Exhibit 99.1

 

USA Truck Reports Fourth Quarter and Full-Year 2016 Results

 

 

4Q 2016 EPS of ($0.48) versus $0.39 for 4Q 2015

 

 

4Q 2016 results include $2.8 million pre-tax non-cash impairment charge

 

 

Steps taken in 4Q and FY 2016 expected to position Company for profitability in first half of 2017 and beyond

 

Van Buren, AR – February 7, 2017 –

USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider headquartered in Van Buren, AR, today announced its financial results for the three months and year ended December 31, 2016.

 

For the fourth quarter of 2016, operating revenue was $103.1 million, compared with $118.0 million for the prior-year period. Base revenue, which excludes fuel surcharges, was $92.0 million, compared to $106.5 million for the same period in the prior year. For the fourth quarter of 2016, the Company reported a net loss of ($3.8) million, or ($0.48) per diluted share, compared to net income of $3.9 million, or $0.39 per diluted share, for the 2015 quarter, on a 2.1 million (20.7%) decrease in average diluted shares outstanding. The Company’s fourth quarter operating ratio was 104.5%, which includes the impairment charge, compared with 93.8% in the 2015 quarter.

 

The fourth quarter of 2016 included a $2.8 million pre-tax, or $0.23 per share after-tax, impairment charge on assets held for sale, while the 2015 quarter included a $0.2 million benefit from lower costs associated with facility closures.

 

President and CEO, James Reed, commented, “USA Truck’s strategy is sound, while we have real work to do to execute and return to the levels of performance we expect. As I’ve gotten into the details of our business, I have the following initial observations:

 

People. The Company has committed hard-working people who have experienced repeated leadership changes. We are instilling a high-energy, performance-based, and results-oriented culture across the organization, and will continue to focus on the needs of our customers, our employees and our shareholders.

 

Trucking Turnaround. The performance of our Trucking segment has massive room for improvement. Intense focus on improving business fundamentals, key operating metrics and employee engagement are expected to drive this business to acceptable performance levels over the long run. In the shorter term, we believe a relentless focus on execution will make this segment of our business accretive to earnings in 2017. The two most immediate opportunities are seating a higher percentage of our tractor fleet with safe and productive drivers, and capitalizing on market conditions to improve base revenue yield. We believe there are latent opportunities in our yield today given passive management of this lever in the recent past and we expect our yield improvement process to stretch well beyond 2017. To the extent driver pay spikes with tighter regulations, or other costs increase, additional yield will be needed to reach our goals.

 

 
1

The following information was filed by Usa Truck Inc (USAK) on Tuesday, February 7, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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