EVP and CFO Clifton R. Beckham to Resign Effective September 30
USA Truck, Inc. (NASDAQ: USAK), a leading transportation and logistics
provider, announced today that Clifton R. Beckham has notified the
Company of his plan to proceed with his resignation as Executive Vice
President and Chief Financial Officer, effective September 30, 2014, to
pursue new career opportunities. In preparation for this planned
departure, the Company has been conducting a search for a permanent
chief financial officer.
To facilitate an orderly transition, Mr. Beckham has agreed to remain in
his current role with the Company until September 30, 2014, and has
indicated his willingness to remain available in an advisory capacity as
needed until a permanent chief financial officer has been appointed. In
the event a successor to Mr. Beckham has not been appointed by September
30, 2014, the Board intends to appoint an interim chief financial
officer.
“On behalf of the board of directors and the entire Company, I want to
thank Cliff for his invaluable contributions over 20 years of service to
USA Truck,” said USA Truck Chairman Robert A. Peiser. “Since returning
to his previous role as chief financial officer in February 2013 after
serving as chief executive officer for nearly six years, Cliff continued
to demonstrate singular dedication and tireless efforts to implementing
the Company’s turnaround plan. All of us admire him for his integrity
and selfless commitment to USA Truck, and wish him the best as he begins
a new phase of his career.”
President and CEO John Simone added, “Cliff has been a trusted advisor
since I joined USA Truck and has made countless contributions to our
Company’s advancing financial turnaround. He leaves USA Truck on solid
financial footing, with improved working capital management, increased
operating cash flow and reduced debt, and with a very capable finance
and accounting team that we believe can fulfill all financial
responsibilities during the transition.”
Mr. Beckham commented, “The milestone we achieved for the second quarter
– reporting the first quarter of positive net income in three years –
presented an opportune time for me to pursue new career challenges. I
feel privileged to have spent so many years at USA Truck and look
forward to watching John and his management team continue to strengthen
the organization, create a winning environment for employees and deliver
value for USA Truck’s shareholders.”
Cautionary Statement Concerning Forward-Looking Statements
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
“expects,” “estimates,” “anticipates,” “projects,” “believes,” “plans,”
“goals,” “intends,” “may,” “will,” “should,” “could,” “potential,”
“continue,” “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, 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 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. 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
import refer to USA Truck, Inc. and its subsidiary.
About USA Truck
USA Truck is a transportation and logistics provider headquartered in
Van Buren, Arkansas, with terminals, offices and staging facilities
located throughout the United States. We transport commodities
throughout the continental U.S. and into and out of portions of Canada.
We also transport general commodities into and out of Mexico by allowing
through-trailer service from our terminal in Laredo, Texas. Our
Strategic Capacity Solutions and Intermodal service offerings provide
customized transportation solutions using the latest technological tools
available and multiple modes of transportation.
