USA TRUCK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
	(in thousands, except per share data)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Revenue:
Trucking revenue	$	81,434		$	71,846		$	161,227		$	147,782
Strategic Capacity Solutions revenue		30,028			31,674			55,123			53,560
Base revenue		111,462			103,520			216,350			201,342
Fuel surcharge revenue		28,276			26,049			55,416			51,900
Total revenue		139,738			129,569			271,766			253,242
Operating expenses and costs:
Purchased transportation		35,156			35,275			65,634			62,253
Salaries, wages and employee benefits		34,663			34,717			70,230			70,230
Fuel and fuel taxes		33,017			30,567			68,613			65,336
Depreciation and amortization		10,852			11,178			21,767			22,335
Operations and maintenance		13,649			10,579			25,157			21,510
Insurance and claims		7,024			5,381			12,413			10,264
Operating taxes and licenses		1,696			1,389			2,704			2,896
Communications and utilities		984			1,057			2,069			2,079
Gain on disposal of assets, net		(429)			(724)			(819)			(1,266)
Other		3,497			4,479			7,195			8,570
Total operating expenses and costs		140,109			133,898			274,963			264,207
Operating loss		(371)			(4,329)			(3,197)			(10,965)
Other expenses (income):
Interest expense		947			1,023			1,784			2,009
Other, net		(46)			(48)			(99)			(123)
Total other expenses, net		901			975			1,685			1,886
Loss before income taxes		(1,272)			(5,304)			(4,882)			(12,851)
Income tax benefit		(228)			(1,818)			(1,364)			(4,492)
Net loss	$	(1,044)		$	(3,486)		$	(3,518)		$	(8,359)
Net loss per share information:
Average shares outstanding (Basic)		10,293			10,304			10,299			10,302
Basic loss per share	$	(0.10)		$	(0.34)		$	(0.34)		$	(0.81)
Average shares outstanding (Diluted)		10,293			10,304			10,299			10,302
Diluted loss per share	$	(0.10)		$	(0.34)		$	(0.34)		$	(0.81)

 

 

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2013				2012				2013				2012
	(unaudited)
Trucking:
Operating loss (in thousands) (1)	$	(3,108)			$	(6,324)			$	(7,086)			$	(14,275)
Operating ratio (2)		103.8	%			108.8	%			104.4	%			109.7	%
Total miles (in thousands) (3)		56,715				49,594				111,333				102,953
Empty mile factor		11.8	%			10.9	%			11.4	%			11.4	%
Base revenue per loaded mile	$	1.629			$	1.627			$	1.635			$	1.620
Average number of in-service tractors (4)		2,241				2,171				2,223				2,201
Percentage of in-service tractors unseated		5.6	%			11.6	%			4.9	%			8.7	%
Average number of seated tractors (5)		2,116				1,919				2,115				2,009
Average miles per seated tractor per week		2,062				1,988				2,036				1,971
Base Trucking revenue per seated tractor per week	$	2,961			$	2,880			$	2,948			$	2,829
Average loaded miles per trip		597				527				593				527
Strategic Capacity Solutions (6):
Operating income (in thousands) (1)	$	2,737			$	1,995			$	3,888			$	3,310
Gross margin (7)		15.5	%			15.4	%			15.3	%			16.0	%

(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)

Seated tractors are those occupied by drivers.

(6)

Includes Intermodal results.

(7)

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.

 

References to the “Company,” “we,” “us,” “our” and words of similar import refer to USA Truck, Inc. and its subsidiary.