- 4Q 2015 EPS Increases to $0.39 from $0.34 for 4Q 2014
- Full-Year 2015 EPS Increases to $1.06 from $0.60 for 2014
- Full-Year 2015 Adjusted EPS Increases to $1.27 from $0.76 for 2014
- Initiatives to Accelerate Operational Improvements Take Hold
- New Two Million Share Repurchase Program Authorized
USA Truck, Inc. (NASDAQ:USAK), a leading capacity solutions provider
headquartered in Van Buren, AR, today announced its financial results
for the three months and year ended December 31, 2015.
Vice Chairman Tom Glaser commented, “Our fourth-quarter results reflect
the progress we have made improving profitability in our Trucking
operations. The many initiatives we implemented to reenergize our
Trucking turnaround, combined with Trucking’s strengthened leadership
and the refreshing of our fleet, have enabled us to accelerate the
progress underway. Our improved fourth-quarter results, particularly the
260-basis-point improvement in Trucking’s year-over-year operating
ratio, illustrate the significant operating leverage the Company can
build on as we move into 2016.”
For the fourth quarter of 2015, operating revenue was $118.0 million
compared to $150.1 million for the prior-year period, reflecting improved
pricing offset by lower volume. Base revenue, which excludes
fuel surcharges, was $106.5 million compared to $125.8 million for the
same period in the prior year. For the fourth quarter of 2015, net
income increased to $3.9 million, or $0.39 per diluted share, up from
$3.6 million, or $0.34 per diluted share, for the 2014 quarter. On an
adjusted basis, the Company achieved earnings per diluted share of $0.38(a)
for the 2015 fourth quarter, compared to $0.35(a) for the
2014 period.
Mr. Glaser continued, “We continue to focus on improving service to our
customers, creating network and other efficiencies, lowering costs, and
finally, continuing to strengthen the management and board leadership
and culture of USA Truck to realize our significant potential. With the
recent addition of Randy Rogers – a proven executive in logistics and
transportation management – as USA Truck’s President, CEO and director,
we have taken another key step that we believe will further strengthen
our strategy as a capacity solutions provider. This includes the
expansion of SCS, our asset-light business, which we believe offers
compelling growth potential. As in 2015, we will continue our focus on
improving return on invested capital, our core performance measure.”
President and CEO Randy Rogers added, “I am pleased to have joined USA
Truck at such a meaningful time in its history. It has been exciting to
see first-hand in the past few weeks the dedication and enthusiasm of
USA Truck’s team members, who have been pivotal in transforming the
culture and making this a great place to work. The progress made in such
a short period in our Trucking business under our new leadership team is
impressive and I look forward to working closely with them to generate
further improvements. Furthermore, I believe our asset light business is
built on a strong, scalable platform and I am excited about the
opportunity to leverage my experience in logistics as we position our
asset light business strategically to accelerate significant growth and
to further position USA Truck as a leading capacity solutions provider.”
Full-Year Results
For the year ended December 31, 2015, operating revenue was $507.9
million compared to $602.5 million for the prior-year period. Base
revenue, which excludes fuel surcharges, was $449.0 million compared to
$494.3 million for 2014. Net income increased to $11.1 million from $6.3
million for 2014. For the year ended December 31, 2015, earnings per
diluted share increased to $1.06 from $0.60 for the same period in the
prior year. Included in earnings per diluted share for 2015 was $0.75
million, or $0.04, net-of-tax, per diluted share loss related to debt
extinguishment and $2.7 million, or $0.17, net-of-tax, per diluted share
relating to restructuring, severance and related costs. Included in
earnings per share for 2014 was $2.8 million, or $0.16, net-of-tax, per
diluted share related to defense costs. On an adjusted basis, the
Company achieved earnings per diluted share of $1.27(a) for
the year ended December 31, 2015 compared to $0.76(a) for
2014.
The following table includes key operating results and statistics by
reportable segment (2014 has been recast to reflect the change in
accounting principle for tires):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Trucking:
|
|
|
|
|
|
|
|
(Recast)
|
|
|
|
|
|
|
|
|
(Recast)
|
|
|
Operating revenue (in thousands)
|
|
|
$
|
80,284
|
|
|
$
|
106,265
|
|
|
|
$
|
354,480
|
|
|
$
|
423,495
|
|
|
Operating income (loss) (in thousands) (1)
|
|
|
$
|
4,523
|
|
|
$
|
3,216
|
|
|
|
$
|
11,088
|
|
|
$
|
(3,122)
|
|
|
Adjusted operating ratio (2)
|
|
|
|
93.9
|
%
|
|
|
96.3
|
%
|
|
|
|
95.5
|
%
|
|
|
100.9
|
%
|
|
Total miles (in thousands) (3)
|
|
|
|
42,758
|
|
|
|
52,471
|
|
|
|
|
186,686
|
|
|
|
215,479
|
|
|
Deadhead percentage (4)
|
|
|
|
13.5
|
%
|
|
|
12.8
|
%
|
|
|
|
12.6
|
%
|
|
|
12.7
|
%
|
|
Base revenue per loaded mile
|
|
|
$
|
1.932
|
|
|
$
|
1.898
|
|
|
|
$
|
1.885
|
|
|
$
|
1.788
|
|
|
Average number of in-service tractors (5)
|
|
|
|
1,804
|
|
|
|
2,194
|
|
|
|
|
1,970
|
|
|
|
2,202
|
|
|
Average number of seated tractors (6)
|
|
|
|
1,718
|
|
|
|
2,043
|
|
|
|
|
1,824
|
|
|
|
2,047
|
|
|
Average miles per seated tractor per week
|
|
|
|
1,894
|
|
|
|
1,954
|
|
|
|
|
1,963
|
|
|
|
2,019
|
|
|
Base revenue per seated tractor per week
|
|
|
$
|
3,164
|
|
|
$
|
3,233
|
|
|
|
$
|
3,235
|
|
|
$
|
3,151
|
|
|
Average loaded miles per trip
|
|
|
|
538
|
|
|
|
598
|
|
|
|
|
582
|
|
|
|
612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Capacity Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue (in thousands)
|
|
|
$
|
37,700
|
|
|
$
|
43,807
|
|
|
|
$
|
153,454
|
|
|
$
|
178,982
|
|
|
Operating income (in thousands) (1)
|
|
|
$
|
2,749
|
|
|
$
|
4,370
|
|
|
|
$
|
11,983
|
|
|
$
|
20,775
|
|
|
Gross margin percentage (7)
|
|
|
|
18.3
|
%
|
|
|
17.3
|
%
|
|
|
|
18.0
|
%
|
|
|
17.7
|
%
|
|
(1)
|
|
Operating income or loss is calculated by deducting operating
expenses from operating revenues.
|
|
(2)
|
|
Adjusted operating ratio is calculated as operating expenses less
unusual items, net of fuel surcharge revenue, as a percentage of
operating revenue excluding fuel surcharge revenue. See GAAP to
non-GAAP reconciliation below.
|
|
(3)
|
|
Total miles include both loaded and empty miles.
|
|
(4)
|
|
Deadhead percentage is calculated by dividing empty miles into
total miles.
|
|
(5)
|
|
Tractors include company-operated tractors in service, plus
tractors operated by independent contractors.
|
|
(6)
|
|
Seated tractors are those occupied by drivers.
|
|
(7)
|
|
Gross margin percentage is calculated by taking revenue less
purchased transportation expense and dividing that amount by
revenue. This calculation includes intercompany revenues and
expenses.
|
|
|
|
|
Balance Sheet and Liquidity
Executive Vice President and CFO Michael Borrows said, “During the
quarter, we continued to support USA Truck’s operations through focused
balance sheet management, which also included investing in ourselves
through our share repurchase program authorized by the board. As of
December 31, 2015, our total debt and capital lease obligations, net of
cash, was $101.3 million and our stockholders’ equity was $93.8 million.
Debt to Adjusted EBITDA(a) declined year-over-year, to 1.6x
compared with 1.9x as of December 31, 2014.
“Since the end of 2014, the Company's balance sheet debt and capital
lease obligations, net of cash, decreased by $16.0 million, while the
outstanding obligations of financing provided by operating leases
increased by $20.9 million, locking in the benefits of a favorable
leasing environment. As of December 31, 2015, we had $90.8 million of
borrowing availability under our revolving line of credit.”
Stock Repurchase Program
During the fourth quarter of 2015, USA Truck repurchased 707,759 shares
of common stock (7.3% of total shares outstanding) under its stock
repurchase program at a weighted average price of $18.69 per share for
an aggregate purchase price of $13.2 million. As of December 31, 2015,
953,738 shares (9.9% of total shares outstanding) were purchased, and on
January 8, 2016, the Company had repurchased the full one million shares
of common stock included in the repurchase program authorized in August
2015.
The Company’s board of directors recently authorized the repurchase of
up to an additional two million shares of the Company’s common stock.
Mr. Rogers remarked, “Driving greater value to our stockholders will
continue to be an important element of our capital allocation philosophy
as we look to create value both as a capacity solutions leader and
through the strategic use of the Company’s balance sheet and strong
liquidity position.”
Any share repurchases will be made using a variety of methods, which may
include open market purchases, privately negotiated transactions or
block trades, or any combination of such methods, in accordance with
applicable trading and other securities laws and regulations. The
authorization expires in February 2019 unless earlier terminated or
extended by the board of directors. Repurchased shares will be held as
treasury stock and may be used for reissuance under the Company’s
Employee Stock Purchase Plan or the Company’s 2014 Omnibus Incentive
Plan, or for general corporate purposes as the board of directors may
determine. Share repurchases are permitted under the Company’s primary
credit facility and other contractual arrangements, subject to customary
conditions.
The specific number of shares the Company ultimately repurchases, and
the actual timing and amount of share repurchases, will depend on market
conditions and other factors, as well as the applicable requirements of
federal securities law. In addition, the stock repurchase program may be
suspended, extended or terminated by the Company at any time without
prior notice, and the Company is not obligated to purchase a specific
number of shares.
Fourth-Quarter 2015 Conference Call Information
USA Truck will hold a conference call to discuss its fourth-quarter 2015
results on February 2, 2016 at 8:00 AM CT / 9:00 AM ET. To participate
in the call, please dial 1-866-652-5200 (U.S./Canada) or 1-412-317-6060
(International), access code 10078425. A live webcast of the conference
call will be broadcast in the Investor Relations section of the
Company’s web site www.usa-truck.com,
under the “Events & Presentations” tab of the “Investor Relation” 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 “Presentations” tab of the “Investors” menu. A telephone
replay of the call will also be available through February 10, 2016 and
may be accessed by calling 1-855-669-9658 and by referencing conference
ID #10078425.
(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 “EBITDA”,
“Adjusted EBITDA”, “Adjusted operating ratio”, and “Adjusted earnings
per diluted share”, as we define them, are not presented in accordance
with GAAP.
The Company defines EBITDA as net income, plus interest expense net of
interest income, provision for income taxes, and depreciation and
amortization. It defines Adjusted EBITDA as these items plus non-cash
equity compensation, loss on extinguishment of debt and defense costs
incurred primarily in connection with the unsolicited proposal to
acquire USA Truck and the restructuring, severance and related costs.
Adjusted operating ratio is calculated as operating expenses less
restructuring, severance and related costs, net of fuel surcharges, as a
percentage of operating revenue excluding fuel surcharge revenue.
Adjusted earnings per diluted share is defined as income before income
taxes plus loss on extinguishment of debt, defense costs and
restructuring, severance and related costs reduced by our normalized
income taxes, divided by 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 EBITDA, Adjusted EBITDA, Adjusted operating ratio and
Adjusted earnings per diluted share as key measures of our performance,
all of which are reconciled to the most comparable GAAP financial
measures and further discussed below. We believe our presentation of
these non-GAAP financial measures is useful because it provides
investors and securities analysts the same information that we use
internally for purposes of assessing our core operating performance.
EBITDA, Adjusted EBITDA, Adjusted operating ratio and Adjusted earnings
per diluted share are not substitutes for their comparable GAAP
financial measures, such as net income, cash flows from operating
activities, operating margin, 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 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, we have provided
reconciliations of EBITDA, Adjusted EBITDA, Adjusted earnings per
diluted share and Adjusted operating ratio to 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 year end audit, 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
“expects,” “estimates,” “anticipates,” “projects,” “believes,” “plans,”
“goals,” “intends,” “may,” “will,” “should,” “could,” “potential,”
“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, 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 capacity solutions provider of transportation and
logistics services that include truckload, dedicated contract carriage,
intermodal and brokerage spot market throughout the continental United
States, Mexico and Canada.
This press release and related information will be available to
interested parties at our web site, www.usa-truck.com,
under the “Financial Releases” tab of the “Investor Relations” menu.
|
|
|
USA TRUCK, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
|
(UNAUDITED)
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
(Recast) (1)
|
|
|
|
|
(Recast) (1)
|
|
Operating revenue
|
|
|
$
|
117,984
|
|
$
|
150,072
|
|
|
$
|
507,934
|
|
$
|
602,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits
|
|
|
|
35,113
|
|
|
39,480
|
|
|
|
140,649
|
|
|
153,410
|
|
Fuel expense
|
|
|
|
11,316
|
|
|
23,936
|
|
|
|
58,511
|
|
|
116,092
|
|
Depreciation and amortization
|
|
|
|
7,529
|
|
|
10,676
|
|
|
|
37,480
|
|
|
44,071
|
|
Insurance and claims
|
|
|
|
3,681
|
|
|
6,557
|
|
|
|
21,183
|
|
|
24,910
|
|
Equipment rents
|
|
|
|
1,681
|
|
|
762
|
|
|
|
4,424
|
|
|
3,089
|
|
Operations and maintenance
|
|
|
|
8,304
|
|
|
11,962
|
|
|
|
39,644
|
|
|
45,634
|
|
Purchased transportation
|
|
|
|
39,341
|
|
|
42,574
|
|
|
|
161,370
|
|
|
172,117
|
|
Operating taxes and licenses
|
|
|
|
1,499
|
|
|
1,374
|
|
|
|
5,720
|
|
|
5,589
|
|
Communications and utilities
|
|
|
|
867
|
|
|
903
|
|
|
|
3,599
|
|
|
4,062
|
|
Gain on disposal of assets, net
|
|
|
|
(1,781)
|
|
|
(283)
|
|
|
|
(7,547)
|
|
|
(1,107)
|
|
Restructuring, severance and related charges
|
|
|
|
(151)
|
|
|
--
|
|
|
|
2,742
|
|
|
--
|
|
Other
|
|
|
|
3,313
|
|
|
4,545
|
|
|
|
17,088
|
|
|
16,957
|
|
Total operating expenses
|
|
|
|
110,712
|
|
|
142,486
|
|
|
|
484,863
|
|
|
584,824
|
|
Operating income
|
|
|
|
7,272
|
|
|
7,586
|
|
|
|
23,071
|
|
|
17,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
565
|
|
|
737
|
|
|
|
2,237
|
|
|
3,008
|
|
Defense costs
|
|
|
|
--
|
|
|
171
|
|
|
|
--
|
|
|
2,764
|
|
Loss on extinguishment of debt
|
|
|
|
--
|
|
|
--
|
|
|
|
750
|
|
|
--
|
|
Other, net
|
|
|
|
93
|
|
|
193
|
|
|
|
743
|
|
|
245
|
|
Total other expenses, net
|
|
|
|
658
|
|
|
1,101
|
|
|
|
3,730
|
|
|
6,017
|
|
Income before income taxes
|
|
|
|
6,614
|
|
|
6,485
|
|
|
|
19,341
|
|
|
11,636
|
|
Income tax expense
|
|
|
|
2,677
|
|
|
2,933
|
|
|
|
8,272
|
|
|
5,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and comprehensive income
|
|
|
$
|
3,937
|
|
$
|
3,552
|
|
|
$
|
11,069
|
|
$
|
6,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (basic)
|
|
|
|
10,033
|
|
|
10,374
|
|
|
|
10,337
|
|
|
10,356
|
|
Basic earnings per share
|
|
|
$
|
0.39
|
|
$
|
0.34
|
|
|
$
|
1.07
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (diluted)
|
|
|
|
10,059
|
|
|
10,492
|
|
|
|
10,401
|
|
|
10,485
|
|
Diluted earnings per share
|
|
|
$
|
0.39
|
|
$
|
0.34
|
|
|
$
|
1.06
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
During the third quarter of 2015, the Company changed its
accounting policy for tires. Historical financial results have
been recast to reflect the change in accounting principle.
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS
|
|
(UNAUDITED)
|
|
(dollar amounts in thousands, except per share amounts)
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
(Recast) (1)
|
|
|
|
|
(Recast) (1)
|
|
Net income
|
|
|
$
|
3,937
|
|
$
|
3,552
|
|
|
$
|
11,069
|
|
$
|
6,285
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
7,529
|
|
|
10,676
|
|
|
|
37,480
|
|
|
44,071
|
|
Income tax expense
|
|
|
|
2,677
|
|
|
2,933
|
|
|
|
8,272
|
|
|
5,351
|
|
Interest, net
|
|
|
|
565
|
|
|
737
|
|
|
|
2,237
|
|
|
3,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$
|
14,708
|
|
$
|
17,898
|
|
|
$
|
59,058
|
|
$
|
58,715
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity compensation
|
|
|
|
291
|
|
|
120
|
|
|
|
1,093
|
|
|
366
|
|
Defense costs
|
|
|
|
--
|
|
|
171
|
|
|
|
--
|
|
|
2,764
|
|
Restructuring, severance and related charges
|
|
|
|
(151)
|
|
|
--
|
|
|
|
2,742
|
|
|
--
|
|
Loss on debt extinguishment
|
|
|
|
--
|
|
|
--
|
|
|
|
750
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
14,848
|
|
$
|
18,189
|
|
|
$
|
63,643
|
|
$
|
61,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER SHARE RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
(Recast) (1)
|
|
|
|
|
|
(Recast) (1)
|
|
Earnings per diluted share
|
|
|
$
|
0.39
|
|
$
|
0.34
|
|
|
$
|
1.06
|
|
$
|
0.60
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment, net of tax
|
|
|
|
--
|
|
|
--
|
|
|
|
0.04
|
|
|
--
|
|
Restructuring, severance and related charges, net of tax
|
|
|
|
(0.01)
|
|
|
--
|
|
|
|
0.17
|
|
|
--
|
|
Defense costs, net of tax
|
|
|
|
--
|
|
|
0.01
|
|
|
|
|
|
|
0.16
|
|
Adjusted earnings per diluted share
|
|
|
$
|
0.38
|
|
$
|
0.35
|
|
|
$
|
1.27
|
|
$
|
0.76
|
|
(1)
|
|
During the third quarter of 2015, the Company changed its
accounting policy for tires. Historical financial results have
been recast to reflect the change in accounting principle.
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING RATIO RECONCILIATION
|
|
|
|
|
|
|
|
|
|
Trucking Segment
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
(Recast) (1)
|
|
|
|
|
|
|
(Recast) (1)
|
|
Revenue
|
|
|
$
|
80,911
|
|
|
$
|
106,418
|
|
|
|
$
|
356,528
|
|
|
$
|
424,082
|
|
|
Less: intersegment eliminations
|
|
|
|
627
|
|
|
|
153
|
|
|
|
|
2,048
|
|
|
|
587
|
|
|
Operating revenue
|
|
|
|
80,284
|
|
|
|
106,265
|
|
|
|
|
354,480
|
|
|
|
423,495
|
|
|
Less: fuel surcharge revenue
|
|
|
|
8,846
|
|
|
|
19,458
|
|
|
|
|
46,799
|
|
|
|
87,198
|
|
|
Base revenue
|
|
|
$
|
71,438
|
|
|
$
|
86,807
|
|
|
|
$
|
307,681
|
|
|
$
|
336,297
|
|
|
Operating expense
|
|
|
$
|
75,761
|
|
|
$
|
103,049
|
|
|
|
$
|
343,392
|
|
|
$
|
426,617
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, severance and related charges
|
|
|
|
151
|
|
|
|
--
|
|
|
|
|
(2,742)
|
|
|
|
--
|
|
|
Fuel surcharge revenue
|
|
|
|
(8,846)
|
|
|
|
(19,458)
|
|
|
|
|
(46,799)
|
|
|
|
(87,198)
|
|
|
Adjusted operating expense
|
|
|
$
|
67,066
|
|
|
$
|
83,591
|
|
|
|
$
|
293,851
|
|
|
$
|
339,419
|
|
|
Operating ratio
|
|
|
|
94.4
|
%
|
|
|
97.0
|
%
|
|
|
|
96.9
|
%
|
|
|
100.7
|
%
|
|
Adjusted operating ratio
|
|
|
|
93.9
|
%
|
|
|
96.3
|
%
|
|
|
|
95.5
|
%
|
|
|
100.9
|
%
|
|
(1)
|
|
During the third quarter of 2015, the Company changed its
accounting policy for tires. Historical financial results have
been recast to reflect the change in accounting principle.
|
|
|
|
|
|
|
|
|
|
SCS Segment
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Revenue
|
|
|
$
|
38,514
|
|
|
$
|
48,417
|
|
|
|
$
|
158,295
|
|
|
$
|
192,924
|
|
|
Less: intersegment eliminations
|
|
|
|
814
|
|
|
|
4,610
|
|
|
|
|
4,841
|
|
|
|
13,942
|
|
|
Operating revenue
|
|
|
|
37,700
|
|
|
|
43,807
|
|
|
|
|
153,454
|
|
|
|
178,982
|
|
|
Less: fuel surcharge revenue
|
|
|
|
2,629
|
|
|
|
4,796
|
|
|
|
|
12,182
|
|
|
|
20,935
|
|
|
Base revenue
|
|
|
$
|
35,071
|
|
|
$
|
39,011
|
|
|
|
$
|
141,272
|
|
|
$
|
158,047
|
|
|
Operating expense
|
|
|
$
|
34,951
|
|
|
$
|
39,437
|
|
|
|
$
|
141,471
|
|
|
$
|
158,207
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel surcharge revenue
|
|
|
|
(2,629)
|
|
|
|
(4,796)
|
|
|
|
|
(12,182)
|
|
|
|
(20,935)
|
|
|
Adjusted operating expense
|
|
|
$
|
32,322
|
|
|
$
|
34,641
|
|
|
|
$
|
129,289
|
|
|
$
|
137,272
|
|
|
Operating ratio
|
|
|
|
92.7
|
%
|
|
|
90.0
|
%
|
|
|
|
92.2
|
%
|
|
|
88.4
|
%
|
|
Adjusted operating ratio
|
|
|
|
92.2
|
%
|
|
|
88.8
|
%
|
|
|
|
91.5
|
%
|
|
|
86.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA TRUCK, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
Assets
|
|
|
|
|
|
(Recast) (2)
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
87
|
|
$
|
205
|
|
Accounts receivable, net of allowance for doubtful accounts of $608
and $1,020, respectively
|
|
|
|
53,324
|
|
|
71,186
|
|
Other receivables
|
|
|
|
5,094
|
|
|
5,604
|
|
Inventories
|
|
|
|
748
|
|
|
1,863
|
|
Assets held for sale
|
|
|
|
7,979
|
|
|
3,536
|
|
Income taxes receivable
|
|
|
|
6,159
|
|
|
—
|
|
Prepaid expenses and other current assets
|
|
|
|
4,876
|
|
|
5,197
|
|
Total current assets
|
|
|
|
78,267
|
|
|
87,591
|
|
Property and equipment:
|
|
|
|
|
|
|
|
|
Land and structures
|
|
|
|
32,910
|
|
|
31,596
|
|
Revenue equipment
|
|
|
|
289,045
|
|
|
348,251
|
|
Service, office and other equipment
|
|
|
|
22,156
|
|
|
18,812
|
|
Property and equipment, at cost
|
|
|
|
344,111
|
|
|
398,659
|
|
Accumulated depreciation and amortization
|
|
|
|
(137,327)
|
|
|
(182,964)
|
|
Property and equipment, net
|
|
|
|
206,784
|
|
|
215,695
|
|
Other assets
|
|
|
|
1,405
|
|
|
658
|
|
Total assets
|
|
|
$
|
286,456
|
|
$
|
303,944
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
24,473
|
|
$
|
23,582
|
|
Current portion of insurance and claims accruals
|
|
|
|
10,706
|
|
|
10,230
|
|
Accrued expenses
|
|
|
|
8,836
|
|
|
8,252
|
|
Current maturities of long-term debt and capital leases
|
|
|
|
12,190
|
|
|
24,048
|
|
Total current liabilities
|
|
|
|
56,205
|
|
|
66,112
|
|
Deferred gain
|
|
|
|
701
|
|
|
589
|
|
Long-term debt and capital leases, less current maturities
|
|
|
|
89,245
|
|
|
93,464
|
|
Deferred income taxes
|
|
|
|
37,943
|
|
|
35,064
|
|
Insurance and claims accruals, less current portion
|
|
|
|
8,585
|
|
|
9,647
|
|
Total liabilities
|
|
|
|
192,679
|
|
|
204,876
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred Stock, $.01 par value; 1,000,000 shares authorized; none
issued
|
|
|
|
—
|
|
|
—
|
|
Common Stock, $.01 par value; 30,000,000 shares authorized; issued
11,946,253
shares, and 11,873,071 shares, respectively
|
|
|
|
119
|
|
|
119
|
|
Additional paid-in capital
|
|
|
|
67,370
|
|
|
65,850
|
|
Retained earnings
|
|
|
|
65,871
|
|
|
54,802
|
|
Less treasury stock, at cost (2,286,608 shares, and 1,340,438
shares, respectively)
|
|
|
|
(39,583)
|
|
|
(21,703)
|
|
Total stockholders’ equity
|
|
|
|
93,777
|
|
|
99,068
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
286,456
|
|
$
|
303,944
|
|
(2)
|
|
The Company has early adopted ASU 2015-17 effective December 31,
2015 on a retrospective basis. Adoption of this ASU resulted in a
reclassification of the Company’s net current deferred tax asset
to the net non-current deferred tax liability in its Consolidated
Balance Sheet as of December 31, 2015 and 2014.
|
