USA Truck on Thursday, April 21, announced base revenue of $99.7 million for the first quarter ended March 31, an increase of 11.7 percent from $89.2 million for the same quarter of 2010. The company incurred a net loss of $2.7 million compared to a net loss of $3.0 million.
“While we made substantial strategic progress during the quarter, our advances were almost entirely offset by exogenous factors,” said Cliff Beckham, president and chief executive officer of Van Buren, Ark.-based USA Truck. “We posted healthy revenue growth, particularly in our SCS and Intermodal service offerings, and we improved our earnings per share through continued execution of our VEVA (Vision for Economic Value Added) strategic plan. However, rising fuel prices, unusually harsh winter weather, increased government regulation and a tightening market for drivers combined to significantly and adversely impact our results.”
Beckham said the company’s underlying strategic progress has been meaningful. “In addition to narrowing our net loss during the quarter, we also improved operating cash flow, free cash flow and the overall health of our balance sheet,” he said. “We believe freight and capacity dynamics in the marketplace are favorable for additional pricing gains in the second quarter, which we expect will benefit all three of our business segments as we press forward with the VEVA strategic plan.”
