<PAGE>   1

                                    FORM 10-Q

                       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 June 30, 1997
                                                 -------------
                                       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 July 31, 1997.

     Common Stock, $.001 Par Value                              3,700,688
     -----------------------------                              ---------
                (Class)                                    (Number of Shares)





<PAGE>   2


                                      INDEX

<TABLE>
<CAPTION>

                                                                               Page Number
<S>                                                                                    <C>     
Part I.  Financial Information (Unaudited)

                  Condensed Balance Sheets                                              
                           June 30, 1997 and December 31, 1996                           3

                  Condensed Statements of Operations
                           Three- and six-month periods ended June 30, 1997 and 1996     5

                  Condensed Statements of Cash Flows
                           Six-month period ended June 30, 1997 and 1996                 6

                  Notes to Condensed Financial Statements                                7

         Item 2.  Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                                    8

Part II. Other Information

         Item 4.  Submission of Matters to a Vote of Security Holders                   10

         Item 6.  Exhibits and Reports on Form 8-K                                      10

         Signatures                                                                     11
</TABLE>







                                       2
<PAGE>   3
                         BOYD BROS. TRANSPORTATION INC.

                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                  JUNE 30,        DECEMBER 31,
                                                    1997              1996
                                                 -----------      -----------
                                                 (UNAUDITED)
<S>                                              <C>              <C>
ASSETS

CURRENT ASSETS:
     Cash and cash equivalents                   $ 2,162,595      $ 3,593,206
     Marketable securities                              --            100,000
     Notes and accounts receivable
     Trade and interline                           7,286,417        5,541,471
     Refundable income taxes                            --            274,876
     Other                                           905,414          579,573
     Inventories                                     209,840          230,920
     Prepaid tire expense                            509,707          711,208
     Other prepaid expenses                        1,575,376          761,324
     Deferred income tax                             549,776          530,623
                                                 -----------      -----------

        Total current assets                      13,199,125       12,323,201
                                                 -----------      -----------

PROPERTY AND EQUIPMENT:
     Land and land improvements                    1,082,510        1,082,510
     Buildings                                     3,240,496        3,240,496
     Revenue equipment                            54,300,903       51,513,665
     Other equipment                               8,335,989        8,111,012
     Leasehold improvements                          426,185          406,577
                                                 -----------      -----------

        Total                                     67,386,083       64,354,260
     Less accumulated depreciation and
            amortization                          21,324,895       19,761,532
                                                 -----------      -----------

        Property and equipment, net               46,061,188       44,592,728
                                                 -----------      -----------

OTHER ASSETS                                         161,636          346,050
                                                 -----------      -----------

TOTAL                                            $59,421,949      $57,261,979
                                                 ===========      ===========
</TABLE>


See notes to condensed financial statements.





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<PAGE>   4
                          BOYD BROS TRANSPORTATION INC.

                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                  JUNE 30,        DECEMBER 31,
                                                                    1997              1996
                                                                 -----------      -----------
                                                                 (UNAUDITED)
<S>                                                              <C>              <C>   
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Current maturities of long-term debt                        $ 4,954,941      $ 4,625,204
     Accounts payable - trade and interline                        1,089,320        2,122,561
     Accrued liabilities:
        Self-insurance claims                                      2,364,061        2,203,999
        Salaries and wages                                         1,120,974          465,665
        Other                                                        719,811          411,206
                                                                 -----------      -----------

        Total current liabilities                                 10,249,107        9,828,635

LONG-TERM DEBT                                                    16,012,119       15,197,840

DEFERRED INCOME TAXES                                              8,329,908        8,347,757
                                                                 -----------      -----------
        Total liabilities                                         34,591,134       33,374,232
                                                                 -----------      -----------


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; 3,700,688 shares issued and outstanding            3,701            3,701
     Additional paid-in capital                                   13,780,616       13,780,616
     Retained earnings                                            11,046,498       10,103,430
                                                                 -----------      -----------
        Total stockholders' equity                                24,830,815       23,887,747
                                                                 -----------      -----------

TOTAL                                                            $59,421,949      $57,261,979
                                                                 ===========      ===========
</TABLE>


See notes to condensed financial statements.






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<PAGE>   5
                         BOYD BROS. TRANSPORTATION INC.

                       CONDENSED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                               THREE MONTHS ENDED JUNE 30,        SIX MONTHS ENDED JUNE 30,
                                              -----------------------------     -----------------------------
                                                 1997             1996              1997             1996
                                              ------------     ------------     ------------     ------------
                                                       (UNAUDITED)                       (UNAUDITED)
<S>                                           <C>              <C>              <C>              <C>
OPERATING REVENUES                            $ 19,303,013     $ 16,349,678     $ 36,499,919     $ 31,278,763

OPERATING EXPENSES:
     Salaries, wages and employee benefits       8,613,211        7,235,860       16,141,671       14,007,762
     Fuel                                        2,870,959        2,597,275        5,603,368             --
     Operating supplies                          2,236,107        2,316,146        4,424,419        9,439,265
     Taxes and licenses                            598,374          498,027        1,064,944        1,110,169
     Insurance and claims                          841,917          820,416        1,705,623        1,890,336
     Communications and utilities                  306,626          295,224          613,413          567,741
     Depreciation and amortization               2,340,852        2,030,619        4,512,947        3,989,056
     Gain on disposition of property
        and equipment, net                         (92,981)        (470,927)         (42,981)        (808,317)
     Other                                         103,894          137,020          247,203          290,901
                                              ------------     ------------     ------------     ------------
        Total operating expenses                17,818,959       15,459,660       34,270,607       30,486,913
                                              ------------     ------------     ------------     ------------

OPERATING INCOME                                 1,484,054          890,018        2,229,312          791,850

OTHER (INCOME) EXPENSES:
     Interest income                               (28,217)         (21,899)         (47,997)         (46,753)
     Interest expense                              328,456          354,469          643,381          625,008
                                              ------------     ------------     ------------     ------------
        Other expenses, net                        300,239          332,570          595,384          578,255
                                              ------------     ------------     ------------     ------------

INCOME BEFORE PROVISION
     FOR INCOME TAXES                            1,183,815          557,448        1,633,928          213,595

PROVISION FOR INCOME TAXES                         510,840          250,415          690,865          140,208
                                              ------------     ------------     ------------     ------------

NET INCOME                                    $    672,975     $    307,033     $    943,063     $     73,387
                                              ============     ============     ============     ============

NET INCOME PER SHARE                          $       0.18     $       0.08     $       0.26     $       0.02
                                              ============     ============     ============     ============

WEIGHTED AVERAGE SHARES
     OUTSTANDING                                 3,700,688        3,728,050        3,700,688        3,744,773

</TABLE>

See notes to condensed financial statements.
--------------------------------------------------------------------------------




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                         BOYD BROS. TRANSPORTATION INC.

                       CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                  SIX MONTHS ENDED JUNE 30,
                                                                -----------------------------
                                                                    1997              1996
                                                                ------------     ------------
<S>                                                             <C>              <C>
OPERATING ACTIVITIES:
     Net income                                                 $    943,063     $     73,387
     Adjustments to reconcile net income
        to net cash provided by operating activities:
        Depreciation and amortization                              4,512,947        3,989,056
        Gain on disposal of property and
            equipment, net                                           (42,981)        (808,317)
        Provision for deferred income taxes                          690,865          140,208
     Changes in assets and liabilities provided (used) cash:
        Marketable securities                                        100,000             --
        Notes and accounts receivable                             (1,795,911)        (735,340)
        Other assets                                                (407,057)      (1,224,235)
        Accounts payable trade and interline                      (1,033,241)         782,580
        Accrued liabilities                                        1,123,976          (61,110)
        Deferred income taxes                                       (727,867)         (57,683)
                                                                ------------     ------------
                                                                   3,363,794        2,098,546
                                                                ------------     ------------

INVESTING ACTIVITIES:
     Capital expenditures                                         (7,620,459)     (16,724,988)
     Proceeds from disposals of property and equipment             1,682,033        6,330,706
                                                                ------------     ------------
                                                                  (5,938,426)     (10,394,282)
                                                                ------------     ------------

FINANCING ACTIVITIES:
     Proceeds from long-term debt                                  8,285,130       11,850,906
     Principal payments on long-term debt                         (7,141,109)      (3,749,740)
     Repurchase of common stock                                         --           (804,750)
                                                                ------------     ------------
                                                                   1,144,021        7,296,416
                                                                ------------     ------------

NET  DECREASE IN CASH AND
     CASH EQUIVALENTS                                             (1,430,611)        (999,320)
CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD                                           3,593,206        1,481,910
                                                                ------------     ------------

BALANCE AT END OF PERIOD                                        $  2,162,595     $    482,590
                                                                ============     ============
</TABLE>


See notes to condensed financial statements.
--------------------------------------------------------------------------------




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<PAGE>   7


                         BOYD BROS. TRANSPORTATION INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS


1.  BASIS OF PRESENTATION

The accompanying condensed financial statements have been prepared in compliance
with Form 10-Q instructions and thus do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, the condensed statements
reflect all adjustments, including those of a normal recurring nature, necessary
to present fairly the results of the reported interim periods. The condensed
statements should be read in conjunction with the summary of accounting policies
and notes to financial statements included in the Company's Form 10-K for the
year ended December 31, 1996. The results of operations for interim periods
presented are not necessarily indicative of the operating results for an entire
year.

2.  ENVIRONMENTAL MATTERS

The Company's operations are subject to 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 terminals.

3.  CAPITAL TRANSACTIONS

In January 1996, the Company's Board of Directors authorized the repurchase of
up to 150,000 shares of common stock. During the first quarter of 1996, the
Company repurchased 82,300 shares for $617,250. Through the first half of 1996,
the Company repurchased a total of 122,300 shares for $928,590. No shares were
repurchased during the first six months of 1997.









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<PAGE>   8


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

Operating revenues increased 18.06% for the three-month period ended June 30,
1997, compared with the same period in 1996 due to increased demand for the
Company's services and higher rates. The Company continued to focus on
increasing its fleet size to meet the anticipated demands of new and existing
customers, ending the first six months of 1997 with 592 tractors compared with
522 tractors as of June 30, 1996. Additionally, revenue per truck increased due
to better utilization and reduced deadhead.

Total operating expenses increased 15.26% during the three-month period ended
June 30, 1997 compared with the three-month period ended June 30, 1996, a slower
rate of increase than revenue. Operating supplies expense decreased 3.46% or
$80,039 during the three-month period ended June 30, 1997 compared with the
three months ended June 30, 1996, attributable to a reduction in maintenance
costs. For the three-month period ended June 30, 1997, salaries, wages, and
benefits were 19.04% higher than in the corresponding period last year due to an
increase in the number of drivers and higher job injury costs. Additionally,
bonus expense was up due to significant improvements in profitability. Fuel
expense increased 10.54% for the three-month period ended June 30, 1997 versus
1996. Decreasing diesel prices caused fuel costs to increase slower than revenue
increases. Taxes and license expense increased 20.15% due to the timing of
permit and tag purchases for the three-month period ended June 30, 1997 versus
1996. Depreciation and amortization expense increased 15.28% due to the addition
of new trucks. Insurance and claims were up only 2.62% for the three-month
period ended June 30, 1997 versus 1996. Lower safety costs caused a slower
increase in insurance and claims expense compared with revenue increases. The
operating ratio for the second quarter of 1997 was 92.3% compared with 94.6% for
the second quarter of 1996. For the three-month period ended June 30, 1997
versus 1996, interest expense was down 7.3% due primarily to decreased debt.
Gain on sale of equipment decreased from a gain of $470,927 during the second
quarter of 1996 to a gain of $92,981 in 1997 as a fewer number of trucks were
sold during the second quarter of 1997 than in the second quarter of 1996.
Additionally, the trade packages were not as profitable as previous quarters.

Operating expenses increased 12.41% during the six-month period ended June 30,
1997 compared with the same period in 1996. Salaries and wages increased 15.23%
due to increase driver wages and workers' compensation costs. Fuel expense
increased 8.78% for the six-month period ended June 30, 1997 versus 1996. Fuel
costs increased at a slower rate than revenue due to decreasing diesel prices.
For the first six months ended June 30, 1997 versus 1996, operating supplies
increased only 3.18%, a much slower rate than revenue growth. Maintenance
expenses were down compared with last year, causing the rate of increase in
operating supplies to be lower than revenue growth. Tax and license expense
decreased 4.07% due to credits received from states. Depreciation and
amortization expense increased 13.13% due to the addition of new trucks.
Insurance and claims were down 9.77% compared with the same period in 1996.
Improved safety and lower accident claims contributed to the improvement. Gain
on sale of equipment decreased from $808,317 during the first six months of 1996
to $42,981 in 1997 as the Company traded fewer tractors than the previous year.
The operating ratio for the first six months of 1997 was 93.9% compared with
97.5% for the same period of 1996. For the six-month period ended June 30, 1997
versus 1996, interest expense was up 2.96% due primarily to higher interest
rates.


LIQUIDITY AND CAPITAL RESOURCES

Net cash flow provided by operating activities was $3,363,794 during the first
six months of 1997, compared with $2,098,546 during the first six months of
1996. The Company had a working capital surplus of $2,950,018 at June 30, 1997.

Management anticipates increasing the Company's fleet in 1997 by an aggregate of
48 tractors net of replacements, at an anticipated cost of approximately $3.6
million. During the first six months of 1997, the Company purchased
approximately $6,261,500 of replacement tractors and trailers, of which
$7,600,000 was financed with various lenders. As of June 30, 1997, the Company
has added 18 net tractors. Management expects to continue financing 




                                       8

<PAGE>   9

such equipment purchases through equipment financing arrangements with various
lenders. Historically, the Company has relied on cash generated from operations
to fund its working capital requirements. However, the Company has a line of
credit with AmSouth Bank permitting short-term borrowings of up to $1.5 million
at prime less .125%. At June 30, 1997, the Company had no outstanding borrowings
on its line of credit. Management believes that the line of credit, borrowing
facilities and cash flow from operations are sufficient to meet its financing
needs.







                                       9
<PAGE>   10


PART II. Other Information.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On May 27, 1997, the Company held its 1997 annual meeting of stockholders. A
total of 3,622,074 shares, or 97.9% of the Company's outstanding shares, were
represented at the meeting either in person or by proxy.

Three directors were nominated by the Company's Board of Directors to serve new
three-year terms expiring in 2000 and one director was nominated to hold office
for a two-year term expiring in 1999. These nominees, and the voting results for
each, are listed below:

<TABLE>
<CAPTION>

                                Term Expires            For          Withheld
                                ------------            ---          -------- 
<S>                                 <C>              <C>               <C> 
Stephen J. Silverman                1999             3,618,124         3,950
Donald G. Johnston                  2000             3,619,924         2,150
Glyn E. Newton                      2000             3,618,924         2,150
W.    Wyatt Shorter                 2000             3,619,924         2,150
</TABLE>

Incumbent directors not standing for election at the 1997 annual meeting of
stockholders and whose terms continued after the meeting were:

<TABLE>
<CAPTION>

                                Term Expires
                                ------------
<S>                                 <C>
Dempsey Boyd                        1998
Boyd Whigham                        1998
Richard C. Bailey                   1999
Paul G. Taylor                      1999
</TABLE>

Also at the meeting, stockholders considered and voted on three additional items
of business:

Stockholders ratified an amendment to the Company's 1994 Stock Option Plan,
removing the requirement regarding the maximum number of shares that may be
issued and sold under the Plan to any one employee. A total of 3,291,081 shares
were voted in favor of this proposal, 324,100 shares were voted against, and
1,800 shares abstained.

Stockholders approved a plan of Internal Restructuring whereby the Board of
Directors is authorized to (a) cause the formation of a wholly owned Alabama
subsidiary and (b) effect the transfer of all, substantially all or any portion
of the assets and liabilities of the Company to such subsidiary in exchange for
stock of the subsidiary. A total of 3,382,995 shares were voted in favor of this
proposal, 116,800 shares were voted against, and 1,900 shares abstained.

Stockholders ratified the appointment of Deloitte & Touche LLP as the Company's
independent auditors for the year ending December 31, 1997. A total of 3,621,524
shares were voted in favor of this proposal, no shares were voted against, and
540 shares abstained.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits

                  27       Financial data schedule (for SEC use only)

         (b)  Reports on Form 8-K

                  No reports on Form 8-K were filed by the Registrant during the
quarter ended June 30, 1997.





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<PAGE>   11


                                   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 duly authorized.



                                           Boyd Bros. Transportation Inc.
                                                    (Registrant)


Date:  August 11, 1997                          /s/ Richard C. Bailey
                                      ------------------------------------------
                                      Richard C. Bailey, Chief Financial Officer
                                              (Principal Accounting Officer)





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