year.
Income from continuing operations was recorded at $1.45 million or $0.11 per share versus $716 thousand or $0.05 per share last year. The rise in income was due to an income from discontinued operations of $0.09 per share last year, while no such profit was recorded this year.
On average, 7 analysts polled by First Call/Thomson Financial expected the company to report a net loss of $0.04 per share for the fourth quarter. Analysts' estimates typically exclude special items such as one-time gain or expense.
Operating revenues for the quarter declined to $230.86 million from $243.71 million a year ago. Analysts were anticipating revenues of $229.63 million for the quarter.
Total operating expenses decreased to $225.59 million from $239.83 million in the year-ago comparable quarter.
For the full year, Saia recorded a net income of $8.68 million or $0.64 per share, down from a profit of $18.34 million or $1.31 per share in the last fiscal year. Income from continuing operations declined to $9.72 million or $0.71 per share from $17.09 million or $1.22 per share a year ago.
Operating revenues for 2008 rose to $1.03 billion from $00.98 billion in the prior year.
Updating on its budget spending the company said that it is planning net capital expenditures in 2009 of approximately $10 million that compares to capital expenditures from continuing operations of $26 million in 2008. The reduced level was attributed to the uncertain economic environment.
SAIA is currently trading at $11.03, up 15.02% or $1.44 on a volume of 31,886 shares on the Nasdaq.
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