- 3Q 2018 net income of $3.3 million,
or $0.40 per diluted share versus 3Q 2017 net income of $0.4
million, or $0.05 per diluted share
- 3Q 2018 adjusted net income of $3.6
million, or $0.43 per diluted share, when adjusted for acquisition
related transaction costs
- 3Q 2018 consolidated operating
revenue increased 16.1% to $132.6 million from $114.2 million in 3Q
2017
- Continued year over year improvement
in base revenue per available tractor per week
USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions
provider, today announced its financial results for the three and
nine months ended September 30, 2018.
For the quarter ended September 30, 2018, consolidated operating
revenue was $132.6 million compared to $114.2 million for the
prior-year period. Base revenue, which excludes fuel surcharge
revenue, was $116.6 million compared to $102.4 million for the 2017
period. The Company reported net income of $3.3 million, or $0.40
per diluted share for the third quarter 2018 and adjusted net
income of $3.6 million, or $0.43 per diluted share, compared to net
income of $0.4 million, or $0.05 per diluted share, for the same
quarter in 2017. The Company’s third quarter 2018 consolidated
operating ratio was 95.6%, compared to 98.4% in the comparable 2017
quarter.
President and CEO James Reed commented, “I am proud of the
entire team here at USA Truck and our ability to deliver continued
year-over-year improvement in operating revenue and operating
income. This quarter represents our fifth consecutive quarter of
consolidated profitability, and demonstrates progress on our
turnaround initiative. Our Trucking segment’s most critical metric,
base revenue per available tractor per week, improved
year-over-year by $408, or 13.6%. We achieved this despite periods
of high unseated truck count, related to OEM delivery issues and a
challenging driver recruitment environment during the quarter. In
response to this challenging driver market, we increased driver pay
in targeted regions and reengineered our driver pay packages to
ensure USA Truck remains an employer of choice for professional
drivers. We continue to focus on seating tractors and driving
continued year-over-year improvement in base revenue per available
tractor per week, through strategic network design and operational
efficiencies. Our USAT Logistics segment also generated
year-over-year increases in revenue and operating income, as well
as a 9.4% improvement in gross margin in the third quarter. This
led to USAT Logistics’ best quarterly operating ratio percentage in
the last four quarters.
Last week we announced the acquisition of Davis Transfer Company
of Carnesville, GA. This acquisition added approximately 250
tractors to the fleet and a robust operational network in the
southeast United States which complements our existing footprint.
This opportunity adds capacity and density to our network, while
also bolstering strategic customer relationships, which we believe
will further complement our network. We expect Davis to be
immediately accretive to earnings.”
Trucking: For the third quarter of 2018, Trucking operating
revenue increased $9.1 million, or 11.9%, to $85.5 million,
compared to the third quarter of 2017. This increase was primarily
due to a 20.5% increase in base revenue per loaded mile. Trucking
operating income was $2.6 million for the 2018 period, reflecting
an operating ratio of 97.0%, compared to a ($1.2) million operating
loss and an operating ratio of 101.6% for the comparable 2017
period. This represents an improvement of $3.8 million
year-over-year in operating income and a 460 basis point
improvement in operating ratio.
Trucking operations showed the following during the third
quarter 2018:
- Base revenue per available tractor per
week increased $408 per week, or 13.6%, when compared to the third
quarter of 2017, and decreased $34 per week, or 1.0% sequentially,
primarily due to unseated tractor count rising during the
quarter.
- Base revenue per loaded mile increased
20.5% to $2.237 for third quarter 2018 from $1.856 in third quarter
2017, and $0.092, or 4.3% sequentially, continuing the trend of
sequential and year-over-year increases resulting from network and
rate improvement efforts.
- Loaded miles per available tractor per
week decreased 94 miles per tractor, or 5.8%, when compared to the
third quarter of 2017, and decreased 82 miles per tractor, or 5.1%,
sequentially. These negative variances are primarily due to the
noted rise in unseated tractor count. Deadhead percentage for third
quarter 2018 increased 150 basis points year-over-year and 30
points sequentially.
- Average unseated tractor percentage for
third quarter 2018 was 6.5% compared to 3.8% for the third quarter
of 2017 and increased 160 basis points sequentially. The average
seated tractor count for the third quarter of 2018 was 1,534, which
represented a 5.8% decrease compared to our third quarter 2017
average of 1,628, and a 24 tractor decrease sequentially over the
second quarter 2018 average of 1,558. The unseated tractor count
trends were largely driven by OEM equipment delays and a difficult
driver market.
USAT Logistics: Operating revenue increased 24.5%, or $9.3
million year-over-year to $47.1 million for the third quarter of
2018 and decreased 5.5%, or $2.8 million sequentially. Operating
income increased $0.2 million, or 6.7% year-over-year and increased
$1.0 million, or 48.2% sequentially. This is a direct result of the
increased pricing in the marketplace which has caused both revenue
and costs to rise, therefore compressing margin. The Company is
committed to providing exceptional service and value to our
customers regardless of market dynamics.
- Gross margin dollars increased 9.4%, or
$0.7 million year-over-year, to $8.3 million for the third quarter
2018, and increased 11.0%, or $0.8 million sequentially.
- Gross margin percentage for the third
quarter of 2018 decreased to 17.7% from 20.2% when compared to the
same quarter in 2017, and increased 260 basis points sequentially
from 15.1% for the second quarter of 2018.
- Revenue per load increased 18.0%, or
$251 per load, year-over-year, and decreased 0.7%, or $11 per load,
over second quarter of 2018.
Segment Results
The following table includes key operating results and
statistics by reportable segment:
Three Months Ended Nine Months Ended September 30,
September 30,
Trucking: 2018 2017
2018
2017 Operating revenue (in thousands)
$ 85,529
76,450
$ 249,831 $ 218,275 Operating income (loss)
(in thousands) (1)
$ 2,605 $ (1,194 )
$
4,294 $ (13,165 ) Operating ratio (2)
97.0 %
101.6 %
98.3 % 106.0 % Adjusted operating ratio (3)
96.5 % 101.8 %
98.0 % 106.6 % Total
miles (in thousands) (4)
38,171 41,081
116,274
122,365 Deadhead percentage (5)
13.8 % 12.3 %
13.3 % 12.8 % Base revenue per loaded mile
$
2.237 $ 1.856
$ 2.130 $ 1.787 Average number
of seated tractors (6)
1,534 1,628
1,542 1,591
Average number of available tractors (7)
1,641 1,693
1,633 1,673 Average number of in-service tractors (8)
1,672 1,742
1,664 1,722 Loaded miles per available
tractor per week
1,526 1,620
1,583 1,636 Base revenue
per available tractor per week
$ 3,415 $ 3,007
$ 3,370 $ 2,923 Average loaded miles per trip
516 546
526 561
USAT Logistics:
Operating revenue (in thousands)
$ 47,054 $ 37,785
$ 143,146 $ 104,988 Operating income (in thousands)
(1)
$ 3,198 $ 2,998
$ 8,212 $ 5,604
Gross margin (in thousands) (9)
$ 8,338 $ 7,619
$ 23,735 $ 19,598 Gross margin percentage (10)
17.7 % 20.2 %
16.6 % 18.7 % (1)
Operating income (loss) is calculated by deducting operating
expenses from operating revenue. (2) Operating ratio is calculated
as operating expenses as a percentage of operating revenue. (3)
Adjusted operating ratio is calculated as operating expenses less
restructuring, impairment and other costs, and severance costs
included in salaries, wages and employee benefits, net of fuel
surcharge revenue, as a percentage of operating revenue excluding
fuel surcharge revenue(a). (4) Total miles include both loaded and
empty miles. (5) Deadhead percentage is calculated by dividing
empty miles into total miles. (6) Seated tractors are those
occupied by a driver, both Company-operated and independent
contractor. (7) Available tractors are all those Company tractors
that are available to be dispatched, including available unseated
tractors, and our independent contractor fleet. (8) In-service
tractors include all of the tractors in the Company fleet,
including Company-operated tractors and independent contractors.
(9) Gross margin is calculated by deducting purchased
transportation expense from USAT Logistics operating revenue. (10)
Gross margin percentage is calculated as gross margin divided by
USAT Logistics operating revenue.
Balance Sheet and Liquidity
As of September 30, 2018, total debt and capital lease
obligations was $96.3 million, total debt and capital lease
obligations, net of cash (“Net Debt”)(a), was $96.3 million and
total stockholders’ equity was $73.8 million. Net Debt to
Adjusted EBITDA(a) for the trailing twelve months ended September
30, 2018 was 2.0x, a slight improvement from 2.1x at June 30, 2018,
but much improved from a high of 6.4x at June 30, 2017. The Company
had approximately $76.2 million available to borrow under its
Credit Facility as of September 30, 2018. As of October 18, 2018,
upon closing of the Davis Transfer acquisition, the Company had
approximately $44.3 million available to borrow under its credit
facility.
Third Quarter 2018 Conference Call Information
USA Truck will hold a conference call to discuss its third
quarter 2018 results on Friday, October 26, 2018 at 8:00
AM CT / 9:00 AM ET. To participate in the call, please dial
1-844-824-3828 (U.S./Canada) or 1-412-317-5138 (International). A
live webcast of the conference call will be broadcast in the
Investor Relations section of the Company’s website
www.usa-truck.com, under the “Events & Presentations” tab of
the “Investor Relations” menu. For those who cannot listen to the
live broadcast, the presentation materials and an audio replay of
the call will be available at our website, www.usa-truck.com, under
the “Events & Presentations” tab of the “Investor Relations”
menu, or may be accessed using the following link:
https://services.choruscall.com/links/usak181026.html. A telephone
replay of the call will also be available through November 2, 2018,
and may be accessed by calling 1-877-344-7529 (U.S.),
1-855-669-9658 (Canada), or 1-412-317-0088 (International) and by
referencing conference ID #10125014.
(a) About Non-GAAP Financial Information
In addition to our GAAP results, this press release also
includes certain non-GAAP financial measures, as defined by the
SEC. The terms “Net Debt”, “EBITDA”, “Adjusted EBITDA”, “Adjusted
operating ratio”, “Adjusted net income (loss)”, and “Adjusted
earnings (loss) per diluted share”, as we define them, are not
presented in accordance with GAAP.
The Company defines Net Debt as total debt, including insurance
premium financing and capital lease obligations, net of cash. The
Company defines EBITDA as net income (loss), plus interest expense
net of interest income, provision for income tax expense (benefit)
and depreciation and amortization. The Company defines Adjusted
EBITDA as EBITDA plus non-cash equity compensation, restructuring,
impairment and other costs, and severance costs included in
salaries, wages and employee benefits. Adjusted operating ratio is
calculated as operating expenses less restructuring, impairment and
other costs, severance costs included in salaries, wages and
employee benefits and transaction costs related to acquisition, net
of fuel surcharge revenue, as a percentage of operating revenue
excluding fuel surcharge revenue. Adjusted net income is defined as
net income (loss) less restructuring, impairment and other costs,
severance costs included in salaries, wages and employee benefits
and transaction costs related to acquisition. Adjusted earnings
(loss) per diluted share is defined as earnings (loss) per share
plus the per-share impact of restructuring, impairment and other
costs, severance costs included in salaries, wages and employee
benefits, and transaction costs related to acquisition, plus or
minus the per share tax impact of those adjustments using a
statutory income tax rate. The per-share impact of each item is
determined by dividing it by the weighted average diluted shares
outstanding. These financial measures supplement our GAAP results
in evaluating certain aspects of our business. We believe that
using these measures improves comparability in analyzing our
performance because they remove the impact of items from our
operating results that, in our opinion, do not reflect our core
operating performance. Management and the board of directors focus
on Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio,
Adjusted net income (loss), and Adjusted earnings (loss) per
diluted share as key measures of our performance, all of which are
reconciled to the most comparable GAAP financial measures and
further discussed below. We believe our presentation of these
non-GAAP financial measures is useful to investors and other users
because it provides them the same information that we use
internally for purposes of assessing our core operating
performance.
Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio,
Adjusted net income (loss), and Adjusted earnings (loss) per
diluted share are not substitutes for their comparable GAAP
financial measures, such as net income, cash flows from operating
activities, operating margin ratio, diluted earnings per share, or
other measures prescribed by GAAP. There are limitations to using
non-GAAP financial measures. Although we believe that they improve
comparability in analyzing our period to period performance, they
could limit comparability to other companies in our industry if
those companies define these measures differently. Because of these
limitations, our non-GAAP financial measures should not be
considered measures of income generated by our business or
discretionary cash available to us to invest in the growth of our
business. Management compensates for these limitations by primarily
relying on GAAP results and using non-GAAP financial measures on a
supplemental basis.
Pursuant to the requirements of Regulation G and Regulation S-K,
we have provided reconciliations of EBITDA, Adjusted EBITDA,
Adjusted operating ratio, Adjusted net income (loss), and Adjusted
earnings (loss) per diluted share to the most comparable GAAP
financial measures at the end of this press release.
Cautionary Statement Concerning Forward-Looking
Statements
Financial information in this press release is preliminary and
based upon information available to the Company as of the date of
this press release. As such, this information remains subject to
the completion of our quarterly review procedures, and the filing
of the related Quarterly Report on Form 10-Q, which could result in
changes, some of which could be material, to the preliminary
information provided in this press release.
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. Such forward-looking statements are made pursuant to the
provisions of the Private Securities Litigation Reform Act of 1995.
These statements generally may be identified by their use of terms
or phrases such as “seek,” “expects,” “estimates,” “anticipates,”
“projects,” “believes,” “hopes,” “plans,” “goals,” “intends,”
“may,” “might,” “likely,” “will,” “should,” “would,” “could,”
“potential,” “predict,” “continue,” “strategy,” “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 materially 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, Quarterly Reports on Form 10-Q, and other filings with
the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date on which it is made. 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, except as required by
law. 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.
About USA Truck
USA Truck provides comprehensive capacity solutions to a broad
and diverse customer base throughout North America. Our Trucking
and USAT Logistics divisions blend an extensive portfolio of asset
and asset-light services, offering a balanced approach to supply
chain management including customized truckload, dedicated contract
carriage, intermodal and third-party logistics freight management
services. For more information,
visit usa-truck.com or usatlogistics.com.
This press release and related information will be available to
interested parties at our investor relations website,
http://investor.usa-truck.com.
USA TRUCK, INC. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED) (in thousands, except per share data)
Three Months Ended Nine Months Ended September 30,
September 30,
Revenue 2018 2017
2018
2017 Operating revenue
$ 132,583 $
114,235
$ 392,977 $ 323,263
Operating expenses Salaries, wages and employee
benefits
31,540 29,813
95,423 89,674 Fuel and fuel
taxes
13,823 11,759
41,286 33,012 Depreciation and
amortization
6,735 6,790
21,392 21,313 Insurance and
claims
5,946 5,344
16,889 19,236 Equipment rent
2,916 2,703
7,785 7,449 Operations and maintenance
8,237 8,259
25,111 22,780 Purchased transportation
52,640 42,543
157,495 120,951 Operating taxes and
licenses
1,136 972
2,900 2,946 Communications and
utilities
674 679
2,064 1,943 Gain on disposal of
assets, net
(901 ) (215 )
(1,466 ) (551
) Restructuring, impairment and other costs (reversal)
— —
(639 ) — Other
4,034 3,784
12,231 12,071 Total operating expenses
$ 126,780 $ 112,431
$
380,471 $ 330,824 Operating income (loss)
5,803 1,804
12,506 (7,561 )
Other expenses Interest expense, net
811 970
2,462 2,922 Other, net
420 86
653 311 Total other expenses, net
1,231
1,056
3,115 3,233 Income (loss)
before income taxes
4,572 748
9,391 (10,794 ) Income
tax expense (benefit)
1,272 339
2,512
(3,469 ) Consolidated net income (loss) and
comprehensive income (loss)
$ 3,300 $ 409
$ 6,879 $ (7,325 )
Net
earnings (loss) per share Average shares outstanding (basic)
8,223 8,027
8,170 8,029
Basic earnings (loss) per share
$ 0.40 $ 0.05
$ 0.84 $ (0.91 ) Average shares
outstanding (diluted)
8,240 8,039
8,193
8,029 Diluted earnings (loss) per share
$
0.40 $ 0.05
$ 0.84 $
(0.91 )
GAAP TO NON-GAAP RECONCILIATIONS
(UNAUDITED)
(dollar amounts in thousands, except per
share amounts)
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION
AND AMORTIZATION
Three Months Ended
9/30/2018 6/30/2018 3/31/2018
12/31/2017 Net income
$ 3,300 $ 2,544 $ 1,035
$ 14,822 Add: Depreciation and amortization
6,735 7,477
7,180 7,150 Income tax expense (benefit)
1,272 821 419
(10,291 ) Interest expense, net
811 833 818
886
EBITDA 12,118 11,675 9,452 12,567
Add: Non-cash equity compensation
437 304 (136 ) 170
Severance costs in salaries, wages and employee benefits
— —
711 — Restructuring, impairment and other costs (reversal)
—
—
(639 ) — Transaction costs relating to acquisition
325
—
—
—
Adjusted EBITDA $ 12,880
$ 11,979 $ 9,388 $ 12,737
ADJUSTED NET INCOME (LOSS)
RECONCILIATION
Three Months Ended Nine Months Ended September 30, September
30,
2018 2017
2018 2017 Net
income (loss)
$ 3,300 $ 409
$ 6,879 $
(7,325 ) Adjusted for: Severance costs included in salaries, wages
and employee benefits
— 31
711 930 Restructuring,
impairment and other costs (reversal)
— —
(639
) — Transaction costs relating to acquisition
325 —
325
—
Income tax effect of adjustments
(69 ) (7 )
(83 ) (195 )
Adjusted net income (loss)
$ 3,556 $ 433
$ 7,193
$ (6,590 )
ADJUSTED EARNINGS (LOSS) PER DILUTED
SHARE RECONCILIATION
Three Months Ended Nine Months Ended September 30, September
30,
2018 2017
2018 2017 Earnings (loss)
per diluted share
$ 0.40 $ 0.05
$ 0.84
(0.91 ) Adjusted for: Severance costs in salaries, wages and
employee benefits
— —
0.09 0.12 Restructuring,
impairment and other costs (reversal)
— 0.00
(0.08
) — Transaction costs relating to acquisition
0.04 —
0.04 — Income tax effect of adjustments
(0.01
) —
(0.01 ) (0.04 )
Adjusted
earnings (loss) per diluted share $ 0.43 $
0.05
$ 0.88 $ (0.83 )
ADJUSTED OPERATING RATIO RECONCILIATION
(UNAUDITED)
(dollar amounts in thousands)
Consolidated Three Months Ended Nine Months Ended
September 30, September 30,
2018 2017
2018
2017 Operating revenue
$ 132,583 $ 114,235
$ 392,977 $ 323,263 Less: Fuel surcharge revenue
(15,982 ) (11,849 )
(46,990 ) (35,011 )
Base revenue
$ 116,601 $ 102,386
$ 345,987 $ 288,252 Operating expense
126,780 112,431
380,471 330,824 Adjusted for:
Severance costs in salaries, wages and employee benefits
— (31 )
(711 ) (930 ) Restructuring,
impairment and other costs (reversal)
— —
639 — Fuel surcharge revenue
(15,982 ) (11,849 )
(46,990 ) (35,011 )
Adjusted operating expense
$ 110,798 $ 100,551
$ 333,409 $ 294,883
Operating
ratio 95.6 % 98.4 %
96.8 % 102.3 %
Adjusted operating ratio
95.0 % 98.2 %
96.4
% 102.3 %
Trucking Segment Three
Months Ended Nine Months Ended September 30, September 30,
2018 2017
2018 2017 Revenue
$
86,801 $ 76,811
$ 251,332 $ 219,013 Less:
intersegment eliminations
(1,272 ) (361 )
(1,501 ) (738 ) Operating revenue
85,529
76,450
249,831 218,275 Less: fuel surcharge revenue
(11,880 ) (9,540 )
(35,178 ) (27,555 )
Base revenue
$ 73,649 $ 66,910
$
214,653 $ 190,720 Operating expense
82,924 77,644
245,537 231,440 Adjusted for: Severance
costs in salaries, wages and employee benefits
— (23 )
(484 ) (665 ) Restructuring, impairment and other
costs (reversal)
— —
587 — Fuel surcharge revenue
(11,880 ) (9,540 )
(35,178 ) (27,555 )
Adjusted operating expense
$ 71,044 $ 68,081
$ 210,462 $ 203,220
Operating
ratio 97.0 % 101.6 %
98.3 % 106.0 %
Adjusted operating ratio
96.5 % 101.8 %
98.0
% 106.6 %
USAT Logistics Segment
Three Months Ended Nine Months Ended September 30, September 30,
2018 2017
2018 2017 Revenue
$
49,136 $ 41,907
$ 146,527 $ 111,435 Less:
intersegment eliminations
(2,082 ) (4,122 )
(3,381 ) (6,447 ) Operating revenue
47,054
37,785
143,146 104,988 Less: fuel surcharge revenue
(4,102 ) (2,309 )
(11,812 ) (7,456 )
Base revenue
$ 42,952 $ 35,476
$
131,334 $ 97,532 Operating expense
43,856 34,787
134,934 99,384 Adjusted for: Severance
costs in salaries, wages and employee benefits
— (8 )
(227 ) (265 ) Restructuring, impairment and other
costs (reversal)
— —
52 — Fuel surcharge revenue
(4,102 ) (2,309 )
(11,812 ) (7,456 )
Adjusted operating expense
$ 39,754 $ 32,470
$ 122,947 $ 91,663
Operating
ratio 93.2 % 92.1 %
94.3 % 94.7 %
Adjusted operating ratio
92.6 % 91.5 %
93.6
% 94.0 %
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(in thousands, except share data)
September 30, December 31,
Assets
2018 2017 Current assets: Cash
$ 6 $ 71
Accounts receivable, net of allowance for doubtful accounts of $544
and $639, respectively
57,847 55,138 Other receivables
3,514 2,787 Inventories
433 458 Assets held for sale
1,882 112 Prepaid expenses and other current assets
3,933 6,025 Total current assets
67,615
64,591 Property and equipment: Land and structures
31,901 31,452 Revenue equipment
234,892 252,484
Service, office and other equipment
27,486 26,209
Property and equipment, at cost
294,279 310,145
Accumulated depreciation and amortization
(109,849 )
(122,329 ) Property and equipment, net
184,430 187,816 Other
assets
1,277 1,448 Total assets
$
253,322 $ 253,855
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable
26,813 24,332 Current portion of insurance and claims
accruals
17,089 13,552 Accrued expenses
10,492 9,108
Current maturities of capital leases
10,299 12,929 Insurance
premium financing
— 4,115 Total current
liabilities
64,693 64,036 Deferred gain
770 480
Long-term debt
46,000 61,225 Capital leases, less current
maturities
39,964 29,216 Deferred income taxes
19,815
21,136 Insurance and claims accruals, less current portion
8,242 11,274 Total liabilities
179,484
187,367 Stockholders’ equity: Preferred Stock, $0.01 par value;
1,000,000 shares authorized; none issued
— — Common Stock,
$0.01 par value; 30,000,000 shares authorized; issued 12,011,877
shares, and 12,142,391 shares, respectively
120 121
Additional paid-in capital
66,355 68,667 Retained earnings
72,339 65,460 Less treasury stock, at cost (3,711,551
shares, and 3,853,064 shares, respectively)
(64,976 )
(67,760 ) Total stockholders’ equity
73,838 66,488
Total liabilities and stockholders’ equity
$
253,322 $ 253,855
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181025005982/en/
USA Truck, Inc.Jason Bates, 479-471-2672EVP &
CFOjason.bates@usa-truck.comorJimmie Acklen, 479-471-3430Investor
Relations Liaisonjimmie.acklen@usa-truck.com
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