USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
	(in thousands, except per share data)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Revenue:
Trucking revenue (1)	$	81,000		$	91,904		$	343,941		$	351,965
Strategic Capacity Solutions revenue		19,257			10,102			67,085			34,918
Base revenue		100,257			102,006			411,026			386,883
Fuel surcharge revenue		25,945			20,084			108,382			73,278
Total revenue		126,202			122,090			519,408			460,161
Operating expenses and costs:
Salaries, wages and employee benefits		34,309			33,718			136,538			132,445
Fuel and fuel taxes		32,740			31,055			137,195			114,915
Purchased transportation		31,002			24,023			120,076			79,601
Depreciation and amortization		11,772			12,508			49,263			49,754
Operations and maintenance		10,236			10,154			42,179			36,086
Insurance and claims		5,356			5,981			22,501			22,811
Operating taxes and licenses		1,343			1,420			5,460			5,652
Communications and utilities		1,258			979			4,395			3,948
Gain on disposal of revenue equipment, net		(711)			(232)			(3,615)			(320)
Other		4,716			4,246			18,065			15,177
Total operating expenses and costs		132,021			123,852			532,057			460,069
Operating (loss) income		(5,819)			(1,762)			(12,649)			92
Other expenses (income):
Interest expense		904			795			3,345			3,438
Other, net		(41)			(145)			(252)			(45)
Total other expenses, net		863			650			3,093			3,393
Loss before income taxes		(6,682)			(2,412)			(15,742)			(3,301)
Income tax (benefit) expense		(2,328)			(615)			(4,965)			7
Net loss	$	(4,354)		$	(1,797)		$	(10,777)		$	(3,308)
Net loss per share information:
Average shares outstanding (Basic)		10,297			10,297			10,302			10,295
Basic loss per share	$	(0.42)		$	(0.17)		$	(1.05)		$	(0.32)
Average shares outstanding (Diluted)		10,297			10,297			10,302			10,295
Diluted loss per share	$	(0.42)		$	(0.17)		$	(1.05)		$	(0.32)

 

(1)	Includes Intermodal revenue.

 

The following table presents key operating results and statistics:

 

	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2011				2010				2011				2010
Trucking:
Operating loss (in thousands) (1)	$	(7,406)			$	(2,353)			$	(19,749)			$	(2,915)
Operating ratio (2)		109.1	%			102.6	%			105.7	%			100.8	%
Total miles (in thousands) (3)(6)		51,810				62,783				221,765				246,742
Empty mile factor (6)		11.1	%			10.0	%			11.0	%			10.0	%
Weighted average number of tractors (4)(6)		2,248				2,369				2,313				2,347
Average miles per tractor per period (6)		23,047				26,502				95,878				105,131
Average miles per tractor per week (6)		1,754				2,016				1,839				2,016
Average miles per trip (6)		521				569				532				560
Base Trucking revenue per tractor per week (6)	$	2,742			$	2,952			$	2,852			$	2,876
Number of tractors at end of period (4)(6)		2,235				2,363				2,235				2,363
Strategic Capacity Solutions:
Operating income (in thousands) (1)	$	1,587			$	591			$	7,100			$	3,007
Gross margin percentage (5)		14.1	%			12.8	%			15.1	%			14.3	%

(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.

(6)

Excludes Intermodal drayage tractors.

 

				(in thousands)
				December 31,						December 31,
				2011						2010
	Assets
	Current assets:
	Cash			$	2,659					$	2,726
	Receivables, net				56,941						47,983
	Inventories				1,831						2,080
	Prepaid expenses and other current assets				13,466						12,885
	Total current assets				74,897						65,674
	Property and equipment, at cost				419,561						423,115
	Accumulated depreciation and amortization				(160,761)						(163,867)
	Property and equipment, net				258,800						259,248
	Note receivable				2,003						2,048
	Other assets				491						415
	Total assets			$	336,191					$	327,385
	Liabilities and Stockholders’ Equity
	Current liabilities:
	Bank drafts payable			$	5,044					$	4,233
	Trade accounts payable				21,691						16,691
	Current portion of insurance and claims accruals				3,418						4,725
	Accrued expenses				7,790						8,401
	Note payable				1,370						1,009
	Current maturities of long-term debt and capital leases				19,146						18,766
	Deferred income taxes				1,693						1,094
	Total current liabilities				60,152						54,919
	Deferred gain				612						618
	Long-term debt and capital leases, less current maturities				98,927						79,750
	Deferred income taxes				45,193						50,782
	Insurance and claims accruals, less current portion				4,335						3,608
	Total stockholders’ equity				126,972						137,708
	Total liabilities and stockholders’ equity			$	336,191					$	327,385
Selected other financial information:
		(in thousands)
		Twelve Months Ended December 31,
		2011					2010
Net cash provided by operating activities		$	23,662				$		48,245
Capital expenditures, net			42,614						39,693

 

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.