Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | USA TRUCK INC | |
Entity Central Index Key | 883,945 | |
Trading Symbol | usak | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 8,383,242 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 1,122 | $ 87 |
Accounts receivable, net of allowance for doubtful accounts of $587 and $608, respectively | 53,801 | 53,324 |
Other receivables | 4,086 | 5,094 |
Inventories | 477 | 748 |
Assets held for sale | 5,524 | 7,979 |
Income taxes receivable | 7,641 | 6,159 |
Prepaid expenses and other current assets | 4,796 | 4,876 |
Total current assets | 77,447 | 78,267 |
Property and equipment: | ||
Land and structures | 31,663 | 32,910 |
Revenue equipment | 292,317 | 289,045 |
Service, office and other equipment | 24,049 | 22,156 |
Property and equipment, at cost | 348,029 | 344,111 |
Accumulated depreciation and amortization | (125,615) | (137,327) |
Property and equipment, net | 222,414 | 206,784 |
Other assets | 1,301 | 1,405 |
Total assets | 301,162 | 286,456 |
Current liabilities: | ||
Accounts payable | 26,763 | 24,473 |
Current portion of insurance and claims accruals | 11,497 | 10,706 |
Accrued expenses | 10,776 | 8,836 |
Current maturities of capital leases | 16,901 | 12,190 |
Total current liabilities | 65,937 | 56,205 |
Deferred gain | 619 | 701 |
Long-term debt, less current maturities | 97,000 | 70,400 |
Capital leases, less current maturities | 18,642 | 18,845 |
Deferred income taxes | 40,386 | 37,943 |
Insurance and claims accruals, less current portion | 8,558 | 8,585 |
Total liabilities | 231,142 | 192,679 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $.01 par value; 1,000,000 shares authorized | ||
Common Stock, $.01 par value; 30,000,000 shares authorized; issued 12,107,609 shares, and 11,946,253 shares, respectively | 121 | 119 |
Additional paid-in capital | 67,628 | 67,370 |
Retained earnings | 62,718 | 65,871 |
Less treasury stock, at cost (3,445,807 shares, and 2,286,608 shares, respectively) | (60,447) | (39,583) |
Total stockholders’ equity | 70,020 | 93,777 |
Total liabilities and stockholders’ equity | $ 301,162 | $ 286,456 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 587 | $ 608 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 12,107,609 | 11,946,253 |
Treasury stock (in shares) | 3,445,807 | 2,286,608 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
Operating revenue | $ 109,888 | $ 133,573 | $ 220,506 | $ 266,460 |
Operating expenses: | ||||
Salaries, wages and employee benefits | 30,627 | 35,636 | 63,201 | 73,508 |
Fuel and fuel taxes | 11,391 | 16,257 | 21,580 | 34,235 |
Depreciation and amortization | 7,599 | 10,447 | 14,871 | 21,249 |
Insurance and claims | 5,438 | 5,903 | 10,206 | 12,097 |
Equipment rent | 1,861 | 866 | 3,722 | 1,649 |
Operations and maintenance | 10,299 | 10,610 | 19,512 | 20,901 |
Purchased transportation | 38,030 | 42,646 | 74,432 | 81,416 |
Operating taxes and licenses | 1,260 | 1,462 | 2,381 | 2,782 |
Communications and utilities | 851 | 880 | 1,731 | 1,743 |
Gain on disposal of assets, net | (182) | (2,255) | (578) | (2,758) |
Restructuring, impairment and other costs | 5,264 | |||
Other | 3,271 | 5,307 | 7,104 | 9,298 |
Total operating expenses | 110,445 | 127,759 | 223,426 | 256,120 |
Operating (loss) income | (557) | 5,814 | (2,920) | 10,340 |
Other expenses (income): | ||||
Interest expense, net | 731 | 549 | 1,295 | 1,179 |
Loss on extinguishment of debt | 750 | |||
Other, net | 133 | 370 | 337 | 572 |
Total other expenses, net | 864 | 919 | 1,632 | 2,501 |
(Loss) income before income taxes | (1,421) | 4,895 | (4,552) | 7,839 |
Income tax (benefit) expense | (75) | 2,125 | (1,399) | 3,434 |
Net (loss) income and comprehensive (loss) income | $ (1,346) | $ 2,770 | $ (3,153) | $ 4,405 |
Net (loss) income per share information: | ||||
Average shares outstanding (basic) (in shares) | 8,734 | 10,435 | 9,069 | 10,423 |
Basic (loss) earnings per share (in dollars per share) | $ (0.15) | $ 0.27 | $ (0.35) | $ 0.42 |
Average shares outstanding (diluted) (in shares) | 8,734 | 10,516 | 9,069 | 10,524 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.15) | $ 0.26 | $ (0.35) | $ 0.42 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 11,946 | ||||
Balance at Dec. 31, 2015 | $ 119 | $ 67,370 | $ 65,871 | $ (39,583) | $ 93,777 |
Exercise of stock options | 2 | 2 | |||
Excess tax benefit from exercise of stock options | (55) | (55) | |||
Purchase of treasury stock | (40) | (20,864) | (20,904) | ||
Share-based compensation | 393 | 393 | |||
Restricted stock award grant (in shares) | 249 | ||||
Restricted stock award grant | $ 3 | (2) | 1 | ||
Forfeited restricted stock (in shares) | (87) | ||||
Forfeited restricted stock | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (1) | ||||
Net share settlement related to restricted stock vesting | (41) | (41) | |||
Net (loss) income | (3,153) | (3,153) | |||
Balance (in shares) at Jun. 30, 2016 | 12,108 | ||||
Balance at Jun. 30, 2016 | $ 121 | $ 67,628 | $ 62,718 | $ (60,447) | $ 70,020 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts Payable [Member] | ||
Supplemental disclosure of non-cash investing activities: | ||
Purchases of revenue equipment included in accounts payable | $ 7,932 | $ 10,790 |
Net (loss) income | (3,153) | 4,405 |
Depreciation and amortization | 14,871 | 21,249 |
Provision for doubtful accounts | 440 | 397 |
Deferred income taxes, net | 2,443 | (2,946) |
Share-based compensation | 393 | 356 |
Gain on disposal of assets, net | (578) | (2,758) |
Loss on extinguishment of debt | 750 | |
Impairment of property and equipment | 1,070 | |
Other | (82) | (4) |
Accounts receivable | (1,391) | 7,590 |
Inventories and prepaid expenses | 351 | (2,264) |
Accounts payable and accrued liabilities | 275 | (11,898) |
Insurance and claims accruals | 1,204 | 1,740 |
Other long-term assets and liabilities | 103 | (834) |
Net cash provided by operating activities | 15,396 | 39,579 |
Capital expenditures | (27,065) | (20,643) |
Proceeds from sale of property and equipment | 12,696 | 15,946 |
Net cash used in investing activities | (14,369) | (4,697) |
Borrowings under long-term debt | 46,237 | 111,236 |
Payments on long-term debt | (19,637) | (129,355) |
Payments on capitalized lease obligations | (3,487) | (12,663) |
Net change in bank drafts payable | (2,108) | (3,125) |
Excess tax (benefit) payments from exercise of stock options | (55) | 537 |
Principal payments on note payable | (896) | |
Purchase of common stock | (20,904) | |
Net payments on stock-based awards | (38) | (117) |
Net cash provided by (used in) financing activities | 8 | (34,383) |
Increase in cash | 1,035 | 499 |
Beginning of period | 87 | 205 |
End of period | 1,122 | 704 |
Interest | 1,283 | 1,139 |
Income taxes | $ 132 | $ 103 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 – BASIS OF PRESENTATION In the opinion of the management of USA Truck, Inc., the accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted. All normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These financial statements should be read in conjunction with the financial statements, and footnotes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company has recast certain prior period amounts to reflect the change in accounting principle for tires as disclosed in its Form 10-Q for the period ending September 30, 2015. |
Note 2 - Note Receivable
Note 2 - Note Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2 – NOTE RECEIVABLE During 2010, the Company sold its terminal facility in Shreveport, Louisiana. In connection with this sale, the purchaser gave the Company cash in the amount of $0.2 million and a note receivable in the amount of $2.1 million due November 2015, which was recorded in the line item “Other receivables” in the accompanying condensed consolidated balance sheets. The purchaser/debtor defaulted on the note receivable by not making the principal payment in November 2015, and the Company is undertaking actions to collect. The note receivable is collateralized by a first priority mortgage on the property. The Company believes, based on a recent appraisal, the value of the property exceeds the amount of the note receivable plus collection costs. Accordingly, no valuation allowance has been recorded. The Company had previously deferred $0.7 million of gain on the sale of the property, with gain recognized into earnings only as payments on the note receivable were received. In February 2016, the Company, and the purchaser-debtor modified the original asset sale agreement (hereinafter referred to as the “Original Agreement”) for the property as a result of the default by the purchaser debtor in November 2015. The modifications to the Original Agreement are as follows: (1) As of January 1 , 2016 , the purchaser/debtor will no longer make monthly payments to the Company , as required under the Original Agreement. (2) The purchaser/debtor agrees that in addition to the balloon payment of $1.9 million , the Company shall also be entitled to receive 25% of the net sale proceeds from any future sale (including any foreclosure sale) of the property in excess of the balloon payment , closing costs , and realtor commissions. (3) At any time , the Company retains the right to enforce its rights as creditor , mortgagee , and holder of vendor’s privilege and declare the unpaid portion of the purchase price , interest , costs , and attorneys’ fees immediately due and payable. The Company’s rights include instituting foreclosure proceedings and/or other legal action. |
Note 3 - Equity Compensation an
Note 3 - Equity Compensation and Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 3 – EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the “Incentive Plan”) in May 2014. The Incentive Plan replaced the 2004 Equity Incentive Plan (“the “Prior Plan”) and provides for the granting of equity-based awards covering up to 500,000 shares of common stock to directors, officers and other key employees and consultants, in addition to the shares available under the Prior Plan on the effective date of the “Incentive Plan”. As of June 30, 2016, 176,669 shares remain available for the issuance of future equity-based compensation awards. |
Note 4 - Repurchase of Equity S
Note 4 - Repurchase of Equity Securities | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 4 – REPURCHASE OF EQUITY SECURITIES On February 2, 2016 the Company’s board of directors announced the repurchase of up to an additional two million shares of the Company’s common stock, which will expire in February 2019 unless earlier terminated or extended by the board of directors. During the six months ended June 30, 2016, the Company, through a Rule 10b5-1 plan, repurchased 1,163,575 shares at an average price of $18.06 per share for an aggregate cost of approximately $20.9 million. Of the shares repurchased during 2016, 46,262 related to the stock repurchase program authorized by the board of directors in August 2015. |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 5 – SEGMENT REPORTING The Company’s two reportable segments are Trucking and USAT Logistics. During the first quarter of 2016, the Company rebranded its asset-light business, formerly known as Strategic Capacity Solutions (“SCS”) as USAT Logistics (“USAT Logistics”). Trucking USAT Logistics. In determining its reportable segments, the Company focuses on financial information, such as operating revenues, operating expense categories, operating ratios, operating income and key operating statistics, which the Company’s management uses to make operating decisions. Assets are not allocated to USAT Logistics, as those operations provide truckload freight services to customers through arrangements with third party carriers who utilize their own equipment. To the extent rail intermodal operations require the use of Company-owned assets, they are obtained from the Company’s Trucking segment on an as-needed basis. Depreciation and amortization expense is allocated to USAT Logistics based on the assets specifically utilized to generate revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for USAT Logistics are specifically identifiable direct costs or are allocated to USAT Logistics based on relevant drivers. A summary of operating revenue by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Operating revenue Trucking revenue $ 75,750 $ 93,846 $ 151,786 $ 190,248 Trucking intersegment eliminations (246 ) (419 ) (580 ) (1,034 ) Trucking operating revenue 75,504 93,427 151,206 189,214 USAT Logistics revenue 37,087 41,605 72,997 80,276 USAT Logistics intersegment eliminations (2,703 ) (1,459 ) (3,697 ) (3,030 ) USAT Logistics operating revenue 34,384 40,146 69,300 77,246 Total operating revenue $ 109,888 $ 133,573 $ 220,506 $ 266,460 Operating revenue includes foreign revenue of $9.6 million and $19.3 million for the three and six months ended June 30, 2016, respectively, and $10.0 million and $21.8 million for the three and six months ended June 30, 2015, respectively. All foreign revenue is collected in US dollars. A summary of operating (loss) income by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Operating (loss) income Trucking $ (2,733 ) $ 2,556 $ (7,102 ) $ 4,105 USAT Logistics 2,176 3,258 4,182 6,235 Total operating (loss) income $ (557 ) $ 5,814 $ (2,920 ) $ 10,340 A summary of depreciation and amortization by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Depreciation and amortization Trucking $ 7,470 $ 10,381 $ 14,620 $ 21,125 USAT Logistics 129 66 251 124 Total depreciation and amortization $ 7,599 $ 10,447 $ 14,871 $ 21,249 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): June 30, December 31, 2016 2015 Salaries, wages and employee benefits $ 5,106 $ 4,359 Federal and state tax accruals 2,081 1,712 Restructuring, impairment and other costs (1) 2,107 773 Accrued third party maintenance 282 525 Other 1,200 1,467 Total accrued expenses $ 10,776 $ 8,836 (1) Refer to Note 13 of the footnotes to the Company’s condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7 – LONG-TERM DEBT Long-term debt consisted of the following (in thousands): June 30, December 31, 2016 2015 Revolving credit agreement $ 97,000 $ 70,400 Total debt $ 97,000 $ 70,400 In February 2015, the Company entered into a new senior secured revolving credit facility (the “Credit Facility”) with a group of lenders and Bank of America, N.A., as agent (“Agent”). Contemporaneously with the funding of the Credit Facility, the Company paid off the obligations under and terminated its prior credit facility. The Credit Facility is structured as a $170.0 million revolving credit facility , with an accordion feature that , so long as no event of default exists , allows the Company to request an increase in the revolving credit facility of up to $80.0 million , exercisable in increments of $20.0 million. The Credit Facility is a five-year facility scheduled to terminate on February 5 , 2020. Borrowings under the Credit Facility are classified as either “base rate loans” or “LIBOR loans”. Base rate loans accrue interest at a base rate equal to the Agent’s prime rate plus an applicable margin that is set at 0.50% through May 31 , 2016 and adjusted quarterly thereafter between 0.25% and 1.00% based on the Company’s consolidated fixed charge coverage ratio. LIBOR loans accrue interest at LIBOR plus an applicable margin that is set at 1.50% through May 31 , 2016 and adjusted quarterly thereafter between 1.25% and 2.00% based on the Company’s consolidated fixed charge coverage ratio. The Credit Facility includes, within its $170.0 million revolving credit facility , a letter of credit sub-facility in an aggregate amount of $15.0 million and a swing line sub-facility (the “Swing line”) in an aggregate amount of $20.0 million. An unused line fee of 0.25% is applied to the average daily amount by which the lenders’ aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The Credit Facility is secured by a pledge of substantially all of the Company’s assets , except for any real estate or revenue equipment financed outside the Credit Facility. Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 million; or (B) the sum of (i) 90% of eligible investment grade accounts receivable (reduced to 85% in certain situations) , plus (ii) 85% of eligible non-investment grade accounts receivable , plus (iii) the lesser of (a) 85% of eligible unbilled accounts receivable and (b) $10.0 million , plus (iv) the product of 85% multiplied by the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment , plus (v) 85% multiplied by the net book value of otherwise eligible newly acquired revenue equipment that has not yet been subject to an appraisal. The Credit Facility contains a single springing financial covenant , which requires the Company to maintain a consolidated fixed charge coverage ratio of at least 1.0 to 1.0. The financial covenant springs only in the event excess availability under the Credit Facility drops below 10% of the lenders’ total commitments under the Credit Facility. The Credit Facility includes usual and customary events of default for a facility of this nature and provides that , upon the occurrence and continuation of an event of default , payment of all amounts payable under the Credit Facility may be accelerated , and the lenders’ commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to , among other things , dividends , liens , acquisitions and dispositions , affiliate transactions , and the incurrence of other indebtedness. The average interest rate, including all borrowings made under the Credit Facility, as of June 30, 2016 was 2.43%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of June 30, 2016, the Company had outstanding $4.3 million in letters of credit and had approximately $67.8 million available under the Credit Facility. The Company had approximately $58 million available under its credit facility as of July 31, 2016. |
Note 8 - Leases and Commitments
Note 8 - Leases and Commitments | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 8 – LEASES AND Commitments CAPITAL LEASES The Company leases certain equipment under capital leases with terms ranging from 15 to 60 months. Capitalized Costs Accumulated Amortization Net Book Value June 30, 2016 $ 51,887 $ 16,259 $ 35,628 December 31, 2015 45,170 12,896 32,274 The Company has capitalized lease obligations relating to revenue equipment at June 30, 2016 of $35.5 million, of which $16.9 million represents the current portion. Such leases have various termination dates extending through September 2019 and contain renewal or fixed price purchase options. The interest rates on the leases range from 1.68% to 4.99% as of June 30, 2016. The lease agreements require payment of property taxes, maintenance and operating expenses. Amortization of capital leases was $1.2 million and $2.5 million for the three and six months ended June 30, 2016, respectively, and $2.5 million and $5.2 million for the three and six months ended June 30, 2015, respectively. OPERATING LEASES Rent expense associated with operating leases was $2.4 million and $4.5 million for the three and six months ended June 30, 2016, respectively, and $1.4 million and $2.5 million for the three and six months ended June 30, 2015, respectively. Rent expense relating to tractors, trailers and other operating equipment is included in the “Equipment rent,” line item while rent expense relating to office equipment is included in the “Operations and maintenance” line item in the accompanying condensed consolidated statements of operations. As of June 30, 2016, the Company has entered into leases with lessors who do not participate in the Credit Facility. Currently, such leases do not contain cross-default provisions with the Credit Facility. As of June 30, 2016, the future minimum payments, including interest, under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment, and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands). 2016 2017 2018 2019 2020 Thereafter Capital leases $ 17,432 $ 4,544 $ 4,622 $ 9,886 $ -- $ -- Operating leases 8,092 8,019 6,288 4,611 696 48 OTHER COMMITMENTS As of June 30, 2016, the Company had no commitments for purchases of non-revenue equipment and commitments of approximately $23.0 million for purchases of revenue equipment. The Company anticipates taking delivery of these purchases throughout the remainder of 2016 and the first quarter of 2017 as such, they are considered non-cancellable. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 – INCOME tAXES During the three months ended June 30, 2016 and 2015, the Company’s effective tax rate was 5.3% and 43.4%, respectively. During the six months ended June 30, 2016 and 2015, the Company’s effective tax rates were 30.7% and 43.8%, respectively. Income tax expense varies from the amount computed by applying the statutory federal tax rate to income before income taxes primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for the Company’s drivers. Drivers may elect to receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases the Company’s drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes. Per diem pay is partially nondeductible under current IRS regulations. As a result, salaries, wages and employee benefits costs are slightly lower and effective income tax rates are higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on the effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven, the impact of the per diem program on the Company’s effective tax rate can be significant. Due to the effect of per diem pay, the Company’s tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to receive this pay structure. When the result of the expected annual effective tax rate is not deemed reliable, as was the case for the second quarter of 2016, and distorts the income tax provision for an interim period, the Company calculates the income tax provision or benefit using the cut-off method which results in an income tax provision or benefit based solely on the year-to-date pretax income or loss as adjusted for permanent differences on a pro rata basis. |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10 – (LOSS) EARNINGS PER SHARE Basic (loss) earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted (loss) earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. The computation of diluted (loss) earnings per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on (loss) income per share. The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Numerator: Net (loss) income $ (1,346 ) $ 2,770 $ (3,153 ) $ 4,405 Denominator: Denominator for basic earnings per share – weighted average shares 8,734 10,435 9,069 10,423 Effect of dilutive securities: Employee stock options and restricted stock -- 81 -- 101 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 8,734 10,516 9,069 10,524 Basic (loss) earnings per share $ (0.15 ) $ 0.27 $ (0.35 ) $ 0.42 Diluted (loss) earnings per share $ (0.15 ) $ 0.26 $ (0.35 ) $ 0.42 Weighted average anti-dilutive employee stock options and restricted stock 20 84 7 74 |
Note 11 - Legal Proceedings
Note 11 - Legal Proceedings | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 11 – LEGAL PROCEEDINGS The Company is party to routine litigation incidental to its business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. The Company maintains insurance to cover liabilities in excess of certain self-insured retention levels. It is the opinion of management that these claims are immaterial to the Company’s long-term financial position; however, adverse results related to one or more of these claims could have a material adverse effect on the Company’s condensed consolidated financial statements in any given reporting period. |
Note 12 - New Accounting Pronou
Note 12 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard provides for using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In August 2015, the FASB issued ASU 2015-14, “Revenue From Contracts with Customers – Deferral of the Effective Date”, which delayed the effectiveness of ASU 2014-09 to annual periods beginning after December 15, 2017, and interim periods therein. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard, which will become effective for the Company beginning with the first quarter 2019, requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The new standard will become effective for the Company beginning with the first quarter of 2017, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. |
Note 13 - Restructuring, Impair
Note 13 - Restructuring, Impairment and Other Costs | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 13 – RESTRUCTURING , IMPAIRMENT AND OTHER COSTS During the first quarter of 2016, the Company took steps to streamline and simplify its operations to better align its cost structure. In the Company’s Trucking segment, the Company announced a plan to close its maintenance facilities in Forest Park, Georgia and South Holland, Illinois during the first quarter of 2016. Additionally, in the Company’s USAT Logistics segment, the Company announced a plan to close certain branch offices located at Olathe, Kansas and Salt Lake City, Utah. The headcount reduction reflected a total of 47 team members across multiple departments, including two contractors. Employees separated from the Company as a result of these streamlining initiatives were offered severance benefits and the termination was communicated to them on or prior to March 31, 2016. The agreements with the contractors were cancelled and cancellation penalties will be paid, where required. The expenses recorded during the quarter ended March 31, 2016, included costs related to involuntary terminations and other direct costs associated with implementing these initiatives. Other direct costs included facility lease termination costs; costs associated with the development, communication and administration of these initiatives; and asset write-offs. The Company has incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives. The following table summarizes the Company’s liabilities, charges, and cash payments related to the restructuring plan made during the six months ended June 30, 2016 (in thousands): Accrued Balance December 31, 2015 Costs Incurred March 31, 2016 Payments Expenses/ Charges Accrued Balance June 30, 2016 Compensation and benefits $ 753 $ 768 $ (1,175 ) $ (3 ) $ 343 Facility closing expenses 20 2,779 (749 ) (286 ) 1,764 Spartanburg impairment -- 546 -- (546 ) -- Fuel tank write-off -- 524 -- (524 ) -- Out of period adjustment -- 647 -- (647 ) -- Total $ 773 $ 5,264 $ (1,924 ) $ (2,006 ) $ 2,107 Costs Incurred Six Months Ended June 30, 2016 2015 Trucking $ 4,848 $ -- USAT Logistics 416 -- Total $ 5,264 $ -- On May 19, 2016, (the “Separation Date”), the Company’s board of directors unanimously approved a separation agreement between Michael K. Borrows and the Company (the “Separation Agreement”) and accepted Mr. Borrows’ resignation as Executive Vice President and Chief Financial Officer. The benefits provided to Mr. Borrows under the Separation Agreement are substantially consistent with benefits Mr. Borrows would have been entitled to receive under his previously disclosed Executive Severance and Change in Control Agreement, dated July 29, 2015, if the Company had terminated his employment without Cause (as defined therein). Under the terms of the Separation Agreement Mr. Borrows will receive: (i) severance pay equal to his current base salary ($300,000 per year) for a period of eighteen months following the Separation Date and (ii) a lump sum payment of $180,000, representing the target amount of short term cash incentive compensation that would have been awarded to and earned by him under the 2016 Management Bonus Plan, assuming all performance and other vesting criteria were satisfied at the target level for 2016. In addition, the Separation Agreement contains a customary release of claims, non-solicitation, non-disparagement, and confidentiality covenants in favor of the Company. During the quarter ended June 30, 2016, the Company recognized severance costs associated with Mr. Borrows’ departure of approximately $0.7 million, which are recorded in the “Salaries, wages and employee benefits” line item in the accompanying condensed consolidated statements of operations and comprehensive (loss) income |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Operating revenue Trucking revenue $ 75,750 $ 93,846 $ 151,786 $ 190,248 Trucking intersegment eliminations (246 ) (419 ) (580 ) (1,034 ) Trucking operating revenue 75,504 93,427 151,206 189,214 USAT Logistics revenue 37,087 41,605 72,997 80,276 USAT Logistics intersegment eliminations (2,703 ) (1,459 ) (3,697 ) (3,030 ) USAT Logistics operating revenue 34,384 40,146 69,300 77,246 Total operating revenue $ 109,888 $ 133,573 $ 220,506 $ 266,460 Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Operating (loss) income Trucking $ (2,733 ) $ 2,556 $ (7,102 ) $ 4,105 USAT Logistics 2,176 3,258 4,182 6,235 Total operating (loss) income $ (557 ) $ 5,814 $ (2,920 ) $ 10,340 Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Depreciation and amortization Trucking $ 7,470 $ 10,381 $ 14,620 $ 21,125 USAT Logistics 129 66 251 124 Total depreciation and amortization $ 7,599 $ 10,447 $ 14,871 $ 21,249 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2016 2015 Salaries, wages and employee benefits $ 5,106 $ 4,359 Federal and state tax accruals 2,081 1,712 Restructuring, impairment and other costs (1) 2,107 773 Accrued third party maintenance 282 525 Other 1,200 1,467 Total accrued expenses $ 10,776 $ 8,836 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2016 2015 Revolving credit agreement $ 97,000 $ 70,400 Total debt $ 97,000 $ 70,400 |
Note 8 - Leases and Commitmen23
Note 8 - Leases and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs Accumulated Amortization Net Book Value June 30, 2016 $ 51,887 $ 16,259 $ 35,628 December 31, 2015 45,170 12,896 32,274 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2016 2017 2018 2019 2020 Thereafter Capital leases $ 17,432 $ 4,544 $ 4,622 $ 9,886 $ -- $ -- Operating leases 8,092 8,019 6,288 4,611 696 48 |
Note 10 - Earnings (Loss) Per24
Note 10 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 201 6 2015 201 6 2015 Numerator: Net (loss) income $ (1,346 ) $ 2,770 $ (3,153 ) $ 4,405 Denominator: Denominator for basic earnings per share – weighted average shares 8,734 10,435 9,069 10,423 Effect of dilutive securities: Employee stock options and restricted stock -- 81 -- 101 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 8,734 10,516 9,069 10,524 Basic (loss) earnings per share $ (0.15 ) $ 0.27 $ (0.35 ) $ 0.42 Diluted (loss) earnings per share $ (0.15 ) $ 0.26 $ (0.35 ) $ 0.42 Weighted average anti-dilutive employee stock options and restricted stock 20 84 7 74 |
Note 13 - Restructuring, Impa25
Note 13 - Restructuring, Impairment and Other Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Accrued Balance December 31, 2015 Costs Incurred March 31, 2016 Payments Expenses/ Charges Accrued Balance June 30, 2016 Compensation and benefits $ 753 $ 768 $ (1,175 ) $ (3 ) $ 343 Facility closing expenses 20 2,779 (749 ) (286 ) 1,764 Spartanburg impairment -- 546 -- (546 ) -- Fuel tank write-off -- 524 -- (524 ) -- Out of period adjustment -- 647 -- (647 ) -- Total $ 773 $ 5,264 $ (1,924 ) $ (2,006 ) $ 2,107 |
Restructuring and Related Costs By Segment [Table Text Block] | Costs Incurred Six Months Ended June 30, 2016 2015 Trucking $ 4,848 $ -- USAT Logistics 416 -- Total $ 5,264 $ -- |
Note 2 - Note Receivable (Detai
Note 2 - Note Receivable (Details Textual) - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2010 | Feb. 16, 2016 | |
Proceeds from Sale of Real Estate | $ 0.2 | |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 2.1 | $ 1.9 |
Deferred Gain Sale Of Property | $ 0.7 | |
Perecentage of Net Sale Proceeds from any Future Sale of Property in Excess of Balloon Payment, Closing Costs, and Realtor Commissions | 25.00% |
Note 3 - Equity Compensation 27
Note 3 - Equity Compensation and Employee Benefit Plans (Details Textual) - Incentive Plan [Member] | Jun. 30, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 176,669 |
Note 4 - Repurchase of Equity28
Note 4 - Repurchase of Equity Securities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Feb. 02, 2016 | |
Rule 10b5-1 Plan [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | |
Treasury Stock, Shares, Acquired | 1,163,575 | |
Treasury Stock Acquired, Average Cost Per Share | $ 18.06 | |
Treasury Stock, Value, Acquired, Cost Method | $ 20,900 | |
2015 Share Repurchase Program [Member] | ||
Treasury Stock, Shares, Acquired | 46,262 | |
Treasury Stock, Value, Acquired, Cost Method | $ 20,904 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | ||
Trucking [Member] | Foreign Countries [Member] | Operating Segments [Member] | |||||
Revenues | $ 9,600 | $ 10,000 | $ 19,300 | $ 21,800 | |
Trucking [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 75,750 | 93,846 | 151,786 | 190,248 |
Trucking [Member] | |||||
Revenues | 75,504 | 93,427 | $ 151,206 | 189,214 | |
Number of Reportable Segments | 2 | ||||
Revenues | $ 109,888 | $ 133,573 | $ 220,506 | $ 266,460 | |
[1] | Includes foreign revenue of $9.6 million and $19.3 million for the three and six months ended June 30, 2016, respectively, and $10.0 million and $21.8 million for the three and six months ended June 30, 2015, respectively. All foreign revenue is collected in US dollars. |
Note 5 - Schedule of Segment Re
Note 5 - Schedule of Segment Reporting, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Operating Segments [Member] | Trucking [Member] | |||||
Revenue: | |||||
Revenues | [1] | $ 75,750 | $ 93,846 | $ 151,786 | $ 190,248 |
Operating (loss) income | |||||
Operating income (loss) | (2,733) | 2,556 | (7,102) | 4,105 | |
Depreciation and amortization | 7,470 | 10,381 | 14,620 | 21,125 | |
Operating Segments [Member] | USAT Logistics [Member] | |||||
Revenue: | |||||
Revenues | 37,087 | 41,605 | 72,997 | 80,276 | |
Operating (loss) income | |||||
Operating income (loss) | 2,176 | 3,258 | 4,182 | 6,235 | |
Depreciation and amortization | 129 | 66 | 251 | 124 | |
Intersegment Eliminations [Member] | Trucking [Member] | |||||
Revenue: | |||||
Revenues | (246) | (419) | (580) | (1,034) | |
Intersegment Eliminations [Member] | USAT Logistics [Member] | |||||
Revenue: | |||||
Revenues | (2,703) | (1,459) | (3,697) | (3,030) | |
Trucking [Member] | |||||
Revenue: | |||||
Revenues | 75,504 | 93,427 | 151,206 | 189,214 | |
USAT Logistics [Member] | |||||
Revenue: | |||||
Revenues | 34,384 | 40,146 | 69,300 | 77,246 | |
Revenues | 109,888 | 133,573 | 220,506 | 266,460 | |
Operating (loss) income | |||||
Operating income (loss) | (557) | 5,814 | (2,920) | 10,340 | |
Depreciation and amortization | $ 7,599 | $ 10,447 | $ 14,871 | $ 21,249 | |
[1] | Includes foreign revenue of $9.6 million and $19.3 million for the three and six months ended June 30, 2016, respectively, and $10.0 million and $21.8 million for the three and six months ended June 30, 2015, respectively. All foreign revenue is collected in US dollars. |
Note 6 - Schedule of Accrued Ex
Note 6 - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Salaries, wages and employee benefits | $ 5,106 | $ 4,359 | |
Federal and state tax accruals | 2,081 | 1,712 | |
Restructuring, impairment and other costs (1) | [1] | 2,107 | 773 |
Accrued third party maintenance | 282 | 525 | |
Other | 1,200 | 1,467 | |
Total accrued expenses | $ 10,776 | $ 8,836 | |
[1] | Refer to Note 13 of the footnotes to the Company’s condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
Feb. 28, 2015 | Jul. 31, 2016 | Jun. 30, 2016 | |
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Through May 31, 2016 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Minimum [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Maximum [Member] | |||
Borrowing Based Treshhold, Percentage | 90.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Unbilled Accounts Receivable [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Revenue Equipment [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Borrowing Base Before Additions | $ 10 | ||
Revolving Credit Facility [Member] | Newly Acquired Revenue Equipment [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 58 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170 | ||
Line Of Credit Facility Additional Borrowing Capacity | 80 | ||
Line of Credit Facility, Additional Borrowing Capacity, Incremental Amount | $ 20 | ||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | ||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | ||
Debt, Weighted Average Interest Rate | 2.43% | ||
Letters of Credit Outstanding, Amount | $ 4.3 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 67.8 | ||
Letter of Credit Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 | ||
Swing Line Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20 |
Note 7 - Long-term Debt (Deta33
Note 7 - Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Revolving credit agreement | $ 97 | $ 70.4 |
Total debt | $ 97 | $ 70.4 |
Note 8 - Leases and Commitmen34
Note 8 - Leases and Commitments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Minimum [Member] | Capital Lease Obligations [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.68% | 1.68% | |||
Minimum [Member] | |||||
Capital Lease Term | 1 year 90 days | ||||
Maximum [Member] | Capital Lease Obligations [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.99% | 4.99% | |||
Maximum [Member] | |||||
Capital Lease Term | 5 years | ||||
Non-Revenue Equipment [Member] | |||||
Purchase Obligation | $ 0 | $ 0 | |||
Revenue Equipment [Member] | |||||
Purchase Obligation | 23,000,000 | 23,000,000 | |||
Capital Lease Obligations | 35,500,000 | 35,500,000 | |||
Capital Lease Obligations, Current | 16,901,000 | 16,901,000 | $ 12,190,000 | ||
Capital Leases, Income Statement, Amortization Expense | 1,200,000 | $ 2,500,000 | 2,500,000 | $ 5,200,000 | |
Operating Leases, Rent Expense | $ 2,400,000 | $ 1,400,000 | $ 4,500,000 | $ 2,500,000 |
Note 8 - Capital Leases (Detail
Note 8 - Capital Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Capitalized Costs | $ 51,887 | $ 45,170 |
Accumulated Amortization | 16,259 | 12,896 |
Net Book Value | $ 35,628 | $ 32,274 |
Note 8 - Future Minimum Payment
Note 8 - Future Minimum Payments Under Capitalized Leases (Details) | Jun. 30, 2016USD ($) |
Capital leases due in 2016 | $ 17,432,000 |
Capital leases due in 2017 | 4,544,000 |
Capital leases due in 2018 | 4,622,000 |
Capital leases due in 2019 | 9,886,000 |
Capital leases due in 2020 | 0 |
Capital leases due thereafter | 0 |
Operating leases due in 2016 | 8,092,000 |
Operating leases due in 2017 | 8,019,000 |
Operating leases due in 2018 | 6,288,000 |
Operating leases due in 2019 | 4,611,000 |
Operating leases due in 2020 | 696,000 |
Operating leases due thereafter | $ 48,000 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 5.30% | 43.40% | 30.70% | 43.80% |
Note 10 - Computation of Basic
Note 10 - Computation of Basic and Diluted Loss Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator: | ||||
Net (loss) income | $ (1,346) | $ 2,770 | $ (3,153) | $ 4,405 |
Denominator: | ||||
Denominator for basic earnings per share – weighted average shares (in shares) | 8,734 | 10,435 | 9,069 | 10,423 |
Effect of dilutive securities: | ||||
Employee stock options and restricted stock (in shares) | 81 | 101 | ||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion (in shares) | 8,734 | 10,516 | 9,069 | 10,524 |
Basic (loss) earnings per share (in dollars per share) | $ (0.15) | $ 0.27 | $ (0.35) | $ 0.42 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.15) | $ 0.26 | $ (0.35) | $ 0.42 |
Weighted average anti-dilutive employee stock options and restricted stock (in shares) | 20 | 84 | 7 | 74 |
Note 13 - Restructuring, Impa39
Note 13 - Restructuring, Impairment and Other Costs (Details Textual) | May 19, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Facility Closing [Member] | |||||
Number of Maintenance Facilities | 2 | 2 | |||
Restructuring Charges | $ 2,779,000 | ||||
Payments for Restructuring | 749,000 | ||||
Costs Relating to Streamlining Operations and Asset Write-Offs [Member] | |||||
Restructuring Charges | 3,500,000 | ||||
Employee Severance [Member] | Salaries, Wages and Employee Benefits [Member] | |||||
Restructuring Charges | $ 700,000 | ||||
Employee Severance [Member] | |||||
Restructuring Charges | 768,000 | ||||
Severance Cost Payable | $ 300,000 | ||||
Severance Cost Payable, Term | 1 year 180 days | ||||
Payments for Restructuring | $ 180,000 | $ 1,175,000 | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 47 | ||||
Restructuring Charges | $ 5,264,000 | ||||
Payments for Restructuring | $ 1,924,000 |
Note 13 - Restructuring and Rel
Note 13 - Restructuring and Related Charges (Details) - USD ($) | May 19, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Severance [Member] | ||||||
Compensation and benefits | $ 753,000 | |||||
Restructuring Charges | 768,000 | |||||
Compensation and benefits | $ (180,000) | (1,175,000) | ||||
Compensation and benefits | (3,000) | |||||
Compensation and benefits | $ 343,000 | 343,000 | ||||
Facility Closing [Member] | ||||||
Compensation and benefits | 20,000 | |||||
Restructuring Charges | 2,779,000 | |||||
Compensation and benefits | (749,000) | |||||
Compensation and benefits | (286,000) | |||||
Compensation and benefits | 1,764,000 | 1,764,000 | ||||
Impairment of Spartanburg Terminal [Member] | ||||||
Compensation and benefits | ||||||
Restructuring Charges | 546,000 | |||||
Compensation and benefits | ||||||
Compensation and benefits | (546,000) | |||||
Compensation and benefits | ||||||
Impairment of Bulk Fuel Assets [Member] | ||||||
Compensation and benefits | ||||||
Restructuring Charges | 524,000 | |||||
Compensation and benefits | ||||||
Compensation and benefits | (524,000) | |||||
Compensation and benefits | ||||||
Restatement Adjustment [Member] | ||||||
Compensation and benefits | ||||||
Restructuring Charges | 647,000 | |||||
Compensation and benefits | ||||||
Compensation and benefits | (647,000) | |||||
Compensation and benefits | ||||||
Compensation and benefits | [1] | 773,000 | ||||
Restructuring Charges | 5,264,000 | |||||
Compensation and benefits | (1,924,000) | |||||
Compensation and benefits | (2,006,000) | |||||
Compensation and benefits | [1] | $ 2,107,000 | $ 2,107,000 | |||
[1] | Refer to Note 13 of the footnotes to the Company’s condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. |
Note 13 - Restructuring Costs B
Note 13 - Restructuring Costs By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Trucking [Member] | ||||
Restructuring Charges | $ 4,848 | |||
USAT Logistics [Member] | ||||
Restructuring Charges | 416 | |||
Restructuring Charges | $ 5,264 |