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USA Truck Reports Fourth Quarter 2018 Results

USA Truck Reports Fourth Quarter 2018 Results

  • 4Q 2018 net income of $5.3 million, or $0.64 per diluted share versus 4Q 2017 net income of $14.8 million, or $1.84 per diluted share
  • 4Q 2018 adjusted net income (a) of $5.7 million, or $0.68 per diluted share versus 4Q 2017 adjusted net income (a) of $2.8 million, or $0.35 per diluted share
  • 4Q 2018 consolidated operating revenue increased 14.5% to $141.1 million from $123.3 million in 4Q 2017
  • Continued year over year improvement in base revenue per available tractor per week

Category:

Monday, February 4, 2019 3:05 pm CST

Dateline:

VAN BUREN, Ark.

Public Company Information:

NASDAQ:
USAK
"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"

VAN BUREN, Ark.--(BUSINESS WIRE)--USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and twelve months ended December 31, 2018.

For the quarter ended December 31, 2018, consolidated operating revenue was $141.1 million compared to $123.3 million for the prior-year period. Base revenue, which excludes fuel surcharge revenue, was $124.3 million compared to $110.1 million for the 2017 period. The Company reported net income of $5.3 million, or $0.64 per diluted share for the fourth quarter 2018 and adjusted net income(a) of $5.7 million, or $0.68 per diluted share, compared to net income of $14.8 million, or $1.84 per diluted share, and adjusted net income(a) of $2.8 million, or $0.35 per diluted share, for the same quarter in 2017. Included in earnings per diluted share for the fourth quarter of 2017 was the impact of the Tax Cuts and Jobs Act of 2017, which resulted in a reduction of income tax expense by approximately $12.0 million, or $1.49 per diluted share. The Company’s fourth quarter 2018 consolidated operating ratio was 93.8%, compared to 95.5% in the comparable 2017 quarter.

President and CEO James Reed commented, "I am pleased to report that our team successfully delivered a sixth consecutive quarter of consolidated profitability, and achieved several impressive milestones on our path to improved performance. The fourth quarter of 2018 generated the highest quarterly adjusted earnings per diluted share(a) in our Company's history, at $0.68. The full year 2018 adjusted earnings per diluted share(a) of $1.56 was the third highest in Company history. Our Trucking segment, for the fourth quarter of 2018, generated a 91.1% adjusted operating ratio(a), which represents the best operating ratio our Company has produced in its trucking operations in more than twelve years. Also, we completed our acquisition of Davis Transfer Company during the quarter and have been pleased with the operational and financial results thus far. While we are proud of these results, management still believes significant opportunity exists to drive further improvements.

"We remain focused on seating trucks, improving base revenue per available tractor per week and increasing volume in our USAT Logistics segment. We believe increased performance in these areas will help us deliver on our goals of continued improvement in our consolidated results and maximizing shareholder value."

Trucking: For the fourth quarter of 2018, Trucking operating revenue increased $14.1 million, or 16.9%, to $97.9 million, compared to the fourth quarter of 2017. This increase was primarily due to a 12.1% increase in base revenue per loaded mile. Trucking operating income was $7.4 million for the 2018 period, reflecting an operating ratio of 92.4%, compared to operating income of $3.5 million and an operating ratio of 95.8% for the comparable 2017 period. This represents an improvement of $3.9 million year-over-year in operating income and a 340 basis point improvement in operating ratio. Trucking adjusted operating income(a) was $7.6 million for the 2018 period, reflecting an adjusted operating ratio(a) of 91.1%, compared to adjusted operating income(a) of $3.5 million and an adjusted operating ratio(a) of 95.2% for the comparable 2017 period. This represents an improvement of $4.1 million year-over-year in adjusted operating income(a) and a 410 basis point improvement in adjusted operating ratio(a).

Trucking operations reported the following during the fourth quarter 2018:

  • Base revenue per available tractor per week increased $30 per week, or 0.9%, when compared to the fourth quarter of 2017, primarily due to the increase in base revenue per loaded mile.
  • Base revenue per loaded mile increased 12.1% to $2.361 for fourth quarter 2018 from $2.106 in fourth quarter 2017. This change was driven by the continuation of rate and network improvement initiatives.
  • Loaded miles per available tractor per week decreased 162 miles per tractor, or 10.0%, when compared to the fourth quarter of 2017. Deadhead percentage for fourth quarter 2018 increased 170 basis points year-over-year. These changes were driven by the consolidation of Davis Transfer, growth in our dedicated operations, and participation in seasonal surge business.
  • Average available unseated tractor percentage for fourth quarter 2018 was 6.3% compared to 2.6% for the fourth quarter of 2017, as the driver markets continue to be challenging.
  • The average available tractor count for the fourth quarter of 2018 was 1,883, a 15.6% increase over the fourth quarter 2017 average of 1,629. This change was largely a function of the Davis acquisition.

USAT Logistics: Operating revenue increased 9.3%, or $3.7 million year-over-year to $43.2 million for the fourth quarter of 2018; however, operating income was $1.3 million, a decrease of $0.7 million, or 35.0% year-over-year. Operating ratio for the fourth quarter of 2018 was 97.0% compared to 94.9% for the comparable 2017 quarter, representing a 205 basis point decline in operating ratio. Adjusted operating income(a) was $1.3 million for the 2018 period, reflecting an adjusted operating ratio(a) of 96.7%, compared to adjusted operating income(a) of $2.0 million and an adjusted operating ratio(a) of 94.6% for the comparable 2017 period. This represents decreases of $0.7 million year-over-year in adjusted operating income(a) and 208 basis points in adjusted operating ratio(a). Both revenue and costs continue to rise, resulting in margin compression in our logistics business. We remain focused on providing quality service, while continuing to manage costs.

  • Gross margin dollars decreased 8.0%, or $0.6 million year-over-year, to $6.5 million for the fourth quarter 2018. This was a byproduct of compression on gross margin percent, slightly offset by increased volumes.
  • Gross margin percentage for the fourth quarter of 2018 decreased to 15.0% from 17.9% when compared to the same quarter in 2017, due to excess capacity in the market driving down average revenue per load.
  • Revenue per load decreased 2.9%, or $47 per load, year-over-year.

Segment Results

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

   
Three Months Ended Twelve Months Ended
December 31, December 31,
Trucking: 2018   2017 2018   2017
Operating revenue (in thousands) $ 97,898 $ 83,777 $ 347,729 $ 302,052
Operating income (loss) (in thousands) (1) 7,416 3,498 11,710 (9,667 )

Adjusted operating income (loss) (in thousands)

$ 7,619 $ 3,498 $ 11,810 $ (9,002 )
Operating ratio (3) 92.4 % 95.8 % 96.6 % 103.2 %
Adjusted operating ratio (4) 91.1 % 95.2 % 96.1 % 103.4 %
Total miles (in thousands) (5) 42,708 40,233 158,982 162,599
Deadhead percentage (6) 15.4 % 13.7 % 13.9 % 13.0 %
Base revenue per loaded mile $ 2.361 $ 2.106 $ 2.191 $ 1.865
Average number of available tractors (7) 1,883 1,629 1,695 1,662
Average number of in-service tractors (8) 1,913 1,681 1,726 1,713
Loaded miles per available tractor per week 1,460 1,622 1,549 1,633
Base revenue per available tractor per week $ 3,447 $ 3,417 $ 3,394 $ 3,045
Average loaded miles per trip 480 544 513 557
 
USAT Logistics:
Operating revenue (in thousands) $ 43,185 $ 39,493 $ 186,331 $ 144,481
Operating income (in thousands) (1) 1,297 1,995 9,509 7,599

Adjusted operating income (in thousands) (2)

1,297 1,995 9,684 7,864
Gross margin (in thousands) (9) 6,499 7,061 30,234 26,686
Gross margin percentage (10) 15.0 % 17.9 % 16.2 % 18.5 %
Load count (in thousands) 27 24 113 106
 
  1. Operating income (loss) is calculated by deducting operating expenses from operating revenue.
  2. Adjusted operating income (loss) is calculated as operating expenses less restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, amortization of acquisition related intangibles and transaction costs related to acquisition, net of fuel surcharge revenue(a).
  3. Operating ratio is calculated as operating expenses as a percentage of operating revenue.
  4. Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, and transaction costs related to acquisition, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue(a).
  5. Total miles include both loaded and empty miles.
  6. Deadhead percentage is calculated by dividing empty miles into total miles.
  7. Available tractors are all those Company tractors that are available to be dispatched, including available unseated tractors, and our independent contractor fleet.
  8. In-service tractors include all of the tractors in the Company fleet, including Company-operated tractors and independent contractors.
  9. Gross margin is calculated by deducting purchased transportation expense from USAT Logistics operating revenue.
  10. Gross margin percentage is calculated as gross margin divided by USAT Logistics operating revenue.

Balance Sheet and Liquidity

As of December 31, 2018, total debt and capital lease obligations was $160.5 million, total debt and capital lease obligations, net of cash (“Net Debt”)(a), was $159.5 million and total stockholders’ equity was $80.5 million. Net Debt to Proforma Adjusted EBITDA(a) for the trailing twelve months ended December 31, 2018 was 2.7x using actual and proforma Davis Transfer acquisition information. The Company had approximately $50.8 million available to borrow under its Credit Facility as of December 31, 2018. Also, as previously announced, on January 31, 2019 the Company completed an amended and restated $225 million senior secured revolving credit facility that reduces our future borrowing costs and provides us approximately $55.0 million of additional borrowing capacity at closing.

Fourth quarter 2018 Conference Call Information

USA Truck will hold a conference call to discuss its fourth quarter 2018 results on Tuesday, February 5, 2019 at 8:00 AM CT / 9:00 AM ET. To participate in the call, please dial 1-844-824-3828 (U.S./Canada) or 1-412-317-5138 (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://services.choruscall.com/links/usak181026.html . A telephone replay of the call will also be available through February 12, 2019, and may be accessed by calling 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), or 1-412-317-0088 (International) and by referencing conference ID #10125014.

(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 Net Debt as total debt, including insurance premium financing and capital lease obligations, 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, restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, and transaction costs related to acquisition. Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits and transaction costs related to acquisition, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. Adjusted operating income (loss) is defined as operating income (loss) less restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, amortization of acquisition related intangibles, and transaction costs related to acquisition. Adjusted net income (loss) is defined as net income (loss) excluding restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, amortization of acquisition related intangibles, transaction costs related to acquisition, and the impact of the Tax Cuts and Jobs Act of 2017. Adjusted earnings (loss) per diluted share is defined as earnings (loss) per share plus the per-share impact of restructuring, impairment and other costs, severance costs included in salaries, wages and employee benefits, amortization of acquisition related intangibles, and transaction costs related to acquisition, plus or minus the per share tax impact of those adjustments using a statutory income tax rate. 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 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, 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 to investors and other users because it provides them the same information that we use internally for purposes of assessing our core operating performance.

Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share are not substitutes for their comparable GAAP financial measures, such as net income, cash flows from operating activities, operating margin ratio, diluted earnings 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 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 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 annual audit procedures, and the filing of the related Annual Report on Form 10-K, 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, 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 import refer to USA Truck, Inc. and its subsidiary.

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 to 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.

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

(in thousands, except per share data)

 
      Three Months Ended     Twelve Months Ended
December 31, December 31,
Revenue 2018     2017 2018     2017
Operating revenue $ 141,083   $ 123,270   $ 534,060   $ 446,533  
 
Operating expenses
Salaries, wages and employee benefits 34,985 32,623 130,407 122,297
Fuel and fuel taxes 13,872 12,841 55,158 45,853
Depreciation and amortization 6,932 7,150 28,324 28,463
Insurance and claims 6,351 6,392 23,240 25,628
Equipment rent 3,055 2,724 10,840 10,173
Operations and maintenance 8,245 8,221 33,356 31,001
Purchased transportation 53,637 43,061 211,132 164,012
Operating taxes and licenses 914 1,122 3,814 4,068
Communications and utilities 785 770 2,849 2,713
Gain on disposal of assets, net (896 ) (222 ) (2,361 ) (773 )
Restructuring, impairment and other costs (reversal) (639 )
Other

4,490

  3,095  

16,721

  15,166  
Total operating expenses

132,370

  117,777   512,841   448,601  
Operating income (loss)

8,713

  5,493   21,219   (2,068 )
 
Other expenses
Interest expense, net 1,187 886 3,649 3,808
Other, net

339

  76   992   387  
Total other expenses, net

1,526

  962   4,641   4,195  
Income (loss) before income taxes 7,187 4,531 16,578 (6,263 )
Income tax expense (benefit) 1,862   (10,291 ) 4,374   (13,760 )
 
Consolidated net income and comprehensive income $ 5,325   $ 14,822   $ 12,204   $ 7,497  
 
Net earnings per share
Average shares outstanding (basic) 8,268   8,027   8,194   8,029  
Basic earnings per share $ 0.64   $ 1.85   $ 1.49   $ 0.93  
 
Average shares outstanding (diluted) 8,288   8,036   8,218   8,056  
Diluted earnings per share $ 0.64   $ 1.84   $ 1.49   $ 0.93  
 
 
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
12/31/2018     9/30/2018     6/30/2018     3/31/2018
Net income $ 5,325 $ 3,300 $ 2,544 $ 1,035
Add:
Depreciation and amortization 6,932 6,735 7,477 7,180
Income tax expense 1,862 1,272 821 419
Interest expense, net 1,187 811 833 818  
EBITDA 15,306 12,118 11,675 9,452
Add:
Non-cash equity compensation 559 437 304 (136 )
Severance costs included in salaries, wages and employee benefits 711
Restructuring, impairment and other costs (reversal) (639 )
Transaction costs relating to acquisition 239 325  
Adjusted EBITDA $ 16,104 $ 12,880 $ 11,979 $ 9,388  
 
 

ADJUSTED NET INCOME (LOSS) RECONCILIATION

                 
Three Months Ended Twelve Months Ended
December 31, December 31,
2018 2017 2018 2017
Net income $ 5,325 $ 14,822 $ 12,204 $ 7,497
Adjusted for:
Severance costs included in salaries, wages and employee benefits 711 930
Restructuring, impairment and other costs (reversal) (639 )
Amortization of acquisition related intangibles 203 203
Transaction costs relating to acquisition 239     564    
Income tax effect of above adjustments (113 )

(214

) (358 )
Tax law reform, net   (12,009 )   (12,009 )
Adjusted net income (loss) $ 5,654   $ 2,813   $

12,829

  $ (3,940 )
 
 

ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION

                 
Three Months Ended Twelve Months Ended
December 31, December 31,
2018 2017 2018 2017
Earnings per diluted share $ 0.64 $ 1.84 $ 1.49 0.93
Adjusted for:
Severance costs included in salaries, wages and employee benefits 0.09 0.11
Restructuring, impairment and other costs (reversal) (0.08 )
Amortization of acquisition related intangibles

0.02

0.02
Transaction costs relating to acquisition

0.03

    0.07    
Income tax effect of adjustments above (0.01 ) (0.03 ) (0.04 )
Tax law reform, net   (1.49 )   (1.49 )
Adjusted earnings (loss) per diluted share $ 0.68   $ 0.35   $ 1.56   $ (0.49 )
 
         

ADJUSTED OPERATING RATIO and ADJUSTED OPERATING INCOME (LOSS) RECONCILIATIONS

 
Consolidated Three Months Ended Twelve Months Ended
December 31, December 31,
2018     2017 2018     2017
Operating revenue $ 141,083 $ 123,270 $ 534,060 $ 446,533
Less:
Fuel surcharge revenue (16,815) (13,205) (63,805) (48,216)
Base revenue $ 124,268 $ 110,065 $ 470,255 $ 398,317
Operating expense 132,370 117,777 512,841 448,601
Adjusted for:
Severance costs included in salaries, wages and employee benefits (711) (930)
Restructuring, impairment and other costs (reversal) 639
Amortization of acquisition related intangibles (203) (203)
Fuel surcharge revenue (16,815) (13,205) (63,805) (48,216)
Adjusted operating expense $ 115,352 $ 104,572 $ 448,761 $ 399,455
Operating income (loss) $ 8,713 $ 5,493 $ 21,219 $ (2,068)
Adjusted operating income (loss) $ 8,916 $ 5,493 $ 21,494 $ (1,138)
Operating ratio 93.8 % 95.5 % 96.0 % 100.5 %
Adjusted operating ratio 92.8 % 95.0 % 95.4 % 100.3 %
 
         
Trucking Segment Three Months Ended Twelve Months Ended
December 31, December 31,
2018     2017 2018     2017
Revenue $ 99,889 $ 83,930 $ 351,222 $ 302,943
Less: intersegment eliminations (1,991) (153) (3,493) (891)
Operating revenue 97,898 83,777 347,729 302,052
Less: fuel surcharge revenue (12,592) (10,618) (47,770) (38,173)
Base revenue $ 85,306 $ 73,159 $ 299,959 $ 263,879
Operating expense 90,482 80,279 336,019 311,719
Adjusted for:
Severance costs included in salaries, wages and employee benefits (484) (665)
Restructuring, impairment and other costs (reversal) 587
Amortization of acquisition related intangibles (203) (203)
Fuel surcharge revenue (12,592) (10,618) (47,770) (38,173)
Adjusted operating expense $ 77,687 $ 69,661 $ 288,149 $ 272,881
Operating income (loss) $ 7,416 $ 3,498 $ 11,710 $ (9,667)
Adjusted operating income (loss) $ 7,619 $ 3,498 $ 11,810 $ (9,002)
Operating ratio 92.4 % 95.8 % 96.6 % 103.2 %
Adjusted operating ratio 91.1 % 95.2 % 96.1 % 103.4 %
 
USAT Logistics Segment       Three Months Ended     Twelve Months Ended
December 31, December 31,
2018     2017 2018     2017
Revenue $ 44,465 $ 40,702 $ 190,992 $ 152,137
Less: intersegment eliminations (1,280) (1,209) (4,661) (7,656)
Operating revenue 43,185 39,493 186,331 144,481
Less: fuel surcharge revenue (4,223) (2,587) (16,035) (10,043)
Base revenue $ 38,962 $ 36,906 $ 170,296 $ 134,438
Operating expense 41,888 37,498 176,822 136,882
Adjusted for:
Severance costs included in salaries, wages and employee benefits (227) (265)
Restructuring, impairment and other costs (reversal) 52
Amortization of acquisition related intangibles
Fuel surcharge revenue (4,223) (2,587) (16,035) (10,043)
Adjusted operating expense $ 37,665 $ 34,911 $ 160,612 $ 126,574
Operating income (loss) $ 1,297 $ 1,995 $ 9,509 $ 7,599
Adjusted operating income (loss) $ 1,297 $ 1,995 $ 9,684 $ 7,864
Operating ratio 97.0 % 94.9 % 94.9 % 94.7 %
Adjusted operating ratio 96.7 % 94.6 % 94.3 % 94.2 %
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(in thousands, except share data)

         
Assets

December 31,
2018

December 31,
2017

Current assets:
Cash $ 989 $ 71
Accounts receivable, net of allowance for doubtful accounts of $575 and $639, respectively 56,003 55,138
Other receivables 5,104 2,787
Inventories 722 458
Assets held for sale 2,611 112
Prepaid expenses and other current assets 7,224   6,025  
Total current assets 72,653 64,591
Property and equipment:
Land and structures 32,434 31,452
Revenue equipment 280,623 252,484
Service, office and other equipment 28,094   26,209  
Property and equipment, at cost 341,151 310,145
Accumulated depreciation and amortization (115,766 ) (122,329 )
Property and equipment, net 225,385 187,816
Intangible assets 22,763
Other assets 1,003   1,448  
Total assets $ 321,804   $ 253,855  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable 22,453 24,332
Current portion of insurance and claims accruals 15,852 13,552
Accrued expenses 8,977 9,108
Current maturities of capital leases 17,292 12,929
Insurance premium financing 4,435   4,115  
Total current liabilities 69,009 64,036
Deferred gain 84 480
Long-term debt 85,300 61,225
Capital leases, less current maturities 53,460 29,216
Deferred income taxes 23,518 21,136
Insurance and claims accruals, less current portion 9,963   11,274  
Total liabilities 241,334 187,367
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 12,011,837 shares, and 12,142,391 shares, respectively 120 121
Additional paid-in capital 66,433 68,667
Retained earnings 77,664 65,460
Less treasury stock, at cost (3,650,060 shares, and 3,853,064 shares, respectively) (63,747 ) (67,760 )
Total stockholders’ equity 80,470   66,488  
Total liabilities and stockholders’ equity $ 321,804   $ 253,855  
 

Contact:

Jason Bates, EVP & CFO
(479) 471-2672
jason.bates@usa-truck.com
Chad Lane, Investor Relations
(479) 471-6680
chad.lane@usa-truck.com

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