EXHIBIT 99.1

Graphic

USA Truck Reports First Quarter 2021 Results

1Q 2021 earnings per diluted share of $0.40 versus 1Q 2020 loss per diluted share of $0.30
1Q 2021 adjusted earnings per diluted share(a) of $0.43 versus 1Q 2020 adjusted loss per diluted share(a) $0.26
1Q 2021 consolidated operating revenue increased 25.0% to $158.5 million from $126.8 million in 1Q 2020

Van Buren, AR – April 29, 2021 – USA Truck Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the quarter ended March 31, 2021.

For the quarter ended March 31, 2021, consolidated operating revenue was $158.5 million compared to $126.8 million for the prior-year period.  Base revenue(a) for the first quarter of 2021, which excludes fuel surcharge revenue, was $144.3 million compared to $112.6 million for the 2020 period.  The Company reported net income of $3.6 million, or $0.40 per diluted share for the first quarter 2021 and adjusted net income(a) of $3.9 million, or $0.43 per diluted share, compared to a net loss of $2.6 million, or $0.30 per diluted share and adjusted net loss(a) of $2.2 million, or $0.26 per diluted share for the same quarter in 2020.  The Company’s first quarter 2021 consolidated operating ratio was 96.2%, compared to 101.8% in the comparable 2020 quarter.

President and CEO James Reed commented, “The first quarter marked the best first quarter earnings in the Company’s history.  I am proud of how the team has bought into our vision, and how our transformation continues to manifest itself in improved operating and financial results.

Freight demand continued to be strong, driven by increased consumer spending and customers restocking depleted inventory levels.  Additionally, capacity has remained tight as the recruitment of professional drivers continues to be an industrywide challenge.  While these two dynamics have pushed shipping rates upward, much of this quarter’s improvement is due to the continued transformation of the Trucking segment through regionalization, optimization, pricing discipline, and a continued focus on safety and cost control.  Additionally, our driver retention strategy contributed to this quarter’s record performance, with lower turnover and reduced costs in the most difficult driver hiring environment in recent memory. Our much improved retention levels of current drivers are evidence that there has been a positive shift in the driver experience at USA Truck.  Our Trucking segment adjusted operating ratio improved 570 basis points year over year to 95.8% in the quarter.

USAT Logistics load volume increased 21.4% with revenue up 90.9% year over year.  Increased volumes and pricing drove an improvement in segment adjusted operating ratio in the quarter of 580 basis points year over year to 96.1%.”

Trucking:  For the first quarter of 2021, Trucking operating revenue (before intersegment eliminations) increased $9.1 million, or 9.7%, to $103.1 million, compared to the first quarter of 2020.  Trucking operating income of $3.5 million for the first quarter reflected an operating ratio of 96.6% compared to an operating loss of $1.7 million and an operating ratio of 101.8% for the first quarter of 2020.  This represents an increase of $5.2 million year over year in operating income and a 520 basis point improvement in operating ratio.  Trucking adjusted operating income(a) was $3.9 million for the 2021 period, reflecting an adjusted operating ratio(a) of 95.8%, compared to an adjusted operating loss(a) of $1.3 million and an adjusted operating ratio(a) of 101.5% for


the comparable 2020 period.  This represents an increase of $5.1 million year over year in adjusted operating income(a) and a 570 basis point improvement in adjusted operating ratio(a).

Trucking operations delivered the following results during the first quarter:

Base revenue per available tractor per week increased $591, or 18.3%, compared to the first quarter of 2020 primarily due to the increase in base revenue per loaded mile.
Base revenue per loaded mile increased $0.405, or 19.4% year over year as a result of continued elevated demand for our services and tightening supply in the market and improved network efficiency resulting in higher rate realizations.
Deadhead percentage for the first quarter 2021 improved 160 basis points year over year.
Loaded miles per available tractor per week decreased 14 miles, or 0.9%, compared to the first quarter of 2020.
The average seated tractor count for the first quarter of 2021 was 1,782, which represented a decrease of 4.8% over the first quarter 2020 average of 1,871.  Average unseated tractor percentage for the first quarter of 2021 was 5.8%, increased from the first quarter of 2020.

USAT Logistics:  Operating revenue (before intersegment eliminations) was $68.4 million for the first quarter of 2021, an increase of $32.6 million, or 90.9% year over year.  Both operating income and adjusted operating income(a) were $2.5 million for the first quarter of 2021, reflecting an operating ratio of 96.3% and an adjusted operating ratio(a) of 96.1%, compared to an operating loss and adjusted operating loss(a) of $0.6 million and an operating ratio of 101.7% and an adjusted operating ratio(a) of 101.9% for the comparable 2020 period.  This change represented an increase of $3.2 million year over year in both operating income and adjusted operating income(a) and an  improvement of 540 basis points in operating ratio and 580 basis points in adjusted operating ratio(a) compared to the first quarter of 2020.

USAT Logistics operations delivered the following results during the first quarter:

Gross margin dollars increased 107.2% to $8.2 million for the first quarter 2021, and decreased 12.0%, or $1.1 million, sequentially.
Gross margin percentage for the first quarter of 2021 improved 90 basis points to 12.0% when compared to 11.1% for the comparable quarter of 2020 and decreased 230 basis points sequentially from 14.3%.
Revenue per load increased 57.1%, or $752 per load year over year, and 3.2%, or $65 per load, sequentially.
Load count increased by 5,836 loads, or 21.4%, year over year, and 451 loads, or 1.4%, sequentially.

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Segment Results

The following table includes key operating results and statistics by reportable segment:

Three Months Ended

March 31, 

Trucking:

2021

2020

Operating revenue (before intersegment eliminations) (in thousands)

$

103,103

$

93,994

Operating income (loss) (1) (in thousands)

$

3,520

$

(1,688)

Adjusted operating income (loss) (2) (in thousands)

$

3,875

$

(1,256)

Operating ratio (3)

 

96.6

%  

 

101.8

%  

Adjusted operating ratio (4)

 

95.8

%  

 

101.5

%  

Total miles (5) (in thousands)

 

42,148

 

45,718

Deadhead percentage (6)

 

11.6

%  

 

13.2

%  

Base revenue per loaded mile

$

2.490

$

2.085

Average number of seated tractors

 

1,782

 

1,871

Average number of available tractors (7)

 

1,892

 

1,974

Average number of in-service tractors (8)

 

1,923

 

2,003

Loaded miles per available tractor per week

 

1,532

 

1,546

Base revenue per available tractor per week

$

3,814

$

3,223

Average loaded miles per trip

 

520

 

495

USAT Logistics:

 

 

Operating revenue (before intersegment eliminations) (in thousands)

$

68,381

$

35,825

Operating income (loss) (1) (in thousands)

$

2,526

$

(624)

Adjusted operating income (loss) (2) (in thousands)

$

2,528

$

(624)

Gross margin (9) (in thousands)

$

8,224

$

3,969

Gross margin percentage (10)

 

12.0

%  

 

11.1

%  

Load count (in thousands)

 

33.1

 

27.2

1)Operating income (loss) is calculated by deducting operating expenses (before intersegment eliminations) from operating revenue (before intersegment eliminations).
2)Adjusted operating income (loss)(a) is calculated by deducting operating expenses (before intersegment eliminations) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue from operating revenue (before intersegment eliminations), net of fuel surcharge revenue.
3)Operating ratio is calculated as operating expenses (before intersegment eliminations) as a percentage of operating revenue (before intersegment eliminations).
4)Adjusted operating ratio(a) is calculated as operating expenses (before intersegment eliminations) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, as a percentage of operating revenue (before intersegment eliminations) excluding fuel surcharge revenue.
5)Total miles include both loaded and empty miles.
6)Deadhead percentage is calculated by dividing empty miles by total miles.
7)Available tractors are a) all Company tractors that are available to be dispatched, including available unseated tractors, and b) all tractors in the independent contractor fleet.
8)In-service tractors include all of the tractors in the Company fleet (Company-operated tractors) and all the tractors in the independent contractor fleet.

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9)Gross margin is calculated by deducting USAT Logistics purchased transportation expense from USAT Logistics operating revenue (before intersegment eliminations).
10)Gross margin percentage is calculated as USAT Logistics gross margin divided by USAT Logistics operating revenue (before intersegment eliminations).

Balance Sheet and Liquidity

As of March 31, 2021, total debt and financing lease liabilities was $148.3 million, total debt and financing lease liabilities, net of cash (excluding restricted cash) (“Net Debt”)(a), was $145.6 million and total stockholders’ equity was $88.5 million.  Net Debt to Adjusted EBITDA(a) for the trailing twelve months ended March 31, 2021 was 2.3x.  The Company had approximately $66.9 million available to borrow under its Credit Facility as of March 31, 2021.

First Quarter 2021 Conference Call Information

USA Truck will hold a conference call to discuss its first quarter 2021 results on Friday, April 30, 2021 at 8:00 AM CT / 9:00 AM ET.  To participate in the call, please dial 1-877-407-9205 (U.S./Canada) or 1-201-689-8054 (International).  A live webcast of the conference call will be broadcast in the Investor Relations section of the Company’s website www.usa-truck.com, under the “Events & Presentations” tab of the “Investor Relations” menu.  For those who cannot listen to the live broadcast, the presentation materials and an audio replay of the call will be available at our website, www.usa-truck.com, under the “Events & Presentations” tab of the “Investor Relations” menu, or may be accessed using the following link:  https://www.webcaster4.com/Webcast/Page/2611/40697.  A telephone replay of the call will also be available for one year from the date of the call.  

(a) About Non-GAAP Financial Information

In addition to our GAAP results, this press release also includes certain non-GAAP financial measures, as defined by the SEC.  The terms “Base Revenue”, “Net Debt”, “EBITDA”, “Adjusted EBITDA, “Adjusted operating ratio”, “Adjusted operating income (loss)”, “Adjusted net income (loss)”, and “Adjusted earnings (loss) per diluted share”, as we define them, are not presented in accordance with GAAP.

The Company defines Base Revenue as operating revenue less fuel surcharge revenue and intercompany eliminations.  The Company defines Net Debt as total debt, including insurance premium financing and financing lease liabilities, net of cash.  The Company defines EBITDA as net income (loss), plus interest expense net of interest income, provision for income tax expense (benefit) and depreciation and amortization.  The Company defines Adjusted EBITDA as EBITDA plus non-cash equity compensation, severance costs included in salaries, wages and employee benefits and asset impairments.  Adjusted operating ratio is calculated as operating expenses excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue.  Adjusted operating income (loss) is calculated by deducting operating expenses excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, from operating revenue, net of fuel surcharge revenue.  Adjusted net income (loss) is defined as net income (loss) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles plus or minus the income tax effect of such adjustments using a statutory tax rate.  Adjusted earnings (loss) per diluted share is defined as Adjusted net income (loss) divided by the weighted average number of diluted shares outstanding during the period.  The per-share impact of each item is determined by dividing it by the weighted average diluted shares outstanding.  These financial measures

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supplement our GAAP results in evaluating certain aspects of our business.  We believe that using these measures improves comparability in analyzing our performance because they remove the impact of items from our operating results that, in our opinion, do not reflect our core operating performance.  Management and the board of directors focus on Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share as key measures of our performance and liquidity, each of which are reconciled to the most comparable GAAP financial measure and further discussed below.  We believe our presentation of these non-GAAP financial measures 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.

These non-GAAP financial measures are not substitutes for their comparable GAAP financial measures, such as total debt, net income (loss), cash flows from operating activities, operating ratio, diluted earnings (loss) per share, or other measures prescribed by GAAP.  There are limitations to using non-GAAP financial measures.  Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define or calculate these measures differently.  Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business.  Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Pursuant to the requirements of Regulation G and Regulation S-K, we have provided reconciliations of Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share to the most comparable GAAP financial measures at the end of this press release.

Cautionary Statement Concerning Forward-Looking Statements

Financial information in this press release is preliminary and based upon information available to the Company as of the date of this press release.  As such, this information remains subject to the completion of our quarterly review procedures, and the filing of the related Quarterly Report on Form 10-Q, which could result in changes, some of which could be material, to the preliminary information provided in this press release.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995.  These statements generally may be identified by their use of terms or phrases such as “seek,” “expects,” “estimates,” “anticipates,” “projects,” “believes,” “hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,” “should,” “would,” “could,” “potential,” “predict,” “continue,” “strategy,” “future” and terms or phrases of similar substance.  Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, including the impacts and duration of the COVID-19 pandemic.  In addition, there are other risks, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.  Accordingly, actual results may differ materially from those set forth in the forward-looking statements.  Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission.  Any forward-looking statement speaks only as of the date on which it is made.  We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information, except as required by law.  In light of these risks and uncertainties, the forward-looking events and circumstances

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discussed in this press release might not occur.  All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by this cautionary statement.

References to the “Company,” “we,” “us,” “our” and words of similar expression refer to USA Truck Inc. and its subsidiaries.

About USA Truck

USA Truck provides comprehensive capacity solutions to a broad and diverse customer base throughout North America.  Our Trucking and USAT Logistics divisions blend an extensive portfolio of asset and asset-light services, offering a balanced approach for our customers’ supply chain management, including customized truckload, dedicated contract carriage, intermodal and third-party logistics freight management services.  For more information, visit usa-truck.com or usatlogistics.com.

This press release and related information will be available to interested parties at our investor relations website, http://investor.usa-truck.com.

Zachary King, SVP & CFO

(479) 471-2694

zachary.king@usa-truck.com

Michael Stephens, Investor Relations

(479) 471-2610

michael.stephens@usa-truck.com

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USA TRUCK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

    

Three Months Ended

March 31, 

2021

2020

(in thousands, except per share data)

Operating revenue

$

158,505

$

126,773

Operating expenses:

 

  

 

  

Salaries, wages and employee benefits

 

36,555

 

35,845

Fuel and fuel taxes

 

11,444

 

11,863

Depreciation and amortization

 

9,570

 

10,011

Insurance and claims

 

5,809

 

5,857

Equipment rent

 

1,949

 

2,292

Operations and maintenance

 

7,066

 

8,896

Purchased transportation

 

74,103

 

47,814

Operating taxes and licenses

 

1,272

 

1,159

Communications and utilities

 

804

 

813

(Gain) loss on disposal of assets, net

 

(177)

 

38

Other

 

4,064

 

4,497

Total operating expenses

$

152,459

$

129,085

Operating income (loss)

 

6,046

 

(2,312)

Other expenses:

 

  

 

  

Interest expense, net

 

1,025

 

1,684

Other, net

 

61

 

46

Total other expenses, net

 

1,086

 

1,730

Income (loss) before income taxes

 

4,960

 

(4,042)

Income tax expense (benefit)

 

1,363

 

(1,491)

Consolidated net income (loss) and comprehensive income (loss)

$

3,597

$

(2,551)

Net earnings (loss) per share:

 

  

 

  

Average shares outstanding (basic)

 

8,841

 

8,633

Basic earnings (loss) per share

$

0.41

$

(0.30)

Average shares outstanding (diluted)

 

9,007

 

8,633

Diluted earnings (loss) per share

$

0.40

$

(0.30)

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GAAP TO NON-GAAP RECONCILIATIONS

(UNAUDITED)

ADJUSTED EARNINGS (LOSS) BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION

Three Months Ended

3/31/2021

12/31/2020

9/30/2020

6/30/2020

(in thousands)

Net income (loss)

$

3,597

$

5,933

$

2,295

$

(931)

Add:

Depreciation and amortization

 

9,570

 

11,418

 

9,896

 

10,034

Interest expense, net

 

1,025

 

1,270

 

1,416

 

1,235

Income tax expense

 

1,363

 

2,402

 

666

 

632

EBITDA

 

15,555

 

21,023

 

14,273

 

10,970

Add:

Non-cash equity compensation

 

168

 

565

 

406

 

363

Severance costs included in salaries, wages and employee benefits

 

34

 

50

 

9

 

84

Asset impairments

 

 

 

588

Adjusted EBITDA

$

15,757

$

21,638

$

14,688

$

12,005

ADJUSTED NET INCOME (LOSS) RECONCILIATION

Three Months Ended

March 31, 

2021

2020

(in thousands)

Net income (loss)

$

3,597

$

(2,551)

Adjusted for:

Severance costs included in salaries, wages and employee benefits

 

34

 

92

Amortization of acquisition related intangibles

 

323

 

340

Income tax effect of adjustments

 

(91)

 

(110)

Adjusted net income (loss)

$

3,863

$

(2,229)

ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION

Three Months Ended

March 31, 

2021

2020

Earnings (loss) per diluted share

$

0.40

$

(0.30)

Adjusted for:

Severance costs included in salaries, wages and employee benefits

 

0.00

 

0.01

Amortization of acquisition related intangibles

 

0.04

 

0.04

Income tax effect of adjustments

 

(0.01)

 

(0.01)

Adjusted earnings (loss) per diluted share

$

0.43

$

(0.26)

NET DEBT RECONCILIATION

    

March 31, 2021

    

December 31, 2020

 

(in thousands)

Total current debt and financing lease liabilities

$

16,843

$

18,446

Long-term debt, less current maturities

 

80,026

 

81,352

Financing leases, less current maturities

 

51,401

 

54,482

Total Debt

 

148,270

 

154,280

Less: Cash, excluding restricted cash

 

(2,720)

 

(82)

Net Debt

$

145,550

$

154,198

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ADJUSTED OPERATING RATIO RECONCILIATION

Three Months Ended

March 31, 

Consolidated

    

2021

    

2020

    

(in thousands)

Operating revenue

$

158,505

$

126,773

Less: fuel surcharge revenue

 

(14,240)

 

(14,192)

Base revenue

$

144,265

$

112,581

Operating expense

$

152,459

$

129,085

Adjusted for:

 

  

Severance costs included in salaries, wages and employee benefits

(34)

(92)

Amortization of acquisition related intangibles

(323)

(340)

Fuel surcharge revenue

 

(14,240)

 

(14,192)

Adjusted operating expense

$

137,862

$

114,461

Operating income (loss)

$

6,046

$

(2,312)

Adjusted operating income (loss)

$

6,403

$

(1,880)

Operating ratio

 

96.2

%  

 

101.8

%  

Adjusted operating ratio

 

95.6

%  

 

101.7

%  

Three Months Ended

March 31, 

Trucking Segment

    

2021

    

2020

    

(in thousands)

Operating revenue

$

102,776

$

93,000

Intersegment activity

 

327

 

994

Operating revenue (before intersegment eliminations)

103,103

93,994

Less: fuel surcharge revenue

 

(10,319)

 

(11,287)

Base revenue

$

92,784

$

82,707

Operating expense (before intersegment eliminations)

$

99,583

$

95,682

Adjusted for:

 

  

 

  

Severance costs included in salaries, wages and employee benefits

 

(32)

(92)

Amortization of acquisition related intangibles

 

(323)

(340)

Fuel surcharge revenue

 

(10,319)

 

(11,287)

Adjusted operating expense

$

88,909

$

83,963

Operating income (loss)

$

3,520

$

(1,688)

Adjusted operating income (loss)

$

3,875

$

(1,256)

Operating ratio

 

96.6

%  

 

101.8

%  

Adjusted operating ratio

 

95.8

%  

 

101.5

%  

Three Months Ended

March 31, 

USAT Logistics Segment

    

2021

    

2020

    

(in thousands)

Operating revenue

$

55,729

$

33,773

Intersegment activity

 

12,652

 

2,052

Operating revenue (before intersegment eliminations)

68,381

35,825

Less: fuel surcharge revenue

 

(4,296)

 

(3,077)

Base revenue

$

64,085

$

32,748

Operating expense (before intersegment eliminations)

$

65,855

$

36,449

Adjusted for:

 

  

 

  

Severance costs included in salaries, wages and employee benefits

(2)

Fuel surcharge revenue

 

(4,296)

 

(3,077)

Adjusted operating expense

$

61,557

$

33,372

Operating income (loss)

$

2,526

$

(624)

Adjusted operating income (loss)

$

2,528

$

(624)

Operating ratio

 

96.3

%  

 

101.7

%  

Adjusted operating ratio

 

96.1

%  

 

101.9

%  

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USA TRUCK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

Assets

    

March 31, 2021

    

December 31, 2020

Current assets:

(in thousands, except share data)

Cash and restricted cash (restricted cash of $200 and $243, respectively)

$

2,920

$

325

Accounts receivable, net of allowance for doubtful accounts of $609 and $617, respectively

 

81,419

 

63,984

Other receivables

 

3,526

 

2,873

Inventories

 

972

 

975

Assets held for sale

 

25

 

2,635

Prepaid expenses and other current assets

 

8,834

 

8,749

Total current assets

 

97,696

 

79,541

Property and equipment:

 

  

 

  

Land and structures

 

33,593

 

33,488

Revenue equipment

 

297,630

 

305,509

Service, office and other equipment

 

30,564

 

30,331

Property and equipment, at cost

 

361,787

 

369,328

Accumulated depreciation and amortization

 

(153,325)

 

(150,173)

Property and equipment, net

 

208,462

 

219,155

Operating leases - right of use assets

 

26,668

 

28,154

Goodwill

 

5,231

 

5,231

Other intangibles, net

 

14,783

 

15,105

Other assets

 

3,516

 

3,046

Total assets

$

356,356

$

350,232

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

34,574

$

27,045

Current portion of insurance and claims accruals

 

10,634

 

9,846

Accrued expenses

 

15,270

 

10,798

Current finance lease obligations

 

11,745

 

11,655

Current operating lease obligations

 

6,559

 

6,838

Long-term debt, current maturities

 

5,098

 

6,791

Total current liabilities

 

83,880

 

72,973

Other long-term liabilities

 

2,868

 

4,817

Long-term debt, less current maturities

 

80,026

 

81,352

Long-term finance lease obligations

 

51,401

 

54,482

Long-term operating lease obligations

 

20,487

 

21,690

Deferred income taxes

 

22,430

 

23,414

Insurance and claims accruals, less current portion

 

6,803

 

6,803

Total liabilities

 

267,895

 

265,531

Stockholders' equity:

 

  

 

  

Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued

 

 

Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,226,782 shares, and 12,037,966 shares, respectively

 

122

 

120

Additional paid-in capital

 

61,655

 

60,692

Retained earnings

 

82,112

 

78,515

Less treasury stock, at cost (3,347,020 shares, and 3,293,223 shares, respectively)

 

(55,428)

 

(54,626)

Total stockholders' equity

 

88,461

 

84,701

Total liabilities and stockholders' equity

$

356,356

$

350,232

10


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