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USA Truck appoints Robert Peiser chairman in board shakeup

The company said in a news release that the changes were taken “as part of the company’s efforts to support management’s plan to turn around the company’s performance and return it to profitability.

The Trucker News Services

11/9/2012

VAN BUREN, Ark. — USA Truck said Thursday that Robert A. Peiser had been appointed chairman of the board.

He succeeds Terry A. Elliott, who will remain on the board and continue in his present position of chairman of the audit committee.

In addition, the company announced that Robert E. Creager had been appointed to the board.

The company said in a news release that the changes were taken “as part of the company’s efforts to support management’s plan to turn around the company’s performance and return it to profitability.

The announcement comes days after the carrier reported a third-quarter net loss of $6.1 million, or 59 cents per share, compared with a net loss of $4.3 million, or 42 cents per share for the year-ago quarter.

It was the company's biggest quarterly loss ever.

For the nine months ended Sept. 30, USA Truck lost $14.4 million, or $1.40 per share, compared with $6.4 million, or 62 cents per share, for the same period in 2011.

“Our board and management have been working together closely for the past few quarters to design and set in motion a plan to bring material improvements to our operating results,” President and CEO Cliff Beckham said. “We have made substantial progress on the capital resources front, closing in August a new $125 million credit facility that does not include financial covenants.”

Beckham said the company had begun a national search for an experienced operations executive.

In the meantime, he said USA Truck had engaged Thomas M. Glaser, former president and COO of the Celadon Group, on a consulting basis to begin hands-on sessions with USA Truck operations personnel.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

 

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