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11.02.2014 13:05
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PR Newswire
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USA Truck Reports Strong Revenue Growth and Improved Results from Underlying Operations for Fourth Quarter
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PR Newswire
VAN BUREN, Ark., Feb. 11, 2014
VAN BUREN, Ark., Feb. 11, 2014 /PRNewswire/ -- USA Truck, Inc. (NASDAQ: USAK), a leading North American transportation and logistics provider, today announced another quarter of significantly improved financial results for the three months ended December 31, 2013.
"The fourth quarter capped a turning point year for USA Truck, with improvements in virtually every area of our business," said President and CEO John Simone. "Our results reflect the growing positive momentum of our strategic plan, which focuses on three critical areas – operational execution, profitable revenue growth and cost effectiveness.
"In addition to generating base revenue growth of more than 6% from last year's period, these initiatives led to our first quarter of positive operating income since the second quarter of 2011, after adjusting for the non-cash charge described below. In another clear sign of progress, continued improvement in our cash flow from operations enabled us to reduce debt sequentially for the second consecutive quarter, this time by $12 million, while maintaining a consistent fleet age of 2.5 years, well below industry average. Our strengthening operating results represent another solid step towards returning to profitability and further enhancing shareholder value. We are especially encouraged by our sustained sequential quarterly improvements throughout 2013, which ran counter to the historical seasonal patterns in our business."
Mr. Simone continued, "Throughout 2013, our Trucking segment made steady progress, improving its adjusted operating ratio by 503 basis points quarter over quarter and by 644 basis points for the full year. The fourth quarter of 2013 was our fifth consecutive quarter of improvement. For both the quarter and the year, we extended our length of haul while simultaneously increasing our pricing, and we added drivers while simultaneously increasing productivity per driver. These are impressive accomplishments, and demonstrate the fundamental nature of our improving performance.
"Our asset-light Strategic Capacity Solutions (SCS) business also turned in another strong quarter, growing operating income by 74.4% year over year on base revenue growth of 4.1%. SCS, which accounted for $30.4 million, or 26.7%, of our consolidated base revenue, actually reduced its year-over-year operating expenses by 4.0%, leading to a 390 basis-point improvement in operating margin."
Mr. Simone concluded, "We are very pleased with our fourth-quarter performance, especially since we are still in the early stages of implementing our turnaround plan and see many opportunities for continued improvement. In 2014, we expect to continue to execute on our key initiatives and high-leverage activities, including increasing tractor utilization and fuel efficiency, reducing insurance claims expense and controlling maintenance costs. Given the substantial headway we have made over the past year and the momentum we carry into 2014, we believe our goal of returning USA Truck to profitability is achievable for the full year 2014."
Long-Term Claims Liability Reserve Adjustment
As part of the in-depth operational reviews conducted by the Company's new management team, USA Truck completed its first actuarial review of long-term claims liability reserves. After extensive analysis and consultation with advisors, management determined that an enhancement in the estimation process, whereby a third-party actuary was engaged, would provide a better estimate of the claims reserve. As a result, the long-term claims liability on the Company's balance sheet was adjusted upward by $6.0 million at December 31, 2013, resulting in a non-cash charge of $0.35 per diluted share to fourth-quarter earnings. This adjustment has been included in a separate line within the operating expenses and costs section of the consolidated statements of operations. The Company has added senior management team members and advisors possessing deep expertise in loss prevention and claims management who are leading the implementation of initiatives and procedures that the Company expects will reduce future claims exposure.
Legal and Related Defense Costs
In the fourth quarter, the Company recorded approximately $1.5 million, or $0.09 per diluted share, in legal and other defense costs incurred in connection with the unsolicited proposal from Knight Transportation, Inc. to acquire USA Truck and related litigation. The Company deems these costs to be unusual in nature, so they have been recorded in "Other Expenses (Income)." On February 5, 2014 USA Truck announced that it had entered into a settlement agreement with Knight Transportation on the litigation relating to its unsolicited proposal. Accordingly, the Company expects legal and related defense costs to be substantially reduced in the first quarter of 2014.
Financial Results
Total base revenues increased 6.2% to $113.6 million for the quarter ended December 31, 2013 from $107.1 million for the same quarter of 2012. Asset-based Trucking revenue, not including fuel surcharge, increased 6.9% to $83.3 million, while non-asset based Strategic Capacity Solutions revenue rose 4.1% to $30.4 million. The Company incurred a net loss of $4.6 million, or $0.45 per diluted share, for the 2013 quarter compared to a net loss of $3.2 million, or $0.31 per diluted share, for the 2012 quarter. Excluding the adjustments to the long-term claims liability reserve and legal and related defense expenses described above, the Company incurred an adjusted net loss of $41,626, or $0.00 per diluted share, for the 2013 quarter.
Total base revenues increased 8.6% to $443.9 million for the year ended December 31, 2013 from $408.7 million for the same period of 2012. Asset-based Trucking revenue, not including fuel surcharge, increased 9.6% to $326.3 million, while non-asset based Strategic Capacity Solutions revenue rose 5.8% to $117.6 million. The Company incurred a net loss of $9.1 million, or $0.88 per diluted share, for the year ended December 31, 2013 compared to a net loss of $17.7 million, or $1.71 per diluted share, for the comparable 2012 period. Excluding the long-term claims liability reserve and the legal and related defense expenses described above, the Company incurred an adjusted net loss of $4.5 million, or $0.44 per diluted share, for the year ended December 31, 2013. A reconciliation of net loss to adjusted net loss is provided as an exhibit to this press release.
The following table includes key operating results and statistics by reportable segment:
| | Three Months Ended | | Twelve Months Ended | |||||||||||||
| | December 31, | | December 31, | |||||||||||||
| | 2013 | | 2012 | | 2013 | | 2012 | |||||||||
| | (unaudited) | |||||||||||||||
| Trucking: | | | | | | | | | | |||||||
| Operating loss(in thousands) (1) | $ | (7,613) | $ | (5,457) | | $ | (17,667) | | $ | (29,843) | ||||||
| Operating ratio (2) | | 109.1% | | 107.0% | | | 105.4% | | | 110.0% | ||||||
| Adjusted operating ratio (3) | | 102.0% | | 107.0% | | | 103.6% | | | 110.0% | ||||||
| Total miles(in thousands) (4) | | 57,079 | | 52,968 | | | 223,923 | | | 205,776 | ||||||
| Empty mile factor | | 12.7% | | 12.0% | | | 11.8% | | | 11.4% | ||||||
| Base revenue per loaded mile | $ | 1.680 | $ | 1.671 | | $ | 1.654 | | $ | 1.632 | ||||||
| Average number of in-service tractors (5) | | 2,235 | | 2,179 | | | 2,232 | | | 2,184 | ||||||
| Percentage of in-service tractors unseated | | 4.3% | | 4.2% | | | 5.1% | | | 7.9% | ||||||
| Average number of seated tractors (6) | | 2,139 | | 2,087 | | | 2,119 | | | 2,012 | ||||||
| Average miles per seated tractor per week | | 2,030 | | 1,931 | | | 2,027 | | | 1,956 | ||||||
| Base revenue per seated tractor per week | $ | 2,977 | $ | 2,840 | | $ | 2,957 | | $ | 2,829 | ||||||
| Average loaded miles per trip | | 608 | | 556 | | | 599 | | | 542 | ||||||
| | | | | | | | | | | | | | | | ||
| Strategic Capacity Solutions (7): | | | | | | | | | | | | | | | ||
| Operating income(in thousands) (1) | $ | 2,920 Werbung Mehr Nachrichten zur USA Truck Aktie kostenlos abonnieren
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