USA Truck Annual Loss Deepens to $17.5M

by Lance Turner  on Thursday, Jan. 31, 2013 7:50 am  

Cliff Beckham, CEO of USA Truck Inc. of Van Buren.

USA Truck Inc. of Van Buren on Thursday reported (PDF) a fourth-quarter loss of $3.1 million, 30 cents per share, compared to a loss of $4.4 million, 42 cents per share, during the same quarter last year.

For the full year, however, the company's net loss deepened, increasing to $17.5 million, a greater loss than the $10.7 million loss it reported for the full year of 2011. Base revenue for the year fell less than 1 percent to $408.7 million from 2011.

Still, President and CEO Cliff Beckham saw postive movement in the company's trucking segment, which posted year-over-year revenue growth for the first time since the second quarter of 2011. 

"Base Trucking revenue grew 3.4 percent despite a 3.1 percent reduction in the average fleet size," Beckham said. "Base revenue per tractor per week improved 6.7 percent to $2,720 on an improved freight mix and a substantially larger manned tractor count."

Beckham also noted financial improvement from the end of the third quarter and into the fourth. He said the company narrowed its loss per share by 28.6 percent to 30 cents compared to a 42 cents loss a year ago.

"Sequentially, we nearly cut in half the third quarter's 59 cents loss per share in a historically seasonally weaker quarter for us," he said.

USA Truck (Nasdaq: USAK) is continuing to work its way back from its biggest quarterly loss ever, $6.1 million, which the trucking company reported in the third quarter. At the time, the company attributed the loss to increases in reserves for workers' compensation and health claims and a write-off of the costs of deferred debt issuance, along with rising fuel priced and a driver shortage.

Since then, the company has made changes to his board of directors, named an interim COO and fired its long-time CFO.

 

 

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