USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
	(in thousands, except per share data)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012				2011
Revenue:
Trucking revenue	$	71,846		$	85,309		$	147,782		$	168,184
Strategic Capacity Solutions revenue		26,253			17,871			43,848			29,439
Intermodal revenue		5,421			5,294			9,712			10,503
Base revenue		103,520			108,474			201,342			208,126
Fuel surcharge revenue		26,049			30,553			51,900			54,943
Total revenue		129,569			139,027			253,242			263,069
Operating expenses and costs:
Purchased transportation		35,275			31,480			62,253			56,861
Salaries, wages and employee benefits		34,717			34,704			70,230			67,805
Fuel and fuel taxes		30,567			36,332			65,336			71,058
Depreciation and amortization		11,178			12,489			22,335			25,102
Operations and maintenance		10,579			10,415			21,510			20,292
Insurance and claims		5,381			5,700			10,264			11,563
Operating taxes and licenses		1,389			1,375			2,896			2,773
Communications and utilities		1,057			1,049			2,079			2,034
Gain on disposal of assets, net		(724)			(1,341)			(1,266)			(2,256)
Other		4,479			4,612			8,570			8,807
Total operating expenses and costs		133,898			136,815			264,207			264,039
Operating (loss) income		(4,329)			2,212			(10,965)			(970)
Other expenses (income):
Interest expense		1,023			821			2,009			1,564
Other, net		(48)			(26)			(123)			(37)
Total other expenses, net		975			795			1,886			1,527
(Loss) income before income taxes		(5,304)			1,417			(12,851)			(2,497)
Income tax (benefit) expense		(1,818)			819			(4,492)			(379)
Net (loss) income	$	(3,486)		$	598		$	(8,359)		$	(2,118)
Per share information:
Average shares outstanding (Basic)		10,304			10,306			10,302			10,302
Basic (loss) income per share	$	(0.34)		$	0.06		$	(0.81)		$	(0.21)
Average shares outstanding (Diluted)		10,304			10,317			10,302			10,302
Diluted (loss) income per share	$	(0.34)		$	0.06		$	(0.81)		$	(0.21)

 

 

 

 

	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2012			2011				2012				2011
	(unaudited)
Trucking:
Operating (loss) income (in thousands) (1)	$	(6,324)		$	37			$	(14,280)			$	(4,080)
Operating ratio (2)		108.8	%		99.9	%			109.7	%			102.4	%
Total miles (in thousands) (3)		49,594			57,846				102,953				116,508
Empty mile factor		10.9	%		10.9	%			11.4	%			10.4	%
Weighted average number of tractors (4)		2,171			2,341				2,201				2,341
Average miles per tractor per period		22,844			24,710				46,776				49,769
Average miles per tractor per week		1,757			1,901				1,799				1,925
Average miles per trip		527			534				527				545
Base Trucking revenue per tractor per week	$	2,546		$	2,803			$	2,582			$	2,778
Number of tractors at end of period (4)		2,182			2,354				2,182				2,354
Strategic Capacity Solutions:
Operating income (in thousands) (1)	$	2,528		$	2,273			$	4,072			$	3,606
Gross margin (5)		13.9	%		15.8	%			14.1	%			15.8	%
Intermodal:
Operating (loss) income (in thousands) (1)	$	(533)		$	(98)			$	(757)			$	(496)
Gross margin (5)		17.5	%		11.4	%			19.3	%			8.8	%

(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 is calculated by taking total revenue less purchased transportation expense and dividing that amount by total revenue.  This calculation includes intercompany revenues and expenses.

 

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.