USA Truck Posts $4.35 Million 4Q Loss
by February 6, 2012 4:29 pm 89 views
USA Truck Inc. said Monday that a slow recovery from software-related customer service disruptions in 2011 contributed to a $4.35 million loss in the company’s fourth quarter.
After the markets closed, the Van Buren-based truckload carrier posted a net loss of 42 cents per share for the quarter that ended Dec. 31, compared to a net loss of $1.8 million, or 12 cents per share, in the same period a year ago.
The loss was double the average estimated loss of 21 cents per share from five analysts surveyed by Thomson Reuters.
Revenue excluding fuel surcharges fell 1.72 percent to $100.26 million from $102.01 million in fourth quarter of 2010.
President and CEO Cliff Beckham said in a news release that the financial results were disappointing.
“Our cost-control efforts in our trucking segment were effective, but we simply did not make the necessary progress on load volume or pricing during the quarter,” he said. “Nevertheless, we believe that improvements in our underlying operational performance will support higher freight volumes and rates.”
Beckham added that the economic environment for 2012 “affords us a sound foundation for gaining asset utilization and profitability.”
For the year, USA Truck had a net loss of $10.78 million, or $1.05 per share, compared to a loss of $3.31 million, or 32 cents per share, in 2010.
Revenue for the year rose 6.24 percent to $411.03 million from $386.88 million.
USA Truck’s shares rose 25 cents, or 2.88 percent, to close Monday at $8.94 on the Nasdaq. Shares have traded between $6.75 and $13.49 in the past year.