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USA Truck Reports First Quarter 2021 Results

Thursday, 29 April 2021 04:05 PM

USA Truck, Inc.

Topic:
Earnings
  • 1Q 2021 earnings per diluted share of $0.40 versus 1Q 2020 loss per diluted share of $0.30
  • 1Q 2021 adjusted earnings per diluted share(a) of $0.43 versus 1Q 2020 adjusted loss per diluted share(a) $0.26
  • 1Q 2021 consolidated operating revenue increased 25.0% to $158.5 million from $126.8 million in 1Q 2020

VAN BUREN, AR / ACCESSWIRE / April 29, 2021 / USA Truck Inc. (NASDAQ:USAK), a leading capacity solutions provider, today announced its financial results for the quarter ended March 31, 2021.

For the quarter ended March 31, 2021, consolidated operating revenue was $158.5 million compared to $126.8 million for the prior-year period. Base revenue(a) for the first quarter of 2021, which excludes fuel surcharge revenue, was $144.3 million compared to $112.6 million for the 2020 period. The Company reported net income of $3.6 million, or $0.40 per diluted share for the first quarter 2021 and adjusted net income(a) of $3.9 million, or $0.43 per diluted share, compared to a net loss of $2.6 million, or $0.30 per diluted share and adjusted net loss(a) of $2.2 million, or $0.26 per diluted share for the same quarter in 2020. The Company's first quarter 2021 consolidated operating ratio was 96.2%, compared to 101.8% in the comparable 2020 quarter.

President and CEO James Reed commented, "The first quarter marked the best first quarter earnings in the Company's history. I am proud of how the team has bought into our vision, and how our transformation continues to manifest itself in improved operating and financial results.

Freight demand continued to be strong, driven by increased consumer spending and customers restocking depleted inventory levels. Additionally, capacity has remained tight as the recruitment of professional drivers continues to be an industrywide challenge. While these two dynamics have pushed shipping rates upward, much of this quarter's improvement is due to the continued transformation of the Trucking segment through regionalization, optimization, pricing discipline, and a continued focus on safety and cost control. Additionally, our driver retention strategy contributed to this quarter's record performance, with lower turnover and reduced costs in the most difficult driver hiring environment in recent memory. Our much improved retention levels of current drivers are evidence that there has been a positive shift in the driver experience at USA Truck. Our Trucking segment adjusted operating ratio improved 570 basis points year over year to 95.8% in the quarter.

USAT Logistics load volume increased 21.4% with revenue up 90.9% year over year.  Increased volumes and pricing drove an improvement in segment adjusted operating ratio in the quarter of 580 basis points year over year to 96.1%.”

Trucking: For the first quarter of 2021, Trucking operating revenue (before intersegment eliminations) increased $9.1 million, or 9.7%, to $103.1 million, compared to the first quarter of 2020. Trucking operating income of $3.5 million for the first quarter reflected an operating ratio of 96.6% compared to an operating loss of $1.7 million and an operating ratio of 101.8% for the first quarter of 2020. This represents an increase of $5.2 million year over year in operating income and a 520 basis point improvement in operating ratio. Trucking adjusted operating income(a) was $3.9 million for the 2021 period, reflecting an adjusted operating ratio(a) of 95.8%, compared to an adjusted operating loss(a) of $1.3 million and an adjusted operating ratio(a) of 101.5% for the comparable 2020 period. This represents an increase of $5.1 million year over year in adjusted operating income(a) and a 570 basis point improvement in adjusted operating ratio(a).

Trucking operations delivered the following results during the first quarter:

  • Base revenue per available tractor per week increased $591, or 18.3%, compared to the first quarter of 2020 primarily due to the increase in base revenue per loaded mile.
  • Base revenue per loaded mile increased $0.405, or 19.4% year over year as a result of continued elevated demand for our services and tightening supply in the market and improved network efficiency resulting in higher rate realizations.
  • Deadhead percentage for the first quarter 2021 improved 160 basis points year over year.
  • Loaded miles per available tractor per week decreased 14 miles, or 0.9%, compared to the first quarter of 2020.
  • The average seated tractor count for the first quarter of 2021 was 1,782, which represented a decrease of 4.8% over the first quarter 2020 average of 1,871. Average unseated tractor percentage for the first quarter of 2021 was 5.8%, increased from the first quarter of 2020.

USAT Logistics: Operating revenue (before intersegment eliminations) was $68.4 million for the first quarter of 2021, an increase of $32.6 million, or 90.9% year over year. Both operating income and adjusted operating income(a) were $2.5 million for the first quarter of 2021, reflecting an operating ratio of 96.3% and an adjusted operating ratio(a) of 96.1%, compared to an operating loss and adjusted operating loss(a) of $0.6 million and an operating ratio of 101.7% and an adjusted operating ratio(a) of 101.9% for the comparable 2020 period. This change represented an increase of $3.2 million year over year in both operating income and adjusted operating income(a) and an improvement of 540 basis points in operating ratio and 580 basis points in adjusted operating ratio(a) compared to the first quarter of 2020.

USAT Logistics operations delivered the following results during the first quarter:

  • Gross margin dollars increased 107.2% to $8.2 million for the first quarter 2021, and decreased 12.0%, or $1.1 million, sequentially.
  • Gross margin percentage for the first quarter of 2021 improved 90 basis points to 12.0% when compared to 11.1% for the comparable quarter of 2020 and decreased 230 basis points sequentially from 14.3%.
  • Revenue per load increased 57.1%, or $752 per load year over year, and 3.2%, or $65 per load, sequentially.
  • Load count increased by 5,836 loads, or 21.4%, year over year, and 451 loads, or 1.4%, sequentially.

Segment Results

The following table includes key operating results and statistics by reportable segment:

 
  Three Months Ended  
 
  March 31,  
Trucking:
  2021     2020  
Operating revenue (before intersegment eliminations) (in thousands)
 
103,103
 
 
93,994
 
Operating income (loss) (1) (in thousands)
 
3,520
 
 
(1,688
)
Adjusted operating income (loss) (2) (in thousands)
 
3,875
 
 
(1,256
)
Operating ratio (3)
   
96.6
%
 
 
101.8
%
Adjusted operating ratio (4)
   
95.8
%
 
 
101.5
%
Total miles (5) (in thousands)
   
42,148
 
 
 
45,718
 
Deadhead percentage (6)
   
11.6
%
 
 
13.2
%
Base revenue per loaded mile
 
2.490
 
 
2.085
 
Average number of seated tractors
   
1,782
 
 
 
1,871
 
Average number of available tractors (7)
   
1,892
 
 
 
1,974
 
Average number of in-service tractors (8)
   
1,923
 
 
 
2,003
 
Loaded miles per available tractor per week
   
1,532
 
 
 
1,546
 
Base revenue per available tractor per week
 
3,814
 
 
3,223
 
Average loaded miles per trip
   
520
 
 
 
495
 
 
   
 
 
 
 
 
 
USAT Logistics:
   
 
 
 
 
 
 
Operating revenue (before intersegment eliminations) (in thousands)
 
68,381
 
 
35,825
 
Operating income (loss) (1) (in thousands)
 
2,526
 
 
(624
)
Adjusted operating income (loss) (2) (in thousands)
 
2,528
 
 
(624
)
Gross margin (9) (in thousands)
 
8,224
 
 
3,969
 
Gross margin percentage (10)
   
12.0
%
 
 
11.1
%
Load count (in thousands)
   
33.1
 
 
 
27.2
 
 
               
  1. Operating income (loss) is calculated by deducting operating expenses (before intersegment eliminations) from operating revenue (before intersegment eliminations).
  2. Adjusted operating income (loss)(a) is calculated by deducting operating expenses (before intersegment eliminations) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue from operating revenue (before intersegment eliminations), net of fuel surcharge revenue.
  3. Operating ratio is calculated as operating expenses (before intersegment eliminations) as a percentage of operating revenue (before intersegment eliminations).
  4. Adjusted operating ratio(a) is calculated as operating expenses (before intersegment eliminations) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, as a percentage of operating revenue (before intersegment eliminations) excluding fuel surcharge revenue.
  5. Total miles include both loaded and empty miles.
  6. Deadhead percentage is calculated by dividing empty miles by total miles.
  7. Available tractors are a) all Company tractors that are available to be dispatched, including available unseated tractors, and b) all tractors in the independent contractor fleet.
  8. In-service tractors include all of the tractors in the Company fleet (Company-operated tractors) and all the tractors in the independent contractor fleet.
  9. Gross margin is calculated by deducting USAT Logistics purchased transportation expense from USAT Logistics operating revenue (before intersegment eliminations).
  10. Gross margin percentage is calculated as USAT Logistics gross margin divided by USAT Logistics operating revenue (before intersegment eliminations).

Balance Sheet and Liquidity
As of March 31, 2021, total debt and financing lease liabilities was $148.3 million, total debt and financing lease liabilities, net of cash (excluding restricted cash) ("Net Debt")(a), was $145.6 million and total stockholders' equity was $88.5 million. Net Debt to Adjusted EBITDA(a) for the trailing twelve months ended March 31, 2021 was 2.3x. The Company had approximately $66.9 million available to borrow under its Credit Facility as of March 31, 2021.

First Quarter 2021 Conference Call Information
USA Truck will hold a conference call to discuss its first quarter 2021 results on Friday, April 30, 2021 at 8:00 AM CT / 9:00 AM ET. To participate in the call, please dial 1-877-407-9205 (U.S./Canada) or 1‑201‑689‑8054 (International). A live webcast of the conference call will be broadcast in the Investor Relations section of the Company's website www.usa-truck.com, under the "Events & Presentations" tab of the "Investor Relations" menu. For those who cannot listen to the live broadcast, the presentation materials and an audio replay of the call will be available at our website, www.usa-truck.com, under the "Events & Presentations" tab of the "Investor Relations" menu, or may be accessed using the following link: https://www.webcaster4.com/Webcast/Page/2611/40697. A telephone replay of the call will also be available for one year from the date of the call.

(a) About Non-GAAP Financial Information
In addition to our GAAP results, this press release also includes certain non-GAAP financial measures, as defined by the SEC. The terms "Base Revenue", "Net Debt", "EBITDA", "Adjusted EBITDA, "Adjusted operating ratio", "Adjusted operating income (loss)", "Adjusted net income (loss)", and "Adjusted earnings (loss) per diluted share", as we define them, are not presented in accordance with GAAP.

The Company defines Base Revenue as operating revenue less fuel surcharge revenue and intercompany eliminations. The Company defines Net Debt as total debt, including insurance premium financing and financing lease liabilities, net of cash. The Company defines EBITDA as net income (loss), plus interest expense net of interest income, provision for income tax expense (benefit) and depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA plus non-cash equity compensation, severance costs included in salaries, wages and employee benefits and asset impairments. Adjusted operating ratio is calculated as operating expenses excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. Adjusted operating income (loss) is calculated by deducting operating expenses excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles, net of fuel surcharge revenue, from operating revenue, net of fuel surcharge revenue. Adjusted net income (loss) is defined as net income (loss) excluding severance costs included in salaries, wages and employee benefits and amortization of acquisition related intangibles plus or minus the income tax effect of such adjustments using a statutory tax rate. Adjusted earnings (loss) per diluted share is defined as Adjusted net income (loss) divided by the weighted average number of diluted shares outstanding during the period. The per-share impact of each item is determined by dividing it by the weighted average diluted shares outstanding. These financial measures supplement our GAAP results in evaluating certain aspects of our business. We believe that using these measures improves comparability in analyzing our performance because they remove the impact of items from our operating results that, in our opinion, do not reflect our core operating performance. Management and the board of directors focus on Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share as key measures of our performance and liquidity, each of which are reconciled to the most comparable GAAP financial measure and further discussed below. We believe our presentation of these non-GAAP financial measures is useful to investors and other users because it provides them the same information that we use internally for purposes of assessing our core operating performance.

These non-GAAP financial measures are not substitutes for their comparable GAAP financial measures, such as total debt, net income (loss), cash flows from operating activities, operating ratio, diluted earnings (loss) per share, or other measures prescribed by GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define or calculate these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Pursuant to the requirements of Regulation G and Regulation S-K, we have provided reconciliations of Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share to the most comparable GAAP financial measures at the end of this press release.

Cautionary Statement Concerning Forward-Looking Statements
Financial information in this press release is preliminary and based upon information available to the Company as of the date of this press release. As such, this information remains subject to the completion of our quarterly review procedures, and the filing of the related Quarterly Report on Form 10-Q, which could result in changes, some of which could be material, to the preliminary information provided in this press release.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These statements generally may be identified by their use of terms or phrases such as "seek," "expects," "estimates," "anticipates," "projects," "believes," "hopes," "plans," "goals," "intends," "may," "might," "likely," "will," "should," "would," "could," "potential," "predict," "continue," "strategy," "future" and terms or phrases of similar substance. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, including the impacts and duration of the COVID-19 pandemic. In addition, there are other risks, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Accordingly, actual results may differ materially from those set forth in the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information, except as required by law. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release might not occur. All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by this cautionary statement.

References to the "Company," "we," "us," "our" and words of similar expression refer to USA Truck Inc. and its subsidiaries.

About USA Truck
USA Truck provides comprehensive capacity solutions to a broad and diverse customer base throughout North America. Our Trucking and USAT Logistics divisions blend an extensive portfolio of asset and asset-light services, offering a balanced approach for our customers' supply chain management, including customized truckload, dedicated contract carriage, intermodal and third-party logistics freight management services. For more information, visit usa-truck.com or usatlogistics.com.

This press release and related information will be available to interested parties at our investor relations website, http://investor.usa-truck.com.

Zachary King, SVP & CFO
(479) 471-2694
[email protected]

Michael Stephens, Investor Relations
(479) 471-2610
[email protected]

USA TRUCK INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

 
  Three Months Ended  
 
  March 31,  
 
  2021     2020  
 
  (in thousands, except per share data)  
Operating revenue
  158,505     126,773  
 
               
Operating expenses:
               
Salaries, wages and employee benefits
    36,555       35,845  
Fuel and fuel taxes
    11,444       11,863  
Depreciation and amortization
    9,570       10,011  
Insurance and claims
    5,809       5,857  
Equipment rent
    1,949       2,292  
Operations and maintenance
    7,066       8,896  
Purchased transportation
    74,103       47,814  
Operating taxes and licenses
    1,272       1,159  
Communications and utilities
    804       813  
(Gain) loss on disposal of assets, net
    (177 )     38  
Other
    4,064       4,497  
Total operating expenses
  152,459     129,085  
Operating income (loss)
    6,046       (2,312 )
 
               
Other expenses:
               
Interest expense, net
    1,025       1,684  
Other, net
    61       46  
Total other expenses, net
    1,086       1,730  
Income (loss) before income taxes
    4,960       (4,042 )
Income tax expense (benefit)
    1,363       (1,491 )
 
               
Consolidated net income (loss) and comprehensive income (loss)
  3,597     (2,551 )
 
               
Net earnings (loss) per share:
               
Average shares outstanding (basic)
    8,841       8,633  
Basic earnings (loss) per share
  0.41     (0.30 )
 
               
Average shares outstanding (diluted)
    9,007       8,633  
Diluted earnings (loss) per share
  0.40     (0.30 )
                 

GAAP TO NON-GAAP RECONCILIATIONS
(UNAUDITED)
ADJUSTED EARNINGS (LOSS) BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION

 
  Three Months Ended  
 
  3/31/2021     12/31/2020     9/30/2020     6/30/2020  
 
  (in thousands)  
Net income (loss)
  3,597     5,933     2,295     (931 )
Add:
                               
Depreciation and amortization
    9,570       11,418       9,896       10,034  
Interest expense, net
    1,025       1,270       1,416       1,235  
Income tax expense
    1,363       2,402       666       632  
EBITDA
    15,555       21,023       14,273       10,970  
Add:
                               
Non-cash equity compensation
    168       565       406       363  
Severance costs included in salaries, wages and employee benefits
    34       50       9       84  
Asset impairments
    -       -       -       588  
Adjusted EBITDA
  15,757     21,638     14,688     12,005  
                                 

ADJUSTED NET INCOME (LOSS) RECONCILIATION

 
  Three Months Ended  
 
  March 31,  
 
  2021     2020  
 
  (in thousands)  
Net income (loss)
  3,597     (2,551 )
Adjusted for:
               
Severance costs included in salaries, wages and employee benefits
    34       92  
Amortization of acquisition related intangibles
    323       340  
Income tax effect of adjustments
    (91 )     (110 )
Adjusted net income (loss)
  3,863     (2,229 )
                 

ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION

 
  Three Months Ended  
 
  March 31,  
 
  2021     2020  
Earnings (loss) per diluted share
  0.40     (0.30 )
Adjusted for:
               
Severance costs included in salaries, wages and employee benefits
    0.00       0.01  
Amortization of acquisition related intangibles
    0.04       0.04  
Income tax effect of adjustments
    (0.01 )     (0.01 )
Adjusted earnings (loss) per diluted share
  0.43     (0.26 )
                 

NET DEBT RECONCILIATION

 
  March 31, 2021     December 31, 2020  
 
  (in thousands)  
Total current debt and financing lease liabilities
  16,843     18,446  
Long-term debt, less current maturities
    80,026       81,352  
Financing leases, less current maturities
    51,401       54,482  
Total Debt
    148,270       154,280  
Less: Cash, excluding restricted cash
    (2,720 )     (82 )
Net Debt
  145,550     154,198  
 
               

ADJUSTED OPERATING RATIO RECONCILIATION

 
  Three Months Ended  
 
  March 31,  
Consolidated
  2021     2020  
 
  (in thousands)  
Operating revenue
  158,505     126,773  
Less: fuel surcharge revenue
    (14,240 )     (14,192 )
Base revenue
  144,265     112,581  
Operating expense
  152,459     129,085  
Adjusted for:
               
Severance costs included in salaries, wages and employee benefits
    (34 )     (92 )
Amortization of acquisition related intangibles
    (323 )     (340 )
Fuel surcharge revenue
    (14,240 )     (14,192 )
Adjusted operating expense
  137,862     114,461  
Operating income (loss)
  6,046     (2,312 )
Adjusted operating income (loss)
  6,403     (1,880 )
Operating ratio
    96.2 %     101.8 %
Adjusted operating ratio
    95.6 %     101.7 %
 
  Three Months Ended  
 
  March 31,  
Trucking Segment
  2021     2020  
 
  (in thousands)  
Operating revenue
  102,776     93,000  
Intersegment activity
    327       994  
Operating revenue (before intersegment eliminations)
    103,103       93,994  
Less: fuel surcharge revenue
    (10,319 )     (11,287 )
Base revenue
  92,784     82,707  
Operating expense (before intersegment eliminations)
  99,583     95,682  
Adjusted for:
               
Severance costs included in salaries, wages and employee benefits
    (32 )     (92 )
Amortization of acquisition related intangibles
    (323 )     (340 )
Fuel surcharge revenue
    (10,319 )     (11,287 )
Adjusted operating expense
  88,909     83,963  
Operating income (loss)
  3,520     (1,688 )
Adjusted operating income (loss)
  3,875     (1,256 )
Operating ratio
    96.6 %     101.8 %
Adjusted operating ratio
    95.8 %     101.5 %
 
  Three Months Ended  
 
  March 31,  
USAT Logistics Segment
  2021     2020  
 
  (in thousands)  
Operating revenue
  55,729     33,773  
Intersegment activity
    12,652       2,052  
Operating revenue (before intersegment eliminations)
    68,381       35,825  
Less: fuel surcharge revenue
    (4,296 )     (3,077 )
Base revenue
  64,085     32,748  
Operating expense (before intersegment eliminations)
  65,855     36,449  
Adjusted for:
               
Severance costs included in salaries, wages and employee benefits
    (2 )     -  
Fuel surcharge revenue
    (4,296 )     (3,077 )
Adjusted operating expense
  61,557     33,372  
Operating income (loss)
  2,526     (624 )
Adjusted operating income (loss)
  2,528     (624 )
Operating ratio
    96.3 %     101.7 %
Adjusted operating ratio
    96.1 %     101.9 %
                 

USA TRUCK INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

Assets
  March 31, 2021     December 31, 2020  
Current assets:
  (in thousands, except share data)  
Cash and restricted cash (restricted cash of $200 and $243, respectively)
  2,920     325  
Accounts receivable, net of allowance for doubtful accounts of $609 and $617, respectively
    81,419       63,984  
Other receivables
    3,526       2,873  
Inventories
    972       975  
Assets held for sale
    25       2,635  
Prepaid expenses and other current assets
    8,834       8,749  
Total current assets
    97,696       79,541  
Property and equipment:
               
Land and structures
    33,593       33,488  
Revenue equipment
    297,630       305,509  
Service, office and other equipment
    30,564       30,331  
Property and equipment, at cost
    361,787       369,328  
Accumulated depreciation and amortization
    (153,325 )     (150,173 )
Property and equipment, net
    208,462       219,155  
Operating leases - right of use assets
    26,668       28,154  
Goodwill
    5,231       5,231  
Other intangibles, net
    14,783       15,105  
Other assets
    3,516       3,046  
Total assets
  356,356     350,232  
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
  34,574     27,045  
Current portion of insurance and claims accruals
    10,634       9,846  
Accrued expenses
    15,270       10,798  
Current finance lease obligations
    11,745       11,655  
Current operating lease obligations
    6,559       6,838  
Long-term debt, current maturities
    5,098       6,791  
Total current liabilities
    83,880       72,973  
Other long-term liabilities
    2,868       4,817  
Long-term debt, less current maturities
    80,026       81,352  
Long-term finance lease obligations
    51,401       54,482  
Long-term operating lease obligations
    20,487       21,690  
Deferred income taxes
    22,430       23,414  
Insurance and claims accruals, less current portion
    6,803       6,803  
Total liabilities
    267,895       265,531  
Stockholders' equity:
               
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued
    -       -  
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,226,782 shares, and 12,037,966 shares, respectively
    122       120  
Additional paid-in capital
    61,655       60,692  
Retained earnings
    82,112       78,515  
Less treasury stock, at cost (3,347,020 shares, and 3,293,223 shares, respectively)
    (55,428 )     (54,626 )
Total stockholders' equity
    88,461       84,701  
Total liabilities and stockholders' equity
  356,356     350,232  

SOURCE: USA Truck, Inc.

Topic:
Earnings
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