Cliff's Announcement and Company Transition

For the sake of the Employees I hope he can turn things around. I actually applaud the fact he has finally admitted his mistakes, BUT till I see the company actually making money I will always contend Cliff Beckham is an idiot that needs to be fired by the board!

 

ok so we aren;t making money so lets cut the rates even more so we can make a profit ......excuse me if i don;t put that in my business plan

 

Ok did anyone besides me call the number today to listen to the message from Cliff?

 

at least it wasnt the usual BS and piss on my back telling me its raining speech. It was the we were wrong, things didnt pan out like we thought and we are going back to the old way, please bear with us kind of speech. He did say that they told some of there short haul vendors that they were not going to be hauling short haul stuff the same anymore. I guess we will see what happens

 

i see what your saying just hate the idea of lowering longhaul rates as a way to get business instead of selling service but i guess that is just the nature of the beast but agreed students running that specialized stuff is a recipe for disaster

 

Are they painting the word Celedon on the trailers yet ?

It won't be long............

 

If I'm reading between the lines correctly, The board is on his ### right now. "Big Time". I think Mr. Cliff is about history.

 

I think there is more to this then is being said by the company. I just did a search and saw this. It's dated very recently. If you look very closely you see where the company says it's out of compliance with credit covenants, this is business speak for we are behind on our payments! I said it a while back and I will say it again. Make sure you have enough money to get home, you might very well be needing it.






VAN BUREN, Ark., July 19, 2012 /PRNewswire/ -- USA Truck, Inc. USAK today announced base revenue of $103.5 million for the quarter ended June 30, 2012, a decrease of 4.6% from $108.5 million for the same quarter of 2011. We incurred a net loss of $3.5 million ($0.34 per share) for the quarter ended June 30, 2012, compared to net income of $0.6 million ($0.06 per share) for the same quarter of 2011.
"At June 30, our outstanding debt, less cash, represented 50.9% of our balance sheet capitalization, compared to 47.4% at December 31, 2011. At June 30, 2012, we were not in compliance with the financial covenants contained in our revolving credit agreement. We have obtained a waiver from our bank group for such non-compliance that is effective through September 30, 2012. Concurrently, we are negotiating a new five-year revolving credit facility with a different lender that will replace our current revolving credit agreement. We anticipate the new facility will afford us improved pricing and significantly greater financial flexibility. For the six months ended June 30, 2012, we incurred net capital expenditures of approximately $19.9 million (including approximately $3.7 million relating to revenue equipment that we took possession of during 2011 but funded in 2012) and we anticipate our net capital expenditures to be approximately $7.4 million for the remainder of 2012."