Top News

American Apparel Got Indication of Interest for $1.30-$1.40 per Share
Tweet TWEET

USA Truck Announces Fourth Quarter Results

                  USA Truck Announces Fourth Quarter Results

PR Newswire

VAN BUREN, Ark., Jan. 31, 2013

VAN BUREN, Ark., Jan. 31, 2013 /PRNewswire/ --USA Truck, Inc. (NASDAQ: USAK)
today announced base revenue of $107.1 million for the quarter ended December
31, 2012, an increase of 6.8% from $100.3 million for the same quarter of
2011. We incurred a net loss of $3.1 million, $0.30 per share, for the
quarter ended December 31, 2012, compared to a net loss of $4.4 million, $0.42
per share, for the same quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20110114/DA30069LOGO)

Base revenue decreased 0.6% to $408.7 million for the twelve months ended
December 31, 2012, from $411.0 million for the same period of 2011. We
incurred a net loss of $17.5 million, $1.70 per share, for the twelve months
ended December 31, 2012, compared to a net loss of $10.8 million, $1.05 per
share, for the same period of 2011.

Asset-Based Trucking Operations

Cliff Beckham, President and CEO, offered the following comments: "The
improved operating fundamentals we experienced toward the end of the third
quarter continued into the fourth quarter, and the improvement is reflected in
our financial results as we narrowed our loss per share by 28.6% to $0.30
compared to a $0.42 loss a year ago. Sequentially, we nearly cut in half the
third quarter's $0.59 loss per sharein a historically seasonally weaker
quarter for us.

"Improvement was most evident in our Trucking segment, where we produced
year-over-year revenue growth for the first time since the second quarter of
2011. Base Trucking revenue grew 3.4% despite a 3.1% reduction in the average
fleet size. Base revenue per tractor per week improved 6.7% to $2,720 on an
improved freight mix and a substantially larger manned tractor count.

"Our yield management activities during the third quarter, which adversely
impacted volumes during that quarter as we re-priced underperforming freight,
began to produce results during the fourth quarter. We replaced volumes lost
during the third quarter with better-performing freight, as evidenced by the
combination of a 2.2% improvement in rate per loaded mile and a 6.7% increase
in loaded length-of-haul. Pricing typically falls at longer lengths-of-haul,
so the fact that we grew both simultaneously indicates improving lane flow
(directionality, density, and market selection). We upgraded our customer
base during the fourth quarter, including the replacement of four of our top
25 Trucking shippers, while reducing concentration with our largest shippers.
We expect some of our new customers to grow into our top 25 customer list in
the first half of 2013.

"The improved freight mix and the better operational execution helped us to
increase miles per manned tractor per week by 1.3% to 1,931 miles. The
heightened empty mile factor (up 92 basis points to 12.0%) suggests that we
still need additional freight volume to better utilize our equipment. We are
executing a detailed strategy that we believe will grow volumes in specific
markets and lanes during this winter's freight bidding season.

"Perhaps our largest accomplishment during the quarter involved cutting our
unmanned tractor count by more than 50%, to 92 from 213 sequentially versus
the third quarter of 2012. The manned tractor count growth was made possible
primarily by lower driver turnover, which improved throughout the quarter to
an annualized rate of 83% in December 2012, compared to 107% in December
2011. We attribute the improvement to enhanced Company-wide focus on driver
retention, better freight, and more consistent miles. The combination of our
manned tractor count and greater miles per manned tractor led to a 5.5%
improvement in overall tractor utilization to 1,850 miles per in-service
tractor per week."

The key operating metric charts below (Miles per Manned Tractor per Week,
Loaded Revenue per Mile, Unmanned Tractors, and Base Revenue per Tractor per
Week) reflect the results we have experienced for the periods indicated.

(Photo: http://photos.prnewswire.com/prnh/20130131/DA51143)

Non-Asset Based Operations

"Our SCS segment delivered strong performance again, growing base revenue by
17.6% and operating income by 13.4%. Gross margin expanded by 30 basis points
on slightly improved market conditions during the quarter. SCS represented
21.2% of our total base revenue during the quarterand continues to deliver
profitable results with minimal capital investment. Intermodal operations
experienced better gross margins on less revenue and were immaterial to our
financial results."

Balance Sheet and Liquidity

Mr. Beckham also addressed the Company's capitalization: "We believe our
balance sheet and sources of liquidity are adequate to support our operating
needs for the foreseeable future. At December 31, 2012, our outstanding debt,
less cash, represented 55.1% of our balance sheet capitalization, compared to
47.4% at December 31, 2011. At December 31, 2012, we were in compliance with
our new, five-year $125.0 million revolving credit facility and had
approximately $19.9 million of available borrowing capacity (net of the
minimum availability we are required to maintain of approximately $18.8
million). For the twelve months ended December 31, 2012, we incurred net
capital expenditures of approximately $32.2 million. Our 2013 operating plan
anticipates capital expenditures, net of proceeds on sale of assets, of $47.3
million."

The following table summarizes the results of operations information of USA
Truck, Inc. ("Company") for the three-and twelve- month periods indicated:

USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (in thousands, except per share data)
                                  Three Months Ended    Twelve Months Ended
                                  December 31,          December 31,
                                  2012       2011       2012          2011
                                  (UNAUDITED)
Revenue:
Trucking revenue                  $ 77,891   $ 75,309   $ 297,624   $ 321,283
Strategic Capacity Solutions        22,647     19,257     89,831      67,085
revenue
Intermodal revenue                  6,515      5,691      21,264      22,658
Base revenue                        107,053    100,257    408,719     411,026
Fuel surcharge revenue              27,718     25,945     103,709     108,382
Total revenue                       134,771    126,202    512,428     519,408
Operating expenses and costs:
Salaries, wages and employee        35,756     34,309     142,263     136,538
benefits
Fuel and fuel taxes                 34,382     32,740     131,162     137,195
Purchased transportation            34,323     31,002     127,949     120,076
Depreciation and amortization       11,487     11,772     45,058      49,263
Operations and maintenance          11,088     10,236     43,559      42,179
Insurance and claims                4,983      5,356      20,556      22,501
Operating taxes and licenses        1,320      1,343      5,504       5,460
Communications and utilities        1,077      1,258      4,124       4,395
Gain on disposal of assets, net     (396)      (711)      (2,151)     (3,615)
Other                               4,447      4,716      17,590      18,065
Total operating expenses and        138,467    132,021    535,614     532,057
costs
Operating loss                      (3,696)    (5,819)    (23,186)    (12,649)
Other expenses (income):
Interest expense                    1,009      904        4,053       3,345
Other, net                          (35)       (41)       (191)       (252)
Total other expenses, net           974        863        3,862       3,093
Loss before income taxes            (4,670)    (6,682)    (27,048)    (15,742)
Income tax benefit                  (1,560)    (2,328)    (9,508)     (4,965)
Net loss                          $ (3,110)  $ (4,354)  $ (17,540)  $ (10,777)
Per share information:
Average shares outstanding          10,313     10,297     10,310      10,302
(Basic)
Basic loss per share              $ (0.30)   $ (0.42)   $ (1.70)    $ (1.05)
Average shares outstanding          10,313     10,297     10,310      10,302
(Diluted)
Diluted loss per share            $ (0.30)   $ (0.42)   $ (1.70)    $ (1.05)

The following table includes key operating results and statistics for our
three operating segments:

                                          Three Months Ended       Twelve Months Ended
                                          December 31,             December 31,
                                          2012        2011         2012          2011
                                                      (UNAUDITED)
Trucking:
Operating loss (in thousands)             $ (5,371)   $ (7,113)    $ (29,762)    $ (18,762)
(1)
Operating ratio (2)                         106.9   %   109.4   %    110.0    %    106.0    %
Total miles (in thousands) (3)              52,968      51,810       205,776       221,765
Empty mile                                  12.0    %   11.1    %    11.4     %    11.0     %
factor
Weighted average number of tractors (4)     2,179       2,248        2,184         2,313
Average miles per tractor per period        24,308      23,047       94,220        95,878
Average miles per tractor per week          1,850       1,754        1,802         1,839
Average miles per                           556         521          542           532
trip
Base Trucking revenue per tractor         $ 2,720     $ 2,549      $ 2,606       $ 2,664
perweek
Number of tractors at end of period (4)     2,184       2,235        2,184         2,235
Strategic Capacity Solutions:
Operating income (in thousands)           $ 1,799     $ 1,587      $ 7,788       $ 7,100
(1)
Gross margin (5)                            14.4    %   14.1    %    13.9     %    15.1     %
Intermodal:
Operating loss (in thousands)             $ (124)     $ (293)      $ (1,212)     $ (987)
(1)
Gross margin (5)                            15.1    %   14.3    %    17.8     %    11.5     %

(1) Operating (loss) income is calculated by deducting total operating
    expenses from total revenues.
(2) Operating ratio is calculated by dividing total operating expenses, net of
    fuel surcharge, by base revenue.
(3) Total miles include both loaded and empty miles.
(4) Tractors include Company-operated tractors in service plus tractors
    operated by independent contractors.
    Gross margin is calculated by taking total revenue less purchased
(5) transportation expense and dividing that amount by total revenue. This
    calculation includes intercompany revenues and expenses.



Financial information in this press release is preliminary and based upon
information available to the Company as of the date of this press release. As
such, this information remains subject to the completion of normal quarter-and
year-end closing and audit procedures which could result in changes, some of
which could be material, to the preliminary information provided in this press
release.

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements generally may be
identified by their use of terms or phrases such as "expects," "estimates,"
"anticipates," "projects," "believes," "plans," "goals," "intends," "may,"
"will," "should," "could," "potential," "continue," "future" and terms or
phrases of similar substance.Forward-looking statements are based upon the
current beliefs and expectations of our management and are inherently subject
to risks and uncertainties, some of which cannot be predicted or quantified,
which could cause future events and actual results to differ materially from
those set forth in, contemplated by, or underlying the forward-looking
statements.Accordingly, actual results may differ from those set forth in
the forward-looking statements.Readers should review and consider the
factors that may affect future results and other disclosures by the Company in
its press releases, Annual Report on Form 10-K and other filings with the
Securities and Exchange Commission. We disclaim any obligation to update or
revise any forward-looking statements to reflect actual results or changes in
the factors affecting the forward-looking information. In light of these
risks and uncertainties, the forward-looking events and circumstances
discussed in this press release might not occur.

All forward-looking statements attributable to us, or persons acting on our
behalf, are expressly qualified in their entirety by this cautionary
statement.

References to the "Company," "we," "us," "our" and words of similar import
refer to USA Truck, Inc. and its subsidiary.

USA Truck is a dry van truckload carrier transporting general commodities via
our General Freight and Dedicated Freight service offerings. We transport
commodities throughout the continental United States and into and out of
portions of Canada. We also transport general commodities into and out of
Mexico by allowing through-trailer service from our terminal in Laredo,
Texas. Our Strategic Capacity Solutions and Intermodal operating segments
provide customized transportation solutions using our technology and multiple
modes of transportation including our assets and the assets of our partner
carriers.

This press release and related information will be available to interested
parties at our web site, http://www.usa-truck.com under the "News Releases"
tab of the "Investors" menu.

SOURCE USA Truck, Inc.

Website: http://www.usa-truck.com
Contact: CLIFF BECKHAM, President and Chief Executive Officer, +1-479-471-2633
 
Press spacebar to pause and continue. Press esc to stop.