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

25 Oct, 2012, 16:05 ET from Universal Truckload Services, Inc.

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.