USA Truck Inc. of Van Buren on Wednesday reported a wider second-quarter net loss as the company continued to rebuild its management team and engineer a turnaround in its trucking division.
The publicly traded logistics firm (Nasdaq: USAK) reported a second-quarter loss of $2.8 million or 35 cents share, compared with a loss of $1.3 million or 15 cents per share in the same quarter last year.
Revenue was down as well, at $107.4 million, compared with $109.9 million in the same quarter last year.
“The entire organization is committed to returning this company to profitability and building a business that we believe will stand the test of time,” CEO James Reed said in a news release. “The second quarter marked my first full quarter as CEO and while we are not happy with the consolidated results, we believe they show progress in the specific areas that we previously said we would focus.”
The company said second-quarter results included expenses relating to new management hires during the quarter, a change in expensing of board compensation and severance costs.
USA Truck made a string of executive hires during the quarter, aiming to bring stability to a management team that’s been in flux since 2015. Since April, the company has hired a new CFO, a trucking division leader, a chief technology officer, a revenue leader and a vice president for safety and risk management.
“We filled out our leadership team during the quarter, with both previously announced and new additions,” Reed said. “Each of these leaders has had an immediate impact on our business in meaningful ways and all have or are in the process of relocating to the Van Buren/Fort Smith area. Each of these leaders personify the type of principled, focused, experienced and results-driven individuals we hope will drive USA Truck to its full potential.”
Reed also cited improvements in the company’s trucking division, including increases in base revenue per loaded mile, base revenue per seated tractor and miles per seated tractor.
In all, the division reported operating revenue of $71.5 million, down 5 percent from the same quarter last year, and an operating loss of $4.8 million, compared with a loss of $2.7 million in the same quarter last year.
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