USA TRUCK RECORDS PROFIT GAIN FOR 2002

USA TRUCK RECORDS PROFIT GAIN FOR 2002    USA Truck Inc., a medium-haul truckload carrier, posted a 140-percent rise in profit in 2002, with net income of $2.6 million (excluding fuel surcharges) for the period ended Dec. 31 compared to $1 million for 2001.
   The profit gain for the year was achieved despite a drop in net income to $526,746 from $624,277 during the same three-month period in 2001 and a 9.7 percent increase in revenues to $67.2 million from $61.3 million the previous year.
   For all of 2002, USA Truck had operating revenue of $268.5 million, up from $244.4 million in 2001.
   In a statement, Chief Executive Robert Powell attributed part of the revenue gains to the company's ability to increase base freight rates by 2.1 percent and reduce empty miles traveled to 8.7 percent in the fourth quarter compared to the same quarter a year ago.
   The company said it improved its cost structure by reducing driver pay and improving maintenance and operations procedures. 'We adjusted about a third of the existing driver fleet to a lower pay scale in mid-December, which had an impact on the fourth quarter, but will have a much greater impact in 2003,' Powell said.
   For the year, USA Truck shaved about $1 million in salary and benefits from its 2001 total of $107.6 million.
   In line with the rest of the trucking industry, much higher insurance premiums and claims costs last year contributed to total expenses rising by about $20 million to $264.5 million. The company also said it is spending more to recruit drivers due to the shortage of qualified drivers needed to operate some of its idle tractors.