<SEC-DOCUMENT>0001299933-12-002501.txt : 20121107
<SEC-HEADER>0001299933-12-002501.hdr.sgml : 20121107
<ACCEPTANCE-DATETIME>20121107161050
ACCESSION NUMBER:		0001299933-12-002501
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121101
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121107
DATE AS OF CHANGE:		20121107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAIA INC
		CENTRAL INDEX KEY:			0001177702
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				481229851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49983
		FILM NUMBER:		121186879

	BUSINESS ADDRESS:	
		STREET 1:		11465 JOHNS CREEK PARKWAY
		STREET 2:		STE 400
		CITY:			JOHNS CREEK
		STATE:			2Q
		ZIP:			30097
		BUSINESS PHONE:		7702325067

	MAIL ADDRESS:	
		STREET 1:		11465 JOHNS CREEK PARKWAY
		STREET 2:		STE 400
		CITY:			JOHNS CREEK
		STATE:			2Q
		ZIP:			30097

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCS TRANSPORTATION INC
		DATE OF NAME CHANGE:	20020717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_46389.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Saia, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	November 1, 2012
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	Saia, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	0-49983
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	48-1229851
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	11465 Johns Creek Parkway, Suite 400, Johns Creek, Georgia
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	30097
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_________________________________<BR>
	(Address of principal executive offices)
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	770-232-5067
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 7.01 Regulation FD Disclosure.
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Attached as Exhibit 99.1 is the transcript of the conference call to discuss the third quarter earnings of Saia, Inc.<br>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.<br><br>Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release 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 any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, general economic conditions including downturns in the business cycle; the creditworthiness of our customers and their ability to pay for services; competitive initiatives and pricing pressures, including in connection with fuel surcharge; the Company&#x2019;s need for capital and uncertainty of the current credit markets; the possibility of defaults under the Company&#x2019;s debt agreements (including violation of financial covenants); possible issuance of equity which would dilute stock ownership; indemnification obligations associated with the 2006 sale of Jevic Transportation, Inc.; the effect of litigation including class action lawsuits; cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; governmental regulations, including but not limited to Hours of Service, engine emissions, the "Compliance, Safety, Accountability" (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, changes in interpretation of accounting principles and Homeland Security; dependence on key employees; inclement weather; labor relations, including the adverse impact should a portion of the Company&#x2019;s workforce become unionized; effectiveness of Company-specific performance improvement initiatives; terrorism risks; self-insurance claims and other expense volatility; increased costs as a result of recently enacted healthcare reform legislation and other financial, operational and legal risks and uncertainties detailed from time to time in the Company&#x2019;s SEC filings.  As a result of these and other factors, no assurance can be given as to our future results and achievements.  A forward looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.<br><br>The information in this Current Report is being furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available.<br>
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	Item 9.01 Financial Statements and Exhibits.
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Transcript conference call of Saia, Inc. on November 1, 2012
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	SIGNATURES
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	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 hereunto duly authorized.
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	Saia, Inc.
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<I>
	November 7, 2012
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	By:
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	Stephanie R. Maschmeier
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	Name: Stephanie R. Maschmeier
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	Title: Controller and Principal Accounting Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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Transcript conference call of Saia, Inc. on November 1, 2012.
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>Exhibit&nbsp;99.1</B>
<BR>
CONFERENCE CALL TRANSCRIPT
<BR>
SAIA &#150; Q3 EARNINGS CONFERENCE CALL EVENT
<BR>
DATE/TIME: November&nbsp;1, 2012/11:00 AM EST
</FONT>

<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Good day and welcome to the Saia, Inc. third-quarter 2012 results conference call. Today&#146;s
conference is being recorded. At this time I would like to turn the conference over to Ms.&nbsp;Ren&#233;e
McKenzie. Please go ahead, ma&#146;am.


<P align="left" style="font-size: 10pt"><B>Ren&#233;e McKenzie </B><B><I>- Saia, Inc. &#151; Treasurer</I></B>


<P align="left" style="font-size: 10pt">Thank you. Good morning and welcome to Saia&#146;s third-quarter 2012 conference call. Hosting
today&#146;s call are Rick O&#146;Dell, Saia&#146;s President and Chief Executive Officer, and Jim Darby, our Vice
President Finance and Chief Financial Officer.


<P align="left" style="font-size: 10pt">Before we begin you should know that during this call we may make certain forward-looking
statements within the meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements and all other statements that might be made on this call that are not
historical facts are subject to a number of risks and uncertainties and actual results may differ
materially.


<P align="left" style="font-size: 10pt">We refer you to our press release and our most recent SEC filings for more information on the exact
risk factors that could cause actual results to differ. Now I&#146;d like to turn the call over to Rick
O&#146;Dell.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Good morning, thank you for joining us to discuss Saia&#146;s third-quarter results. The third
quarter of 2012 was another exciting one for those of us at Saia. After several years of
foundational work, it is gratifying to see the positive results unfold.


<P align="left" style="font-size: 10pt">I&#146;m pleased to report that Saia again delivered a significant increase in earnings this quarter.
Our success was due to the hard work and dedication by every member of the Saia team. There were
meaningful improvements across a number of target areas, many of which I&#146;m going to discuss with
you today.


<P align="left" style="font-size: 10pt">To get started, we are going to review some highlights from the quarter compared to the third
quarter of last year. Revenue per workday was up 5.3% to $278&nbsp;million; our earnings per share were
$0.56 versus $0.30 last year, up 87%; our operating ratio was 94.1 versus 96.4; LTL tonnage per
workday increased &#151; decreased, I&#146;m sorry, 1.6% and LTL yield increased 6.6% due to effective yield
management.


<P align="left" style="font-size: 10pt">The 230 basis points improvement in Saia&#146;s operating ratio for the quarter demonstrates continued
effective execution across several key initiatives. Saia&#146;s best-in-class service quality, strong
yield results and operational excellence were the primary drivers of our margin improvement.


<P align="left" style="font-size: 10pt">While recovery in the transportation appears to be moderating, we continue to advance our value
proposition through investments that are improving the quality of our service, strengthening
Company infrastructure and technology and investing in our employees, all of our most important
assets.


<P align="left" style="font-size: 10pt">I would like to highlight a few specifics for you that contributed to the positive results for the
quarter. Our industrial engineering initiative and corresponding operational efficiencies have
reduced purchased transportation miles per day by an impressive 28% compared to the third quarter
of last year.


<P align="left" style="font-size: 10pt">Our fuel efficiency, supported by our electronic onboard devices and the skill of our professional
drivers, improved by about 6%. A more detailed targeted approach to pricing and profit management
has materially improved our yield. Our marketing efforts aimed at specific products and lanes along
with increasing our inside sales resources are also playing a role in revenue growth that we are
experiencing in our field business.


<P align="left" style="font-size: 10pt">And the implementation of dimensioners and strategic terminals throughout our network is providing
quick, reliable and accurate density measurements for individual shipments, so this technology
investment has also supported our yield management success.


<P align="left" style="font-size: 10pt">Saia&#146;s Quality Matters initiatives resulted in improvements in every major quality metric that we
measure. Our dedicated associates, who again delivered 98% on-time service, also achieved a 36%
reduction in our cargo claims.


<P align="left" style="font-size: 10pt">Superior customer service is only achieved through engaged employees who are dedicated at doing a
great job. We continue to invest in our employees with dock to driver training programs being
implemented across our network, enhanced quality freight handling courses and our continued
commitment to training in technology for improved safe driving techniques.


<P align="left" style="font-size: 10pt">We also continue our strategy of investing in technology and equipment to decrease the average age
of our fleet, to provide our personnel with the tools they need to perform most effectively and to
supply our customers with the real time data and reporting that they require.


<P align="left" style="font-size: 10pt">At the beginning of this quarter we announced the acquisition of Robart Transportation, Inc. and
its subsidiary. These companies are now rebranded as Saia Truckload Plus and Saia Logistics
Services. They&#146;ve provided customers with quality truckloads expedited and full-service logistics
solutions since 1981. This acquisition supports Saia&#146;s strategic goal of diversifying our portfolio
of service offerings, which will provide further growth opportunities in the future.


<P align="left" style="font-size: 10pt">I believe these expanded offerings combined with our impressive execution on quality, yield
management and operational optimization initiatives builds on Saia&#146;s strong foundation and provides
us with a clear course for long-term profitable growth. Now I would like to have Jim Darby review
the third-quarter and year-to-date results.


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Thanks, Rick, and good morning, everyone. As Rick mentioned, the third-quarter 2012 earnings
per share were $0.56 compared to $0.30 in the third quarter of 2011. For the quarter revenues were
$278&nbsp;million with operating income of $16.4&nbsp;million, this compares to 2011 third-quarter revenue of
$268&nbsp;million and a reported operating income of $9.6&nbsp;million.


<P align="left" style="font-size: 10pt">The LTL yield for the third quarter 2012 increased by 6.6% which primarily reflects the favorable
impact of continued pricing actions. Our annual general rate increase, or GRI, of 6.9% was
effective July 9. Continuing our trend from the past several quarters, yield showed steady
improvement as we continue to achieve price increases and target poorly operating freight.


<P align="left" style="font-size: 10pt">Our industrial and engineering initiatives and operational effectiveness continue to reduce our
reliance on purchased transportation, significantly enhance our fuel utilization and reduce our
self-insurance costs.


<P align="left" style="font-size: 10pt">The quarter, however, did include higher costs from wage and benefit increases necessary to
compensate our work force and meet customer requirements as we implemented a 3% wage and salary
increase Companywide effective on July 1. This increase will add approximately $13&nbsp;million in
expense on an annualized basis. We anticipate the impact of this wage increase to be partially
offset by further productivity and efficiency gains.


<P align="left" style="font-size: 10pt">Our investments in and our commitment to our Quality Matters program are paying off and benefiting
our customers. Our focus on safety training along with the decline in cargo claims resulted in a
continued reduction in claims and insurance expense in the third quarter.


<P align="left" style="font-size: 10pt">Depreciation and amortization ran $12.3&nbsp;million during the quarter versus $9.7&nbsp;million in the prior
year quarter due to our significant capital expenditures for tractors and trailers which are now in
service. Year-to-date revenues were $834&nbsp;million compared to $777&nbsp;million in the prior year period,
a 7.3% increase.


<P align="left" style="font-size: 10pt">For the first nine months of 2012 operating income was $48.7&nbsp;million with net income of $26.6
million. This is compared to operating income of $22&nbsp;million with net income of $8.9&nbsp;million in the
prior year period. Earnings per share were $1.61 compared to $0.55 a year to date in 2011.


<P align="left" style="font-size: 10pt">Our effective tax rate was 37.6% year to date for 2012 due to tax credits. For modeling purposes we
expect our effective tax rate to be approximately 38% for the full year 2012.


<P align="left" style="font-size: 10pt">As of September&nbsp;30, 2012 total debt was $81.2&nbsp;million. Net of the Company&#146;s $800,000 cash balance
net debt to total capital was 24.5%. This compares to total debt of $81.4&nbsp;million and net debt to
total capital of 26.5% at September&nbsp;30 of last year.


<P align="left" style="font-size: 10pt">Net capital expenditures for the first nine months of 2012 were $79.3&nbsp;million, this compares to
$51.8&nbsp;million of capital expenditures during the same period in 2011. The Company is now planning
net capital expenditures in 2012 of approximately $83&nbsp;million. This level reflects the purchase of
replacement tractors and trailers and our continued investment in technology.


<P align="left" style="font-size: 10pt">With the residual of the older tractors now having been disposed of, the Company anticipates that
the maintenance expenses will be favorably impacted in the future. The increased capital
investments have already reduced the average age of the tractor fleet to 5.7&nbsp;years. Now I would
like to turn the call back to Rick.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Thanks, Jim. The quarter was marked by significant margin improvement achieved through
effective execution across our network. I believe our investments in employees, quality techniques
and innovative technology solutions continue to provide a foundation for us to build upon these
demonstrated results.


<P align="left" style="font-size: 10pt">We remain committed to our core strategy of improving yield, building density, enhancing customer
satisfaction and reducing costs through engineered process improvements and continuous employee
training. This strategy provides the base for long-term profitable growth and increased shareholder
and customer value going forward. With these comments we are now ready to answer your questions.
Operator?


<P align="left" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"> </FONT><B>QUESTION AND ANSWER</B>


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(Operator Instructions). William Greene, Morgan Stanley.


<P align="left" style="font-size: 10pt"><B>William Greene </B><B><I>- Morgan Stanley &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">There are a few moving pieces here, just if I remember correctly, you talked about having some
headwinds sequentially in the third quarter; you referenced some of them in your remarks here. When
we think about the fourth-quarter margins and we look at them historically on a sequential basis
should we not use that normal seasonality as a rough guide? Can you kind of talk a little bit about
some of the puts and takes third quarter over fourth that we need to keep in mind as we model?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, our historical third-quarter to fourth-quarter performance has averaged about 1.9 OR
points worse just because of the normal seasonality. And I think at this point we really don&#146;t see
any reason for this year to be much different than that. While volumes are a little soft the rate
environment is still positive and we have good cost control and are seeing pretty good margins are
being maintained.


<P align="left" style="font-size: 10pt"><B>William Greene </B><B><I>- Morgan Stanley &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, great. And then, as we look out to 2013, I think in the past you have sort of said,
look, the pricing gains are probably going to moderate. They were really quite good here in the
third quarter. How do you think that sort of tracks going forward as you sort of negotiate with
customers here?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes. I mean even this quarter we saw some of our pricing, our contract renewals is now more in
the 3% to 4% range and I think you are looking at it &#151; like you said, a couple things here. First
of all, the economy is obviously not robust, it is pretty soft at this point in time. I think we
continue as an industry to face some cost headwinds with regulations and increased equipment costs,
et cetera. So I think customers are pretty accepting that the rates still need to go up.


<P align="left" style="font-size: 10pt">But we are looking at 18&nbsp;months to two years of us having increased yields very significantly,
particularly on some large customers that needed to have some corrective pricing. The good news is
we are kind of overlapping those at this point in time and we are back to where I don&#146;t have a big
group of customers that require a large increase to operate okay.


<P align="left" style="font-size: 10pt">So I would say probably more in that 3% to 4% range would be more of an expectation and that
combined with some of our cost initiatives I think would work well for us to continue to improve
our margins and get the types of returns that we need to justify investing in the business.


<P align="left" style="font-size: 10pt"><B>William Greene </B><B><I>- Morgan Stanley &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Great. Okay, thank you for the time.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Jason Seidl, Dahlman Rose.


<P align="left" style="font-size: 10pt"><B>Jason Seidl </B><B><I>- Dahlman Rose &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">When you guys are looking at the impacts of the storm, Rick, when you give that 1.9 OR
normalized impact from 3Q to 4Q sequentially are you including the storm impacts or excluding?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">You know, I guess we are fairly fortunate in that the storm did not impact our geography very
much at all. So we really did not see much impact. I guess the question is, what is the ultimate
residual impact on the economy overall from the storm and that I am not really certain about.


<P align="left" style="font-size: 10pt">But I guess what I would tell you is through October we have seen what I would consider to be
normal sequential margins and profit margins in the quarter. Our volume softened a little bit from
September to October, but we have had some good cost initiatives that we have been working through
and progressing into the quarter and our margins are still pretty good.


<P align="left" style="font-size: 10pt"><B>Jason Seidl </B><B><I>- Dahlman Rose &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">If I go back to a survey we do of railroad shippers, it seems that about a third of them
responded that they have been withholding investment until sort of post-election, post-fiscal
cliff. Are you hearing sort of the same things from some of your customers?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, I mean I think that is probably fair statement, that we are just seeing some &#151; there is
some hesitation I guess in making strong commitments given we don&#146;t really know what the regulatory
and economic environment is going to look like.


<P align="left" style="font-size: 10pt"><B>Jason Seidl </B><B><I>- Dahlman Rose &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Last one, more for Jim. Jim, I might have missed this, and I do apologize. Your tax rate for
the quarter was I guess a little bit below what I would expect. Was there anything one time in
nature in that number? And what should we look for going out.


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">No, just it was a little bit lower in the quarter; it has to do with some credits that we
actually realized in the quarter and the return to provision adjustments we have. For the year we
are looking at 38% effective tax rate.


<P align="left" style="font-size: 10pt"><B>Jason Seidl </B><B><I>- Dahlman Rose &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, that is good enough. All right, guys, I appreciate the time. I will turn it over to
somebody else.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Art Hatfield, Raymond James.


<P align="left" style="font-size: 10pt"><B>Alex Scott </B><B><I>- Raymond James &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">This is Alex Scott in for Art. Can you speak a little bit about your industrial engineering
initiatives? And I believe the purchased transportation miles per day were down 28%. You also
mentioned fuel utilization and self-insurance costs also benefiting from those initiatives. Could
you quantify what those benefits were?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">We can highlight a few of those things. Our electronic onboard computers are really giving us
some very detailed fuel measurement by tractor and by driver. We also can see driving habits
whether they are doing progressive shifting is correct, where whether there are hard braking
incidents, things like that.


<P align="left" style="font-size: 10pt">And so, by working with the units themselves, maintenance and the drivers, the driving techniques
we have targeted some pretty significant improvements and we are seeing about a 6% improvement.


<P align="left" style="font-size: 10pt">We spend in the neighborhood of $200&nbsp;million a year on fuel, so you&#146;re talking about $12&nbsp;million a
year. And I actually believe that we are going to target some further improvements because that
really just got rolled out companywide with the electronic on boards was just completed in July of
this year.


<P align="left" style="font-size: 10pt">So I think there are some additional opportunities for us to improve our effectiveness in fuel
management going forward. That is a pretty big one. Obviously we are always working on our network
optimization from a line haul perspective, loading techniques, load average, always re-optimizing
your use of purchased transportation.


<P align="left" style="font-size: 10pt">Some of our &#151; a combination of effective line haul management plus more sophisticated lane-based
pricing to make sure we are properly compensated for imbalances in our network, the combination of
those two things is allowing us to improve our line haul expense as a percent of revenue. So that
is again working well from that perspective.


<P align="left" style="font-size: 10pt">And then this year we made a lot of investments in quality with load quality inspectors, we put new
airbag systems in the terminals, we worked on &#151; we re-engineered some tools and replenishment
functions for dock worker tools, we reinstituted some more sophisticated training for our dock
workers on freight handling techniques.


<P align="left" style="font-size: 10pt">And we&#146;ve seen a significant improvement in our cargo claims ratio, which is now below 1%. And
again, we believe that there is still some further improvement there as well. Those are probably
the three highlights &#151; things that are worth highlighting.


<P align="left" style="font-size: 10pt"><B>Alex Scott </B><B><I>- Raymond James &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, very good, thank you. And then if I could follow up on a comment you made earlier about
volume softening a little bit sequentially from September into October. If you could maybe provide
the trend throughout the quarter. And then do you anticipate then trending down year over year as
far as fourth-quarter tonnage goes?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Well, Alex, what I can tell you &#151; I will walk you through the quarter. I mean you can see our
LTL tonnage for the quarter was down 1.6% versus third quarter a year ago. In July we were down
1.5%, in August we were down 2.6%, and in September it was a little bit better, we were down 4/10
of 1% and that averages out to 1.6% down for the quarter. For the month of October what we have
seen is on LTL tonnage we were down 1.9%.


<P align="left" style="font-size: 10pt"><B>Alex Scott </B><B><I>- Raymond James &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Very good. All right, well I appreciate your help. Thank you, guys.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Ed Wolfe, Wolfe Trahan.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Just as a follow-up to the last question, Jim, the negative 1.9 in October, was there any
major change the last three or four days with the storm? I&#146;m guessing from Rick&#146;s earlier comments
not really for you guys, but I just want to check.


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">No, not really, Ed. I think it was &#151; we were down &#151; trailing down through the month and we
didn&#146;t see a lot of difference in the last couple of days.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Yes. Can you give the similar monthly trends for yields throughout the quarter?


<P align="left" style="font-size: 10pt"><B>Ren&#233;e McKenzie </B><B><I>- Saia, Inc. &#151; Treasurer</I></B>


<P align="left" style="font-size: 10pt">That&#146;s a number we don&#146;t give out.


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Ed, we look at it &#151; because there is variability in some of the mix during the month and you
can have some variation. So we really just do it on a quarterly basis.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">What I would say is while our rate increases from contract renewals moderated in the quarter
from our prior quarters, because we have been running 5% to 6% in contract renewals and this
quarter was more in the little over 3% range. But coming out of the quarter we had higher yields
than we did coming in obviously so we continue to make progress from a yield perspective. Just the
pace is slowing somewhat.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">So how do you &#151; if it&#146;s accelerating but the pace is slowing, how do you put those two
together? Is it that the GRI is bigger? I mean what is the &#151; what am I missing there?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">What I&#146;m saying is we are still getting &#151; contract renewals are still increasing, right, it
is just instead of getting 5% to 6% on contract renewals I am getting 3%. But every quarter &#151; I
mean every month, right, I have about 70% of our business is contractual, 30% is subject to the
general rate increase. So I&#146;ve got 1/12 of that 70% every quarter that comes up for renewal
approximately.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">I got you. And then I thought I heard you say that the goal for next year is 3% or 4% on
contractual renewals, but you seem to be at the lower end of that 3% to 4%, are you confident you
will be able to stay in that range?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">I believe so. We are seeing some good &#151; we are continuing to make some good progress on the
yield side and our value proposition in the marketplace is probably better than it has ever been.
We continue to advance that.


<P align="left" style="font-size: 10pt">And then also part of your net yield, right, also has to do with your business mix. And we continue
to see growth in field business, which has a higher yield, it&#146;s growing at a faster rate than our
national account revenue. So while we are up about &#151; per work day basis about 5%, field business
is growing over 6% and National Account business is up about 2.5%.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Hey, Rick, I mean you guys have just done a fantastic job the last couple years of balancing
price and tonnage. And clearly you have been leaning towards getting the price right in front of
the tonnage and the tonnage follows. As you look forward to 2013, and assuming the economy is kind
of more of the same as this year, it&#146;s 1% to 2% let&#146;s say GDP &#151; what would you think in terms of
that balance of tonnage and pricing? Do you think it stays the same? Or at some point do you start
to move towards tonnage a little bit more or how do you think about it?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, obviously one of our strategies is to build density in our network. I mean we have fixed
costs and there is a lot &#151; there&#146;s a good opportunity to improve our utilization there. I think we
&#151; as you commented, I mean, for the last two years we have done some material repricing of a large
segment of our business.


<P align="left" style="font-size: 10pt">And I think once that is behind you, you&#146;ve got to take a lot of risk when you need a double-digit
increase from a major customer. The good &#151; and so while you &#151; over time we have been able to do
that, reprice lanes and maintain the relationship, I think going forward we don&#146;t have to take that
kind of risk because we don&#146;t have a big group of accounts that operate that poorly anymore.


<P align="left" style="font-size: 10pt">So I would think that we would be able to regain off some of our momentum from a share perspective
with the quality that we have and not have to go out there and trade out business, so to speak,
right.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">That would make sense. Can you talk a little bit about the acquisition and what you are seeing
from that? And if there is revenue in the quarter, how much and where we see that?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, I mean, the business is well operated, they are having a good year, it is not a very big
business, but the top-line and bottom-line is both growing at a double-digit pace. We just
rebranded the companies; they contributed about a penny in the quarter, which is what we said it
would do.


<P align="left" style="font-size: 10pt">And now we are beginning to roll out the Truckload Plus, the non-asset base truckload sales force
is actually going to start this month. So we are &#151; it is small, but I think it is a good
opportunity, obviously non-asset, margins are great, we are excited about it.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Is there a revenue number on the quarter from July?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Yes, we would have picked up their revenue top-line. .


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">How much though?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Booking net of purchased transportation it is about $1.1&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">One last one and then I will let you be. When we think about D&A, as you have been
replenishing the fleet it has been going up. Should we expect it to continue going up for a couple
quarters and then kind of go up and level off or should it start coming down? How do we think about
D&A as you move forward?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Ed, I think we have said it should hit about $48&nbsp;million for the year all along and that is
what we are anticipating. So we should end up full-year basis about $48&nbsp;million. And then going
forward, as we are bringing it on during the year, you will remember that we spent a lot of money
in the first two quarters. So the run rate is probably about where it needs to be going forward. So
if you look at third and fourth that is probably what we would see going forward.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">I appreciate it, thanks, guys.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Willard Milby, BB&T Capital Markets.


<P align="left" style="font-size: 10pt"><B>Willard Milby </B><B><I>- BB&T Capital &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">First off, do you all have any scheduled wage increases for 2013 at this juncture?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">No.&nbsp;Our wage increase last year was in July and we would expect to evaluate the annual
increase based on Company performance and where the market is trending from a salary and wage
perspective ahead of that same time line next year.


<P align="left" style="font-size: 10pt"><B>Willard Milby </B><B><I>- BB&T Capital &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">All right. And I know you gave monthly tonnage; could you also give monthly shipment numbers
for the quarter and October?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Sure. LTL shipments for the quarter &#151; July was down 4.7%; August was down 5.4%; September was
down 2.4%. And what we have seen so far &#151; well, what we saw in October, it was a down 4%, LTL
shipments year over year.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">One comment I would make on that too is obviously our weight per shipment is up year over year
and so is our revenue per freight bill is up materially as well. And again, that is something we
are targeting from a business mix management to ensure that our shipment mix is profitable.


<P align="left" style="font-size: 10pt">And particularly you don&#146;t want to be handling a lot of minimum shipments at low revenue per bill
that you are not making money on. So it actually &#151; while I don&#146;t like 4% negative shipments, I
like $12 higher revenue per bill.


<P align="left" style="font-size: 10pt"><B>Willard Milby </B><B><I>- BB&T Capital &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, fair enough. And just to clarify, Q4 workdays?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Quarter four, I believe we are at 62 workdays this year.


<P align="left" style="font-size: 10pt"><B>Willard Milby </B><B><I>- BB&T Capital &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. That is all my questions. Thanks very much.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Bruce Chan, Stifel Nicolaus.


<P align="left" style="font-size: 10pt"><B>Bruce Chan </B><B><I>- Stifel Nicolaus &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Just to follow up on that last question. You mentioned that shipments were down but weight per
shipments was up and that was something you were targeting. Is that a trend that you are kind of
seeing on a secular basis or is that something you think that is related to sort of the tepid
economic environment right now?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">I don&#146;t know. There are so many moving parts in that with the way that we price. And what I
would tell you is in the last year basically we repriced with some more targeted pricing with all
of our major 3PLs and many of our large customers. And I personally think it is probably more of
our pricing actions as opposed to what is what is going on in the marketplace.


<P align="left" style="font-size: 10pt">But you have to add up all the &#151; what everybody else&#146;s numbers are like. I think it is mix, we
have seen some people whose weight per shipment has gone down when some of the competitors have
announced as well. So I think it is more of a business mix thing.


<P align="left" style="font-size: 10pt"><B>Bruce Chan </B><B><I>- Stifel Nicolaus &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Sure, yes, certainly. Also, I don&#146;t know if I missed it, there have been a lot of LTL stats
flying around this morning. But can you quantify maybe how much of your tonnage decline was sort of
intentional and a result of pricing action and maybe a how much of it was involuntary and related
to kind of the softness in the market?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">I don&#146;t know, I think that&#146;s fairly hard to measure.


<P align="left" style="font-size: 10pt"><B>Bruce Chan </B><B><I>- Stifel Nicolaus &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Sure, sure.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">You know, I think, again, we are committed to the value proposition that we are providing in
the marketplace and to make sure we are properly compensated for some of the investments that we
are making from &#151; and quality in our network. And our customers are seeing that.


<P align="left" style="font-size: 10pt">And I guess one comment I would make with respect to this &#151; some of this granular more
sophisticated lane-based pricing, one issue that we are all faced with in our industry is that
customers are very sophisticated and they can route shipments by &#151; by lane, by container, and any
way they want to, right.


<P align="left" style="font-size: 10pt">So if we don&#146;t price in a sophisticated manner they will take advantage of your un-sophistication
and you will get the shipments that you mispriced, right. And so from our perspective we are seeing
a pretty good customer acceptance. They are saying, well, you can be as granular as you want with
respect to price and we will have the sophistication to work through that and give you business
that you want.


<P align="left" style="font-size: 10pt">It is something that has worked well for us and I would tell you I think while we have made a lot
of progress I still think this whole process is somewhat in its infancy and there are further
opportunities for us to improve yield and make sure we are growing a business that contributes well
to our margins.


<P align="left" style="font-size: 10pt"><B>Bruce Chan </B><B><I>- Stifel Nicolaus &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, great. That makes a lot of sense. Thanks for the time.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Chaz Jones, Wunderlich.


<P align="left" style="font-size: 10pt"><B>Chaz Jones </B><B><I>- Wunderlich &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Just one quick question on insurance. Obviously Saia has shown some very strong improvement in
that line item. I&#146;m just kind of curious if you think that has run its course or there is still
maybe more room in 2013 and ultimately can that get below 2% of revenue?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Obviously there are too big components in there, right, that is where our accident expense
goes as well as our cargo claims. And I guess what I would tell you is that we have
institutionalized some improved processes from a cargo claims perspective and I would expect to
make some additional progress there.


<P align="left" style="font-size: 10pt">Our accident expense, again, I think with some of the technology and the safety programs that we
have that we should be able to continue to maintain or improve that this quarter. Our accident
expense was kind of in line with our historical average and in line with last year. But as you guys
know, we are self-insured for up to $2&nbsp;million per accident. So that can have some volatility
within any given quarter.


<P align="left" style="font-size: 10pt">So, but I would expect &#151; what I would tell you is this quarter was probably in line as kind of a
more normal run rate and we would continue to target improvement in both areas. But I wouldn&#146;t
expect necessarily for it to be on a run rate basis, let&#146;s just say a half a point better than that
immediately. But there is probably a little bit in both lines that we continue to work with.


<P align="left" style="font-size: 10pt"><B>Chaz Jones </B><B><I>- Wunderlich &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, great. No, that&#146;s helpful and that is all I had. Nice quarter.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(Operator Instructions). Jack Waldo, Stephens Inc.


<P align="left" style="font-size: 10pt"><B>Jack Waldo </B><B><I>- Stephens Inc. &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">My first question is on the insurance issue, what was &#151; could you just talk a little bit
about the year ago comparison in the fourth quarter and what caused insurance to spike up so much?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Well, Jack, if you go back to last year we had some accident severity that popped that line up
and it happened to us late in the year, actually in December in the fourth quarter of last year.
And what I would say is that line was probably about $3&nbsp;million above where it would normally run
due to the accident severity we had fourth quarter of last year. Does that help you?


<P align="left" style="font-size: 10pt"><B>Jack Waldo </B><B><I>- Stephens Inc. &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Yes sir, it does. And then what are your CapEx expectations for this year and if you have any
plans for next year?


<P align="left" style="font-size: 10pt"><B>Jim Darby </B><B><I>- Saia, Inc. &#151; VP of Finance & CFO</I></B>


<P align="left" style="font-size: 10pt">Well, we boosted &#151; we&#146;ve said all along we were going to do about $80&nbsp;million this year; I
think our final number we are projecting is more like $83&nbsp;million, so it is a little bit heavier.
All of our revenue equipment is pretty much in place now and in service. We have a few more dollars
to spend in the fourth quarter. So we will end up about $83&nbsp;million.


<P align="left" style="font-size: 10pt">We don&#146;t announce next year until our fourth-quarter call, which is at the end of January. But I
would expect that we would see capital expenditures next year to be in the range similar to this
year.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">We have kind of &#151; we have done our catch-up in our average age of our tractors is in line
with where we need it to be. But we still have an investment to make in trailers. And one thing I
would tell you is I am actually excited about that because not only can that help us with CSA
compliance and we should see some reduction in maintenance expense over a period of time.


<P align="left" style="font-size: 10pt">But, right now 25% of our pups that we use in our line haul operation, what we call our smooth
sided, meaning they don&#146;t have logistics bars capability in them. And so the investment that we are
going to make in those pups should provide a targeted return from a load average perspective as
well as help support our cargo claims improvement initiative because of the blocking and bracing
capabilities you have in a modern trailer.


<P align="left" style="font-size: 10pt"><B>Jack Waldo </B><B><I>- Stephens Inc. &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Got you. Got you. Okay, and then when you think about your business, and congrats to you guys
for throwing out such great incremental margins, but I was wondering if when you think about the
overall business, what type of incremental margins do you think the business is capable of
producing? I assume that the last couple quarters have been somewhat abnormal given the
circumstances surrounding both pricing and your internal initiatives.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Well, yes and no, right? I mean I guess abnormal meaning we don&#146;t think we can continue to get
2 OR point improvement? And that was this quarter. I&#146;m not sure &#151;.


<P align="left" style="font-size: 10pt"><B>Jack Waldo </B><B><I>- Stephens Inc. &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Yes, your last two incremental margins were 60% and 70% respectively.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, yield is a very powerful &#151; a very powerful tool we found. I guess what I would tell you
is this &#151; I think particularly when you look at the fact that we&#146;ve made a lot of investments in
our Company including restoring some wages and benefits that have been operating under some
reductions because of the environment that we&#146;ve been in.


<P align="left" style="font-size: 10pt">Some of the investments that we&#146;ve made in quality &#151; I mean to me those things are
institutionalized within our Company, okay. And some of the technology investments that we have
that we&#146;re just beginning to see some benefits from, I think there are some further benefits there.


<P align="left" style="font-size: 10pt">So I guess what I would tell you is, I mean, I think if we get into a &#151; if you get a 3% rate
environment and we have some additional cost increases from salaries and wages, more normalized,
right, employee benefits, if you see normal increases in those things and then we can offset some
of those increases obviously with some efficiency initiatives, I think there is still an
opportunity to have good margin improvement going forward into next year even with a soft economic
environment.


<P align="left" style="font-size: 10pt">I mean we are obviously pretty deep into our planning initiatives for next year and we are not
waiting until next year to implement them. So, again, and I think there is a couple of key
initiatives, including in our line haul network, which is a big target expense area as well as in
fuel efficiency are just two examples that could have a material cost improvement in 2013 that I
think is very achievable.


<P align="left" style="font-size: 10pt"><B>Jack Waldo </B><B><I>- Stephens Inc. &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Got you. Well, fair enough, thank you very much.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(Operator Instructions). Ed Wolfe, Wolfe Trahan.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Thanks, just a quick follow-up. This looks &#151; this year your operating ratio was better in
second quarter than third quarter and I&#146;m guessing some of that has to do with the wage increase in
July. But the last couple years before that it was better in second relative to third. Just going
forward as you think about things. Should &#151; which quarter should historically be your best margin
quarter in a normalized year as you think about it?


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">Probably 2Q. Right, I mean, to me the second quarter has been the best quarter for several
years in a row. I think 2Q is probably a little bit better than third quarter. And I think part of
that too is that we used to see that real seasonality, it all built up to the Christmas holidays.
That seems to have muted pretty regularly over the last several years. So where you used to always
kind of get that big run up that went all the way to November, I mean now it&#146;s kind of flattened
out.


<P align="left" style="font-size: 10pt"><B>Ed Wolfe </B><B><I>- Wolfe Trahan &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Makes sense. Thanks again.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">We have no further questions. I would like to turn it back to our speakers for any additional
or closing remarks.


<P align="left" style="font-size: 10pt"><B>Rick O&#146;Dell &#151; </B><B><I>Saia, Inc. &#151; President & CEO</I></B>


<P align="left" style="font-size: 10pt">All right, well, thank you for your interest in Saia and we would also like to &#151; we know
we&#146;ve got a lot of shareholders as well as some of our analysts are in the Northeast and were
certainly impacted by the storm. So we want you guys to know that our thoughts and prayers are with
you guys. Thank you.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">And that concludes today&#146;s presentation. Thank you for your participation.



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