USA Truck Records Positive 1Q Net Income

Van Buren-based USA Truck Inc. said its first-quarter net income increased to $73,853, or 1 cent a share, compared with a net loss of $404,910, or 4 cents a share, for the first quarter of 2001.

First-quarter revenue at the medium-haul, common and contract carrier was $61.8 million, compared with $60.9 million for the same period last year.

Robert M. Powell, chairman and CEO, said the company made improvements in the maintenance and recruiting areas. Direct fleet repair costs were 9.4 percent less than the same quarter last year, he said, and driver recruiting and training costs were 28.8 percent lower, primarily because of a 26.7 percent reduction in driver turnover.

However, he said, the company’s operating margin was affected by insurance premiums increasing 184.7 percent.

“Management is focused on driver pay and exploring all available opportunities to reduce the cost,” Powell said.

During the first quarter of 2002, the company improved tractor utilization per week by 3.2 percent and revenue per mile, before fuel surcharge, by 2.2 percent compared with the first quarter of 2001, Powell said. Empty miles, however, rose 5.3 percent in the first quarter.