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Last10K.com | 10-Q Quarterly Report Fri Oct 26 2018
USA Truck Reports Third Quarter 2018 Results
•3Q 2018 net income of $3.3 million, or $0.40 per diluted share versus 3Q 2017 net income
of $0.4 million, or $0.05 per diluted share
•3Q 2018 adjusted net income of $3.6 million, or $0.43 per diluted share, when adjusted for
acquisition related transaction costs
• | 3Q 2018 consolidated operating revenue increased 16.1% to $132.6 million from $114.2 million in 3Q 2017 |
• | Continued year over year improvement in base revenue per available tractor per week |
Van Buren, AR – October 25, 2018 – USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and nine months ended September 30, 2018.
For the quarter ended September 30, 2018, consolidated operating revenue was $132.6 million compared to $114.2 million for the prior-year period. Base revenue, which excludes fuel surcharge revenue, was $116.6 million compared to $102.4 million for the 2017 period. The Company reported net income of $3.3 million, or $0.40 per diluted share for the third quarter 2018 and adjusted net income of $3.6 million, or $0.43 per diluted share, compared to net income of $0.4 million, or $0.05 per diluted share, for the same quarter in 2017. The Company’s third quarter 2018 consolidated operating ratio was 95.6%, compared to 98.4% in the comparable 2017 quarter.
President and CEO James Reed commented, “I am proud of the entire team here at USA Truck and our ability to deliver continued year-over-year improvement in operating revenue and operating income. This quarter represents our fifth consecutive quarter of consolidated profitability, and demonstrates progress on our turnaround initiative. Our Trucking segment’s most critical metric, base revenue per available tractor per week, improved year-over-year by $408, or 13.6%. We achieved this despite periods of high unseated truck count, related to OEM delivery issues and a challenging driver recruitment environment during the quarter. In response to this challenging driver market, we increased driver pay in targeted regions and reengineered our driver pay packages to ensure USA Truck remains an employer of choice for professional drivers. We continue to focus on seating tractors and driving continued year-over-year improvement in base revenue per available tractor per week, through strategic network design and operational efficiencies. Our USAT Logistics segment also generated year-over-year increases in revenue and operating income, as well as a 9.4% improvement in gross margin in the third quarter. This led to USAT Logistics’ best quarterly operating ratio percentage in the last four quarters.
Last week we announced the acquisition of Davis Transfer Company of Carnesville, GA. This acquisition added approximately 250 tractors to the fleet and a robust operational network in the southeast United States which complements our existing footprint. This opportunity adds capacity and density to our network, while also bolstering strategic customer relationships, which we believe will further complement our network. We expect Davis to be immediately accretive to earnings.”
Trucking: For the third quarter of 2018, Trucking operating revenue increased $9.1 million, or 11.9%, to $85.5 million, compared to the third quarter of 2017. This increase was primarily due to
The following information was filed by Usa Truck Inc (USAK) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Usa Truck Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Financial - Expense Highlight
Inflation Most of the Companys operating expenses are inflation sensitive, and as such, are not always able to be offset through increases in revenue per mile and cost control efforts.
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Financial - Expense Highlight
The rate of compensation paid to Company drivers per mile has increased in recent periods and we expect this cost will increase in future periods due to driver pay increases, the most recent of which became effective during the third quarter of 2018 Management believes that the market for drivers will remain tight, and as such, expects driver wages and hiring expenses, which include recruiting and advertising costs, to continue to increase in order to attract and retain sufficient numbers of qualified drivers to operate the Companys fleet.
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Financial - Expense Highlight
Depreciation and amortization expense decreased as a percentage of both operating and base revenue for the three and nine month periods ended September 30, 2018, as compared to the same periods in 2017, large due to a smaller Company fleet as a result of a tough driver market and the OEM tractor delays.
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Financial - Earnings Highlight
Although management believes that adjusted operating ratio and adjusted earnings (loss) per diluted share can make an evaluation of the Companys operating performance more consistent because these measures remove items that, in managements opinion, do not reflect its core operating performance, other companies in the transportation industry may define adjusted operating ratio and adjusted earnings (loss) per diluted share differently.
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Financial - Expense Highlight
Moving forward, the Company is continuing to pursue its objective of growing its independent contractor fleet as a percentage of its total fleet and growing USAT Logistics, which, if successful, could further increase purchased transportation expense, particularly if the Company needs to pay independent contractors more to stay with the Company in light of expected regulatory changes.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Summary Of Accrued Expenses (Details)
Basis Of Presentation
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Computation Of Basic And Diluted Loss Per Share (Details)
Equity Compensation And Employee Benefit Plans
Equity Compensation And Employee Benefit Plans (Details Textual)
Income Taxes
Income Taxes (Details Textual)
Insurance Premium Financing
Insurance Premium Financing (Details Textual)
Leases And Commitments
Leases And Commitments (Details Textual)
Leases And Commitments (Tables)
Leases And Commitments - Capital Leases (Details)
Leases And Commitments - Future Minimum Lease Payments (Details)
Legal Proceedings
Long-Term Debt
Long-Term Debt (Details Textual)
Long-Term Debt (Tables)
Long-Term Debt - Summary Of Long-Term Debt (Details)
New Accounting Pronouncements
Restructuring, Impairment And Other Costs
Restructuring, Impairment And Other Costs (Details Textual)
Restructuring, Impairment And Other Costs (Tables)
Restructuring, Impairment And Other Costs - Restructuring And Related Charges (Details)
Restructuring, Impairment And Other Costs - Restructuring Costs By Segment (Details)
Revenue
Revenue (Details Textual)
Revenue (Tables)
Revenue - Disaggregation Of Revenue By Type (Details)
Segment Reporting
Segment Reporting (Details Textual)
Segment Reporting (Tables)
Segment Reporting Information By Segment (Details)
Subsequent Event
Subsequent Event (Details)
Material Contracts, Statements, Certifications & more
Usa Truck Inc provided additional information to their SEC Filing as exhibits
Ticker: USAK
CIK: 883945
Form Type: 10-Q Quarterly Report
Accession Number: 0000883945-18-000008
Submitted to the SEC: Fri Oct 26 2018 12:08:34 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Trucking No Local
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