Exhibit 99.1

 

 

USA Truck Reports First Quarter 2018 Results

 

 

1Q 2018 net income of $1.0 million, or $0.13 per diluted share versus 1Q 2017 net loss of ($4.9) million, or ($0.61) per diluted share

 

Including adjusted items discussed below, 1Q 2018 adjusted net income was $1.1 million, or $0.14 per diluted share

 

1Q 2018 consolidated operating revenue increased 23.0% to $125.0 million from $101.7 million in 1Q 2017

 

Continued YoY improvement in base revenue per loaded mile, base revenue per available tractor per week, and average unseated tractor count

 

Van Buren, AR – April 26, 2018USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the quarter ended March 31, 2018.

 

For the quarter ended March 31, 2018, consolidated operating revenue was $125.0 million compared to $101.7 million for the prior-year period. Base revenue, which excludes fuel surcharge, was $110.3 million compared to $89.8 million for the comparable 2017 period. The Company reported net income of $1.0 million, or $0.13 per diluted share for the first quarter 2018, compared to a net loss of ($4.9) million, or ($0.61) per diluted share, for the same quarter in 2017. The Company’s first quarter 2018 operating ratio was 98.1%, compared to 106.3% in the 2017 quarter.

 

Included in earnings per diluted share for the quarter ended March 31, 2018 was approximately $0.7 million, or $0.07 per diluted share net-of-tax, of severance costs recorded in salaries, wages and employee benefits relating to the recently announced retirement of James Craig, the Company’s EVP, Chief Commercial Officer , and President – USAT Logistics. The quarter also included a $0.6 million, or $0.06 per diluted share net-of-tax, benefit for the reversal of restructuring, impairment and other costs relating to the reopening of our Trucking maintenance facility in South Holland, IL, which was closed in the first quarter of 2016.

 

President and CEO James Reed commented, “USA Truck continued its momentum in the first quarter of 2018 by delivering the third consecutive quarter of positive EPS since bringing our team together, and only the second positive first quarter EPS result in the last 11 years. While we benefited in the quarter from a tightening capacity environment and strong underlying economic drivers, we also experienced unusually challenging weather, an increasingly difficult driver recruiting environment, rising fuel prices, and correspondingly tight asset light capacity. We continued to deliver improved operational and financial results throughout the quarter, and believe the progress in our rate, revenue, and profit measures has outpaced market forces. This is a testament to our team’s commitment to become one of the best performing companies in our sector. While we are pleased with our team’s progress, we still feel that we have a long way to go.”

 

Trucking: For the first quarter of 2018, Trucking operating revenue increased $8.5 million, or 12.0%, to $78.7 million, compared to the first quarter of 2017.  This increase was primarily due to a 15.5% increase in base revenue per loaded mile. Trucking operating loss was ($0.5) million for the 2018 period, reflecting an operating ratio of 100.6%, compared to a ($7.1) million operating loss and an operating ratio of 110.1% for the 2017 period. This represents a $6.7 million year-over-year improvement in operating income and a 950 basis point improvement in operating ratio.

 

 

The following information was filed by Usa Truck Inc (USAK) on Thursday, April 26, 2018 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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