USA Truck’s Loss Narrows in 3Q
USA Truck said its net loss in the third quarter fell 90% to $602,000, or 6 cents per share, from $6.1 million, or 59 cents, a year earlier.
The truckload carrier‘s revenue grew 14% in this year’s quarter to $141.8 million, USA Truck said in an Oct. 17 statement.
“The continued, accelerating improvement in our results clearly illustrates the rapid progress we’re making in our turnaround,” CEO John Simone said. “The third quarter of 2013 marked our fourth consecutive quarter of substantially improved operating and bottom-line results.”
While revenue grew 14%, operating expenses only increased 6.8%, the company reported.
Knight Transportation Inc., ranked No. 31 on the Transport Topics Top 100 list of largest U.S. and Canadian for-hire carriers, offered to take over USA Truck in September. The bid was rejected. Knight continued to negotiate the takeover, leading USA Truck to sue it for allegedly revealing confidential information from the negotiations.
USA Truck, ranked No. 52 on the TT100 list of for-hire carriers, had cited its improving financial situation as a reason for rejecting Knight’s offer.
