USA Truck Inc. of Van Buren reported second-quarter income Thursday of $1,000, down from $2.5 million in the same quarter of 2018.
The earnings per share for the quarter was $0.00, according to a filing with the U.S. Securities & Exchange Commission. However minimal, it is USA Truck’s ninth consecutive profitable quarter.
The company reported revenue of $133.6 million, down from $135.4 million a year ago.
The trucking division reported revenue of $96.9 million, a 12.6% increase from a year ago when revenue was $85.7 million. Total miles reported was 44.6 million, up from 39.6 million miles, and revenue per truck per week was $3,350, a $1 increase from the same quarter a year ago.
The logistics division reported revenue of $39.6 million, a sharp drop from $50.6 million a year ago. Each division revenue figure was before intersegment eliminations.
“The second quarter of 2019 was a challenge due to the softer freight environment, declining spot rates and unrealized bid awards,” said President and CEO James Reed. “These factors combined to put pressure on our performance.”
The company also reported $600,000 in quarterly expense for reasons, among others, of the flooding in the state and the accelerated vesting of stock options for USA Truck’s former chairman. The company didn’t elaborate in its release; former Chairman Bob Peiser died May 24, one day after stepping down as chairman.
Reed said the company increased its participation in the spot market but lower rates put pressure on the logistics division. Reed said USA Truck still managed to stabilize its base revenue; revenue per loaded mile was $2.14, just one-half cent lower than a year ago.
“Even in the face of these challenges, the company remained profitable in the quarter,” Reed said. “USA Truck's recent past would suggest this is a 'function shift' from prior results in down markets. We believe that staying profitable in this market demonstrates that the USA Truck self-help story is working to improve results."