USA Truck of Van Buren, Ark., announced base revenue of $95.7 million for the fourth quarter ended Dec. 31, 2007, an increase of 3.8 percent from $92.2 million for the same quarter of 2006.
Net income decreased from $1.2 million for the quarter ended Dec. 31, 2006, to a net loss of $1.6 million for the same quarter of 2007.
Base revenue increased 1.5 percent from $385.3 million for the 12 months ended Dec. 31, 2006, to $391.2 million for 2007. Net income decreased from $12.4 million for the 12 months ended Dec. 31, 2006, to about $140,000 for 2007.
Cliff Beckham, USA Truck's president and CEO, said, "A challenging freight environment characterized by the continued imbalance between freight demand and industry capacity constrained revenue volume. The accrual of pre-judgment interest and legal fees associated with an adverse litigation verdict, higher fuel prices and an increase in fleet maintenance costs also impacted earnings.
"Despite the adverse freight environment, our continued focus on fundamentals showed signs of progress. Our improved empty mile factor and significantly reduced driver turnover (24.6 percentage points) resulted in fewer unmanned tractors and increased miles per tractor per week. The driver turnover reduction coupled with nearly flat fleet growth led to reduced driver recruiting costs.
"However, much of the improved operational efficiency was offset by intense competition in the marketplace that drove our Trucking revenue per loaded mile down 2.8 percent. Overall, base revenue per tractor per week improved, but not enough to overcome increased costs."
Net income decreased from $1.2 million for the quarter ended Dec. 31, 2006, to a net loss of $1.6 million for the same quarter of 2007.
Base revenue increased 1.5 percent from $385.3 million for the 12 months ended Dec. 31, 2006, to $391.2 million for 2007. Net income decreased from $12.4 million for the 12 months ended Dec. 31, 2006, to about $140,000 for 2007.
Cliff Beckham, USA Truck's president and CEO, said, "A challenging freight environment characterized by the continued imbalance between freight demand and industry capacity constrained revenue volume. The accrual of pre-judgment interest and legal fees associated with an adverse litigation verdict, higher fuel prices and an increase in fleet maintenance costs also impacted earnings.
"Despite the adverse freight environment, our continued focus on fundamentals showed signs of progress. Our improved empty mile factor and significantly reduced driver turnover (24.6 percentage points) resulted in fewer unmanned tractors and increased miles per tractor per week. The driver turnover reduction coupled with nearly flat fleet growth led to reduced driver recruiting costs.
"However, much of the improved operational efficiency was offset by intense competition in the marketplace that drove our Trucking revenue per loaded mile down 2.8 percent. Overall, base revenue per tractor per week improved, but not enough to overcome increased costs."
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