USA Truck posts quarterly gain in tough trucking environment
by January 29, 2009 8:52 am 55 views
Van Buren-based USA Truck announced Thursday (Jan. 29) that its 2008 net income was $3.14 million, up over the $140,000 posted in 2007.
However, the company has responded by the nationwide decline in freight demand by cutting about 150 non-driver jobs, or almost 19 percent of its non-driver employees. The company also cut its company-owned fleet by10.3% (about 250 trucks).
The company’s total revenue in 2008 was $535.62 million, up over the $482.1 million in 2007. It’s fourth quarter 2008 net income was $599,000, compared to a net income loss of $1.57 million in the same period of 2007. Fourth quarter 2008 revenue was $116.16 million, down from $122.52 in revenue during the fourth quarter of 2007.
“While we are not satisfied with our results, we are proud of our year-over-year improvements in the face of unprecedented economic conditions,” Clifton R. Beckham, resident and CEO, said in the earnings statement. “We believe that these results reflect tangible progress as we continue to implement our long-term strategic plan.”
We reduced our Company-owned fleet size by approximately 250 tractors, or 10.3%, during the quarter. We are committed to maintaining the proper fleet size necessary to protect our pricing yield and equipment utilization.