-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HxqgwOM9Yr/ZZbiJDz82Rguj+PpC33mFkXqMDT+p2iJe/8+0ak3PhIHkSPUO6+2J GyNamirRoK7QSPB3lZIgYw== 0000883945-08-000055.txt : 20080718 0000883945-08-000055.hdr.sgml : 20080718 20080718160533 ACCESSION NUMBER: 0000883945-08-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080630 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080718 DATE AS OF CHANGE: 20080718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USA TRUCK INC CENTRAL INDEX KEY: 0000883945 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710556971 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19858 FILM NUMBER: 08959515 BUSINESS ADDRESS: STREET 1: 3200 INDUSTRIAL PARK ROAD CITY: VAN BUREN STATE: AR ZIP: 72956 BUSINESS PHONE: 479-471-2500 MAIL ADDRESS: STREET 1: 3200 INDUSTRIAL PARK ROAD CITY: VAN BUREN STATE: AR ZIP: 72956 8-K 1 form_8k-20080718.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):          July 17, 2008

 


 

USA TRUCK, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

 

0-19858

71-0556971

(Commission File Number)

(I.R.S. Employer Identification No.)

 

 

3200 Industrial Park Road

 

 

Van Buren, Arkansas

 

72956

(Address of Principal Executive Offices)

 

(Zip Code)

 

 

 

(479) 471-2500

 

 

(Registrant’s telephone number, including area code)

 

 

 

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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition

On July 17, 2008 the Registrant issued a news release announcing its revenues and earnings for the second quarter of 2008. A copy of the news release is furnished as an exhibit to this Form 8-K. This Item 2.02 and the attached exhibit are furnished to but not filed with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1  News release issued by the Registrant on July 17, 2008.

 

 

 

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 hereunto duly authorized.

 

 

 

USA Truck, Inc.

 

 

 

(Registrant)

 

 

 

 

Date:

July 18, 2008

 

/s/ CLIFTON R. BECKHAM

 

 

 

Clifton R. Beckham

 

 

 

President and Chief Executive Officer

 

 

 

 

Date:

July 18, 2008

 

/s/ DARRON R. MING

 

 

 

Darron R. Ming

 

 

 

Vice President, Finance, Chief Financial Officer and Treasurer

 

 

 

 

 

 

 

INDEX TO EXHIBITS

 

Exhibit

Number

 

Exhibit

 

99.1

News release issued by the Registrant on July 17, 2008

 

 

 

 

GRAPHIC 2 img1.jpg GRAPHIC begin 644 img1.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBB@`HH MHH`***CGGBMH'GGD6.*-2SLQX`%`#I)$BC:21U1%&69C@`>YKA]<^)=O;LT& MCPBY<<&>3(3\!U/Z5S'BSQ?<>(+AH("T6GH?DCZ&3_:;_#M7-UZE#!I+FJ?< M<-7$/:!L7OBS7M08F;4YE4_P0GRU_2J"_;;B&:Y\R:1(=OF.7)VY.!^M5J]% M\)^'OM7@/4`R_O-0#%/^`_=_\>!KJJ2A1C>QA!2J.USA[;6M5LR#;:E=1X[" M4X_(\5T^D?$O4K5ECU.)+R+NZ@)(/Z']*XOD<$8-%5.E"?Q(4:DH[,]VTC6] M/URV\^PG$@'WD/#(?0CM5^O`].U&[TJ]2[LIC%*G<="/0CN*]B\,>)+?Q'I_ MFH!'<1X$T.?NGU'L:\K$89TO>6QW4JRGH]S:HHHKD.@****`"BBB@#C/^%H: M+_SZWO\`WPO_`,51_P`+0T7_`)];W_OA?_BJYCX>Z98ZIK%S#?VL=Q&MON57 M&0#N'->@_P#"'^'?^@/;?]\UWU8X>G+E:9R0E5FKIHQ?^%H:+_SZWO\`WPO_ M`,51_P`+0T7_`)];W_OA?_BJVO\`A#_#O_0'MO\`OFC_`(0_P[_T![;_`+YK M/FPW\K-+5NZ,7_A:&B_\^M[_`-\+_P#%5SOC#QLFO6<=E8)-#;D[IO,`!._P"5=Q<>%O#5M;2SR:1;!(D+L=O8#->00P'4M0\N$P6YF MWI73AXT9/FBGIW,*TJB7*WN5J*ZC_A7/B/\`YY6W_?\`_P#K4?\`"N?$?_/* MV_[_`/\`]:NOV]+^9'/[*?8YF*)YYDAC&7D8*H]23@5[UIUFFG:=;6<>-L$: MIQWP.MHQPB"!B_R2;B6`^7C'K7I%>?C*JFTHO0[,-3<4VS MQ+Q9I_\`9GB:]MPN$:3S$_W6Y_KC\*QZ]0\<^$K[7;VVN].6(NL9CE#OMXSD M?S-IS5*4E)V1R]:6@:S-H.KQ7T62 MH.V5!_&AZC_#WK6_X5SXC_YY6W_?_P#^M63K&@WFA2)'?/;B5^?+CEW,!ZD= MA6GM*=3W;W(Y9PUL>@?\+0T7_GUO?^^%_P#BJ/\`A:&B_P#/K>_]\+_\55#P M#I>BZSHTJWFFV\UQ;RE6=EY93R,_J/PKJ?\`A#_#O_0'MO\`OFO-FL/"3BTS MMBZLE=-&+_PM#1?^?6]_[X7_`.*H_P"%H:+_`,^M[_WPO_Q5;7_"'^'?^@/; M?]\T?\(?X=_Z`]M_WS4\V&_E95JW=&+_`,+0T7_GUO?^^%_^*KJ-*U*'5]-A MOX%=8Y@2H<8(YQS^5<=XZ\/Z1IOAMKBRT^&"42HN]%P<$\UO^"?^1/T__U=O\`\+)\ M*?\`02;_`+\/_A7ENG^'M0\1S-:Z\3WWARXW0-YENQS);L?E;W'H?>GB,(I^]#VT5%:S_:;2&X\MH_-0/L;JN1G!J6O(/0"BBO-/'7BZ_-[<:+;*UK% M$=LKY^>7C/X+S^-:TJ4JLN5&=2HH*[-3Q7X_BL=]CH[++'KN[;4K@PPSQ MJ%(0ME@?8>A-=G_PLGPI_P!!)O\`OP_^%>7:?X=U#Q'(]OIR1L\0WMO?:,=* MO_\`"K?$_P#SRMO^_P"*\K&?QF?2Y9A\)4PZE6G9Z]4>A?\`"R?"G_02;_OP M_P#A1_PLGPI_T$F_[\/_`(5Y[_PJWQ/_`,\K;_O^*/\`A5OB?_GE;?\`?\5R M7/1^IY=_S]_%?Y'2^,O&6A:YH#66GWAEG,J,%,3+P.O)%=3X)_Y$_3_]P_\` MH1KRF^\#ZUH%L;Z_2%800A*2[CD].*]6\$_\B?I_^X?_`$(UU?\`,,O7]#P\ M73HT\5RT975OU.,^%W_(=N_^O;_V85ZA7DECX6\9Z9*TMC;R6[LNUF2:/)'I MUJ]]A^(__/:Y_P"_T==%>G&I/F4U]YY]*;A&SBSTVBO,OL/Q'_Y[7/\`W^CH M^P_$?_GM<_\`?Z.L?JR_G7WFOMG_`"L]!U>S_M#1[NS[S0L@^N./UKP8@J2K M#!!P1Z&NX^P_$?\`Y[7/_?Z.N8UG2-5TNX#ZK;M')<$N&+`[CGGD<9YKLPL5 M3O'F3OV.:O)SL[-&=6EX=T[^UM?L[,C*/("_^Z.3^@K-KOOA=IN^XO-3=>(U M$,9]SRWZ8_.NBO/DIN1C2CS32/1^G2H9;JW@FBAEGCCDF.(T9@"Y]AWKF_%' MCBTT0/:VFVYONA4'Y8O]X^OM7EM]J-YJ5XUY>7#RSL<[B<;?8>@^E>91PDJB MN]$=U2O&&BU/?*\R^)^F^3J5MJ2+\MPGEN?]I>GZ']*D\+_$)[?99:VQDBZ) M==67_>]1[]:Z;QG91ZSX1GDMV67RE%Q$R'(..N/PS3IQEAZRYMA3E&K3=CQV MBBGPPR7$\<$*%Y)&"HHZDGH*]@\\]&^%MB4LKV_8?ZUQ$A]E&3^I_2N\KRRT MT7Q]86RVUIYT$*9VHDT>!GD]ZF^P_$?_`)[7/_?Z.O)JTE4FY:>V?\K.B^)'_( MIO\`]=X_YU>\$_\`(GZ?_N'_`-"-<1>Z'X\U&W-O>B:>(D$H\T>,CIWKOO"U ME<:=X;L[2[C\N>)"'7(./F)ZBG52A14>9/7H3!N51RM;0UJ***XSI"BBB@`K M+\1:%!X@TI[.4A7'S128^XW8_3UK4HIQDXNZ$TFK,\"O["YTR]DL[R(QS1G! M![^X]0:VD\63Z?X=AT?2LP$@M<7'1F8]0OH.@SUXKTOQ#X9L?$5L$N!YI-%&<]**[#F"MSP]XJO=`3N.S<,';GC->B?#_PF]MMU MK4(]LK#_`$>-ARH/\1]SVJ;PO\/HK!TO=7V3W"\I`.40^I_O']*[>O.Q.*37 M)#[SLHT&GS2"BBBO..P****`"BBB@`HKE_#'C(^(M2GLS8_9_)C+[O-W9YQT MP*G\5^*3X92U86?VG[06'^LV[<8]CZUK[&?/R6U,_:1Y>:^AT-%8?B#Q1;>' M]-BN98S+-./W4*G&>,G)[`9KF%^).I0.DM]H1CMG/#`LI(]B1@TX4*DU=(4J ML(NS9Z'15>QO;?4K&&\M7WPS+N4_Y[URNL?$*+2M>DTT6/FQQ.JO-YN,9QGC M';-3"E.;:BM2I3C%7;.RI"`1@C(-`(8`@Y!Y!JEK6HG2-'N;\0^<8%W>7G&[ MG'6H2;=D4W97*=_X0T#46+SZ;$KG^.+*']*S&^&GA\G(^UK[";_ZU9)^*D@Z MZ+CZS_\`V-:&A>/Y-9UBWT\Z48!,3^\\TG&`3TQ[5VSB$5K!'!&/X8U"C]*X:;XGR1W,L*Z,7\ MMRN1-UP]3.CB)*\M?F.-2DG9 M';T5S>I^+3IWBBUT467F"X*?O?,QMW''3%:NN:G_`&-H]QJ`B\[R%!V;MN>0 M.OXUA[.2MY[&W/'7R+]%8VB>(8M4\/\`]L7$:VD2[]X+[@H4]ZV&JD7:SW.AHKDY_&Y ME\0_V/I&G_;W!VF7S=J@CJ>AX'K6Q=:VMI=M#)`2B#YW4]#@=!Z0ZE((`P>$N M_`5@W?TSBK7Q!U:SUJ\T^QTV9;J1&;)C.1EB``#W/%>BXOZRI=/^`<::]@UU M+?Q`M+I$TC5(H?.AMD`<8R%/!&?8XQ4K>//#^OZ>^GZO;3VR3`!B/G4>X(Y' MY5I>)?$]SX8N=/@:SCFM)D`DD8G(P0&`_#FJ7B,>"KS2)[M9+,7!C)B:W($A M;''RCW]164-8Q4HOR:-):2?*_5,Z'2HM,T3P[YEA,9;&-&F5R^[(ZGFO,H=* MDU?P[K.O2@F5)U8'ZG+_`/H0_*KEO?S6'PQFA9B/MMV8X@?[F`6Q[9!'XU+I M^A>-1HHM;,(ECRMT.X\'ZC_:?A>SF M)R\:>4_U7C^6#^-;=>??#.[>WN-0T:?Y71O,"GL0=K?TKT&N&O#DJ-'52ES0 M3//_`(J`"#3<`??D_D*[NU`^RP\#[B_RKA?BK_J-,_WY/Y"NZM?^/6'_`*YK M_*M*G\&'S(A_%E\CS#PCKNGZ%KNJR:A*8UE8JA"%LD.?2I/%VJ6?BZ_T^ST2 M)Y[@%@9/+*\'''/88)]J7P7I&GZOKVK1ZA:I<+&Q*A\\'>:/&FEV?AW6M+N- M)B^RESN(1CC*L.?UKL]SV^E^:WRV.?WO9>7_``2?Q"AC^)&D(3DJ(`3Z_,:Z MKQO_`,B?J'^XO_H0KE?&\G]G>.=,U*93Y(6-\@?W6.1^5:OC/Q-H]QX7GM[6 M^BN);D*$2-LD#())].G>L7%R=)I?UM[>]O8K:>U38RR'&X#H1Z\45DY0?+_,[BIM1DN;L:$?A"SM/$$NN6 M\\L3L&+0J!L.5P?UY^M>8Z;K]QI.F7]I:Y22]*J90>449SCW.:[S1_%>H>(/ M$]S;VBQ_V5"C,6,?S$8P.?<\_2L'P%H5CK4.K)>1!FV+&C]X]V>1[\"KIMPC M)U=;6)G:37L_,ZKP%H]A8:%%>VSK//=KNDEQT_V!Z8/ZUT+V=M).)WA5I!W( M_P`^IKSOP=J<_AGQ#/X>U([8Y)-JD]%?L1[,,?I7I=V6AV.KZ;9ZII\D%[;K-&`6`;L0.H(Y%>5Z1I%A<^)1:30;X-^-F] MA^NE=(JA$"J,*H MP`.PHHKEE)N*NS:*2;.=M-'L+;Q5)?0P;+AV0^:(RQ7YV7&<>A%;D2A8D4<`*`***)-\J0)+F;,'P_I-CI^ MH7DUK!Y;R_?.]CGDGN:7Q1I%CJ8MFO(/,,>[8=[+C./0CTHHJ^:7M+WU)Y5R M6L6=8TRRU30_+O8%G$<>]"Q.5..H/6O.O"FC:??Z^8+JV$L2DX4LLA$5!&J@(!@*!P!Z5Y;XTT73K#6XTM;584EP656.,GT&>/ MPHHJ,(VJA==+D/0-!TNQTW2$CL[=8EE4,^,DL<=23R:J>%])L=+^U?8X/*\P MKN^=FSC..I/K116+DVI:EV6A#XFT+3-1NX;BZM0\H3;O#LIP#QT(KH+;/V6+ 2))^0 EX-99 3 pressrelease_07182008.htm


FOR IMMEDIATE RELEASE

VAN BUREN, ARKANSAS July 17, 2008

USA Truck, Inc. (NASDAQ: USAK) today announced base revenue of $103.8 million for the second quarter ended June 30, 2008, an increase of 2.1% from $101.7 million for the same quarter of 2007. Net income increased from $1.6 million for the quarter ended June 30, 2007 to $2.1 million for the same quarter of 2008. Diluted earnings per share increased from $0.15 for the quarter ended June 30, 2007 to $0.21 for the same quarter of 2008.

Base revenue increased 2.5% from $196.2 million for the six months ended June 30, 2007 to $201.0 million for the same period of 2008. Net income decreased 88.9% from $1.7 million for the six months ended June 30, 2007 to $0.2 million for the same period of 2008. Diluted earnings per share decreased 87.5% from $0.16 for the six months ended June 30, 2007 to $0.02 for the same period of 2008.

In comparing the financial results of the quarter ended June 30, 2008 to the comparable period of 2007, Clifton R. Beckham, President and CEO of the Company, made the following statement:

“Our employees responded under pressure this quarter by exhibiting excellent teamwork and tremendous effort in executing several internal initiatives designed to restore a measure of discipline to our operations.

“Conditions in the truckload industry have been challenging, characterized by suppressed freight volumes due to the slowing U.S. economy and record diesel fuel costs. This difficult operating environment appears to have caused an escalating exodus of truckload capacity from the marketplace.

“Our internal efforts, coupled with diminishing industry capacity, have resulted in a stabilization of our pricing and tractor utilization. While we are still well short of our ultimate utilization goal of 2,500 miles per tractor per week, we are encouraged by our progress this quarter (+0.8%). We are particularly pleased with our improved utilization and our reduced empty mile factor (-55 basis points) in light of our shortened loaded length of haul (-9.1%), which typically portends reduced utilization and higher empty miles. Our shorter length of haul is the product of a shift among our customers to shorten their supply chains in the face of higher transportation costs (mostly due to fuel) and our own strategic efforts to serve the shorter-haul markets.

“Shorter lengths of haul typically produce higher revenue per mile. Our base trucking revenue per total mile did improve (+1.2%), but we are not satisfied with the improvement we achieved. Years of continuous fleet growth coupled with the current economic environment have made it difficult to reach an acceptable balance of fleet capacity and freight demand. We believe that we are now approaching such a balance, which will pave the way for us to implement a yield management initiative and thus begin the arduous process of improving our revenue per mile through better freight selection. We will restrict capacity additions to our trucking fleet until we have reached and sustained an acceptable return on our existing capital investment, which requires an annual operating ratio of approximately 89%.

“In addition to the shortened length of haul, a close analysis of our income statement this quarter reveals that our internal strategic initiatives are yielding positive results:

 

 

Our goal is to grow our owner-operator fleet to 120 by year-end and we were at 89 at the end of the quarter. Progress toward that goal (a weighted average increase of 54) year-over-year coupled with a reduction in Company-owned tractors (a weighted average decrease of 98) shifted expenses from wages, fuel, depreciation and maintenance into purchased transportation.

 

We also have goals to double the size of our brokerage base revenue (to approximately $20 million) and to break into the rail intermodal market with $2 million of related base revenue in 2008. We made progress toward both goals this quarter. Quarterly growth in our brokerage base revenue (up 63% to $4.4 million) and in our intermodal base revenue (up to $630,000 from zero) also shifted margin from asset-related cost lines into purchased transportation.

“Consistently achieving an 89% operating ratio will not only require more efficient revenue production, but also disciplined management of costs.

 

While our fuel costs were down as a percentage of base revenue, the decrease could have been greater if not for escalating diesel fuel prices. Soaring fuel prices (+58% per gallon) impacted our operating margin approximately 50 basis points ($0.03 per share). We were able to limit the extent of this impact through business model diversification into less asset-intensive operations, capital investments made

 

USA Truck, Inc.

 

 

 to boost our tractor fuel economy, tighter control of uncompensated miles, a disciplined idle time management program and our customers’ willingness to pay reasonable fuel surcharges.

 

Our “War on Accidents” safety initiative focusing on accident prevention through comprehensive driver selection, training and accountability has begun to produce results (140 basis point improvement in insurance and claims expense). Costs were down in all major accident-related categories as the frequency of Department of Transportation reportable accidents fell 30% to their lowest levels since the second quarter of 2006.

 

A softer labor market for drivers and our focus on driver selection and training resulted in one of our lowest quarterly driver turnover rates this decade (88%), which helped drive down other operating expenses and costs by 60 basis points through reduced recruiting costs.

“We are intensely focused on achieving our three long-term strategic objectives: (1) to earn at least a 10% return on capital; (2) to improve the consistency of our earnings relative to the S&P 500; and (3) to position ourselves for long-term earnings growth once objectives one and two have been attained. Every employee in our organization has worked extremely hard over the past few quarters to research, design and implement a wide range of sweeping changes to improve the velocity and consistency of our business operations. We are proud of the improvements that we have made so far, but this quarter’s results only mark the first, albeit critical step toward realization of our ultimate goals.

“Several favorable factors came together this quarter such as our successful safety and fuel conservation efforts, tightening industry capacity and driver availability. We are aware of the possibility that those volatile factors may not be sustainable in the near term, and we realize that we have posted our best operating ratios in the second calendar quarter during four of the past five full years. Our immediate challenge is to sustain the improvements that we have made thus far, and then improve upon them.

“Achieving our long-term objectives will require disciplined, tenacious execution of our strategic plan over the next several years. Management has developed the strategic plan, but we believe creating it was the easy part. We understand that the key to increasing shareholder value lies in our ability to delight our customers, and that can only be achieved by challenging, empowering and rewarding our employees. Thus, we are investing time and resources into organizational alignment where our employees understand and support who we are, what we do, where we are going and how we will get there. We believe that the combination of that alignment with the operational execution of our strategic plan is a winning formula for USA Truck.”

 

Page 2 of 4

 

USA Truck, Inc.

 

 

The following table summarizes the earnings information of USA Truck, Inc. (“Company”) for the periods indicated:

(in thousands, except per share data)

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

 

 

 

2008

 

2007

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trucking revenue (1)

$

99,373

 

$

99,000

 

$

 

193,015

 

$

191,438

 

 

Strategic Capacity Solutions revenue (2)

 

4,465

 

 

2,687

 

 

 

7,973

 

 

4,722

 

 

Base revenue

 

103,838

 

 

101,687

 

 

 

200,988

 

 

196,160

 

 

Fuel surcharge revenue

 

42,289

 

 

22,702

 

 

 

72,377

 

 

40,680

 

 

Total revenue

 

146,127

 

 

124,389

 

 

 

273,365

 

 

236,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses and costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and employee benefits

 

40,846

 

 

41,570

 

 

 

81,326

 

 

82,321

 

 

Fuel and fuel taxes

 

56,863

 

 

37,997

 

 

 

103,542

 

 

71,247

 

 

Depreciation and amortization

 

12,513

 

 

12,218

 

 

 

24,762

 

 

24,108

 

 

Insurance and claims

 

7,561

 

 

8,880

 

 

 

15,073

 

 

16,207

 

 

Operations and maintenance

 

6,543

 

 

6,676

 

 

 

13,642

 

 

12,548

 

 

Purchased transportation

 

9,825

 

 

4,856

 

 

 

17,665

 

 

8,625

 

 

Operating taxes and licenses

 

1,630

 

 

1,626

 

 

 

3,233

 

 

3,246

 

 

Communications and utilities

 

1,018

 

 

939

 

 

 

2,073

 

 

1,891

 

 

(Gain) loss on disposal of revenue equipment, net

 

(30)

 

 

57

 

 

 

(30)

 

 

(314)

 

 

Other

 

4,248

 

 

4,736

 

 

 

8,379

 

 

10,039

 

 

Total operating expenses and costs

 

141,017

 

 

119,555

 

 

 

269,665

 

 

229,918

 

 

Operating income

 

5,110

 

 

4,834

 

 

 

3,700

 

 

6,922

 

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

1,148

 

 

1,450

 

 

 

2,343

 

 

2,601

 

 

Other, net

 

(90)

 

 

(22)

 

 

 

(117)

 

 

57

 

 

Total other expenses, net

 

1,058

 

 

1,428

 

 

 

2,226

 

 

2,658

 

 

Income before income taxes

 

4,052

 

 

3,406

 

 

 

1,474

 

 

4,264

 

 

Income tax expense

 

1,917

 

 

1,786

 

 

 

1,285

 

 

2,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

2,135

 

$

1,620

 

$

 

189

 

$

1,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding (Basic)

 

10,220

 

 

10,671

 

 

 

10,215

 

 

10,821

 

 

Basic earnings per share

$

0.21

 

$

0.15

 

$

 

0.02

 

$

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding (Diluted)

 

10,227

 

 

10,734

 

 

 

10,225

 

 

10,887

 

 

Diluted earnings per share

$

0.21

 

$

0.15

 

$

 

0.02

 

$

0.16

 

 

The following table includes key Trucking operations statistics for the periods indicated:

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2008

 

2007

 

2008

 

2007

Total miles (in thousands) (3)

 

76,298

 

 

77,000

 

 

 

150,279

 

 

150,500

 

Empty mile factor

 

9.9

%

 

10.4

%

 

 

10.5

%

 

11.2

%

Weighted average number of tractors (4)

 

2,540

 

 

2,584

 

 

 

2,549

 

 

2,571

 

Average miles per tractor per period

 

30,039

 

 

29,799

 

 

 

58,956

 

 

58,538

 

Average miles per tractor per week

 

2,311

 

 

2,292

 

 

 

2,268

 

 

2,264

 

Average miles per trip (5)

 

715

 

 

787

 

 

 

723

 

 

788

 

Base Trucking revenue per tractor per week

$

3,009

 

$

2,947

 

 

$

2,912

 

$

2,880

 

Number of tractors at end of period (4)        

 

2,538

 

 

2,591

 

 

 

2,538

 

 

2,591

 

Operating ratio (6)

 

95.1

%

 

95.2

%

 

 

98.2

%

 

96.5

%

 

 

(1)

Trucking revenue includes base revenue generated from our General Freight and Dedicated Freight divisions and Trailer-on-Flat-Car Intermodal service offerings. The results of our Regional Freight operations, which we previously reported as a separate division, are now

 

Page 3 of 4

 

USA Truck, Inc.

 

 

included as part of the results of our General Freight division.

 

 (2)

We previously referred to the operating division through which we conduct our freight brokerage operations as our “Strategic Capacity Solutions” division and the operating segment of which that division is a part as “USA Logistics.”  We now use “Strategic Capacity Solutions” to refer to that operating segment, which includes base revenue generated by two operating divisions, which we now refer to as Freight Brokerage, as well as our Container-on-Flat-Car Intermodal service offerings.

 

 (3)

Total miles include both loaded and empty miles.

 

(4)

Tractors include Company-operated tractors plus owner-operator tractors.

 

(5)

Average miles per trip is based upon loaded miles divided by the number of Trucking shipments.

 

 (6)

Operating ratio is based upon total operating expenses, net of fuel surcharge, as a percentage of base revenue.

Selected Balance Sheet and other financial information:

 

 

 

 

 

(in thousands, except percentage data)

 

 

June 30,

 

 

 

December 31,

 

 

2008

 

 

 

2007

Total assets

$

361,960

 

 

$

332,938

 

Total equity

 

143,755

 

 

 

143,191

 

Total debt, including current maturities

 

121,062

 

 

 

96,162

 

Cash and cash equivalents

 

4,294

 

 

 

8,014

 

Total debt, less cash, to total capitalization ratio

 

44.1

%

 

 

36.8

%

 

 

(in thousands)

 

Six Months Ended June 30,

 

 

2008

 

 

 

2007

Net cash provided by operating activities

$

21,293

 

$

22,232

 

Capital expenditures, net

 

48,590

 

 

22,291

 

 

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,” “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 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 and Dedicated Freight divisions and our Trailer-on-Flat-Car Intermodal 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 Freight Brokerage division and our Container-on-Flat-Car Intermodal service offerings 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 “Press Releases” tab of the “Investor Relations” page.

-- --

Contact: CLIFF BECKHAM, President and Chief Executive Officer - (479) 471-2633

 

Page 4 of 4

 

 

-----END PRIVACY-ENHANCED MESSAGE-----