Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Thirty-nine Weeks Ended September 29, 2012

WARREN, Mich., Oct. 25, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and thirty-nine weeks ended September 29, 2012.

Universal Truckload Services, Inc. is a leading asset-light provider of transportation services to customers throughout the United States and in the Canadian provinces of Ontario and Quebec.  Our trucking services include flatbed and dry van operations, and rail-truck and steamship-truck intermodal support services.  We also offer brokerage services, which allows us to supplement our capacity and provide our customers with freight transportation by using third party capacity, as well as full service international freight forwarding and customs house brokerage services.  Following our acquisition of LINC Logistics Company on October 1, 2012, we have increased the scope our service offerings by adding a leading provider of custom-developed third-party logistics solutions with operations in the United States, Canada and Mexico. Our value-added logistics services now include material handling and consolidation, sequencing and sub-assembling, kitting and repacking, and returnable container management.  The financial and operating results presented below do not include that of LINC Logistics Company. 

For the thirteen weeks ended September 29, 2012, operating revenues decreased 2.3%, or $4.2 million, to $183.3 million from $187.5 million for the thirteen weeks ended October 1, 2011, and our operating ratio increased 20 basis points to 95.7% for the thirteen weeks ended September 29, 2012 from 95.5% for the thirteen weeks ended October 1, 2011.  Included in operating revenues are fuel surcharges of $23.0 million and $23.3 million for the thirteen weeks ended September 29, 2012 and October 1, 2011, respectively.  Income from operations decreased by 7.4%, or $0.6 million, to $7.8 million for the thirteen weeks ended September 29, 2012 from $8.4 million for the thirteen weeks ended October 1, 2011, and net income increased by $0.1 million, to $5.5 million, or $0.36 per basic and diluted share, for the thirteen weeks ended September 29, 2012, from $5.4 million, or $0.35 per basic and diluted share, for the thirteen weeks ended October 1, 2011.  Included in net income for the thirteen weeks ended September 29, 2012 were $0.6 million, or $0.04 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale.

Universal's truckload revenue for the thirteen weeks ended September 29, 2012 decreased by 2.4% to $108.2 million from $110.9 million in the corresponding period of 2011.  Brokerage revenue for the thirteen weeks ended September 29, 2012 decreased by 9.3% to $44.0 million from $48.6 million in the corresponding period of 2011.  Intermodal revenue for the thirteen weeks ended September 29, 2012 increased by 10.6% to $31.0 million from $28.1 million in the corresponding period of 2011.  Included in intermodal revenue for the thirteen weeks ended September 29, 2012 is $2.1 million of revenue from our acquisition completed in the second quarter of 2012.

For the thirty-nine weeks ended September 29, 2012, operating revenues increased 3.6%, or $19.1 million, to $544.2 million from $525.1 million for the thirty-nine weeks ended October 1, 2011, and our operating ratio improved 30 basis points to 96.2% for the thirty-nine weeks ended September 29, 2012 from 96.5% for the thirty-nine weeks October 1, 2011.  Included in operating revenues are fuel surcharges of $69.3 million and $66.2 million for the thirty-nine weeks ended September 29, 2012 and October 1, 2011, respectively.  Income from operations increased by 12.6%, or $2.3 million, to $20.7 million for the thirty-nine weeks ended September 29, 2012 from $18.4 million for the thirty-nine weeks ended October 1, 2011, and net income increased by $1.8 million, to $14.1 million, or $0.91 per basic and diluted share, for the thirty-nine weeks ended September 29, 2012, from $12.3 million, or $0.79 per basic and diluted share, for the thirty-nine weeks ended October 1, 2011.  Included in net income for the thirty-nine weeks ended September 29, 2012 were $1.2 million, or $0.08 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $0.6 million, or $0.04 per basic and diluted share, for the thirty-nine weeks ended October 1, 2011.

Universal's truckload revenue for the thirty-nine weeks ended September 29, 2012 increased by 1.0% to $322.3 million from $319.0 million in the corresponding period of 2011.  Included in truckload revenue for the thirty-nine weeks ended September 29, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirty-nine weeks ended September 29, 2012 increased by 7.0% to $136.5 million from $127.6 million in the corresponding period of 2011.  Included in brokerage revenue for the thirty-nine weeks ended September 29, 2012 is $0.7 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the thirty-nine weeks ended September 29, 2012 increased by 8.7% to $85.4 million from $78.6 million in the corresponding period of 2011.  Included in intermodal revenue for the thirty-nine weeks ended September 29, 2012 is $3.2 million of revenue from our acquisition completed in the second quarter of 2012.

"While our earnings were negatively impacted in the third quarter by persistently weak economic headwinds, we remain confident in our long-term strategy," stated Don Cochran, Universal's President and CEO. "We continue to develop and diversify our service offerings to an expanding customer base through strategic acquisitions that should add value to all of our operating units."

Some of the statements contained in this press release might be considered forward-looking statements.  These statements identify prospective information.  Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.  These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described.  Additional information about the factors that may adversely affect these forward-looking statements is contained in the Company's reports and filings with the Securities and Exchange Commission.  The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. 

 

UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)




Thirteen Weeks Ended


Thirty-nine Weeks Ended



September 29,

2012


October 1,

2011


September 29,

2012


October 1,

2011

Operating revenues:










Truckload

$

108,241

$

110,896

$

322,342

$

319,007


Brokerage


44,048


48,588


136,463


127,558


Intermodal


31,032


28,062


85,419


78,572



Total operating revenues


183,321


187,546


544,224


525,137

Operating expenses:










Purchased transportation


140,021


144,413


416,894


404,503


Commissions expense


10,527


10,974


31,152


31,555


Other operating expense


3,895


3,519


12,138


10,458


Selling, general, and administrative


13,923


13,116


42,180


39,062


Insurance and claims


4,181


4,155


12,231


12,481


Depreciation and amortization


2,977


2,947


8,943


8,715



Total operating expenses


175,524


179,124


523,538


506,774



Income from operations


7,797


8,422


20,686


18,363

Interest income, net


6


4


19


48

Other non-operating income


1,186


233


2,359


1,391



Income before provision for
  income taxes


8,989


8,659


23,064


19,802

Provision for income taxes


3,477


3,224


8,956


7,533



Net income

$

5,512

$

5,435

$

14,108

$

12,269

Earnings per common share:










Basic

$

0.36

$

0.35

$

0.91

$

0.79


Diluted

$

0.36

$

0.35

$

0.91

$

0.79

Weighted average number of common
  shares outstanding:










Basic


15,491


15,574


15,507


15,607


Diluted


15,491


15,574


15,507


15,607

Dividends paid per common share:

$

$

1.00

$

1.00

$

1.00











 

UNIVERSAL TRUCKLOAD SERVICES, INC.

 Unaudited Condensed Consolidated Balance Sheets

(In thousands)






September 29,
2012


December 31,
2011

Assets






Cash and cash equivalents

$

214

$

878


Marketable securities


11,167


16,059


Accounts receivable – net


81,275


74,776


Other current assets


37,311


29,881



Total current assets


129,967


121,594


Property and equipment – net


93,884


89,985


Other long-term assets – net


31,809


29,619



Total assets

$

255,660

$

241,198







Liabilities and shareholders' equity






Total current liabilities

$

83,431

$

67,904


Total long-term liabilities


12,816


11,158



Total liabilities


96,247


79,062



Total shareholders' equity


159,413


162,136



Total liabilities and shareholders' equity

$

255,660

$

241,198

 

 

UNIVERSAL TRUCKLOAD SERVICES, INC.

 Unaudited Summary of Operating Data




Thirteen Weeks Ended



Thirty-nine Weeks Ended



September 29,

2012


October 1,

2011


September 29,

2012


October 1,

2011







Average number of tractors provided by
    owner-operators



















Truckload


2,493


2,531


2,445


2,478



Intermodal


721


674


676


668













Total


3,214


3,205


3,121


3,146












Truckload Revenues:










Average operating revenues per loaded mile

$

3.27

$

3.10

$

3.18

$

2.93


Average operating revenues per loaded mile, excluding fuel surcharges










$

2.74

$

2.57

$

2.64

$

2.43


Average operating revenues per load

$

1,143

$

1,137

$

1,125

$

1,093


Average operating revenues per load, excluding fuel surcharges










$

958

$

944

$

935

$

910


Average length of haul (2)


350


367


354


374


Number of loads


94,694


97,513


286,633


291,902










Brokerage Revenues:










Average operating revenues per loaded mile (1)

$

2.51

$

2.49

$

2.54

$

2.38


Average operating revenues per load (1)

$

1,448

$

1,455

$

1,446

$

1,393


Average length of haul (1) (2)


576


585


570


586


Number of loads (1)


27,106


30,236


84,232


82,529


Intermodal Revenues:










Drayage (in thousands)

$

26,199

$

25,592

$

71,909

$

71,108


Domestic Intermodal (in thousands)

$

1,975

$

$

5,322



Depot (in thousands)

$

2,858

$

2,470

$

8,188

$

7,464












Total (in thousands)

$

31,032

$

28,062

$

85,419

$

78,572












Average operating revenues per loaded mile (3)

$

4.33

$

4.29

$

4.37

$

4.18


Average operating revenues per loaded mile, excluding fuel surcharges (3)

$

3.49

$

3.53

$

3.52

$

3.44


Average operating revenues per load (3)

$

320

$

318

$

302

$

314


Average operating revenues per load, excluding fuel surcharges (3)

$

258

$

262

$

244

$

258


Number of loads (3)


81,956


80,486


237,799


226,527














 

(1)

 

 

Excludes operating data from Universal Logistics Solutions, Inc., and D. Kratt International, Inc., in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies.

(2)

Average length of haul is computed using loaded miles.

(3)

Excludes operating data from Universal Logistics Solutions, Inc., in order to improve the relevance of the statistical data related to our intermodal services and improve the comparability to our peer companies.

 

SOURCE Universal Truckload Services, Inc.




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