USA Truck Inc. reported Monday a first-quarter net loss of $2.5 million, or 24 cents per share, compared with a net loss of $4.9 million, or 47 cents per share, for the same period in 2012.
Base revenue of $104.9 million was an increase from the $97.8 million generated in the same quarter of 2012, the company also said.
"Overall Company base revenue improved by 7.2% and operating costs were held to an increase of 3.5%, thus improving operating margin by over 400 basis points," President and Chief Executive Officer John Simone said in the statement. "Our operational execution continues to improve, helping us overcome difficult weather conditions across our operating areas and fewer business days due to leap year and an early Easter. We are pleased with our progress, and our top priority is returning to profitability as quickly as possible and restoring shareholder value."
The Van Buren-based transportation and logistic provider said improvements in its trucking section were a driving factor in its results, citing cost-control initiatives, including efforts to reduce driver turnover.
"Our Trucking segment led the way with a 50.0% improvement in operating results on revenue growth of 5.1% while expenses grew at 1.0%, yielding a 550 basis point improvement," the company said in a statement. "The yield management initiatives we began implementing during 2012 are gradually improving our freight network."
The company said it sees "significant opportunities" to reduce costs in the areas of equipment operation, fuel and safety. "We are conducting a broad assessment of our processes in those three areas, among others, and are designing and deploying initiatives that we believe will unlock the earnings leverage in our Trucking model," it said in the statement.
Company executives said in the statement that they believe the company's balance sheet and liquidity remain "adequate to support our operating needs for the foreseeable future." The company reported that its outstanding debt, less cash, represented 57.5 percent of its total capitalization at the end of the quarter, compared with 48.9 percent on March 31, 2012, and that it remains in compliance with its five-year, $125 million revolving credit facility.
Company executives have planned a 10 a.m. conference call, which interested parties may listen to by dialing (800) 351-6807 and entering the access code 541247.
An audio recording of the call will be available for the next 60 days by calling (877) 919-4059 and using the code 71588576.