USA Truck Inc. has announced operating revenues, before fuel surcharge, of $67,288,025 for the quarter ended Dec. 31, 2002, an increase of 9.7% from $61,361,075 for the same quarter of 2001.
Net income decreased 15.6% to $526,746 for the fourth quarter of 2002, compared to $624,277 for the same quarter of 2001. Fully diluted net income per share for the quarter ended Dec. 31, 2002 was $.06 compared to $.07 for the same quarter of 2001, a decrease of 14.3%.
For the 12-month period ended Dec. 31, 2002, operating revenues, before fuel surcharge, increased 9.9% to $268,509,770 from $244,396,402 for the 12-month period ended Dec. 31, 2001. Net income increased 139.3% to $2,601,834 for the 12-month period ended Dec. 31, 2002, compared to $1,087,211 for the same period in 2001. Fully diluted net income per share for the 12-month period ended Dec. 31, 2002 was $.28 compared to $.12 for the 12-month period ended Dec. 31, 2001, an increase of 133.3%.
In comparing the 4th quarter financial results, Robert M. Powell, chairman and CEO of the company, said, "We saw continued top-line growth during the fourth quarter. Freight demand remained relatively strong throughout the quarter, though Christmas week brought diminished volume due to the mid-week holiday. We continue to concentrate on our revenue mix (rate per mile, empty miles and equipment utilization). We were able to increase base freight rates -- net of fuel surcharges -- on non-purchased transportation revenue by 2.1% in the fourth quarter of 2002 compared to the same quarter a year ago, and we posted a significantly better empty mile factor of 8.71% for the quarter.
"We will continue to focus on the four primary cost areas of revenue mix, driver pay, insurance/safety and maintenance until we are satisfied that we have maximized our bottom line."
USA Truck is a medium haul, common and contract carrier specializing in truckload quantities of general commodities.
Net income decreased 15.6% to $526,746 for the fourth quarter of 2002, compared to $624,277 for the same quarter of 2001. Fully diluted net income per share for the quarter ended Dec. 31, 2002 was $.06 compared to $.07 for the same quarter of 2001, a decrease of 14.3%.
For the 12-month period ended Dec. 31, 2002, operating revenues, before fuel surcharge, increased 9.9% to $268,509,770 from $244,396,402 for the 12-month period ended Dec. 31, 2001. Net income increased 139.3% to $2,601,834 for the 12-month period ended Dec. 31, 2002, compared to $1,087,211 for the same period in 2001. Fully diluted net income per share for the 12-month period ended Dec. 31, 2002 was $.28 compared to $.12 for the 12-month period ended Dec. 31, 2001, an increase of 133.3%.
In comparing the 4th quarter financial results, Robert M. Powell, chairman and CEO of the company, said, "We saw continued top-line growth during the fourth quarter. Freight demand remained relatively strong throughout the quarter, though Christmas week brought diminished volume due to the mid-week holiday. We continue to concentrate on our revenue mix (rate per mile, empty miles and equipment utilization). We were able to increase base freight rates -- net of fuel surcharges -- on non-purchased transportation revenue by 2.1% in the fourth quarter of 2002 compared to the same quarter a year ago, and we posted a significantly better empty mile factor of 8.71% for the quarter.
"We will continue to focus on the four primary cost areas of revenue mix, driver pay, insurance/safety and maintenance until we are satisfied that we have maximized our bottom line."
USA Truck is a medium haul, common and contract carrier specializing in truckload quantities of general commodities.
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