USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
	(in thousands, except per share data)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Revenue:
Trucking revenue (1)	$	84,254		$	90,667		$	262,940		$	260,061
Strategic Capacity Solutions revenue		18,389			10,103			47,829			24,816
Base revenue		102,643			100,770			310,769			284,877
Fuel surcharge revenue		27,494			17,996			82,438			53,194
Total revenue		130,137			118,766			393,207			338,071
Operating expenses and costs:
Fuel and fuel taxes		33,397			28,249			104,456			83,860
Salaries, wages and employee benefits		34,423			33,418			102,229			98,728
Purchased transportation		32,213			20,977			89,073			55,577
Depreciation and amortization		12,390			12,612			37,491			37,246
Operations and maintenance		11,650			9,963			31,942			25,931
Insurance and claims		5,581			5,236			17,145			16,831
Operating taxes and licenses		1,345			1,427			4,118			4,232
Communications and utilities		1,103			1,004			3,136			2,969
Gain on disposal of revenue equipment, net		(648)			(45)			(2,904)			(88)
Other		4,542			3,609			13,350			10,931
Total operating expenses and costs		135,996			116,450			400,036			336,217
Operating (loss) income		(5,859)			2,316			(6,829)			1,854
Other expenses (income):
Interest expense		877			931			2,440			2,643
Other, net		(174)			(79)			(210)			100
Total other expenses, net		703			852			2,230			2,743
(Loss) income before income taxes		(6,562)			1,464			(9,059)			(889)
Income tax (benefit) expense		(2,257)			878			(2,636)			621
Net (loss) income	$	(4,305)		$	586		$	(6,423)		$	(1,510)
Net (loss) earnings per share information:
Average shares outstanding (Basic)		10,294			10,297			10,304			10,294
Basic (loss) earnings per share	$	(0.42)		$	0.06		$	(0.62)		$	(0.15)
Average shares outstanding (Diluted)		10,294			10,312			10,304			10,294
Diluted (loss) earnings per share	$	(0.42)		$	0.06		$	(0.62)		$	(0.15)

 

(1)	Includes Intermodal revenue.

 

The following table presents key operating results and statistics:

 

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2011				2010				2011				2010
Trucking:
Operating (loss) income (in thousands) (1)	$	(7,733)			$	1,183			$	(12,310)			$	(579)
Operating ratio (2)		109.1	%			98.7	%			104.7	%			100.2	%
Total miles (in thousands) (3)		53,640				61,852				170,148				183,958
Empty mile factor		12.4	%			10.3	%			11.1	%			10.0	%
Weighted average number of tractors (4)		2,342				2,345				2,341				2,340
Average miles per tractor per period		22,904				26,376				72,682				78,614
Average miles per tractor per week		1,743				2,007				1,864				2,016
Average miles per trip		507				546				532				547
Base Trucking revenue per tractor per week	$	2,737			$	2,942			$	2,880			$	2,850
Number of tractors at end of period (4)		2,284				2,366				2,284				2,366
Strategic Capacity Solutions:
Operating income (in thousands) (1)	$	1,874			$	1,133			$	5,481			$	2,433
Gross margin percentage (5)		14.7	%			15.6	%			15.4	%			14.9	%

(2)

Operating ratio is calculated by dividing total operating expenses, net of fuel surcharge, by base revenue.

(4)

Tractors include Company-operated tractors in service plus tractors operated by independent contractors.

(5)

Gross margin percentage is calculated by taking total base revenue, less purchased transportation expense net of fuel surcharge revenue and dividing that amount by total base revenue.  This calculation includes intercompany revenues and expenses.

 

				(in thousands)
				September 30,						December 31,
				2011						2010
	Assets
	Current assets:
	Cash			$	905					$	2,726
	Receivables, net				67,291						47,983
	Inventories				2,508						2,080
	Prepaid expenses and other current assets				13,620						12,885
	Total current assets				84,324						65,674
	Property and equipment, at cost				437,536						423,115
	Accumulated depreciation and amortization				(168,268)						(163,867)
	Property and equipment, net				269,268						259,248
	Note receivable				2,031						2,048
	Other assets				486						415
	Total assets			$	356,109					$	327,385
	Liabilities and Stockholders’ Equity
	Current liabilities:
	Bank drafts payable			$	5,287					$	4,233
	Trade accounts payable				22,288						16,691
	Current portion of insurance and claims accruals				5,145						4,725
	Accrued expenses				10,149						8,401
	Note payable				--						1,009
	Current maturities of long-term debt and capital leases				26,078						18,766
	Deferred income taxes				1,090						1,094
	Total current liabilities				70,037						54,919
	Deferred gain				613						618
	Long-term debt and capital leases, less current maturities				102,068						79,750
	Deferred income taxes				48,127						50,782
	Insurance and claims accruals, less current portion				3,909						3,608
	Total stockholders’ equity				131,355						137,708
	Total liabilities and stockholders’ equity			$	356,109					$	327,385
Selected other financial information:
		(in thousands)
		Nine Months Ended September 30,
		2011					2010
Net cash provided by operating activities		$	12,089				$		34,299
Capital expenditures, net			43,544						27,316

 

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. These statements generally may be identified by their use of terms or phrases such as “expects,” “estimates,” “anticipates,” “projects,” “believes,” “plans,” “goals,” “intends,” “may,” “will,” “should,” “could,” “potential,” “continue,” “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 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 and other filings with the Securities and Exchange Commission. 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.  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. In particular, we call to your attention that the "Outlook" section of this press release contains forward-looking statements. In addition to the risk factors listed in our Form 10-K, the following risks are associated with the statements in that section:  our Chief Operating Officer is new and is implementing different operating procedures than we have used in the past, and we might not successfully implement those procedures, we may require additional training or different personnel to implement the procedures, all of which may result in additional expense, delays in obtaining results, or disruptions to our operations; customer service and driver management changes, as well as economic or competitive factors, may impair our ability to increase miles per tractor, system velocity, seated truck count, and base revenue per mile, all of which could negatively impact our revenue and ability to operate profitably; and we may not achieve the cost savings associated with all of the opportunities we have identified.