USA Truck Inc. today, Oct. 16, announced base revenue of $103.7 million for the three months ended Sept. 30, an increase of 4.4 percent from $99.3 million for the same quarter of 2007. Net income increased to $2.4 million from $16,000.
For the nine months ended Sept. 30, base revenue increased 3.1 percent to $304.7 million from $295.5 million for the nine months ended Sept. 30, 2007. Net income increased 48.0 percent to $2.5 million from $1.7 million.
“Freight availability declined throughout the quarter from its highs in June.” said Clifton R. Beckham, president and chief executive officer of the Van Buren, Ark.-based company. “Although lower diesel fuel prices certainly helped our third-quarter earnings, the diesel price decrease prevented some weak carriers from failing or encouraged them to bring on capacity that had been idled, both of which contributed to more competition for less freight.”
Bechham said the company’s employees rose to meet the challenges of a deteriorating freight environment to post significant year-over-year improvements in most of its key operating metrics as they continued to successfully execute USA Truck’s long-term strategic plan. “While we continue progressing towards our long-term goals, we will also manage our capital and our business operations conservatively in the uncertain near-term,” he said. “We believe that our long-term strategic plan positions our business well for performance in difficult times, but it will require intensity and execution on the part of our team. That will be our focus as the fourth quarter unfolds.”