Exhibit 99.1

 

 

USA Truck Reports Fourth Quarter 2017 Results

 

 

4Q17 net income of $14.8 million, or $1.84 per diluted share, versus 4Q16 net loss of ($3.8) million, or ($0.48) per diluted share

 

4Q17 adjusted net income (a) of $2.8 million, or $0.35 per diluted share, excluding tax law reform impact of approximately $12.0 million, or $1.49 per diluted share

 

4Q17 consolidated operating revenue increased 19.5% to $123.3 million from $103.1 million in 4Q16

 

Continued improvements in key measures achieved during 4Q17, including base revenue per loaded mile, base revenue per seated tractor per week, and average unseated tractor count

 

Van Buren, AR February 1, 2018USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three months and year ended December 31, 2017.

 

For the quarter ended December 31, 2017, consolidated operating revenue was $123.3 million compared to $103.1 million for the prior year period. Base revenue, which excludes fuel surcharge revenue, was $110.1 million compared to $92.0 million for the 2016 period. The Company reported net income of $14.8 million, or $1.84 per diluted share, for the fourth quarter of 2017, compared to a net loss of ($3.8) million, or ($0.48) per diluted share, for the same quarter in 2016. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into law, which reduced the federal corporate income tax rate from 35% to 21%. This change required the Company to revalue its deferred tax liabilities as of December 31, 2017 at the new corporate income tax rate, which resulted in a reduction of income tax expense by approximately $12.0 million, or $1.49 per diluted share. Excluding the tax law reform impact, adjusted net income(a) was $2.8 million, or $0.35 per diluted share, representing a year-over-year improvement of $6.5 million, or $0.82 per diluted share. The Company’s fourth quarter 2017 consolidated operating ratio was 95.5%, versus 104.5% in the fourth quarter 2016, representing a 900 basis point improvement year-over-year.

 

President and CEO James Reed commented, “The fourth quarter adjusted results represent the third highest adjusted EPS for USA Truck in the last 10 years.  When I, and other members of our new management team, joined the Company during the course of 2017, we committed to improved operational and financial results.  We have now delivered on that commitment for the second consecutive quarter.  We are proud of our people – especially our drivers and front-line employees – for their belief in our direction, commitment to our plan, and accountability in driving results.  While these results help validate our leadership team’s strategy and execution, the quarter was not without its challenges.  We continue to be impacted by this increasingly tight driver and independent contractor recruiting environment, and increasing cost pressures in our logistics business that could threaten margins.  These will be our key focus areas throughout 2018, as we seek to further increase shareholder value.”

 

Trucking: For the fourth quarter of 2017, Trucking operating revenue increased $13.8 million, or 19.8%, to $83.8 million, compared to the fourth quarter of 2016.  This increase was primarily due to a 20.1% increase in base revenue per loaded mile. Trucking operating income was $3.5 million for the 2017 period and an adjusted operating ratio of 95.2%, compared to a ($6.2) million operating loss and an adjusted operating ratio of 109.8% for the 2016 period. This represents a $9.7 million year-over-year improvement in operating income and a 1,460 basis point improvement in adjusted operating ratio. During the fourth quarter of 2017, the Company increased its participation in seasonal peak freight within its established network over 2016 levels. This was a contributing factor to the significant increase in our base revenue per loaded mile and base revenue per seated tractor.

 

 

 

 

We remain intensely focused on improving Trucking profitability and driving operational improvements that we believe will help position us for long-term success. The following are specific areas of focus for our Trucking operations:

 

 

Yield improvements: Our base revenue per loaded mile increased 20.1% to $2.106 in 4Q17 from $1.754 in 4Q16 and a 13.5% increase sequentially over 3Q17. Approximately $0.17 of the year-over-year increase in base revenue per loaded mile for 4Q17 was driven by our increased participation in seasonal peak freight. The remaining $0.18 cents of the year-over-year increase in base revenue per loaded mile for 4Q17 was driven by the ongoing review of pricing and network strategies, customers, markets and lanes.

 

 

Base revenue per seated tractor per week increased $487 per week, or 16.1% when compared to 4Q16, and $378 per week, or 12.1% when compared to 3Q17.

 

 

Total miles per seated tractor per week decreased 58 miles per tractor, or 2.9%, when compared to 4Q16, but increased 8 miles per tractor, or 0.4%, sequentially over 3Q17. Deadhead percentage for 4Q17 increased 40 basis points when compared to 4Q16 and 140 basis points sequentially over 3Q17. These metrics were negatively impacted by the strategic decision to participate more extensively in higher margin seasonal peak business.

 

 

Seated tractors: Our average unseated tractor percentage for 4Q17 was 5.5%, which represents a 380 basis point improvement year-over-year and a 100 basis point improvement sequentially. The average seated tractor count for 4Q17 was 1,588, which represented a 2.7% improvement over our 4Q16 average of 1,547. While the change in both unseated tractor percentage and total seated tractor count improved year-over-year on average for the quarter, each trended unfavorably throughout the quarter, as the driver and independent contractor markets continue to be challenging. We have implemented a variety of initiatives designed to help mitigate this industry-wide issue, and expect this to remain a significant area of focus in 2018.

 

USAT Logistics: USAT Logistics operational performance improved throughout 4Q17. Operating revenue for the fourth quarter was $39.5 million, representing a 19.0% year-over-year improvement, and a 4.5% improvement sequentially. Gross margin decreased 70 basis points to 17.9% compared to 18.6% in 4Q16. A tightening spot market in the fourth quarter drove up purchased transportation costs, making it increasingly difficult to preserve margins. This was driven in part by the ELD implementation in mid-December that led carriers to raise rates preemptively.

 

Segment Results

 

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

 

   

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 

 

 

2017

   

2016

   

2017

   

2016

 
Trucking:                                

Operating revenue (in thousands)

  $ 83,777     $ 69,953     $ 302,052     $ 294,526  

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

  $ 3,498     $ (6,181 )   $ (9,667 )   $ (14,789 )

Operating ratio (2)

    95.8

%

    108.8

%

    103.2

%

    105.0

%

Adjusted operating ratio (3)

    95.2

%

    109.8

%

    103.4

%

    103.5

%

Total miles (in thousands) (4)

    40,233       40,375       162,599       172,591  

Deadhead percentage (5)

    13.7

%

    13.3

%

    13.0

%

    12.9

%

Base revenue per loaded mile

  $ 2.106     $ 1.754     $ 1.865     $ 1.746  

Average number of in-service tractors (6)

    1,681       1,705       1,713       1,774  

Average number of seated tractors (7)

    1,588       1,547       1,592       1,674  

Average miles per seated tractor per week

    1,928       1,986       1,959       1,972  

Base revenue per seated tractor per week

  $ 3,505     $ 3,018     $ 3,179     $ 2,998  

Average loaded miles per trip

    544       585       557       583  
                                 

USAT Logistics:

                               

Operating revenue (in thousands)

  $ 39,493     $ 33,182     $ 144,481     $ 134,573  

Operating income (in thousands) (1)

  $ 1,995     $ 1,543     $ 7,599     $ 7,273  

Gross margin (in thousands) (8)

  $ 7,061     $ 6,164     $ 26,686     $ 25,645  

Gross margin percentage (9)

    17.9

%

    18.6

%

    18.5

%

    19.1

%

 

 

 

 

 

(1)

Operating income (loss) is calculated by deducting operating expenses from operating revenue.

(2) Operating ratio is calculated as operating expenses as a percentage of operating revenue.
(3) Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs, and severance costs included in salaries, wages and employee benefits, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue(a).
(4) Total miles include both loaded and empty miles.
(5) Deadhead percentage is calculated by dividing empty miles into total miles.
(6) Tractors include Company-operated tractors in service, plus tractors operated by independent contractors.
(7) Seated tractors are those occupied by drivers.
(8) Gross margin is calculated by deducting purchased transportation expense from USAT Logistics operating revenue.
(9) Gross margin percentage is calculated as gross margin divided by USAT Logistics operating revenue.

 

   

Three Months Ended

 
   

12/31/2017

   

9/30/2017

   

6/30/2017

   

3/31/2017

   

12/31/2016

 

Base revenue per loaded mile

  $ 2.106     $ 1.856     $ 1.762     $ 1.740     $ 1.754  

 

Balance Sheet and Liquidity

As of December 31, 2017, total debt and capital lease obligations was $107.5 million, our total debt and capital lease obligations, net of cash (“Net Debt”)(a), was $107.4 million and total stockholders’ equity was $66.5 million. Net Debt to Adjusted EBITDA(a) decreased sequentially to 3.9x compared with 5.8x as of September 30, 2017. The Company had approximately $61.8 million available to borrow under its credit facility as of December 31, 2017.

 

Fourth Quarter 2017 Conference Call Information

USA Truck will hold a conference call to discuss its fourth quarter 2017 results on February 2, 2018 at 8:30 AM CT / 9:30 AM ET. To participate in the call, please dial 1-844-824-3828 (U.S./Canada) or 1-412-317-5138 (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. A telephone replay of the call will also be available through February 9, 2018, and may be accessed by calling 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), or 1-412-317-0088 (International) and by referencing conference ID #10115759.

 

(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 net income”, and “Adjusted earnings (loss) per diluted share”, as we define them, are not presented in accordance with GAAP.

 

The Company defines Net Debt as total debt, including insurance premium financing and capital lease obligations, 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, impairments on assets held for sale, and severance costs included in salaries, wages and employee benefits. Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs and severance costs included in salaries, wages and employee benefits, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. Adjusted net income is defined as net income, excluding the impact of the Tax Cuts and Jobs Act of 2017. Adjusted earnings (loss) per diluted share is defined as earnings (loss) per share plus the per-share impact of restructuring, impairment and other costs, and severance costs included in salaries, wages and employee benefits, less the per share tax impact of those adjustments using a statutory income tax rate. The per-share impact of each item is determined by dividing it by the weighted average diluted shares outstanding. These financial measures 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 Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share as key measures of our performance, all of which are reconciled to the most comparable GAAP financial measures 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.

 

 

 

 

Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share are not substitutes for their comparable GAAP financial measures, such as net income, cash flows from operating activities, operating margin ratio, diluted earnings 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 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 EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share to 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 Annual Report on Form 10-K, 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, 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 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 import refer to USA Truck, Inc. and its subsidiary.

 

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 to 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.

 

Company Contact

USA Truck, Inc.

Jason Bates, EVP & CFO

(479) 471-2672

jason.bates@usa-truck.com

 

Jimmie Acklen, Investor Relations Liaison

(479) 471-3430

jimmie.acklen@usa-truck.com

 

 

 

 

 USA TRUCK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands, except per share data)

 

   

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 
Revenue                                

Operating revenue

  $ 123,270     $ 103,135     $ 446,533     $ 429,099  
                                 

Operating expenses

                               

Salaries, wages and employee benefits

    32,623       30,077       122,297       122,408  

Fuel and fuel taxes

    12,841       10,667       45,853       43,179  

Depreciation and amortization

    7,150       7,672       28,463       29,954  

Insurance and claims

    6,392       5,328       25,628       21,154  

Equipment rent

    2,724       1,861       10,173       7,443  

Operations and maintenance

    8,221       6,570       31,001       34,252  

Purchased transportation

    43,061       37,321       164,012       148,972  

Operating taxes and licenses

    1,122       1,310       4,068       4,695  

Communications and utilities

    770       835       2,713       3,239  

Gain on disposal of assets, net

    (222 )     (357 )     (773 )     (1,116 )

Restructuring, impairment and other costs

    --       --       --       5,264  

Impairment on assets held for sale

    --       2,839       --       2,839  

Other

    3,095       3,650       15,166       14,332  

Total operating expenses

    117,777       107,773       448,601       436,615  

Operating income (loss)

    5,493       (4,638 )     (2,068 )     (7,516 )
                                 

Other expenses

                               

Interest expense, net

    886       969       3,808       3,178  

Other, net

    76       101       387       524  

Total other expenses, net

    962       1,070       4,195       3,702  

Income (loss) before income taxes

    4,531       (5,708 )     (6,263 )     (11,218 )

Income tax benefit

    (10,291 )     (1,896 )     (13,760 )     (3,519 )
                                 

Net income (loss) and comprehensive income (loss)

  $ 14,822     $ (3,812 )   $ 7,497     $ (7,699 )
                                 

Net earnings (loss) per share

                               

Average shares outstanding (basic)

    8,027       7,975       8,029       8,550  

Basic earnings (loss) per share

  $ 1.85     $ (0.48 )   $ 0.93     $ (0.90 )
                                 

Average shares outstanding (diluted)

    8,036       7,975       8,056       8,550  

Diluted earnings (loss) per share

  $ 1.84     $ (0.48 )   $ 0.93     $ (0.90 )

 

 

 

 

GAAP TO NON-GAAP RECONCILIATIONS

(UNAUDITED)

(dollar amounts in thousands, except per share amounts)

 

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

 

    Three Months Ended  
   

12/31/2017

   

9/30/2017

   

6/30/2017

   

3/31/2017

 

Net income (loss)

  $ 14,822     $ 409     $ (2,846 )   $ (4,890 )

Add:

                               

Depreciation and amortization

    7,150       6,790       6,879       7,644  

Income tax (benefit) expense

    (10,291 )     339       (1,198 )     (2,610 )

Interest expense, net

    886       970       950       1,003  
                                 

EBITDA

    12,567       8,508       3,785       1,147  

Add:

                               

Non-cash equity compensation

    170       137       131       21  

Severance costs included in salaries, wages and employee benefits

    --       31       82       817  
                                 

Adjusted EBITDA

  $ 12,737     $ 8,676     $ 3,998     $ 1,985  

 

 

ADJUSTED NET INCOME (LOSS) RECONCILIATION

 

   

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 

Net income (loss)

  $ 14,822     $ (3,812 )   $ 7,497     $ (7,699 )

Adjusted for:

                               

Severance costs included in salaries, wages and employee benefits

    --       142       930       839  

Restructuring, impairment and other costs

    --       --       --       5,264  

Income tax effect of adjustments above

    --       (55 )     (358 )     (2,350 )

Tax law reform, net

    (12,009 )     --       (12,009 )     --  

Adjusted net income (loss)

  $ 2,813     $ (3,725 )   $ (3,940 )   $ (3,946 )

 

 

ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION

 

   

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 

Earnings (loss) per diluted share

  $ 1.84     $ (0.48 )   $ 0.93     $ (0.90 )

Adjusted for:

                               

Severance costs included in salaries, wages and employee benefits

    --       0.02       0.11       0.10  

Restructuring, impairment and other costs

    --       --       --       0.61  

Income tax effect of adjustments above

    --       (0.01 )     (0.04 )     (0.27 )

Tax law reform, net

    (1.49 )     --       (1.49 )     --  

Adjusted earnings (loss) per diluted share

  $ 0.35     $ (0.47 )   $ (0.49 )   $ (0.46 )

  

 

 

 

ADJUSTED OPERATING RATIO RECONCILIATION

(UNAUDITED)

(dollar amounts in thousands)

 

Consolidated

 

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 

Operating revenue

  $ 123,270     $ 103,135     $ 446,533     $ 429,099  

Less: fuel surcharge revenue

    13,205       11,156       48,216       40,929  

Base revenue

    110,065       91,979       398,317       388,170  

Operating expense

    117,777       107,773       448,601       436,615  

Adjusted for:

                               

Restructuring, impairment and other costs

    --       --       --       (5,264 )

Severance costs included in salaries, wages and employee benefits

    --       (142 )     (930 )     (839 )

Fuel surcharge revenue

    (13,205 )     (11,156 )     (48,216 )     (40,929 )

Adjusted operating expense

  $ 104,572     $ 96,475     $ 399,455     $ 389,583  

Operating ratio

    95.5

%

    104.5

%

    100.5

%

    101.8

%

Adjusted operating ratio

    95.0

%

    104.9

%

    100.3

%

    100.4

%

 

Trucking Segment

 

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 

Revenue

  $ 83,930     $ 70,377     $ 302,943     $ 295,807  

Less: intersegment eliminations

    153       424       891       1,281  

Operating revenue

    83,777       69,953       302,052       294,526  

Less: fuel surcharge revenue

    10,618       8,591       38,173       32,090  

Base revenue

    73,159       61,362       263,879       262,436  

Operating expense

    80,279       76,134       311,719       309,315  

Adjusted for:

                               

Restructuring, impairment and other costs

    --       --       --       (4,848 )

Severance costs included in salaries, wages and employee benefits

    --       (142 )     (665 )     (839 )

Fuel surcharge revenue

    (10,618 )     (8,591 )     (38,173 )     (32,090 )

Adjusted operating expense

  $ 69,661     $ 67,401     $ 272,881     $ 271,538  

Operating ratio

    95.8

%

    108.8

%

    103.2

%

    105.0

%

Adjusted operating ratio

    95.2

%

    109.8

%

    103.4

%

    103.5

%

 

USAT Logistics Segment

 

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 31,

 
   

2017

   

2016

   

2017

   

2016

 

Revenue

  $ 40,702     $ 34,373     $ 152,137     $ 140,847  

Less: intersegment eliminations

    1,209       1,191       7,656       6,274  

Operating revenue

    39,493       33,182       144,481       134,573  

Less: fuel surcharge revenue

    2,587       2,565       10,043       8,839  

Base revenue

    36,906       30,617       134,438       125,734  

Operating expense

    37,498       31,639       136,882       127,300  

Adjusted for:

                               

Restructuring, impairment and other costs

    --       --       --       (416 )

Severance costs included in salaries, wages and employee benefits

    --       --       (265 )     --  

Fuel surcharge revenue

    (2,587 )     (2,565 )     (10,043 )     (8,839 )

Adjusted operating expense

  $ 34,911     $ 29,074     $ 126,574     $ 118,045  

Operating ratio

    94.9

%

    95.3

%

    94.7

%

    94.6

%

Adjusted operating ratio

    94.6

%

    95.0

%

    94.2

%

    93.9

%

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share data)

 

   

December 31,

   

December 31,

 

 

 

2017

   

2016

 
Assets                

Current assets:

               

Cash

  $ 71     $ 122  

Accounts receivable, net of allowance for doubtful accounts of $639 and $608, respectively

    55,138       55,127  

Other receivables

    2,787       6,986  

Inventories

    458       413  

Assets held for sale

    112       4,661  

Prepaid expenses and other current assets

    6,025       6,187  

Total current assets

    64,591       73,496  

Property and equipment:

               

Land and structures

    31,452       31,500  

Revenue equipment

    252,484       269,953  

Service, office and other equipment

    26,209       25,295  

Property and equipment, at cost

    310,145       326,748  

Accumulated depreciation and amortization

    (122,329 )     (106,465 )

Property and equipment, net

    187,816       220,283  

Other assets

    1,448       1,189  

Total assets

  $ 253,855     $ 294,968  

Liabilities and Stockholders’ Equity

               

Current liabilities:

               

Accounts payable

  $ 24,332     $ 18,779  

Current portion of insurance and claims accruals

    13,552       10,665  

Accrued expenses

    9,108       7,533  

Current maturities of capital leases

    12,929       16,742  

Insurance premium financing

    4,115       3,943  

Total current liabilities

    64,036       57,662  

Deferred gain

    480       652  

Long-term debt

    61,225       96,600  

Capital leases, less current maturities

    29,216       35,133  

Deferred income taxes

    21,136       37,775  

Insurance and claims accruals, less current portion

    11,274       8,558  

Total liabilities

    187,367       236,380  

Commitments and contingencies

    --       --  

Stockholders’ equity:

               

Preferred Stock, $.01 par value; 1,000,000 shares authorized; none issued

    --       --  

Common Stock, $.01 par value; 30,000,000 shares authorized; issued 12,142,391 shares, and 12,156,376 shares, respectively

    121       122  

Additional paid-in capital

    68,667       68,375  

Retained earnings

    65,460       57,963  

Less treasury stock, at cost (3,853,064 shares, and 3,849,815 shares, respectively)

    (67,760 )     (67,872 )

Total stockholders’ equity

    66,488       58,588  

Total liabilities and stockholders’ equity

  $ 253,855     $ 294,968  

 

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