Date: Thu, 20 Nov 1997 16:33:43 GMT Server: Apache/1.2b7 PHP/FI-2.0b12 Connection: close Content-Type: text/html Last-Modified: Fri, 17 Oct 1997 14:49:38 GMT ETag: "4901b-3a50-34477b02" Content-Length: 14928 Accept-Ranges: bytes
VAN BUREN, AR OCTOBER 15, 1997
USA Truck, Inc. (NASDAQ NMS: USAK) today announced record operating revenues of $32,890,769 for the quarter ended September 30, 1997, up 20.5% from $27,292,778 for the same quarter of 1996. Net income increased 106.3% to $2,301,813, for the third quarter of 1997, compared to $1,115,530 for the third quarter of 1996, an increase of 100.0% in net income per share to $.24 from $.12. These amounts represent the highest net income and net income per share for any quarter in the Company’s history.
For the nine months ended September 30, 1997, operating revenues increased 19.6% to $95,630,055, from $79,957,819 for the nine months ended September 30, 1996. Net income increased 108.5% to $5,508,406 for the nine months ended September 30, 1997, compared to $2,641,924 for the nine months ended September 30, 1996, an increase of 114.8% in net income per share to $.58 from $.27.
The following table summarizes USA Truck’s earnings information:
Quarter Ended
September 30, |
Nine Months Ended September 30, |
||||
---|---|---|---|---|---|
1997 |
1996 |
1997 |
1996 |
||
Operating revenues |
$ 32,890,769 |
$27,292,778 |
$ 95,630,055 |
$ 79,957,819 |
|
Operating expenses and costs: | |||||
Salaries, wages and employee benefits | 13,336,040 | 11,405,000 |
39,739,515 |
33,553,562 |
|
Operations and maintenance | 8,441,197 |
7,668,594 |
25,733,004 |
22,688,497 |
|
Operating taxes and licenses | 531,209 | 494,452 |
1,618,719 |
1,450,507 |
|
Insurance and claims | 1,660,428 | 1,334,161 |
4,698,708 |
4,373,802 |
|
Communications and utilities | 480,521 | 406,629 |
1,363,947 |
1,208,723 |
|
Depreciation and amortization | 3,562,933 | 3,012,682 |
9,960,940 |
8,900,015 |
|
Other | 884,485 | 1,004,966 |
2,696,783 |
2,887,389 |
|
Total operating expenses and cost | 28,896,813 | 25,326,484 |
85,811,616 |
75,062,495 |
|
Operating income | 3,993,956 | 1,966,294 |
9,818,439 |
4,895,324 |
|
Other expenses, net | 226,668 | 140,550 |
803,044 |
566,045 |
|
Income before income taxes | 3,767,288 | 1,825,744 |
9,015,395 |
4,329,279 |
|
Income taxes | 1,465,475 | 710,214 |
3,506,989 |
1,687,355 |
|
Net income | $ 2,301,813 | $ 1,115,530 |
$ 5,508,406 |
$ 2,641,924 |
|
Earnings per share | $.24 | $.12 |
$.58 |
$.27 |
|
Average shares outstanding | 9,515,311 | 9,599,680 |
9,522,860 |
9,735,902 |
|
---------------------------------------------------------------------------------------------------------------------- | |||||
Key Operating Statistics: |
Quarter Ended September 30, |
Nine Months Ended September 30, |
|||
1997 |
1996 |
1997 |
1996 |
||
Total miles (Loaded & Empty) | 29,771,858 | 24,640,727 |
86,522,766 |
72,202,356 |
|
Empty mile factor | 10.20% | 10.04% |
10.21% |
10.27% |
|
Revenue per mile | $ 1.105 | $ 1.108 |
$ 1.105 |
$ 1.107 |
|
Average number of tractors | 954 | 803 |
916 |
793 |
|
Miles per tractor | 31,207 | 30,686 |
94,457 |
91,050 |
|
Average miles per tractor per week | 2,438 | 2,397 |
2,486 |
2,383 |
|
Miles per trip | 899 | 872 |
903 |
867 |
|
Number of shipments | 29,742 | 25,408 |
86,079 |
74,741 |
|
Operating ratio | 87.9% | 92.8% |
89.7% |
93.9% |
|
In comparing the financial results of the quarter ended September 30, 1997, to the quarter ended September 30, 1996, Robert M. Powell, President and CEO of the Company, said “We have increased our fleet by 18.8%, while keeping tractor utilization near 500 miles per day. The record revenue created by this level of utilization and fleet expansion, along with slight decreases in fuel cost and continued cost control measures all contributed to the 87.9% operating ratio we experienced in the third quarter.”
Reporting on other significant events during the quarter, Mr. Powell indicated that the Company had added its 1,000th tractor late in the third quarter. The Company is presently installing two-way, satellite-based mobile messaging and position-locating equipment in all of its tractors. This should fulfill our customers heightened need for real time transit information as well as provide the Company with an enhanced and cost-effective method of communications between our drivers and our operations personnel. The installation of the equipment should be completed by the first quarter of 1998.
This press release contains forward-looking statements. Among the key factors that are not within the Company’s control and that may cause operating results to differ materially from those contemplated by such statements are increases in diesel prices, adverse weather conditions and the impact of increased rate competition or competition for qualified drivers, as well as various unforeseen events such as unusual levels of equipment failure or accident claims. Fluctuations in general economic conditions also may have a significant impact, as the Page 2 of 3 USA Truck, Inc. OCTOBER 15, 1997 Company’s utilization rates are directly related to business levels of shippers in a variety of industries. See also the factors discussed in the Company’s filings with the SEC under the Securities Exchange Act of 1934.
USA Truck is a medium haul, common and contract carrier specializing in truckload quantities of general commodities. The Company operates in the 48 contiguous United States and in the Canadian provinces of Ontario and Quebec and Mexico through the gateway city of Laredo, Texas.
Contact: JERRY D. ORLER, Chief Financial Officer - (501) 471-2657.