Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
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) | 8,296,870 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 166 | $ 122 |
Accounts receivable, net of allowance for doubtful accounts of $959 and $608, respectively | 56,024 | 55,127 |
Other receivables | 3,591 | 6,986 |
Inventories | 413 | 413 |
Assets held for sale | 1,034 | 4,661 |
Prepaid expenses and other current assets | 4,527 | 6,187 |
Total current assets | 65,755 | 73,496 |
Property and equipment: | ||
Land and structures | 31,772 | 31,500 |
Revenue equipment | 250,238 | 269,953 |
Service, office and other equipment | 26,131 | 25,295 |
Property and equipment, at cost | 308,141 | 326,748 |
Accumulated depreciation and amortization | (114,232) | (106,465) |
Property and equipment, net | 193,909 | 220,283 |
Other assets | 1,070 | 1,189 |
Total assets | 260,734 | 294,968 |
Current liabilities: | ||
Accounts payable | 18,807 | 18,779 |
Current portion of insurance and claims accruals | 12,873 | 10,665 |
Accrued expenses | 8,696 | 7,533 |
Current maturities of capital leases | 14,761 | 16,742 |
Insurance premium financing | 1,314 | 3,943 |
Total current liabilities | 56,451 | 57,662 |
Deferred gain | 582 | 652 |
Long-term debt | 80,175 | 96,600 |
Capital leases, less current maturities | 31,560 | 35,133 |
Deferred income taxes | 31,580 | 37,775 |
Insurance and claims accruals, less current portion | 9,424 | 8,558 |
Total liabilities | 209,772 | 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 12,154,788 shares, and 12,156,376 shares, respectively | 122 | 122 |
Additional paid-in capital | 68,373 | 68,375 |
Retained earnings | 50,227 | 57,963 |
Less treasury stock, at cost (3,853,064 shares, and 3,849,815 shares, respectively) | (67,760) | (67,872) |
Total stockholders’ equity | 50,962 | 58,588 |
Total liabilities and stockholders’ equity | $ 260,734 | $ 294,968 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 959 | $ 608 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Peferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
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) | 12,154,788 | 12,156,376 |
Treasury stock, shares (in shares) | 3,853,064 | 3,849,815 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Operating revenue | $ 107,358 | $ 109,888 | $ 209,028 | $ 220,506 |
Operating expenses | ||||
Salaries, wages and employee benefits | 29,221 | 30,627 | 59,860 | 63,201 |
Fuel and fuel taxes | 10,479 | 11,391 | 21,253 | 21,580 |
Depreciation and amortization | 6,879 | 7,599 | 14,523 | 14,871 |
Insurance and claims | 5,561 | 5,438 | 13,893 | 10,206 |
Equipment rent | 2,633 | 1,861 | 4,747 | 3,722 |
Operations and maintenance | 7,950 | 10,299 | 14,521 | 19,512 |
Purchased transportation | 41,005 | 38,030 | 78,408 | 74,432 |
Operating taxes and licenses | 1,024 | 1,260 | 1,974 | 2,381 |
Communications and utilities | 598 | 851 | 1,264 | 1,731 |
Gain on disposal of assets, net | (77) | (182) | (337) | (578) |
Restructuring, impairment and other costs | 5,264 | |||
Other | 5,051 | 3,271 | 8,287 | 7,104 |
Total operating expenses | 110,324 | 110,445 | 218,393 | 223,426 |
Operating loss | (2,966) | (557) | (9,365) | (2,920) |
Other expenses | ||||
Interest expense, net | 950 | 731 | 1,953 | 1,295 |
Other, net | 128 | 133 | 226 | 337 |
Total other expenses, net | 1,078 | 864 | 2,179 | 1,632 |
Loss before income taxes | (4,044) | (1,421) | (11,544) | (4,552) |
Income tax benefit | (1,198) | (75) | (3,808) | (1,399) |
Consolidated net loss and comprehensive loss | $ (2,846) | $ (1,346) | $ (7,736) | $ (3,153) |
Net loss per share | ||||
Average shares outstanding (basic) (in shares) | 8,028 | 8,734 | 8,028 | 9,069 |
Basic loss per share (in dollars per share) | $ (0.35) | $ (0.15) | $ (0.96) | $ (0.35) |
Average shares outstanding (diluted) (in shares) | 8,028 | 8,734 | 8,028 | 9,069 |
Diluted loss per share (in dollars per share) | $ (0.35) | $ (0.15) | $ (0.96) | $ (0.35) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 12,156 | ||||
Balance (in shares) at Dec. 31, 2016 | 12,156 | ||||
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | $ 122 | $ 68,041 | $ 58,172 | $ (67,872) | $ 58,463 |
Balance (Restatement Adjustment [Member], Accounting Standards Update 2016-09 [Member]) | 334 | (209) | 125 | ||
Balance at Dec. 31, 2016 | 122 | 68,375 | 57,963 | (67,872) | 58,588 |
Issuance of treasury stock | (169) | 112 | (57) | ||
Stock-based compensation | 152 | 152 | |||
Restricted stock award grant (in shares) | 195 | ||||
Restricted stock award grant | $ 2 | (2) | |||
Forfeited restricted stock (in shares) | (198) | ||||
Forfeited restricted stock | $ (2) | 2 | |||
Net share settlement related to restricted stock vesting (in shares) | 2 | ||||
Net share settlement related to restricted stock vesting | 15 | 15 | |||
Net loss | (7,736) | (7,736) | |||
Balance at Jun. 30, 2017 | $ 122 | $ 68,373 | $ 50,227 | $ (67,760) | $ 50,962 |
Balance (in shares) at Jun. 30, 2017 | 12,155 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Net loss | $ (7,736) | $ (3,153) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 14,523 | 14,871 |
Provision for doubtful accounts | 440 | |
Deferred income tax (benefit), net | (6,196) | 2,443 |
Share-based compensation | 152 | 393 |
Gain on disposal of assets, net | (337) | (578) |
Impairment of property and equipment | 1,070 | |
Other | (70) | (82) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 944 | (1,391) |
Inventories and prepaid expenses | 1,660 | 351 |
Accounts payable and accrued liabilities | 3,328 | (275) |
Insurance and claims accruals | 3,075 | 1,204 |
Other long-term assets and liabilities | 119 | 103 |
Net cash provided by operating activities | 9,462 | 15,396 |
Investing activities: | ||
Capital expenditures | (3,468) | (27,065) |
Proceeds from sale of property and equipment | 9,856 | 12,696 |
Proceeds from operating sale leaseback | 10,980 | |
Net cash provided by (used in) investing activities | 17,368 | (14,369) |
Financing activities: | ||
Borrowings under long-term debt | 11,855 | 46,237 |
Payments on long-term debt | (30,996) | (19,637) |
Payments on capitalized lease obligations | (5,467) | (3,487) |
Net change in bank drafts payable | (2,136) | (2,108) |
Excess tax (benefit) payments from exercise of stock options | (55) | |
Purchase of common stock | (20,904) | |
Net payments on stock-based awards | 15 | (38) |
Issuance of treasury stock | (57) | |
Net cash (used in) provided by financing activities | (26,786) | 8 |
Increase in cash | 44 | 1,035 |
Cash: | ||
Beginning of period | 122 | 87 |
End of period | 166 | 1,122 |
Supplemental disclosure of cash flow information: | ||
Interest | 1,936 | 1,283 |
Income taxes | 124 | 132 |
Accounts Payable [Member] | ||
Supplemental disclosure of non-cash investing activities: | ||
Purchases of revenue equipment included in accounts payable | $ 7,932 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 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 six June 30, 2017 not may December 31, 2017. 10 December 31, 2016. References to the “Company,” “we,” “us,” “our” or similar terms refer to USA Truck, Inc. and its subsidiary. |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 – NEW ACCOUNTING PRONOUNCEMENTS In May 2014, No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 2014 09 five may 2014 09 August 2015, 2015 14, Revenue From Contracts with Customers – Deferral of the Effective Date 2014 09 December 15, 2017, 2017, In February 2016, No. 2016 02, Leases not twelve first 2019, In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09 January 1, 2017. $0.1 December 31, 2016. no June 30, 2017. |
Note 3 - Note Receivable
Note 3 - Note Receivable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 During 2010, $0.2 $2.1 November 2015. $0.7 The purchaser-debtor defaulted on the note receivable in November 2015, April 26, 2017, third $1.6 $1.4 second 2017, $0.2 |
Note 4 - Equity Compensation an
Note 4 - Equity Compensation and Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 4 – EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 May 2014. 2004 500,000 May 10, 2017, 500,000 June 30, 2017, 583,690 |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 5 – SEGMENT REPORTING The Company’s two Trucking USAT Logistics. third In determining its reportable segments, the Company’s management focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Revenue equipment assets are not third third A summary of operating revenue by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, Operating revenue 201 7 2016 201 7 2016 Trucking revenue (1) $ 71,731 $ 75,750 $ 142,202 $ 151,786 Trucking intersegment eliminations (186 ) (246 ) (377 ) (580 ) Trucking operating revenue 71,545 75,504 141,825 151,206 USAT Logistics revenue (2) 36,878 37,087 69,528 72,997 USAT Logistics intersegment eliminations (1,065 ) (2,703 ) (2,325 ) (3,697 ) USAT Logistics operating revenue 35,813 34,384 67,203 69,300 Total operating revenue $ 107,358 $ 109,888 $ 209,028 $ 220,506 ( 1 Includes foreign revenue of $9.1 $18.8 three six June 30, 2017, $9.6 $19.3 three six June 30, 2016, ( 2 USAT Logistics de Mexico was established on March 4, 2017. three six June 30, 2017 $0.2 $0.2 A summary of operating (loss) income by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, Operating (loss) income 201 7 2016 201 7 2016 Trucking $ (4,843 ) $ (2,733 ) $ (11,971 ) $ (7,102 ) USAT Logistics 1,877 2,176 2,606 4,182 Total operating loss $ (2,966 ) $ (557 ) $ (9,365 ) $ (2,920 ) A summary of depreciation and amortization by segment is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, Depreciation and amortization 201 7 2016 201 7 2016 Trucking $ 6,759 $ 7,470 $ 14,323 $ 14,620 USAT Logistics 120 129 200 251 Total depreciation and amortization $ 6,879 $ 7,599 $ 14,523 $ 14,871 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
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, Accrued expenses 2017 2016 Salaries, wages and employee benefits $ 4,385 $ 2,480 Federal and state tax accruals 1,855 1,579 Restructuring, impairment and other costs (1) 973 1,404 Other (2) 1,483 2,070 Total accrued expenses $ 8,696 $ 7,533 ( 1 Refer to Note 12 ( 2 As of June 30, 2017 December 31, 2016, no 5.0% |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Revolving credit agreement $ 80,175 $ 96,600 In February 2015, The Credit Facility is structured as a $170.0 no $80.0 $20.0 five February 5, 2020. 0.50% May 31, 2016, 0.25% 1.00% 1.50% May 31, 2016, two 30 1.25% 2.00% $170.0 $15.0 $20.0 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 90% 85% 85% 85% $10.0 85% 85% not The Credit Facility contains a single financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 1.0, 10% not 10%, $17.0 twelve $34.0 20% 2017, may 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 may The Company had no June 30, 2017. June 30, 2017, 3.0%. June 30, 2017, $5.4 $42.2 million available under the Credit Facility . |
Note 8 - Leases and Commitments
Note 8 - Leases and Commitments | 6 Months Ended |
Jun. 30, 2017 | |
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 60 Capitalized Costs Accumulated Amortization Net Book Value June 30, 2017 $ 69,504 $ 21,751 $ 47,753 December 31, 2016 69,748 17,428 52,320 The Company has capitalized lease obligations relating to revenue equipment as of June 30, 2017 $46.3 $14.8 October 2020 nil 3.11% June 30, 2017. $1.7 $3.6 three six June 30, 2017, $1.2 $2.5 three six June 30, 2016, OPERATING LEASES Rent expense associated with operating leases was $3.1 $5.6 three six June 30, 2017, $2.4 $4.5 three six June 30, 2016, As of June 30, 2017, one one 2017 2018 2019 2020 2021 Thereafter Capital leases $ 15,957 $ 8,331 $ 13,825 $ 10,252 $ -- $ -- Operating leases 11,306 9,565 7,191 1,828 211 492 During the first 2017, $11.0 41 $0.03 OTHER COMMITMENTS As of June 30, 2017, $8.6 none |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 – INCOME tAXES During the three June 30, 2017 2016, 29.6% 5.3%, six June 30, 2017 2016, 33.0% 30.7%, may When the result of the expected annual effective tax rate is not |
Note 10 - Loss Per Share
Note 10 - Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10 LOSS PER SHARE Basic loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted loss 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 per share does not The following table sets forth the computation of basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, Numerator: 201 7 2016 201 7 2016 Net loss $ (2,846 ) $ (1,346 ) $ (7,736 ) $ (3,153 ) Denominator: Denominator for basic earnings per share – weighted average shares 8,028 8,734 8,028 9,069 Effect of dilutive securities: Employee stock options and restricted stock -- -- -- -- Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 8,028 8,734 8,028 9,069 Basic loss per share $ (0.35 ) $ (0.15 ) $ (0.96 ) $ (0.35 ) Diluted loss per share $ (0.35 ) $ (0.15 ) $ (0.96 ) $ (0.35 ) Weighted average anti-dilutive employee stock options and restricted stock -- 20 2 7 |
Note 11 - Legal Proceedings
Note 11 - Legal Proceedings | 6 Months Ended |
Jun. 30, 2017 | |
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. Though management believes these claims to be immaterial to the Company’s long-term financial position, adverse results of one |
Note 12 - Restructuring, Impair
Note 12 - Restructuring, Impairment and Other Costs | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 12 – RESTRUCTURING, IMPAIRMENT AND OTHER COSTS During 2016, four The following tables summarize the Company’s liabilities, charges, and cash payments related to the restructuring plan made during the six June 30, 2017 ( Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance June 30 , 2017 Compensation and benefits $ 81 $ -- $ (81 ) $ -- $ -- Facility closing expenses 1,323 -- (350 ) -- 973 Total $ 1,404 $ -- $ (431 ) $ -- $ 973 Three Months Ended June 30, Six Months Ended June 30, Costs i ncurred 2017 2016 2017 2016 Trucking $ -- $ -- $ -- $ 4,848 USAT Logistics -- -- -- 416 Total $ -- $ -- $ -- $ 5,264 The following tables summarize the Company’s liabilities, charges, and cash payments related to executive severance agreements made during the six June 30, 2017 ( Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance June 30 , 2017 Severance costs in salaries, wages and employee benefits $ 277 $ 899 $ (726 ) $ -- $ 450 Total $ 277 $ 899 $ (726 ) $ -- $ 450 Three Months Ended June 30, Six Months Ended June 30, Costs i ncurred 2017 2016 2017 2016 Trucking $ 56 $ 697 $ 642 $ 697 USAT Logistics 26 -- 257 -- Total $ 82 $ 697 $ 899 $ 697 In May 2016, $0.7 10 June 30, 2016. June 30, 2017, $0.1 In January 2017, $425,000 twelve $120,000 $30,000 $171,125. $0.6 $0.2 June 30, 2017, $0.2 nil |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Operating revenue 201 7 2016 201 7 2016 Trucking revenue (1) $ 71,731 $ 75,750 $ 142,202 $ 151,786 Trucking intersegment eliminations (186 ) (246 ) (377 ) (580 ) Trucking operating revenue 71,545 75,504 141,825 151,206 USAT Logistics revenue (2) 36,878 37,087 69,528 72,997 USAT Logistics intersegment eliminations (1,065 ) (2,703 ) (2,325 ) (3,697 ) USAT Logistics operating revenue 35,813 34,384 67,203 69,300 Total operating revenue $ 107,358 $ 109,888 $ 209,028 $ 220,506 Three Months Ended Six Months Ended June 30, June 30, Operating (loss) income 201 7 2016 201 7 2016 Trucking $ (4,843 ) $ (2,733 ) $ (11,971 ) $ (7,102 ) USAT Logistics 1,877 2,176 2,606 4,182 Total operating loss $ (2,966 ) $ (557 ) $ (9,365 ) $ (2,920 ) Three Months Ended Six Months Ended June 30, June 30, Depreciation and amortization 201 7 2016 201 7 2016 Trucking $ 6,759 $ 7,470 $ 14,323 $ 14,620 USAT Logistics 120 129 200 251 Total depreciation and amortization $ 6,879 $ 7,599 $ 14,523 $ 14,871 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, Accrued expenses 2017 2016 Salaries, wages and employee benefits $ 4,385 $ 2,480 Federal and state tax accruals 1,855 1,579 Restructuring, impairment and other costs (1) 973 1,404 Other (2) 1,483 2,070 Total accrued expenses $ 8,696 $ 7,533 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2017 2016 Revolving credit agreement $ 80,175 $ 96,600 |
Note 8 - Leases and Commitmen22
Note 8 - Leases and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs Accumulated Amortization Net Book Value June 30, 2017 $ 69,504 $ 21,751 $ 47,753 December 31, 2016 69,748 17,428 52,320 |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2017 2018 2019 2020 2021 Thereafter Capital leases $ 15,957 $ 8,331 $ 13,825 $ 10,252 $ -- $ -- Operating leases 11,306 9,565 7,191 1,828 211 492 |
Note 10 - Loss Per Share (Table
Note 10 - Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Numerator: 201 7 2016 201 7 2016 Net loss $ (2,846 ) $ (1,346 ) $ (7,736 ) $ (3,153 ) Denominator: Denominator for basic earnings per share – weighted average shares 8,028 8,734 8,028 9,069 Effect of dilutive securities: Employee stock options and restricted stock -- -- -- -- Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 8,028 8,734 8,028 9,069 Basic loss per share $ (0.35 ) $ (0.15 ) $ (0.96 ) $ (0.35 ) Diluted loss per share $ (0.35 ) $ (0.15 ) $ (0.96 ) $ (0.35 ) Weighted average anti-dilutive employee stock options and restricted stock -- 20 2 7 |
Note 12 - Restructuring, Impa24
Note 12 - Restructuring, Impairment and Other Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance June 30 , 2017 Compensation and benefits $ 81 $ -- $ (81 ) $ -- $ -- Facility closing expenses 1,323 -- (350 ) -- 973 Total $ 1,404 $ -- $ (431 ) $ -- $ 973 Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance June 30 , 2017 Severance costs in salaries, wages and employee benefits $ 277 $ 899 $ (726 ) $ -- $ 450 Total $ 277 $ 899 $ (726 ) $ -- $ 450 |
Restructuring and Related Costs By Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Costs i ncurred 2017 2016 2017 2016 Trucking $ -- $ -- $ -- $ 4,848 USAT Logistics -- -- -- 416 Total $ -- $ -- $ -- $ 5,264 Three Months Ended June 30, Six Months Ended June 30, Costs i ncurred 2017 2016 2017 2016 Trucking $ 56 $ 697 $ 642 $ 697 USAT Logistics 26 -- 257 -- Total $ 82 $ 697 $ 899 $ 697 |
Note 2 - New Accounting Prono25
Note 2 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Stockholders' Equity Attributable to Parent | $ 50,962 | $ 58,588 |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | $ 50,227 | 57,963 |
Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | 125 | |
Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | $ (209) |
Note 3 - Note Receivable (Detai
Note 3 - Note Receivable (Details Textual) - USD ($) $ in Thousands | Apr. 26, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2010 |
Proceeds from Sale of Real Estate | $ 200 | ||||
Deferred Gain Sale Of Property | 700 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,856 | $ 12,696 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 200 | ||||
Terminal Facility [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,600 | ||||
Other Receivables [Member] | |||||
Financing Receivable, Net | $ 1,400 | $ 2,100 |
Note 4 - Equity Compensation 27
Note 4 - Equity Compensation and Employee Benefit Plans (Details Textual) - Incentive Plan [Member] - shares | May 10, 2017 | Jun. 30, 2017 |
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 Additional Shares Authorized | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 583,690 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | ||
Number of Reportable Segments | 2 | ||||
Revenues | $ 107,358 | $ 109,888 | $ 209,028 | $ 220,506 | |
Trucking [Member] | |||||
Revenues | 71,545 | 75,504 | 141,825 | 151,206 | |
Trucking [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 71,731 | 75,750 | 142,202 | 151,786 |
Trucking [Member] | Foreign Countries [Member] | Operating Segments [Member] | |||||
Revenues | 9,100 | 9,600 | 18,800 | 19,300 | |
USAT Logistics [Member] | |||||
Revenues | 35,813 | 34,384 | 67,203 | 69,300 | |
USAT Logistics [Member] | Operating Segments [Member] | |||||
Revenues | [2] | 36,878 | $ 37,087 | 69,528 | $ 72,997 |
USAT Logistics [Member] | Foreign Countries [Member] | Operating Segments [Member] | |||||
Revenues | $ 200 | $ 200 | |||
[1] | Includes foreign revenue of $9.1 million and $18.8 million for the three and six months ended June 30, 2017, respectively, and $9.6 million and $19.3 million for the three and six months ended June 30, 2016, respectively. All foreign revenue is collected in U.S. dollars. | ||||
[2] | USAT Logistics de Mexico was established on March 4, 2017. Foreign revenue for the three and six months ended June 30, 2017 was $0.2 million and $0.2 million, respectively. |
Note 5 - Segment Reporting - Se
Note 5 - Segment Reporting - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenues | $ 107,358 | $ 109,888 | $ 209,028 | $ 220,506 | |
Operating loss | (2,966) | (557) | (9,365) | (2,920) | |
Depreciation and amortization | 6,879 | 7,599 | 14,523 | 14,871 | |
Trucking [Member] | |||||
Revenues | 71,545 | 75,504 | 141,825 | 151,206 | |
Trucking [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 71,731 | 75,750 | 142,202 | 151,786 |
Operating loss | (4,843) | (2,733) | (11,971) | (7,102) | |
Depreciation and amortization | 6,759 | 7,470 | 14,323 | 14,620 | |
Trucking [Member] | Intersegment Eliminations [Member] | |||||
Revenues | (186) | (246) | (377) | (580) | |
USAT Logistics [Member] | |||||
Revenues | 35,813 | 34,384 | 67,203 | 69,300 | |
USAT Logistics [Member] | Operating Segments [Member] | |||||
Revenues | [2] | 36,878 | 37,087 | 69,528 | 72,997 |
Operating loss | 1,877 | 2,176 | 2,606 | 4,182 | |
Depreciation and amortization | 120 | 129 | 200 | 251 | |
USAT Logistics [Member] | Intersegment Eliminations [Member] | |||||
Revenues | $ (1,065) | $ (2,703) | $ (2,325) | $ (3,697) | |
[1] | Includes foreign revenue of $9.1 million and $18.8 million for the three and six months ended June 30, 2017, respectively, and $9.6 million and $19.3 million for the three and six months ended June 30, 2016, respectively. All foreign revenue is collected in U.S. dollars. | ||||
[2] | USAT Logistics de Mexico was established on March 4, 2017. Foreign revenue for the three and six months ended June 30, 2017 was $0.2 million and $0.2 million, respectively. |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Salaries, wages and employee benefits | $ 4,385 | $ 2,480 | |
Federal and state tax accruals | 1,855 | 1,579 | |
Restructuring, impairment and other costs | [1] | 973 | 1,404 |
Other (2) | [2] | 1,483 | 2,070 |
Total accrued expenses | $ 8,696 | $ 7,533 | |
[1] | Refer to note 12 of the footnotes in this Form 10-Q for additional information regarding the restructuring, impairment and other costs. | ||
[2] | As of June 30, 2017 and December 31, 2016, no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Feb. 28, 2015 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Revolving Credit Facility [Member] | |||||
Line Of Credit Facility Additional Borrowing Capacity | $ 80,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity, Incremental Amount | $ 20,000 | ||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Letters of Credit Outstanding, Amount | $ 5,400 | ||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | ||||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 42,200 | ||||
Long-term Line of Credit | $ 80,175 | $ 96,600 | |||
Debt, Weighted Average Interest Rate | 3.00% | ||||
Revolving Credit Facility [Member] | Overnight Borrowings [Member] | |||||
Long-term Line of Credit | $ 0 | ||||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | |||||
Borrowing Based Treshhold, Percentage | 85.00% | ||||
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 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 | $ 10,000 | ||||
Revolving Credit Facility [Member] | Newly Acquired Revenue Equipment [Member] | |||||
Borrowing Based Treshhold, Percentage | 85.00% | ||||
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | |||||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 17,000 | $ 34,000 | |||
Availability Percentage of Maximum Revolver Amount | 20.00% | ||||
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] | 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] | 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% | ||||
Letter of Credit Sub Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | ||||
Swing Line Sub Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Revolving Credit Facility [Member] | ||
Revolving credit agreement | $ 80,175 | $ 96,600 |
Note 8 - Leases and Commitmen33
Note 8 - Leases and Commitments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Capital Lease Obligations | $ 46,300 | $ 46,300 | ||||
Capital Lease Obligations, Current | 14,761 | 14,761 | $ 16,742 | |||
Capital Leases, Income Statement, Amortization Expense | 1,700 | $ 1,200 | 3,600 | $ 2,500 | ||
Operating Leases, Rent Expense | 3,100 | $ 2,400 | 5,600 | 4,500 | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 10,980 | |||||
Revenue and Non-revenue Equipment [Member] | ||||||
Purchase Obligation | $ 8,600 | $ 8,600 | ||||
Sale-leaseback of Tractors to an Unrelated Party [Member] | ||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 11,000 | |||||
Lessee, Operating Lease, Term of Contract | 3 years 150 days | |||||
Sale Leaseback Transaction, Deferred Gain, Net | $ 30 | |||||
Minimum [Member] | ||||||
Capital Lease Term | 1 year 90 days | |||||
Minimum [Member] | Capital Lease Obligations [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | 0.00% | ||||
Maximum [Member] | ||||||
Capital Lease Term | 5 years | |||||
Maximum [Member] | Capital Lease Obligations [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | 3.11% |
Note 8 - Leases and Commitmen34
Note 8 - Leases and Commitments - Capital Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accumulated Amortization | $ 21,751 | $ 17,428 |
Net Book Value | 47,753 | 52,320 |
Capitalized Costs | $ 69,504 | $ 69,748 |
Note 8 - Leases and Commitmen35
Note 8 - Leases and Commitments - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2,017 | $ 15,957 |
2,018 | 8,331 |
2,019 | 13,825 |
2,020 | 10,252 |
2,021 | |
Thereafter | |
2,017 | 11,306 |
2,018 | 9,565 |
2,019 | 7,191 |
2,020 | 1,828 |
2,021 | 211 |
Thereafter | $ 492 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 29.60% | 5.30% | 33.00% | 30.70% |
Note 10 - Loss Per Share - Comp
Note 10 - Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss | $ (2,846) | $ (1,346) | $ (7,736) | $ (3,153) |
Denominator: | ||||
Denominator for basic earnings per share – weighted average shares (in shares) | 8,028 | 8,734 | 8,028 | 9,069 |
Effect of dilutive securities: | ||||
Employee stock options and restricted stock (in shares) | ||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion (in shares) | 8,028 | 8,734 | 8,028 | 9,069 |
Basic loss per share (in dollars per share) | $ (0.35) | $ (0.15) | $ (0.96) | $ (0.35) |
Diluted loss per share (in dollars per share) | $ (0.35) | $ (0.15) | $ (0.96) | $ (0.35) |
Weighted average anti-dilutive employee stock options and restricted stock (in shares) | 20 | 2 | 7 |
Note 12 - Restructuring, Impa38
Note 12 - Restructuring, Impairment and Other Costs (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017USD ($) | May 31, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Restructuring and Related Cost, Number of Facilities Closed | 4 | |||||||
Restructuring Charges | $ 5,264,000 | |||||||
Restructuring Reserve | [1] | 973,000 | 973,000 | $ 1,404,000 | ||||
Employee Severance [Member] | ||||||||
Restructuring Charges | ||||||||
Restructuring Reserve | $ 81,000 | |||||||
Employee Severance [Member] | Separation Agreement [Member] | ||||||||
Restructuring Reserve | 100,000 | 100,000 | ||||||
Employee Severance [Member] | Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | ||||||||
Restructuring Charges | $ 700,000 | |||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Term for Base Salary Continuation | 1 year | |||||||
Restructuring Reserve | 200,000 | 200,000 | ||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Base Salary Continuation [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 425,000 | |||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Separation Payment [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 120,000 | |||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Moving and Transition Expenses [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 30,000 | |||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | ||||||||
Restructuring Charges | 600,000 | |||||||
Employee Severance [Member] | Rhodes Separation Agreement [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 171,125 | |||||||
Restructuring Reserve | $ 0 | $ 0 | ||||||
Employee Severance [Member] | Rhodes Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | ||||||||
Restructuring Charges | $ 200,000 | |||||||
[1] | Refer to note 12 of the footnotes in this Form 10-Q for additional information regarding the restructuring, impairment and other costs. |
Note 12 - Restructuring, Impa39
Note 12 - Restructuring, Impairment and Other Costs - Restructuring and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Expenses/charges | |||||
Accrued balance | [1] | $ 973 | 973 | ||
Accrued balance | [1] | 1,404 | |||
Costs incurred | $ 5,264 | ||||
Payments | (431) | ||||
Employee Severance [Member] | |||||
Expenses/charges | |||||
Accrued balance | |||||
Accrued balance | 81 | ||||
Costs incurred | |||||
Payments | (81) | ||||
Executive Severance [Member] | |||||
Expenses/charges | |||||
Accrued balance | 450 | 450 | |||
Accrued balance | 277 | ||||
Costs incurred | 82 | $ 697 | 899 | $ 697 | |
Payments | (726) | ||||
Facility Closing [Member] | |||||
Expenses/charges | |||||
Accrued balance | $ 973 | 973 | |||
Accrued balance | 1,323 | ||||
Costs incurred | |||||
Payments | $ (350) | ||||
[1] | Refer to note 12 of the footnotes in this Form 10-Q for additional information regarding the restructuring, impairment and other costs. |
Note 12 - Restructuring, Impa40
Note 12 - Restructuring, Impairment and Other Costs - Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Costs incurred | $ 5,264 | |||
Executive Severance [Member] | ||||
Costs incurred | 82 | 697 | 899 | 697 |
Trucking [Member] | ||||
Costs incurred | 4,848 | |||
Trucking [Member] | Executive Severance [Member] | ||||
Costs incurred | 56 | $ 697 | 642 | 697 |
USAT Logistics [Member] | ||||
Costs incurred | $ 416 | |||
USAT Logistics [Member] | Executive Severance [Member] | ||||
Costs incurred | $ 26 | $ 257 |