-----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, AKI0vbDEvNcm+Mj4tG3eT6zTq/d3ewKs5etUqb0NU3DEhXEJnuiGwgQHE1gHMFDt ynwZniq69oOJIWOhrSDXOw== 0000950134-97-003397.txt : 19970502 0000950134-97-003397.hdr.sgml : 19970502 ACCESSION NUMBER: 0000950134-97-003397 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970501 SROS: NASD 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19858 FILM NUMBER: 97593747 BUSINESS ADDRESS: STREET 1: P O BOX 449 CITY: VAN BUREN STATE: AK ZIP: 72956 BUSINESS PHONE: 5014712500 10-Q 1 FORM 10-Q FOR QUARTER ENDED MARCH 31, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 0-19858 USA TRUCK, INC. - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 71-0556971 ------------------------------- --------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 3108 INDUSTRIAL PARK ROAD VAN BUREN, ARKANSAS 72956 - ---------------------------------------- --------------------------------- (Address of principal executive offices) (Zip Code) (501) 471-2500 - ------------------------------------------------------------------------------- Registrant's telephone number, including area code Not applicable - ------------------------------------------------------------------------------- Former name, address and former fiscal year, if changed since last report. Indicate by check mark 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), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 9,358,868 shares of common stock, $.01 par value, were outstanding on April 25, 1997. 2 INDEX USA TRUCK, INC. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) Page Condensed Balance Sheets -- March 31, 1997 and December 31, 1996 3 Condensed Statements of Income -- Three months ended March 31, 1997 and 1996 4 Condensed Statements of Cash Flows -- Three months ended March 31, 1997 and 1996 5 Notes to Condensed Financial Statements -- March 31, 1997 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. 12 Page 2 3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements USA TRUCK, INC. CONDENSED BALANCE SHEETS
March 31 December 31 1997 1996 ------------- ------------- (unaudited) (note) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,238,547 $ 1,486,946 Accounts receivable: Trade, less allowance for doubtful accounts (1997 - $ 147,749; 1996 - $ 113,000) 11,809,860 10,972,451 Other 392,829 1,766,443 Inventories 340,249 176,759 Deferred income taxes 1,266,617 933,091 Prepaid expenses and other current assets 2,307,471 1,489,555 ------------- ------------- Total current assets 17,355,573 16,825,245 PROPERTY AND EQUIPMENT 102,686,932 94,857,962 ACCUMULATED DEPRECIATION AND AMORTIZATION (29,935,006) (28,089,739) ------------- ------------- 72,751,926 66,768,223 SECURITY DEPOSITS 1,745,478 1,745,478 OTHER ASSETS 1,004,897 990,901 ------------- ------------- Total assets $ 92,857,874 $ 86,329,847 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Bank drafts payable $ 643,328 $ 606,371 Trade accounts payable 3,702,126 1,378,551 Accrued expenses 8,598,663 7,190,198 Current maturities of long-term debt 6,044,586 6,018,289 ------------- ------------- Total current liabilities 18,988,703 15,193,409 LONG-TERM DEBT, LESS CURRENT MATURITIES 17,138,379 15,867,365 DEFERRED INCOME TAXES 9,700,787 9,568,464 INSURANCE AND CLAIMS ACCRUALS 1,378,614 1,276,614 STOCKHOLDERS' EQUITY: Preferred stock, par value $.01 per share; 1,000,000 shares authorized; none issued -- -- Common stock, par value $.01 per share; 16,000,000 shares authorized; issued shares (1997 - 9,544,368; 1996 - 9,499,636) 95,444 94,996 Additional paid-in capital 14,112,384 13,837,785 Retained earnings 33,080,306 31,798,704 Less treasury stock, at cost (1997 - 185,500; 1996 - 145,000) shares (1,636,743) (1,307,490) ------------- ------------- Total stockholders' equity 45,651,391 44,423,995 ------------- ------------- Total liabilities and stockholders' equity $ 92,857,874 $ 86,329,847 ============= =============
NOTE: The balance sheet at December 31, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See notes to condensed financial statements. Page 3 4 USA TRUCK, INC. CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31 ---------------------------- 1997 1996 ----------- ------------ OPERATING REVENUES $30,660,109 $ 25,914,002 OPERATING EXPENSES AND COSTS: Salaries, wages and employee benefits 12,939,400 10,889,200 Operations and maintenance 8,834,909 7,429,149 Operating taxes and licenses 553,949 474,560 Insurance and claims 1,411,163 1,406,394 Communications and utilities 414,106 353,457 Depreciation and amortization 3,164,381 2,924,705 Other 1,020,821 966,273 ----------- ------------ 28,338,729 24,443,738 ----------- ------------ OPERATING INCOME 2,321,380 1,470,264 OTHER (INCOME) EXPENSE: Interest expense 206,072 204,243 Gain on disposal of assets -- (2,161) Other, net 17,759 26,824 ----------- ------------ 223,831 228,906 ----------- ------------ INCOME BEFORE INCOME TAXES 2,097,549 1,241,358 INCOME TAXES 815,947 483,110 ----------- ------------ NET INCOME $ 1,281,602 $ 758,248 =========== ============ PER SHARE INFORMATION: Average shares outstanding 9,419,045 9,723,537 =========== ============ Net income per share $ 0.14 $ 0.08 =========== ============
See notes to condensed financial statements. Page 4 5 USA TRUCK, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
March 31 ---------------------------- 1997 1996 ----------- ----------- OPERATING ACTIVITIES: Net income $ 1,281,602 $ 758,248 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,164,381 2,924,705 Provision for doubtful accounts 7,500 (6,000) Deferred income taxes (201,203) 821,583 Gain on sale of assets -- 2,161 Changes in operating assets and liabilities: Receivables 528,705 1,886,249 Inventories and prepaid expenses (981,406) (652,204) Bank drafts, accounts payable and accrued expenses 4,037,121 (1,943,718) Insurance and claims accruals 102,000 126,001 ----------- ----------- Net cash provided by operating activities 7,938,700 3,917,025 INVESTING ACTIVITIES: Purchases of property and equipment (8,251,189) (2,541,865) Purchases of investments (19,771) -- Proceeds from sale of assets 1,002,000 395,000 Increase in other assets 5,775 (31,009) ----------- ----------- Net cash used by investing activities (7,263,185) (2,177,874) FINANCING ACTIVITIES: Borrowings under long-term debt 6,700,000 3,680,000 Proceeds from the exercise of stock options 275,046 172,050 Payments to repurchase common stock (597,378) (1,115,384) Principal payments on long-term debt (6,225,000) (3,250,000) Principal payments on capitalized lease obligations (1,076,583) (801,058) ----------- ----------- Net cash used by financing activities (923,915) (1,314,392) ----------- ----------- (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS: (248,400) 424,759 Cash and cash equivalents at beginning of period 1,486,946 1,656,392 ----------- ----------- Cash and cash equivalents at end of period $ 1,238,546 $ 2,081,151 =========== ===========
See notes to condensed financial statements. Page 5 6 USA TRUCK, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 1997 NOTE A--BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 1997, are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. For further information, refer to the financial statements and footnotes thereto included in the annual report on Form 10-K of USA Truck, Inc. (the "Company") for the year ended December 31, 1996. NOTE B--COMMITMENTS As of April 25, 1997, the Company had remaining commitments for the purchase of revenue equipment in the aggregate amount of approximately $30.3 million in 1997 and $2.7 million in 1998 and $0.3 million for the completion of the new corporate headquarters in Van Buren, Arkansas. The corporate headquarters is scheduled to be finished in the first half of 1997. NOTE C--LONG-TERM DEBT On January 10, 1997 and February 28, 1997, the Company entered into capital lease agreements in the aggregate amount of $1.9 million for computer equipment and related software. Under the terms of the leases the principal and accrued interest are payable in equal monthly installments over a period of 60 months. NOTE D--CAPITAL STOCK TRANSACTIONS During the quarter of March 31, 1997, the Company made purchases in the aggregate of 40,500 additional shares of its outstanding common stock on the open market pursuant to this repurchase program for $329,250. NOTE E--NEW ACCOUNTING PRONOUNCEMENT In February 1997, the Financial Accounting Standards Board issued Statement No. 128, Earnings per Share, which the Company is required to adopt on December 31, 1997. At this time, the Company will be required to change the method currently used to compute earnings per share and to restate earnings per share for all prior periods. Under the new requirements for calculating "basic earnings per share" (which will replace the current term "primary earnings per share"), the dilutive effect of stock options will be excluded. Basic earnings per share for the quarter ended March 31, 1997 and March 31, 1996 is expected to be unchanged when compared to primary earnings per share for those periods. Page 6 7 FORM 10-Q USA TRUCK, INC. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following table sets forth the percentage relationship of certain items to operating revenues for the periods indicated:
Three Months Ended March 31 -------------------- 1997 1996 -------- -------- OPERATING REVENUES 100.0% 100.0% OPERATING EXPENSES AND COSTS: Salaries, wages and employee benefits 42.2 42.0 Operations and maintenance 28.8 28.7 Operating taxes and licenses 1.8 1.8 Insurance and claims 4.6 5.4 Communications and utilities 1.4 1.4 Depreciation and amortization 10.3 11.3 Other 3.3 3.7 -------- -------- 92.4 94.3 -------- -------- OPERATING INCOME 7.6 5.7 OTHER (INCOME) EXPENSE: Interest expense 0.7 0.8 Gain on disposal of assets -- -- Other, net 0.1 0.1 -------- -------- 0.8 0.9 -------- -------- INCOME BEFORE INCOME TAXES 6.8 4.8 INCOME TAXES 2.7 1.9 -------- -------- NET INCOME 4.1% 2.9% ======== ========
RESULTS OF OPERATIONS Quarter Ended March 31, 1997 Compared to Quarter Ended March 31, 1996 Operating revenues increased 18.3% to $30.7 million in the first quarter of 1997 from $25.9 million for the same quarter of 1996, resulting from increased business with existing customers and additional business from new customers plus a slight increase in average revenue per mile. Average revenue per mile increased to $1.109 in 1997 from $1.107 in 1996. The empty mile factor decreased to 9.91% in 1997 from 10.56% of paid miles in the first quarter of 1996. There was a 11.6% increase in the number of shipments to 27,401 in 1997 from 24,553 in 1996. This volume improvement was made possible by Page 7 8 an increase of 11.7% in the average number of tractors operated from 781 in 1996 to 872 in 1997. The net effect of the volume improvement and the Company's continuing fleet expansion was a increase of 9.1% in miles per tractor per week to 2,556 in 1997 from 2,343 in 1996. Operating expenses and costs as a percentage of revenues decreased to 92.4% in 1997 from 94.3% in 1996. This change resulted primarily from a decrease, on a percentage of revenue basis, in insurance and claims expenses, depreciation and amortization expense and in other expenses. These decreases were partially offset by slight increases, on a percentage of revenue basis, in salaries, wages, and employee benefits and operations and maintenance costs. The percentage decrease, relative to revenues, in insurance and claims expense was due to a decrease in the number and severity of accidents in the first quarter of 1997 as compared to the same period last year. The decrease in depreciation and amortization expense, as a percentage of revenue, reflects the 9.1% increase in utilization as mentioned above. Other expenses decreased, relative to revenues, due to a variety of factors, no single one of which accounted for more than half of the decrease. Management believes that the improvement in driver retention experienced in the first quarter had a positive impact on several expense categories, including insurance and claims expenses, as compared to the prior year. The increase in salaries, wages, and employee benefits was due to an increase in aggregate driver pay along with an increase in incentives earned by employees due to improved operating and financial performance of the Company in the first quarter of this year compared to the same period last year. The percentage increase, relative to revenues, in operations and maintenance was primarily the result of an increase of 10.1 cents per gallon in the average cost of fuel in the first quarter of this year compared to the same period last year, partially offset by an increase in fuel efficiency to 6.01 average miles per gallon in 1997 from 5.78 in 1996. As a result of the foregoing factors, operating income increased 57.9% to $2.3 million, or 7.6% of revenues, in 1997 from $1.5 million, or 5.7% of revenues, in 1996. Interest expense increased 0.9% to $206,000 in 1997 from $204,000 in 1996, resulting primarily from an increase in borrowings, partially offset by a decrease in interest rates, in the aggregate, on both short-term and long-term debt.. As a result of the above, income before income taxes increased 69.0% to $2.1 million, or 6.8% of revenues, in 1997 from $1.2 million, or 4.8% of revenues, in 1996. The Company's effective tax rate remained unchanged at 38.9% for both 1997 and 1996. The effective rates varied from the statutory Federal tax rate of 34% primarily due to state income taxes and certain non-deductible expenses. As a result of the aforementioned factors, net income increased 69.0% to $1.3 million ($.14 per share), or 4.2% of revenues, in 1997 from $758,000 ($.08 per share), or 2.9% of revenues, in 1996. The number of shares used in the calculation of net income per share for the first quarter of 1997 and 1996 were 9,419,045 and 9,723,537, respectively. Total shares outstanding at March 31, 1997, were 9,358,868. SEASONALITY In the trucking industry generally, revenues are lower in the first and fourth quarters as customers decrease shipments during the winter holiday season and as inclement weather impedes operations. At the same time, operating expenses increase, due primarily to decreased fuel efficiency and increased maintenance costs. These factors historically have tended to decrease net income in the first and fourth Page 8 9 quarters. Future revenues could be impacted if customers reduce shipments due to temporary plant closings, which historically have occurred during July and December. FUEL AVAILABILITY AND COST The motor carrier industry is dependent upon the availability of diesel fuel, and fuel shortages or increases in fuel taxes or fuel costs have adversely affected, and may in the future adversely affect the profitability of USA Truck. Fuel prices have fluctuated widely and fuel taxes have generally increased in recent years. The Company has not experienced difficulty in maintaining necessary fuel supplies, and in the past the Company generally has been able to recover increases in fuel costs and fuel taxes from customers through increased freight rates. However, more recently, USA Truck experienced a price increase of approximately 12 cents per gallon over a period of 12 months, which the Company was not able to fully offset through rate increases. Diesel prices declined somewhat toward the end of, and subsequent to, the first quarter of this year, but there can be no assurance that diesel prices will continue to decrease or remain below the higher prices experienced in recent periods. There also can be no assurance that the Company will be able to recover any future increases in fuel costs and fuel taxes through increased rates. LIQUIDITY & CAPITAL RESOURCES The continued growth of the Company's business has required significant investments in new equipment. USA Truck has financed revenue equipment purchases with cash flows from operations and through borrowings under the Company's collateralized revolving credit agreement (the "General Line of Credit") and conventional financing and lease-purchase arrangements. Working capital needs have generally been met with cash flows from operations and occasionally with borrowings under the General Line of Credit. Although the Company has not relied significantly on the General Line of Credit to meet working capital requirements, it does experience cyclical cash flow needs common to the industry. The Company uses the General Line of Credit to minimize these fluctuations and to provide flexibility in financing revenue equipment purchases. Cash flows from operations were $7.7 million for the three-month period ended March 31, 1997 as compared to $3.9 million in the comparable period of 1996. The Company's General Line of Credit provides for available borrowings of up to $15.0 million, including letters of credit not exceeding $5.0 million. As of March 31, 1997, approximately $7.8 million was available under the General Line of Credit. The General Line of Credit matures on April 30, 1999, prior to which time, subject to certain conditions, the amount outstanding can be converted at any time, at the Company's option, to a four-year term loan requiring 48 equal monthly principal payments plus interest. The interest rate on the General Line of Credit (8.50% at March 31, 1997) fluctuates between the lender's prime rate and prime plus 1/2%, depending upon the ratio of the Company's debt to tangible net worth. Under the General Line of Credit, the Company has the right to borrow at a rate related to the Eurodollar rate when this rate is less than the lender's prime rate. A quarterly commitment fee of 1/4% per annum is payable on the unused amount of the available borrowings. The principal maturity can be accelerated if the borrowing base (based on a percentage of receivables and otherwise unsecured equipment) does not support the principal balance outstanding. The General Line of Credit is collateralized by accounts receivable and all otherwise unencumbered equipment. The Company has the option under certain conditions and at certain rates to fix the rate and term on portions of the outstanding balance of the General Line of Credit. On November 13, 1996 the Company amended its lease commitment agreement (the "TRAC Lease Commitment"), dated January 24, 1996, to extend the term and increase the borrowing limit to an Page 9 10 amount equal to the sum of the current outstanding balance plus $10.0 million, resulting in a new lease commitment with a maximum borrowing amount of $16.0 million. The TRAC Lease Commitment facilitates the leasing of tractors. As of March 31, 1997, $10.1 million remained available under the TRAC Lease Commitment. The commitment term ends on December 31, 1997. Each capital lease will have a repayment period of 42 months. Lease amounts are limited based on the amounts outstanding under capital leases entered into under this agreement. The interest rate on the capital leases under the TRAC Lease Commitment fluctuates in relation to the weekly average interest rate for 2-year Constant Maturity Treasury Securities as published by the Federal Reserve and is fixed upon execution of lease. On January 10, 1997 the Company entered into capital lease agreements in the aggregate amount of $1.9 million for computer equipment and related software. Under the terms of the leases the principal and accrued interest are payable in equal monthly installments over a period of 60 months. At March 31, 1997, the Company had debt obligations of approximately $23.2 million, including amounts borrowed under the facilities described above, of which approximately $6.0 million were current obligations. During the first quarter of 1997 the Company made borrowings under the General Line of Credit of $6.7 million, while retiring $7.3 million in debt. The retired debt had an average interest rate of approximately 6.98%. During the years 1997 and 1998 the Company plans to make approximately $70.8 million in capital expenditures, $8.3 million of which had been expended through April 25, 1997. As of April 25, 1997, USA Truck was committed to spend $30.3 million for revenue equipment during the remainder of 1997 and $2.7 million for revenue equipment in 1998. The commitments to purchase revenue equipment are cancelable by the Company if certain conditions are met. Also, the Company has a remaining commitment for $0.3 million, of a total commitment of $4.9 million, relating to construction of a new corporate headquarters in Van Buren, Arkansas. The new headquarters facility is currently expected to be completed in the first half of 1997. The balance of the expected capital expenditures will be used for the purchase of maintenance and office equipment and facility improvements. The General Line of Credit, the TRAC Lease Commitment, equipment leases and cash flows from operations should be adequate to fund the Company's operations and expansion plans through the end of 1997. There can be no assurance, however, that such sources will be sufficient to fund the Company's operations and all expansion plans through such date, or that any necessary additional financing will be available, if at all, in amounts required or on terms satisfactory to the Company. The Company expects to continue to fund its operations with cash flows from operations, the General Line of Credit, the TRAC Lease Commitment and equipment leases for the foreseeable future. In September 1995, the Board of Directors authorized the Company to repurchase up to 500,000 shares of its outstanding common stock, on the open market or in privately negotiated transactions, from time to time over a period of three years. As of April 25, 1997, the Company had purchased 439,500 shares pursuant to this authorization at an aggregate purchase price of $4.4 million, including 40,500 shares purchased in 1997 at an aggregate purchase price of $329,000. On May 8, 1996, the Board of Directors authorized the retirement of all shares purchased prior to May 7, 1996, which resulted in the retirement of 254,000 shares of treasury stock that had been purchased at an aggregate cost of $2.8 million. The Company may continue to purchase shares in the future if, in the view of management, the common stock is undervalued relative to the Company's performance and prospects for continued growth. Any such purchases would be funded with cash flows from operations or the General Line of Credit. Page 10 11 FORWARD-LOOKING STATEMENTS This report contains forward-looking statements and information that are based on management's belief as well as assumptions made by, and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized. Should one or more of the risks or uncertainties underlying such expectations materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Among the key factors that are not within the Company's control and that may have a direct bearing on operating results are further increases in diesel prices, adverse weather conditions and the impact of increased rate competition. The Company's results may also be significantly affected by fluctuations in general economic conditions, as the Company's utilization rates are directly related to business levels of shippers in a variety of industries. Results for any specific period could also be affected by various unforeseen events, such as unusual levels of equipment failure or accident claims. Page 11 12 USA TRUCK, INC. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (A) Exhibits 3.1 Restated and Amended Certificate of Incorporation of the Company (incorporated by reference to Exhibit to the Company's Registration of Form S-1, Registration No. 33-45682, filed with the Securities and Exchange Commission on February 13, 1992 [the "Form S-1"]). 3.2 Bylaws of the Company as currently in effect (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Form S-1 filed with the Securities and Exchange Commission on March 19, 1992 ["Amendment No. 1"]). 3.3 Certificate of Amendment to Certificate of Incorporation of the Company filed March 17, 1992 (incorporated by reference to Exhibit 3.3 to Amendment No. 1). 11.1 Statement Re: Computation of Earnings Per Share 27.1 Financial Data Schedule (B) Reports on Form 8-K The Company did not file any reports on Form 8-K during the three months ended March 31, 1997. Page 12 13 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 thereunto duly authorized. USA TRUCK, INC. -------------------------------------- (Registrant) Date: 04/30/97 /s/ ROBERT M. POWELL ---------------- -------------------------------------- ROBERT M. POWELL President and Chief Executive Officer Date: 04/30/97 /s/ JERRY D. ORLER ---------------- -------------------------------------- JERRY D. ORLER Vice President-Finance and Chief Financial Officer Page 13 14 FORM 10-Q INDEX TO EXHIBITS USA TRUCK, INC. Exhibit Number Exhibit - ------ ------- 3.1 Restated and Amended Certificate of Incorporation of the Company (incorporated by reference to Exhibit to the Company's Registration of Form S-1, Registration No. 33-45682, filed with the Securities and Exchange Commission on February 13, 1992 [the "Form S-1"]). 3.2 Bylaws of the Company as currently in effect (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Form S-1 filed with the Securities and Exchange Commission on March 19, 1992 ["Amendment No. 1"]). 3.3 Certificate of Amendment to Certificate of Incorporation of the Company filed March 17, 1992 (incorporated by reference to Exhibit 3.3 to Amendment No. 1). 11.1 Statement Re: Computation of Earnings Per Share 15 27.1 Financial Data Schedule 16 EX-11.1 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11.1 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE USA TRUCK, INC. - -------------------------------------------------------------------------------
Three Months Ended March 31 -------------------------- 1997 1996 ---------- ---------- Average shares outstanding 9,346,605 9,497,050 Net effect of dilutive stock options- based on the treasury stock method using average market price 72,440 226,487 ---------- ---------- Totals 9,419,045 9,723,537 ========== ========== Net income $1,281,602 $ 758,248 ========== ========== Net income per share $ 0.14 $ 0.08 ========== ==========
EX-27.1 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 1,238,547 0 11,809,860 147,749 340,248 17,355,573 102,686,932 29,935,006 92,857,874 18,988,703 0 0 0 95,444 45,555,947 92,857,874 30,660,109 30,660,109 0 28,338,729 223,831 0 206,073 2,097,549 815,947 0 0 0 0 1,281,602 .14 0
-----END PRIVACY-ENHANCED MESSAGE-----