Exhibit 99.1

 

 

USA Truck Reports Third Quarter 2017 Results

 

 

3Q17 net income of $0.4 million, or $0.05 per diluted share, versus 3Q16 net loss of ($0.7) million, or ($0.09) per diluted share; first profitable quarter since 2015

 

3Q17 consolidated operating revenue increased 8.3% to $114.2 million from $105.5 million in 3Q16; first positive year-over-year change in quarterly revenue since 2014

 

Sequential progress in key measures during 3Q17, including base revenue per loaded mile, base revenue per seated tractor, deadhead percentage, and average unseated tractor count

 

Company expects sequential and year-over-year improved financial performance in 4Q17

 

Van Buren, AR November 2, 2017USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and nine months ended September 30, 2017.

 

For the quarter ended September 30, 2017, consolidated operating revenue was $114.2 million compared to $105.5 million for the prior year period. Base revenue, which excludes fuel surcharge revenue, was $102.4 million compared to $94.7 million for the 2016 period. The Company reported net income of $0.4 million, or $0.05 per diluted share for the third quarter of 2017, compared to a net loss of ($0.7) million, or ($0.09) per diluted share, for the same quarter in 2016. The Company’s third quarter 2017 consolidated operating ratio was 98.4%, improved from 100.0% in the third quarter 2016.

 

President and CEO James Reed commented, “We believe these results show that we are capable of making and keeping our commitments to progress. I personally thank the whole team at USA Truck for their shared commitment to these results. We expect to improve results through disciplined network management and pricing, enhanced partnership with customers, and improved execution in our day-to-day operations, in conjunction with our ongoing safety initiatives. While we are pleased to report positive net income, it is important for all of us to recognize that the turnaround is still in its beginning stages and our expectations are for further improvement throughout 2018.”

 

Trucking: For the third quarter of 2017, Trucking operating revenue increased $3.1 million, or 4.2%, year-over-year, to $76.5 million, compared to third quarter of 2016.  This was primarily due to a 7.6% increase in base revenue per loaded mile, partially offset by a 4.2% decrease in loaded miles.  Trucking operating loss was ($1.2) million for the 2017 period compared to ($1.5) million for the 2016 period.  This loss was primarily driven by the combination of rising fuel costs throughout the quarter, elevated driver recruiting expenses, and underutilization of our tractors relative to desired levels; however, these headwinds were offset by our improving yield, as we continue to work on refining the network.

 

We remain intensely focused on improving Trucking operating results, and driving operational improvements with the goal of positioning us for long-term success. The following areas are specific areas of focus for our Trucking operations:

 

 

Yield improvements: We have seen our base rate per loaded mile increase 7.6% to $1.856 in 3Q17 from $1.725 in 3Q16 and a 5.3% increase sequentially over 2Q17, indicating that our network engineering initiatives have begun to take hold. The hurricanes in Texas and Florida positively impacted this rate increase by approximately $0.01, primarily due to repositioning of empty trucks related to the freight imbalance in the affected areas.

 

 

Base revenue per seated tractor increased $130 per week, or 4.3% when compared to 3Q16, and $81 per week, or 2.7% when compared to 2Q17.

 

 

The following information was filed by Usa Truck Inc (USAK) on Thursday, November 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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