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EXHIBIT 99.1
USA Truck Reports Second Quarter 2020 Results
● | 2Q 2020 loss per diluted share of $0.11 versus 2Q 2019 earnings per diluted share of $0.00 |
● | 2Q 2020 adjusted loss per diluted share(a) of $0.06 versus 2Q 2019 adjusted earnings per diluted share(a) $0.03 |
● | 2Q 2020 consolidated operating revenue decreased 7.4% to $123.7 million from $133.6 million in 2Q 2019 |
Van Buren, AR – July 27, 2020 – USA Truck Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and six months ended June 30, 2020.
For the quarter ended June 30, 2020, consolidated operating revenue was $123.7 million compared to $133.6 million for the prior-year period. Base revenue(a), which excludes fuel surcharge revenue, was $113.2 million compared to $116.7 million for the 2019 period. The Company reported a net loss of $0.9 million, or $0.11 per diluted share for the second quarter 2020 and adjusted net loss(a) of $0.5 million, or $0.06 per diluted share, compared to net income of $0.0 million, or $0.00 per diluted share and adjusted net income(a) of $0.3 million, or $0.03 per diluted share for the same quarter in 2019. The Company’s second quarter 2020 consolidated operating ratio was 99.2%, compared to 98.5% in the comparable 2019 quarter.
President and CEO James Reed commented, “The second quarter of 2020 was unlike any quarter we have seen in transportation, producing unprecedented day to day and week to week swings in freight and pricing due to the COVID-19 pandemic. Our diversified customer base - we classify approximately 80% of our customers as essential / quasi-essential – kept our asset-based freight moving consistently through the quarter. Although our non-essential customers, which are critical to our network despite being a smaller relative percentage of the freight basket, have yet to make a full recovery. We supplemented this shortfall with lower priced spot freight and consequently saw an overall degradation in our base revenue per available tractor per week. Despite the challenges, the Trucking segment improved its adjusted operating ratio(a) by 370 basis points sequentially.
USAT Logistics’ efficiency continued to improve as we saw a 15.7% increase year over year in load count, continuing the recent trend of efficiency gains and throughput capacity. But the broader environment proved challenging as spot prices alternated between near all-time lows and near all-time highs all within the same quarter. We expect this segment will continue to track ahead of the market in coming quarters.
Our organization is continuing to show progress in key initiatives of regionalization, technology, and cost control. Regionalization is starting to gain traction, as we anticipate the opening of a terminal in the Dallas, Texas market by the end of third quarter. We expect the addition of this terminal to result in lower over the road maintenance costs, improved driver retention, and better network execution. Additionally, we have entered into an agreement for delivery of an additional 189 new tractors that we expect to be completed during 2020. This transaction will reduce our average age of the fleet, improve maintenance costs further, and contribute to our cost reduction initiatives.
We believe we are well positioned as market capacity is tightening: we continue to focus on providing great service to our customers, improving utilization on our trucks, and increasing volumes through our USAT Logistics segment.”
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Although management believes that adjusted operating ratio, adjusted earnings (loss) per diluted share and adjusted operating income (loss) can make an evaluation of the Company's operating performance more consistent because these measures remove items that, in management's opinion, do not reflect its core operating performance, other companies in the transportation industry may define adjusted operating ratio, adjusted earnings (loss) per diluted share and adjusted operating income (loss) differently.
Most of the Company's operating expenses are inflation sensitive, and as such, are not always able to be offset higher costs through increases in revenue per mile and cost control efforts.
As a result, it may be difficult to use adjusted operating ratio, adjusted earnings (loss) per diluted share and adjusted operating income (loss) or similarly named non-GAAP measures that other companies may use, to compare the performance of those companies to USA Truck's performance.
For the three and six months ended June 30, 2020, insurance and claims expense decreased in dollars spent and as a percentage of both operating and base revenue compared to the prior year periods, largely due to the favorable claims loss history and a decrease in litigated claims.
Management believes its presentation of adjusted operating ratio, adjusted earnings (loss) per diluted share and adjusted operating income (loss) is useful to investors and other users because it provides them the same information that we use internally for purposes of assessing our core operating performance.
16 We plan to continue...Read more
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Forward-looking statements are inherently subject...Read more
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Depreciation and amortization expense increased...Read more
Operating expenses fall into two...Read more
The Company has undertaken fuel...Read more
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27 The following table summarizes...Read more
Operations and maintenance expense increased...Read more
Fluctuations in the outstanding balance...Read more
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Management uses adjusted operating ratio,...Read more
USA Truck has not experienced...Read more
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The Company's USAT Logistics services...Read more
The Company evaluates the financial...Read more
The effect of inflation-driven cost...Read more
Results of Operations - an...Read more
Adjusted earnings (loss) per diluted...Read more
We endeavor to follow governmental...Read more
15 The Trucking segment provides...Read more
Factors over which the Company...Read more
Such statements may be identified...Read more
This per diem program increases...Read more
As of June 30, 2020,...Read more
Therefore, in times of increasing...Read more
In the past, fuel shortages...Read more
Management believes removing the impact...Read more
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By focusing on these key...Read more
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This overview summarizes the MD&A,...Read more
Revenue can also be impacted...Read more
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Ticker: USAK
CIK: 883945
Form Type: 10-Q Quarterly Report
Accession Number: 0000883945-20-000052
Submitted to the SEC: Tue Jul 28 2020 4:31:02 PM EST
Accepted by the SEC: Tue Jul 28 2020
Period: Tuesday, June 30, 2020
Industry: Trucking No Local