USA Truck Announces Board Shakeup, Efforts to Repel Hostile Takeover

by Jan Cottingham  on Friday, Nov. 9, 2012 9:17 am  

Beckham said USA Truck expected the turnaround to manifest itself through 2013 and beyond.

Peiser, the new board chairman, said, "Despite the recent difficulties that the Company has experienced, I have a strong belief that we can execute a turnaround strategy that will bring increased value to our stockholders and increased opportunity for our employees."

In its third-quarter earnings statement, USA Truck reported a net loss of $6.1 million, or 59 cents per share, compared with a net loss of $4.3 million, or 42 cents per share for the year-ago quarter.

Revenue fell to $100.3 million for the third quarter compared with $102.6 million for third-quarter 2011.For the nine months ended Sept. 30, USA Truck lost $14.4 million, or $1.40 per share, compared with $6.4 million, or 62 cents per share, for the same period in 2011.

The shareholders rights' plan includes the following provisions:

• It will be in place for two years to give USA Truck time to implement its turnaround.

• Shareholders can end the plan at the company's 2014 annual meeting.

• The rights will become exercisable only if a person or group acquires 15 percent or more of the Company's common stock.

For more details, click here to read the company's Thursday statement.

 

 

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