The board of directors for trucking and logistics provider USA Truck has unanimously voted to terminate the company's stockholders' rights plan, effective April 11.
The plan, also know as a “poison pill,” was adopted in November 2012 by the Arkansas-based company’s board to ward off any unsolicited takeover attempts as the company began implementing a turnaround program, following financial problems and a drop in its stock price.
"Over the past 18 months, under the leadership of President and CEO John Simone, we expanded our senior management team and began capitalizing on USA Truck's blue-chip customer base, dedicated employees and substantial assets,” said Chairman of the Board Robert A. Peiser. “With the turnaround well underway, and with our stock price having appreciated well above the price existing at the time of the plan's adoption, the plan has served its intended purpose. The board's decision to terminate the plan demonstrates our confidence in the company's management team, ongoing strategy and employees."
USA Truck has yet to release its first quarter financial statement, but in the final quarter of 2013 it reported a net loss of nearly $4.7 million, slightly higher than the same time a year earlier. For all of last year its net loss was $9.1 million compared to more than $17.6 million in 2012.