Usa Truck Inc. has a market cap of $105.2 million; its shares were traded at around $10.07 with and P/S ratio of 0.2. Usa Truck Inc. had an annual average earning growth of 0.2% over the past 10 years.
Highlight of Business Operations:Total base revenue increased 1.9% to $102.6 million for the quarter ended September 30, 2011 from $100.8 million for the same quarter of 2010. We reported a net loss of $4.3 million ($0.42 per share) for the quarter ended September 30, 2011 as compared to net income of $0.6 million ($0.06 per share) for the prior year period.
Total base revenue increased 9.1% to $310.8 million for the nine months ended September 30, 2011 from $284.9 million for the same quarter of 2010. We incurred a net loss of $6.4 million, or $0.62 per share, for the nine months ended September 30, 2011 as compared to a net loss of $1.5 million, or $0.15 per share, for the same period of 2010. In the second quarter of 2010, the Company entered into, and subsequently sold, a fuel hedge contract and recognized an after-tax gain of approximately $0.7 million, or $0.07 per share.
For the nine months ended September 30, 2011, net cash used in investing activities was $22.4 million, compared to $22.5 million for the same period of 2010. The $0.1 million decrease in cash used in investing activities resulted from an increase in cash used to purchase property and equipment and an increase in cash proceeds from the sale of equipment. Cash used to purchase property and equipment increased $8.1 million during the first nine months of 2011 as compared to the same time period of 2010. This increase was primarily due to two factors; the method utilized to finance the acquisition of revenue equipment and the number of tractors we purchased. In regard to the financing of the equipment, we primarily utilized borrowings from our Credit Agreement to fund revenue equipment acquisitions during 2010 and for the same time period of 2011, we utilized more lease based financing. For the nine months ended September 30, 2011, we leased $21.2 million in revenue equipment acquisitions compared to $4.9 million during the same time period of 2010. In regard to the volume of purchases, through the first nine months of 2011, we purchased 435 tractors compared to 301 tractors during the same period of 2010. We were able to partially offset the amount of cash used to purchase property and equipment with the proceeds from the sale of our used equipment. During the first nine months of 2011, we sold $17.6 million of property and equipment as compared to $9.3 million during the same period of the prior year resulting in a difference of $8.3 million in proceeds between the periods.
Cash provided by financing activities increased $19.7 million during the first nine months of 2011 as compared to the same time period in 2010. During the first nine months of 2011, we borrowed a net amount on our Credit Agreement of $20.1 million compared to $2.7 million in net borrowings for the same time period in 2010. The additional net borrowing resulted in a $17.4 million increase on our Credit Agreement. The additional borrowing primarily related to funding the purchase of revenue equipment. In addition to the additional borrowing, cash provided by financing activities increased due to a $3.4 million increase in bank drafts outstanding, which was partially offset by a $0.9 million increase in principal payments on capitalized lease obligations.
As of September 30, 2011, our capital expenditures forecast, net of proceeds from the sale or trade of equipment, was $(0.9) million for the remainder of 2011, approximately $(2.4) million of which relates to revenue equipment. To the extent further capital expenditures are feasible based on our debt covenants and operating cash requirements, we would use the balance of $1.5 million primarily for property acquisitions, facility construction and improvements and maintenance and office equipment. We routinely evaluate our equipment acquisition needs and adjust our purchase and disposition schedules from time to time based on our analysis of factors such as freight demand, driver availability and the condition of the used equipment market. During the nine months ended September 30, 2011, we made $44.6 million of net capital expenditures, including $42.5 million for revenue equipment purchases and $2.1 million for facility expansions and other expenditures.
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