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 USA Truck Reports Fourth Quarter 2017 Results
   Thursday, February 01, 2018 4:30:00 PM ET

--4Q17 adjusted net income (a) of $2.8 million, or $0.35 per diluted share, excluding tax law reform impact of approximately $12.0 million, or $1.49 per diluted share

--4Q17 consolidated operating revenue increased 19.5% to $123.3 million from $103.1 million in 4Q16

--Continued improvements in key measures achieved during 4Q17, including base revenue per loaded mile, base revenue per seated tractor per week, and average unseated tractor count

USA Truck, Inc. (USAK ), a leading capacity solutions provider, today announced its financial results for the three months and year ended December 31, 2017.

For the quarter ended December 31, 2017, consolidated operating revenue was $123.3 million compared to $103.1 million for the prior year period. Base revenue, which excludes fuel surcharge revenue, was $110.1 million compared to $92.0 million for the 2016 period. The Company reported net income of $14.8 million, or $1.84 per diluted share, for the fourth quarter of 2017, compared to a net loss of ($3.8) million, or ($0.48) per diluted share, for the same quarter in 2016. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into law, which reduced the federal corporate income tax rate from 35% to 21%. This change required the Company to revalue its deferred tax liabilities as of December 31, 2017 at the new corporate income tax rate, which resulted in a reduction of income tax expense by approximately $12.0 million, or $1.49 per diluted share. Excluding the tax law reform impact, adjusted net income(a) was $2.8 million, or $0.35 per diluted share, representing a year-over-year improvement of $6.5 million, or $0.82 per diluted share. The Company’s fourth quarter 2017 consolidated operating ratio was 95.5%, versus 104.5% in the fourth quarter 2016, representing a 900 basis point improvement year-over-year.

President and CEO James Reed commented, "The fourth quarter adjusted results represent the third highest adjusted EPS for USA Truck in the last 10 years. When I, and other members of our new management team, joined the Company during the course of 2017, we committed to improved operational and financial results. We have now delivered on that commitment for the second consecutive quarter. We are proud of our people - especially our drivers and front-line employees - for their belief in our direction, commitment to our plan, and accountability in driving results. While these results help validate our leadership team’s strategy and execution, the quarter was not without its challenges. We continue to be impacted by this increasingly tight driver and independent contractor recruiting environment, and increasing cost pressures in our logistics business that could threaten margins. These will be our key focus areas throughout 2018, as we seek to further increase shareholder value."

Trucking: For the fourth quarter of 2017, Trucking operating revenue increased $13.8 million, or 19.8%, to $83.8 million, compared to the fourth quarter of 2016. This increase was primarily due to a 20.1% increase in base revenue per loaded mile. Trucking operating income was $3.5 million for the 2017 period and an adjusted operating ratio of 95.2%, compared to a ($6.2) million operating loss and an adjusted operating ratio of 109.8% for the 2016 period. This represents a $9.7 million year-over-year improvement in operating income and a 1,460 basis point improvement in adjusted operating ratio. During the fourth quarter of 2017, the Company increased its participation in seasonal peak freight within its established network over 2016 levels. This was a contributing factor to the significant increase in our base revenue per loaded mile and base revenue per seated tractor.

We remain intensely focused on improving Trucking profitability and driving operational improvements that we believe will help position us for long-term success. The following are specific areas of focus for our Trucking operations:

-- Yield improvements: Our base revenue per loaded mile increased 20.1% to $2.106 in 4Q17 from $1.754 in 4Q16 and a 13.5% increase sequentially over 3Q17. Approximately $0.17 of the year-over-year increase in base revenue per loaded mile for 4Q17 was driven by our increased participation in seasonal peak freight. The remaining $0.18 cents of the year-over-year increase in base revenue per loaded mile for 4Q17 was driven by the ongoing review of pricing and network strategies, customers, markets and lanes.

-- Base revenue per seated tractor per week increased $487 per week, or 16.1% when compared to 4Q16, and $378 per week, or 12.1% when compared to 3Q17.

-- Total miles per seated tractor per week decreased 58 miles per tractor, or 2.9%, when compared to 4Q16, but increased 8 miles per tractor, or 0.4%, sequentially over 3Q17. Deadhead percentage for 4Q17 increased 40 basis points when compared to 4Q16 and 140 basis points sequentially over 3Q17. These metrics were negatively impacted by the strategic decision to participate more extensively in higher margin seasonal peak business.

-- Seated tractors: Our average unseated tractor percentage for 4Q17 was 5.5%, which represents a 380 basis point improvement year-over-year and a 100 basis point improvement sequentially. The average seated tractor count for 4Q17 was 1,588, which represented a 2.7% improvement over our 4Q16 average of 1,547. While the change in both unseated tractor percentage and total seated tractor count improved year-over-year on average for the quarter, each trended unfavorably throughout the quarter, as the driver and independent contractor markets continue to be challenging. We have implemented a variety of initiatives designed to help mitigate this industry-wide issue, and expect this to remain a significant area of focus in 2018.

USAT Logistics: USAT Logistics operational performance improved throughout 4Q17. Operating revenue for the fourth quarter was $39.5 million, representing a 19.0% year-over-year improvement, and a 4.5% improvement sequentially. Gross margin decreased 70 basis points to 17.9% compared to 18.6% in 4Q16. A tightening spot market in the fourth quarter drove up purchased transportation costs, making it increasingly difficult to preserve margins. This was driven in part by the ELD implementation in mid-December that led carriers to raise rates preemptively.

Segment Results

The following table includes key operating results and statistics by reportable segment:

                                                                                                   
                                                                                   Three Months Ended                                                                  Year Ended
                                                                                      December 31,                                                                    December 31,
                                                                   --------------------------------------------------                     --------------------------------------------------------------------
Trucking:                                                              2017             2016                                2017                     2016
                                                                   -------------                     ----------------                     --------------                     ---------------------------------
   Operating revenue (in thousands)                                 $ 83,777                          $ 69,953                            $ 302,052                          $ 294,526
   Operating income (loss) (in thousands) (1)                       $  3,498                          $ (6,181 )                          $  (9,667 )                        $ (14,789 )
   Operating ratio (2)                                                  95.8 %                           108.8    %                           103.2   %                          105.0   %
   Adjusted operating ratio (3)                                         95.2 %                           109.8    %                           103.4   %                          103.5   %
   Total miles (in thousands) (4)                                     40,233                            40,375                              162,599                            172,591
   Deadhead percentage (5)                                              13.7 %                            13.3    %                            13.0   %                           12.9   %
   Base revenue per loaded mile                                     $  2.106                          $  1.754                            $   1.865                          $   1.746
   Average number of in-service tractors (6)                           1,681                             1,705                                1,713                              1,774
   Average number of seated tractors (7)                               1,588                             1,547                                1,592                              1,674
   Average miles per seated tractor per week                           1,928                             1,986                                1,959                              1,972
   Base revenue per seated tractor per week                         $  3,505                          $  3,018                            $   3,179                          $   2,998
   Average loaded miles per trip                                         544                               585                                  557                                583
                                                                                                                                                                                          
USAT Logistics:
   Operating revenue (in thousands)                                 $ 39,493                          $ 33,182                            $ 144,481                          $ 134,573
   Operating income (in thousands) (1)                              $  1,995                          $  1,543                            $   7,599                          $   7,273
   Gross margin (in thousands) (8)                                  $  7,061                          $  6,164                            $  26,686                          $  25,645
   Gross margin percentage (9)                                          17.9 %                            18.6     %                           18.5   %                           19.1   %
                                                                                                                                                                                          

(1) Operating income (loss) is calculated by deducting operating expenses from operating revenue.

(2) Operating ratio is calculated as operating expenses as a percentage of operating revenue.

(3) Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs, and severance costs included in salaries, wages and employee benefits, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue(a).

(4) Total miles include both loaded and empty miles.

(5) Deadhead percentage is calculated by dividing empty miles into total miles.

(6) Tractors include Company-operated tractors in service, plus tractors operated by independent contractors.

(7) Seated tractors are those occupied by drivers.

(8) Gross margin is calculated by deducting purchased transportation expense from USAT Logistics operating revenue.

(9) Gross margin percentage is calculated as gross margin divided by USAT Logistics operating revenue.

                              
                                                                                                                       Three Months Ended
                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   12/31/2017    9/30/2017    6/30/2017    3/31/2017           12/31/2016
                                                  ------------                     -----------                     -----------                     -----------                     ---------------------------
Base revenue per loaded mile                          $ 2.106                         $ 1.856                         $ 1.762                         $ 1.740                          $                1.754
                                                                                                                                                                                          

Balance Sheet and Liquidity

As of December 31, 2017, total debt and capital lease obligations was $107.5 million, our total debt and capital lease obligations, net of cash ("Net Debt")(a), was $107.4 million and total stockholders’ equity was $66.5 million. Net Debt to Adjusted EBITDA(a) decreased sequentially to 3.9x compared with 5.8x as of September 30, 2017. The Company had approximately $61.8 million available to borrow under its credit facility as of December 31, 2017.

Fourth Quarter 2017 Conference Call Information

USA Truck will hold a conference call to discuss its fourth quarter 2017 results on February 2, 2018 at 8:30 AM CT / 9:30 AM ET. To participate in the call, please dial 1-844-824-3828 (U.S./Canada) or 1-412-317-5138 (International). A live webcast of the conference call will be broadcast in the Investor Relations section of the Company’s website, www.usa-truck.com, under the "Events & Presentations" tab of the "Investor Relations" menu. For those who cannot listen to the live broadcast, the presentation materials and an audio replay of the call will be available at our website, www.usa-truck.com, under the "Events & Presentations" tab of the "Investor Relations" menu. A telephone replay of the call will also be available through February 9, 2018, and may be accessed by calling 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), or 1-412-317-0088 (International) and by referencing conference ID #10115759.

(a) About Non-GAAP Financial Information

In addition to our GAAP results, this press release also includes certain non-GAAP financial measures, as defined by the SEC. The terms base revenue, "Net Debt", "EBITDA", "Adjusted EBITDA", "Adjusted operating ratio", "Adjusted net income", and "Adjusted earnings (loss) per diluted share", as we define them, are not presented in accordance with GAAP.

The Company defines Net Debt as total debt, including insurance premium financing and capital lease obligations, net of cash. The Company defines EBITDA as net income (loss), plus interest expense net of interest income, provision for income tax expense (benefit) and depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA plus non-cash equity compensation, impairments on assets held for sale, and severance costs included in salaries, wages and employee benefits. Adjusted operating ratio is calculated as operating expenses less restructuring, impairment and other costs and severance costs included in salaries, wages and employee benefits, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. Adjusted net income is defined as net income, excluding the impact of the Tax Cuts and Jobs Act of 2017. Adjusted earnings (loss) per diluted share is defined as earnings (loss) per share plus the per-share impact of restructuring, impairment and other costs, and severance costs included in salaries, wages and employee benefits, less the per share tax impact of those adjustments using a statutory income tax rate. The per-share impact of each item is determined by dividing it by the weighted average diluted shares outstanding. These financial measures supplement our GAAP results in evaluating certain aspects of our business. We believe that using these measures improves comparability in analyzing our performance because they remove the impact of items from our operating results that, in our opinion, do not reflect our core operating performance. Management and the board of directors focus on Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share as key measures of our performance, all of which are reconciled to the most comparable GAAP financial measures and further discussed below. We believe our presentation of these non-GAAP financial measures is useful to investors and other users because it provides them the same information that we use internally for purposes of assessing our core operating performance.

Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share are not substitutes for their comparable GAAP financial measures, such as net income, cash flows from operating activities, operating margin ratio, diluted earnings per share, or other measures prescribed by GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Pursuant to the requirements of Regulation G and Regulation S-K, we have provided reconciliations of EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted net income, and Adjusted earnings (loss) per diluted share to GAAP financial measures at the end of this press release.

Cautionary Statement Concerning Forward-Looking Statements

Financial information in this press release is preliminary and based upon information available to the Company as of the date of this press release. As such, this information remains subject to the completion of our quarterly review procedures, and the filing of the related Annual Report on Form 10-K, which could result in changes, some of which could be material, to the preliminary information provided in this press release.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These statements generally may be identified by their use of terms or phrases such as "seek," "expects," "estimates," "anticipates," "projects," "believes," "hopes," "plans," "goals," "intends," "may," "might," "likely," "will," "should," "would," "could," "potential," "predict," "continue," "strategy," "future" and terms or phrases of similar substance. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Accordingly, actual results may differ materially from those set forth in the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information, except as required by law. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release might not occur. All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by this cautionary statement.

References to the "Company," "we," "us," "our" and words of similar import refer to USA Truck, Inc. and its subsidiary.

About USA Truck

USA Truck provides comprehensive capacity solutions to a broad and diverse customer base throughout North America. Our Trucking and USAT Logistics divisions blend an extensive portfolio of asset and asset-light services, offering a balanced approach to supply chain management including customized truckload, dedicated contract carriage, intermodal and third-party logistics freight management services. For more information, visit usa-truck.com or usatlogistics.com.

This press release and related information will be available to interested parties at our investor relations website, http://investor.usa-truck.com .

 
                                                                                                                                                                 USA TRUCK, INC.
                                                                                                                                               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
                                                                                                                                                           COMPREHENSIVE INCOME (LOSS)
                                                                                                                                                                   (UNAUDITED)
                                                                                                                                                      (in thousands, except per share data)
 
                                                                                                       Three Months Ended                                                                                                               Year Ended
                                                                                                                             December 31,                                                                                                                                    December 31,
                                                                       -------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------------
Revenue                                                                                       2017                                                2016                                                                   2017                                                 2016
                                                                       --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     -----------------------------------------------------
    Operating revenue                                                                     $ 123,270                                           $ 103,135                                           $ 446,533                                           $    429,099  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
Operating expenses
    Salaries, wages and employee benefits                                                    32,623                                                                 30,077                                                                122,297                                                                   122,408
    Fuel and fuel taxes                                                                      12,841                                                                 10,667                                                                 45,853                                                                    43,179
    Depreciation and amortization                                                             7,150                                                                  7,672                                                                 28,463                                                                    29,954
    Insurance and claims                                                                      6,392                                                                  5,328                                                                 25,628                                                                    21,154
    Equipment rent                                                                            2,724                                                                  1,861                                                                 10,173                                                                     7,443
    Operations and maintenance                                                                8,221                                                                  6,570                                                                 31,001                                                                    34,252
    Purchased transportation                                                                 43,061                                                                 37,321                                                                164,012                                                                   148,972
    Operating taxes and licenses                                                              1,122                                                                  1,310                                                                  4,068                                                                     4,695
    Communications and utilities                                                                770                                                                    835                                                                  2,713                                                                     3,239
    Gain on disposal of assets, net                                                            (222 )                                                                 (357 )                                                                 (773 )                                                                  (1,116 )
    Restructuring, impairment and other costs                                                    --                                                                     --                                                                     --                                                                     5,264
    Impairment on assets held for sale                                                           --                                                                  2,839                                                                     --                                                                     2,839
    Other                                                                  3,095                            3,650                           15,166                              14,332  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
      Total operating expenses                                           117,777                          107,773                          448,601                             436,615  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
Operating income (loss)                                                    5,493                           (4,638 )                                            (2,068 )                                               (7,516 )
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
Other expenses
    Interest expense, net                                                                       886                                                                    969                                                                  3,808                                                                     3,178
    Other, net                                                                76                              101                              387                                 524  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
      Total other expenses, net                                              962                            1,070                            4,195                               3,702  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
Income (loss) before income taxes                                                             4,531                                                                 (5,708 )                                                               (6,263 )                                                                 (11,218 )
Income tax benefit                                                       (10,291 )                                            (1,896 )                                           (13,760 )                                               (3,519 )
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
Net income (loss) and comprehensive income (loss)                                         $  14,822                                           $  (3,812 )                                                            $   7,497                                           $     (7,699 )
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
Net earnings (loss) per share
      Average shares outstanding (basic)                                   8,027                            7,975                            8,029                               8,550  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
      Basic earnings (loss) per share                                                     $    1.85                                           $   (0.48 )                                                            $    0.93                                           $      (0.90 )
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
      Average shares outstanding (diluted)                                 8,036                            7,975                            8,056                               8,550  
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
      Diluted earnings (loss) per share                                                   $    1.84                                           $   (0.48 )                                                            $    0.93                                           $      (0.90 )
                                                                       -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                  
                                                                     
                                                                                                                                                     GAAP TO NON-GAAP RECONCILIATIONS
                                                                                                                                                                (UNAUDITED)
                                                                                                                                          (dollar amounts in thousands, except per share amounts)
                                                                                          
                                                                                                                                     ADJUSTED EARNINGS (LOSS) BEFORE INTEREST, TAXES, DEPRECIATION AND
                                                                                                                                                               AMORTIZATION
                                                                                          
                                                                                                                                                                                      Three Months Ended
                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             12/31/2017                               9/30/2017                               6/30/2017                                            3/31/2017
                                                                                         --------------------------------------------------                     ---------------------------                     -------------------------------------------------                     -----------------------------------------------------
Net income (loss)                                                                                           $  14,822                                                              $   409                                         $ (2,846 )                                                            $     (4,890 )
Add:
      Depreciation and amortization                                                                             7,150                                                                6,790                                            6,879                                                                     7,644
      Income tax (benefit) expense                                                                            (10,291 )                                                                339                                           (1,198 )                                                                  (2,610 )
      Interest expense, net                                                                    886                            970                           950                               1,003  
                                                                                         -------------------- ------- --------------------                      -------------------- -----                      -------------------- ------ --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                            
EBITDA                                                                                                         12,567                                                                8,508                                            3,785                                                                     1,147
Add:
  Non-cash equity compensation                                                                                    170                                                                  137                                              131                                                                        21
  Severance costs included in salaries, wages and employee benefits                             --                             31                            82                                 817  
                                                                                         -------------------- ------- --------------------                      -------------------- -----                      -------------------- ------ --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                            
Adjusted EBITDA                                                                                             $  12,737                                           $ 8,676                                         $  3,998                                           $      1,985  
                                                                                         -------------------- ------- --------------------                      -------------------- -----                      -------------------- ------ --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                               
                                                                                                                                                    ADJUSTED NET INCOME (LOSS) RECONCILIATION
                                                                                                                                                                                                                                       
                                                                                                                                            Three Months Ended                                                                                                                        Year Ended
                                                                                                                                               December 31,                                                                                                                          December 31,
                                                                                         ------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------
                                                                                                                2017                                               2016                                                          2017                                        2016
                                                                                         --------------------------------------------------                     -------------------------------------------------                     --------------------------------                     -----------------------------------------------------
Net income (loss)                                                                                           $  14,822                                                              $ (3,812 )                                                            $   7,497                                            $     (7,699 )
Adjusted for:
  Severance costs included in salaries, wages and employee benefits                                                --                                                                   142                                                                    930                                                     839
  Restructuring, impairment and other costs                                                                        --                                                                    --                                                                     --                                                   5,264
  Income tax effect of adjustments above                                                        --                             (55 )                                              (358 )                             (2,350 )
                                                                                         -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --                      -------------------- ---------- --------------------
  Tax law reform, net                                                                      (12,009 )                                               --                          (12,009 )                                 --  
                                                                                         -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --                      -------------------- ---------- --------------------
Adjusted net income (loss)                                                                                  $   2,813                                           $ (3,725 )                                                            $  (3,940 )                                          $     (3,946 )
                                                                                         -------------------- ------- --------------------                      -------------------- ------ --------------------                      -------------------- ------- --                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                            
                                                                                                                                       ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION
                                                                                                                                                                                                                                    
                                                                                                                                          Three Months Ended                                                                                                                    Year Ended
                                                                                                                                             December 31,                                                                                                                      December 31,
                                                                                         ---------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------
                                                                                                               2017                                              2016                                                        2017                                      2016
                                                                                         ------------------------------------------------                     ------------------------------------------------                     -------------------------------                     ------------------------------------------------
Earnings (loss) per diluted share                                                                           $  1.84                                                              $ (0.48 )                                                            $  0.93                                             $ (0.90 )
Adjusted for:
  Severance costs included in salaries, wages and employee benefits                                              --                                                                 0.02                                                                 0.11                                                0.10
  Restructuring, impairment and other costs                                                                      --                                                                   --                                                                   --                                                0.61
  Income tax effect of adjustments above                                                      --                          (0.01 )                                           (0.04 )                          (0.27 )
                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- ---                      -------------------- ----- --------------------
  Tax law reform, net                                                                      (1.49 )                                              --                          (1.49 )                             --  
                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- ---                      -------------------- ----- --------------------
Adjusted earnings (loss) per diluted share                                                                  $  0.35                                           $ (0.47 )                                                            $ (0.49 )                                           $ (0.46 )
                                                                                         -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- ---                      -------------------- ----- --------------------
                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                              
                                                                                                                                                                                                         ADJUSTED OPERATING RATIO RECONCILIATION
                                                                                                                                                                                                                       (UNAUDITED)
                                                                                                                                                                                                              (dollar amounts in thousands)
                                                                                                                                                                                                                                                                                      
Consolidated                                                                                                                                                         Three Months Ended                                                                                                                                                                          Year Ended
                                                                                                                                                                        December 31,                                                                                                                                                                            December 31,
                                                                                             -------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              2017                                                                     2016                                                                                        2017                                                                     2016
                                                                                             -----------------------------------------------------------------------                     -----------------------------------------------------------------------                     -----------------------------------------------------------------------                     -----------------------------------------------------------------------
Operating revenue                                                                                               $ 123,270                                                                                   $ 103,135                                                                                   $ 446,533                                                                                   $ 429,099
   Less: fuel surcharge revenue                                                                 13,205                             11,156                             48,216                             40,929    
                                                                                             -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
      Base revenue                                                                             110,065                             91,979                            398,317                            388,170    
                                                                                             -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
Operating expense                                                                                                 117,777                                                                                     107,773                                                                                     448,601                                                                                     436,615
   Adjusted for:
      Restructuring, impairment and other costs                                                                        --                                                                                          --                                                                                          --                                                                                      (5,264 )
      Severance costs included in salaries, wages and employee benefits                                                --                                                                                        (142 )                                                                                      (930 )                                                                                      (839 )
      Fuel surcharge revenue                                                                   (13,205 )                                             (11,156 )                                             (48,216 )                                             (40,929 )                     
                                                                                             -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
         Adjusted operating expense                                                                             $ 104,572                                             $  96,475                                             $ 399,455                                             $ 389,583    
                                                                                             -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
            Operating ratio                                                                                          95.5                      %                                                                104.5                      %                                                                100.5                      %                                                                101.8                      %
            Adjusted operating ratio                                                                                 95.0                      %                                                                104.9                      %                                                                100.3                      %                                                                100.4                      %
                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                          
Trucking Segment                                                                                                                                                  Three Months Ended                                                                                                                                                                         Year Ended
                                                                                                                                                                     December 31,                                                                                                                                                                           December 31,
                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2017                                                                     2016                                                                                       2017                                                                     2016
                                                                                          -----------------------------------------------------------------------                     ----------------------------------------------------------------------                     -----------------------------------------------------------------------                     -----------------------------------------------------------------------
Revenue                                                                                                      $  83,930                                                                                   $ 70,377                                                                                   $ 302,943                                                                                   $ 295,807
   Less: intersegment eliminations                                                              153                               424                                891                              1,281    
                                                                                          -------------------- ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
Operating revenue                                                                                               83,777                                                                                     69,953                                                                                     302,052                                                                                     294,526
   Less: fuel surcharge revenue                                                              10,618                             8,591                             38,173                             32,090    
                                                                                          -------------------- ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
   Base revenue                                                                              73,159                            61,362                            263,879                            262,436    
                                                                                          -------------------- ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
Operating expense                                                                                               80,279                                                                                     76,134                                                                                     311,719                                                                                     309,315
   Adjusted for:
   Restructuring, impairment and other costs                                                                        --                                                                                         --                                                                                          --                                                                                      (4,848 )
   Severance costs included in salaries, wages and employee benefits                                                --                                                                                       (142 )                                                                                      (665 )                                                                                      (839 )
   Fuel surcharge revenue                                                                   (10,618 )                                             (8,591 )                                             (38,173 )                                             (32,090 )                     
                                                                                          -------------------- ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
      Adjusted operating expense                                                                             $  69,661                                             $ 67,401                                             $ 272,881                                             $ 271,538    
                                                                                          -------------------- ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
         Operating ratio                                                                                          95.8                      %                                                               108.8                      %                                                                103.2                      %                                                                105.0                      %
         Adjusted operating ratio                                                                                 95.2                      %                                                               109.8                      %                                                                103.4                      %                                                                103.5                      %
                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                            
USAT Logistics Segment                                                                                                                                              Three Months Ended                                                                                                                                                                         Year Ended
                                                                                                                                                                       December 31,                                                                                                                                                                           December 31,
                                                                                             -----------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              2017                                                                    2016                                                                                       2017                                                                     2016
                                                                                             ----------------------------------------------------------------------                     ----------------------------------------------------------------------                     -----------------------------------------------------------------------                     -----------------------------------------------------------------------
Revenue                                                                                                         $ 40,702                                                                                   $ 34,373                                                                                   $ 152,137                                                                                   $ 140,847
   Less: intersegment eliminations                                                              1,209                             1,191                              7,656                              6,274    
                                                                                             -------------------- ------ -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
Operating revenue                                                                                                 39,493                                                                                     33,182                                                                                     144,481                                                                                     134,573
   Less: fuel surcharge revenue                                                                 2,587                             2,565                             10,043                              8,839    
                                                                                             -------------------- ------ -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
   Base revenue                                                                                36,906                            30,617                            134,438                            125,734    
                                                                                             -------------------- ------ -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
Operating expense                                                                                                 37,498                                                                                     31,639                                                                                     136,882                                                                                     127,300
   Adjusted for:
      Restructuring, impairment and other costs                                                                       --                                                                                         --                                                                                          --                                                                                        (416 )
      Severance costs included in salaries, wages and employee benefits                                               --                                                                                         --                                                                                        (265 )                                                                                        --
      Fuel surcharge revenue                                                                   (2,587 )                                             (2,565 )                                             (10,043 )                                              (8,839 )                     
                                                                                             -------------------- ------ -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
         Adjusted operating expense                                                                             $ 34,911                                             $ 29,074                                             $ 126,574                                             $ 118,045    
                                                                                             -------------------- ------ -------------------- --------------------                      -------------------- ------ -------------------- --------------------                      -------------------- ------- -------------------- --------------------                      -------------------- ------- -------------------- --------------------
            Operating ratio                                                                                         94.9                      %                                                                95.3                                %                                                       94.7                      %                                                                 94.6                      %
            Adjusted operating ratio                                                                                94.6                      %                                                                95.0                                %                                                       94.2                      %                                                                 93.9                      %
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                     
                                                                                            CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                         (UNAUDITED)
                                                                                              (in thousands, except share data)
                                                                                                                                                                          
                                                                                                                                                                          
                                                                                                 December 31,                                                            December 31,
 Assets                                                                                                                 2017                                                                    2016
                                                                                                 ---------------------------------------------------                     ---------------------------------------------------
 Current assets:
    Cash                                                                                                            $       71                                                              $      122
    Accounts receivable, net of allowance for doubtful accounts of $639                                                 55,138                                                                  55,127
    and $608, respectively
    Other receivables                                                                                                    2,787                                                                   6,986
    Inventories                                                                                                            458                                                                     413
    Assets held for sale                                                                                                   112                                                                   4,661
    Prepaid expenses and other current assets                                                         6,025                             6,187  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total current assets                                                                           64,591                            73,496  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
 Property and equipment:
    Land and structures                                                                                                 31,452                                                                  31,500
    Revenue equipment                                                                                                  252,484                                                                 269,953
    Service, office and other equipment                                                              26,209                            25,295  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Property and equipment, at cost                                                                                  310,145                                                                 326,748
    Accumulated depreciation and amortization                                                      (122,329 )                                           (106,465 )
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Property and equipment, net                                                                                      187,816                                                                 220,283
 Other assets                                                                                         1,448                             1,189  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total assets                                                                                                  $  253,855                                           $  294,968  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
 Liabilities and Stockholders’ Equity
 Current liabilities:
    Accounts payable                                                                                                $   24,332                                                              $   18,779
    Current portion of insurance and claims accruals                                                                    13,552                                                                  10,665
    Accrued expenses                                                                                                     9,108                                                                   7,533
    Current maturities of capital leases                                                                                12,929                                                                  16,742
    Insurance premium financing                                                                       4,115                             3,943  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total current liabilities                                                                                         64,036                                                                  57,662
 Deferred gain                                                                                                             480                                                                     652
 Long-term debt                                                                                                         61,225                                                                  96,600
 Capital leases, less current maturities                                                                                29,216                                                                  35,133
 Deferred income taxes                                                                                                  21,136                                                                  37,775
 Insurance and claims accruals, less current portion                                                 11,274                             8,558  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total liabilities                                                                                                187,367                                                                 236,380
 Commitments and contingencies                                                                                              --                                                                      --
 Stockholders’ equity:
    Preferred Stock, $.01 par value; 1,000,000 shares authorized; none                                                      --                                                                      --
    issued
    Common Stock, $.01 par value; 30,000,000 shares authorized; issued                                                     121                                                                     122
    12,142,391 shares, and 12,156,376 shares, respectively
    Additional paid-in capital                                                                                          68,667                                                                  68,375
    Retained earnings                                                                                                   65,460                                                                  57,963
    Less treasury stock, at cost (3,853,064 shares, and 3,849,815                                   (67,760 )                                            (67,872 )
    shares, respectively)
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total stockholders’ equity                                          66,488                            58,588  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
      Total liabilities and stockholders’ equity                                         $  253,855                                           $  294,968  
                                                                                                 -------------------- -------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                                                                        

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180201006456r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180201006456/en/

SOURCE: USA Truck, Inc.

USA Truck, Inc. 
Jason Bates, EVP & CFO, 479-471-2672 
jason.bates@usa-truck.com 
or 
Jimmie Acklen, Investor Relations Liaison, 479-471-3430 
jimmie.acklen@usa-truck.com


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