USA Truck Reports 3Q Loss; Management Declines Celadon Bid to Meet
USA Truck reported a third-quarter loss and said its board declined to meet with Celadon Group, which recently bought a small stake in the truckload carrier.
The company lost $4.3 million, or 42 cents per share, compared with net income of $600,000, or 6 cents, a year ago.
Revenue rose 9.6% to $130.1 million, the company said Friday.
USA Truck said in August that it was likely to report a third-quarter loss, in part due to implementation of new enterprise management software.
Celadon last week announced it had bought a 6.3% stake in USA Truck and there had been speculation it might seek to gain more.
USA Truck cited its board’s “desire to remain focused on increasing value through operational improvements” and said it “unanimously decided to decline a meeting [with Celadon] at this time.”
USA Truck is ranked No. 50 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Celadon Group is No. 42.
