USA Truck Takes $1.8M Loss
by May 5, 2016 1:00 pm 134 views
USA Truck Inc. of Van Buren took a $1.8 million loss in its first quarter, compared to $1.6 million in net income over the same period in 2015.
The transportation company released its first-quarter report May 5.
The report shows a loss of $.19 per share for the quarter, compared to a positive $.16 per share in 2015.
Revenue was $102 million, compared to $115.5 million in the first quarter of last year.
Operating revenue for the trucking side of business was $75.7 million, down from $95.8 million in the first quarter of 2015.
The revenue for USAT Logistics was $34.9 million, down from $37.1 million. The company’s asset light business was recently re-branded as USAT Logistics.
“We have already made significant structural changes in our trucking operations,” said Randy Rogers, president and chief executive officer. The changes, “while absolutely necessary to drive long-term growth and shareholder value, are not without some level of short-term disruption and expense which we experienced during the first quarter of 2016.”
The following are some of the changes that have cost the company $5.3 million:
- Closed two maintenance facilities
- Shut down drop yards and an operations terminal in South Carolina and removed above ground fuel tanks
- Reduced staff department by 10 percent
- Increased independent contractor fleet by 15 percent. As a result, 14 percent of the company’s trucking capacity is asset-light covered by independent contractors.
The company also repurchased 445,432 shares of common stock in the first quarter.