USA Truck reports fourth-quarter loss.
The Van Buren dry van truckload carrier reported $95.7 million in revenue for the fourth quarter, compared with $92.2 million for the same quarter of 2006.
However, the company recorded a net loss of $1.6 million, or 15 cents a share, compared with net income of $1.2 million, or 11 cents a share, for the final period of 2006.
For 2007, revenue increased 1.5 percent to $391.2 million from $385.3 million the year before.
Net income fell last year, with the company barely escaping going into the red. Income dropped from $12.4 million, or $1.08 a share, in 2006 to about $140,000, or 1 cent a share, for 2007.
"A challenging freight environment characterized by the continued imbalance between freight demand and industry capacity constrained revenue volume," said Cliff Beckham, president and CEO. "The accrual of pre-judgment interest and legal fees associated with an adverse litigation verdict, higher fuel prices and an increase in fleet maintenance costs also impacted earnings."
In August, a jury held that USA Truck breached a contract. In December, the court ordered USA Truck to pay $1.7 million in pre-judgment interest and legal fees. The ruling hurt fourth-quarter earnings by 10 cents a share.
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|Title Annotation:||Public Reports|
|Article Type:||Financial report|
|Date:||Jan 28, 2008|
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