USA Truck Whittles 1Q Loss
by May 6, 2013 7:06 pm 97 views
USA Truck Inc. said May 6 cost controls helped narrow the company’s loss over the first quarter a year ago.
The Van Buren-based truckload carrier posted a net loss of $2.47 million, or 24 cents per share for the quarter that ended March 31, compared to a net loss of $4.87 million, or 47 cents per share, in the same period a year earlier.
The results were better than the loss of28 cents per share forecast by two analysts surveyed by Thomson Reuters.
Revenue, including fuel surcharges, rose 6.76 percent to $132.03 million.
“Most costs associated with our trucking segment were lower due to cost-control initiatives, including efforts to reduce driver turnover which improved by 22.6 percentage points year-over-year,” president and CEO John Simone said in a news release.
Simone, who joined USA Truck in February, said in the release he believes the company has a strong foundation and positive momentum.
“We expect to build upon that foundation and momentum by adding greater clarity, focus and execution,” he said. “Our strategy: Return to profitability and restore shareholder value through operational excellence, profitable revenue growth and cost efficiencies. We have identified, developed and begun executing high-leverage activities in each of these critical areas.”
USA Truck’s shares closed May 6 at $5.95, up 58 cents or 10.87 percent, on the Nasdaq. Shares have traded between $2.65 and $6.98 in the past year.