USA Truck Shrinks Loss To $1 Million
by July 24, 2013 4:32 pm 73 views
USA Truck shrunk its net loss to $1.04 million in the second quarter – still in the red – but improving from its year ago loss of $3.52 million.
The Van Buren-based trucking firm, which has brought in turnaround CEO John Simone, said it posted a 7.7% increase in base revenues as its traditional trucking segment rebounded. USA Truck revenues climbed higher to $139.74 million for the quarter, up from $129.57 million in the previous year’s second quarter.
The shrinking loss happened despite increases in expenses in the categories of fuel, maintenance and insurance claims.
“We reduced our net loss by 70%, marking our second consecutive quarter of material year-over-year improvement in operating results,” said Simone. “We believe our turnaround plan gained traction during the June quarter, extending the year-over-year improvements in base revenue, operating income and net loss we achieved during the March quarter. While we are encouraged by our progress, we are not satisfied and have not yet achieved our top priorities of returning to profitability and restoring shareholder value.”
Last year, USA Truck posted annual losses of $17.5 million and fended off a hostile takeover bid.
Shares of USA Truck (NASDAQ: USAK) closed Wednesday (July 24) at $5.83. The company’s stock has traded between a low of $2.65 and a high of $6.89 per share during the past 52 week period.