SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF 15(d) OF
THE SECURITIES ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): COMMISSION FILE NUMBER
APRIL 17, 2003 0-19858
USA TRUCK, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 71-0556971
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
3200 INDUSTRIAL PARK ROAD
VAN BUREN, ARKANSAS 72956
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code:
(479) 471-2500
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 News release issued by the registrant on April 17, 2003.
Item 9. Regulation FD Disclosure
The following information is being furnished pursuant to Item 12, Results
of Operations and Financial Condition, as provided in Exchange Act Release No.
34-47583. On April 17, 2003, the registrant issued a news release announcing its
revenues and earnings for the first quarter of 2003. A copy of the news release
is filed as an exhibit to this Form 8-K.
By agreement with its customers, and consistent with industry practice, the
Company adds a surcharge to its rates as diesel fuel prices increase above an
industry-standard baseline price per gallon. The amount of this fuel surcharge
increases as fuel costs increase above certain threshold prices. The surcharge
is designed to approximately offset increases in fuel costs above the baseline.
Because fuel prices are volatile, management believes that presenting operating
statistics calculated on the basis of total revenue, including the fuel
surcharge in the earnings release, could provide a distorted picture of the
Company's operating performance, particularly when comparing results for current
and prior periods. Therefore, the fuel surcharge is excluded from revenue and,
instead, taken as a credit against expense when calculating the operating ratio
in the Key Operating Statistics table of the earnings release. The surcharge is
also excluded from revenue for purposes of calculating revenue per mile in that
table. Management believes that this presentation, which is designed to minimize
the potentially distortive effect of fuel cost volatility, is a more meaningful
measure of the Company's operating performance than a presentation calculating
revenue per mile and operating ratio on the basis of total revenue, including
fuel surcharge.
Management does not believe that a reconciliation of the information
presented in the Key Operating Statistics table of the earnings release and
corresponding information calculated on the basis of total revenue would be
meaningful. Revenue data, on both a total basis and excluding the fuel
surcharge, is included in the earnings information table of the earnings
release.
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
USA TRUCK, INC.
---------------
(Registrant)
Date: April 17, 2003 /s/ ROBERT M. POWELL
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ROBERT M. POWELL
Chairman and Chief
Executive Officer
Date: April 17, 2003 /s/ JERRY D. ORLER
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JERRY D. ORLER
President
Date: April 17, 2003 /s/ CLIFTON R. BECKHAM
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CLIFTON R. BECKHAM
Vice President - Finance, Chief
Financial Officer and Secretary