USA Truck posted its first quarterly profit in three years as the Van Buren-based trucker continues its efforts at a turnaround.
The embattled trucking firm has been the target of a hostile takeover and has been shifting its business model under new leadership.
On Thursday, USA Truck reported a quarterly net profit of $722,000, a marked change from its $1.4 million second quarter loss one year ago. Quarterly revenues rose to $153.3 million, up from $139.7 in the previous year.
“We posted our first quarter of positive net income in three years,” said President and CEO John Simone. “While continuing the work of implementing our turnaround plan, the progress we are making is evident in virtually every area of our business. Despite the harsh winter that impacted the trucking industry as the year began, our results, on an adjusted basis, for the first six months of 2014 are also positive, with adjusted earnings per share of $0.07 compared to a loss of ($0.38) in last year’s period.”
A one-time item reported in the second quarter impacted the company’s profitability. USA Truck recorded a $2.2 million expense for legal and financial services related to fending off a hostile takeover bid with Knight Transportation. That effort was settled in February of this year.
For the first six months of the year, USA Truck has posted a $1.4 million net loss owing to a poor first quarter of harsh winter weather that impacted the trucking industry broadly. That net loss is more than a 50% reduction from the previous year when the trucker posted a $3.87 million net loss at the six-month mark.
Shares of USA Truck (NASDAQ: USAK) closed trading Wednesday at $18.58. Its 52-week low and high has ranged between $5.28 and $19.57 per share.
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