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USA Truck Reports 3Q Loss; Management Declines Celadon Bid to Meet

10/21/2011 2:30:00 PM
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Michael G. Malloy/TT

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.

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USA Truck Reports 3Q Loss; Management Declines Celadon Bid to Meet (10/21/2011 2:30:00 PM)
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Emil Estafanous, CPA, CFF, CGMA