USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
	(in thousands, except per share data)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2012			2011			2012				2011
	(UNAUDITED)
Revenue:
Trucking revenue	$	77,891		$	75,309		$	297,624		$	321,283
Strategic Capacity Solutions revenue		22,647			19,257			89,831			67,085
Intermodal revenue		6,515			5,691			21,264			22,658
Base revenue		107,053			100,257			408,719			411,026
Fuel surcharge revenue		27,718			25,945			103,709			108,382
Total revenue		134,771			126,202			512,428			519,408
Operating expenses and costs:
Salaries, wages and employee benefits		35,756			34,309			142,263			136,538
Fuel and fuel taxes		34,382			32,740			131,162			137,195
Purchased transportation		34,323			31,002			127,949			120,076
Depreciation and amortization		11,487			11,772			45,058			49,263
Operations and maintenance		11,088			10,236			43,559			42,179
Insurance and claims		4,983			5,356			20,556			22,501
Operating taxes and licenses		1,320			1,343			5,504			5,460
Communications and utilities		1,077			1,258			4,124			4,395
Gain on disposal of assets, net		(396)			(711)			(2,151)			(3,615)
Other		4,447			4,716			17,590			18,065
Total operating expenses and costs		138,467			132,021			535,614			532,057
Operating loss		(3,696)			(5,819)			(23,186)			(12,649)
Other expenses (income):
Interest expense		1,009			904			4,053			3,345
Other, net		(35)			(41)			(191)			(252)
Total other expenses, net		974			863			3,862			3,093
Loss before income taxes		(4,670)			(6,682)			(27,048)			(15,742)
Income tax benefit		(1,560)			(2,328)			(9,508)			(4,965)
Net loss	$	(3,110)		$	(4,354)		$	(17,540)		$	(10,777)
Per share information:
Average shares outstanding (Basic)		10,313			10,297			10,310			10,302
Basic loss per share	$	(0.30)		$	(0.42)		$	(1.70)		$	(1.05)
Average shares outstanding (Diluted)		10,313			10,297			10,310			10,302
Diluted loss per share	$	(0.30)		$	(0.42)		$	(1.70)		$	(1.05)

 

 

 

 

	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
	2012			2011				2012				2011
				(UNAUDITED)
Trucking:
Operating loss (in thousands) (1)	$	(5,371)		$	(7,113)			$	(29,762)			$	(18,762)
Operating ratio (2)		106.9	%		109.4	%			110.0	%			106.0	%
Total miles (in thousands) (3)		52,968			51,810				205,776				221,765
Empty mile factor		12.0	%		11.1	%			11.4	%			11.0	%
Weighted average number of tractors (4)		2,179			2,248				2,184				2,313
Average miles per tractor per period		24,308			23,047				94,220				95,878
Average miles per tractor per week		1,850			1,754				1,802				1,839
Average miles per trip		556			521				542				532
Base Trucking revenue per tractor per week	$	2,720		$	2,549			$	2,606			$	2,664
Number of tractors at end of period (4)		2,184			2,235				2,184				2,235
Strategic Capacity Solutions:
Operating income (in thousands) (1)	$	1,799		$	1,587			$	7,788			$	7,100
Gross margin (5)		14.4	%		14.1	%			13.9	%			15.1	%
Intermodal:
Operating loss (in thousands) (1)	$	(124)		$	(293)			$	(1,212)			$	(987)
Gross margin (5)		15.1	%		14.3	%			17.8	%			11.5	%

(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.