Trucker sees loss, removes its CFO

USA Truck filing notes Ming firing

Thursday, January 3, 2013

— USA Truck Inc. of Van Buren, which reported its largest quarterly loss ever in October, has fired its chief financial officer, according to a filing with the U.S. Securities and Exchange Commission.

The trucking company fired Darron Ming, 37, who also served as executive vice president, on Dec. 26. Ming joined the company in 2000 as accounting manager and held positions that included controller, treasurer and vice president of finance, according to a profile on the Forbes magazine website.

No reason was stated for the termination and company officials and Ming could not be reached for comment Wednesday. Ming’s total compensation in 2011 was $234,548, according to a company filing. That included a salary of $204,726.

The dry van truckload company, in business since 1986, announced a $6.1 million net quarterly loss for the third quarter, and $14.4 million in net losses over the year’s first three quarters. The publicly traded company said workers’ compensation and health claim increases and a write-off of deferred debt issuance costs hurt its balance sheet, along with weak freight demand, rising fuel prices and a shortage of drivers.

In a November interview, Cliff Beckham, chief executive officer and president, said the board intended to turn the company around. “We’re strategically positioning all the pieces to be able to execute the long-term plan,” he said.

The personnel change is the third for the trucking company’s executive staff and board of directors since early November.

On Nov. 8, USA Truck announced that is was implementing a stockholders’ rights plan, also known as a “poison pill,” to avoid any hostile takeover attempts and made two changes in directors’ positions. Board member Robert Peiser, who has executive experience helping to turn around troubled companies, was appointed chairman of the board to succeed Terry Elliott. Named to the board was Robert Creager, formerly with PriceWaterhouseCoopers.

In late November, the company announced the hiring of consultant and longtime trucking executive Thomas Glaser as interim chief operating officer, effective Tuesday..

USA Truck stock closed Wednesday at $3.49 per share, up 4 cents for the day. The stock has traded between $2.65 and $9.46 over the past 12 months.

Ranked the 49th-largest for-hire trucker in the nation, USA Truck transports general commodities through the U.S. and parts of Canada and Mexico. It employs 3,020 and owns 2,304 tractors and 6,318 trailers, according to a Transport Topics, a trucking and freight company trade publication.

Information for this report was contributed by David Smith of the Arkansas Democrat-Gazette.

Business, Pages 21 on 01/03/2013