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Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Twenty-six Weeks Ended June 30, 2012

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WARREN, Mich., July 26, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and twenty-six weeks ended June 30, 2012.

For the thirteen weeks ended June 30, 2012, operating revenues increased 2.8%, or $5.1 million, to $185.1 million from $180.0 million for the thirteen weeks ended July 2, 2011, and our operating ratio improved 70 basis points to 95.9% for the thirteen weeks ended June 30, 2012 from 96.6% for the thirteen weeks ended July 2, 2011.  Included in operating revenues are fuel surcharges of $24.3 million and $25.0 million for the thirteen weeks ended June 30, 2012 and July 2, 2011, respectively.  Income from operations increased by 22.9%, or $1.4 million, to $7.5 million for the thirteen weeks ended June 30, 2012 from $6.1 million for the thirteen weeks ended July 2, 2011, and net income increased by $1.1 million, to $5.0 million, or $0.32 per basic and diluted share, for the thirteen weeks ended June 30, 2012, from $3.9 million, or $0.25 per basic and diluted share, for the thirteen weeks ended July 2, 2011.  Included in net income for the thirteen weeks ended June 30, 2012 were $0.3 million, or $0.02 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 June 30, 2012 decreased by 0.7% to $110.0 million from $110.8 million in the corresponding period of 2011.  Brokerage revenue for the thirteen weeks ended June 30, 2012 increased by 9.2% to $46.0 million from $42.2 million in the corresponding period of 2011.  Intermodal revenue for the thirteen weeks ended June 30, 2012 increased by 7.6% to $29.0 million from $27.0 million in the corresponding period of 2011.  Included in intermodal revenue for the thirteen weeks ended June 30, 2012 is $1.1 million of revenue from our acquisition completed in the second quarter of 2012.

For the twenty-six weeks ended June 30, 2012, operating revenues increased 6.9%, or $23.3 million, to $360.9 million from $337.6 million for the twenty-six weeks ended July 2, 2011, and our operating ratio improved 70 basis points to 96.4% for the twenty-six weeks ended June 30, 2012 from 97.1% for the twenty-six weeks July 2, 2011.  Included in operating revenues are fuel surcharges of $46.3 million and $42.9 million for the twenty-six weeks ended June 30, 2012 and July 2, 2011, respectively.  Income from operations increased by 29.7%, or $2.9 million, to $12.9 million for the twenty-six weeks ended June 30, 2012 from $9.9 million for the year ended July 2, 2011, and net income increased by $1.8 million, to $8.6 million, or $0.55 per basic and diluted share, for the twenty-six weeks ended June 30, 2012, from $6.8 million, or $0.44 per basic and diluted share, for the twenty-six weeks ended July 2, 2011.  Included in net income for the twenty-six weeks ended June 30, 2012 were $0.5 million, or $0.03 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $0.5 million, or $0.04 per basic and diluted share, for the twenty-six weeks ended July, 2 2011.

Universal's truckload revenue for the twenty-six weeks ended June 30, 2012 increased by 2.9% to $214.1 million from $208.1 million in the corresponding period of 2011.  Included in truckload revenue for the twenty-six weeks ended June 30, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the twenty-six weeks ended June 30, 2012 increased by 17.0% to $92.4 million from $79.0 million in the corresponding period of 2011.  Included in brokerage revenue for the twenty-six weeks ended June 30, 2012 is $0.7 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the twenty-six weeks ended June 30, 2012 increased by 7.7% to $54.4 million from $50.5 million in the corresponding period of 2011.  Included in intermodal revenue for the twenty-six weeks ended June 30, 2012 is $1.1 million of revenue from our acquisition completed in the second quarter of 2012.

"The second quarter of 2012 proved to be another good quarter for Universal," stated Don Cochran, Universal's President and CEO.  "Our revenue growth in the second quarter of 2012 was driven by an increase in the number of loads hauled and our average revenue per loaded mile for our brokerage and intermodal operations compared to the second quarter of 2011. Excluding fuel surcharges, we were able to improve our operating ratio by 80 basis points and increase our income from operations by $1.4 million or 22.9%.  In addition, excluding the effect of gains on marketable securities, we were able to increase our earnings per share from $0.25 per share in the second quarter of 2011 to $0.30 per share in the second quarter of 2012, a 20.0% increase.  We remain cautiously optimistic about the 2nd half of 2012 and believe we will see an uptick in revenue for the third quarter based on the seasonality of the freight we haul, and will continue to look for ways to improve our profitability in a challenging market."

Universal Truckload Services, Inc. is primarily an asset light provider of transportation services to shippers throughout the United States and in the Canadian provinces of Ontario and Quebec.  The Company's trucking services include both flatbed and dry van operations and the Company provides rail-truck and steamship-truck intermodal support services.  The Company also offers truck brokerage services, which allow us to supplement our capacity and provide our customers with transportation of freight by using third party capacity, and full service international freight forwarding and customs house brokerage services.

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


Twenty-six Weeks Ended



June 30,

2012


July 2,

2011


June 30,

2012


July 2,

2011

Operating revenues:










Truckload

$

109,980

$

110,798

$

214,101

$

208,111


Brokerage


46,032


42,165


92,415


78,970


Intermodal


29,043


26,998


54,387


50,510



Total operating revenues


185,055


179,961


360,903


337,591

Operating expenses:










Purchased transportation


141,803


139,631


276,873


260,090


Commissions expense


10,551


10,675


20,625


20,581


Other operating expense


4,225


3,235


8,243


6,939


Selling, general, and administrative


14,059


13,223


28,257


25,946


Insurance and claims


3,908


4,189


8,050


8,326


Depreciation and amortization


2,998


2,897


5,966


5,768



Total operating expenses


177,544


173,850


348,014


327,650



Income from operations


7,511


6,111


12,889


9,941

Interest income, net


1


27


13


44

Other non-operating income


669


168


1,173


1,158



Income before provision for income taxes


8,181


6,306


14,075


11,143

Provision for income taxes


3,183


2,371


5,479


4,309



Net income

$

4,998

$

3,935

$

8,596

$

6,834

Earnings per common share:










Basic

$

0.32

$

0.25

$

0.55

$

0.44


Diluted

$

0.32

$

0.25

$

0.55

$

0.44

Weighted average number of common shares outstanding:










Basic


15,494


15,614


15,516


15,623


Diluted


15,494


15,614


15,516


15,623

Dividends paid per common share:

$

$

$

1.00

$

 

UNIVERSAL TRUCKLOAD SERVICES, INC.

 Unaudited Condensed Consolidated Balance Sheets

(In thousands)






June 30,

2012


December 31,

2011

Assets






Cash and cash equivalents

$

226

$

878


Marketable securities


14,201


16,059


Accounts receivable – net


80,750


74,776


Other current assets


15,186


17,627



Total current assets


110,363


109,340


Property and equipment – net


91,516


89,985


Other long-term assets – net


29,892


29,619



Total assets

$

231,771

$

228,944







Liabilities and shareholders' equity






Total current liabilities

$

65,168

$

55,650


Total long-term liabilities


12,347


11,158



Total liabilities


77,515


66,808



Total shareholders' equity


154,256


162,136



Total liabilities and shareholders' equity

$

231,771

$

228,944

 

UNIVERSAL TRUCKLOAD SERVICES, INC.

 Unaudited Summary of Operating Data




Thirteen Weeks

Ended


Twenty-six Weeks

Ended



June 30,

2012


July 2,

2011


June 30,

2012


July 2,

2011










Average number of tractors provided by










owner-operators











Truckload


2,429


2,490


2,421


2,451



Intermodal


689


675


654


665













Total


3,118


3,165


3,075


3,116












Truckload Revenues:










Average operating revenues per loaded mile

$

3.19


2.95

$

3.14

$

2.84


Average operating revenues per loaded mile,











excluding fuel surcharges

$

2.63


2.41

$

2.60

$

2.37


Average operating revenues per load

$

1,130


1,095

$

1,115

$

1,071


Average operating revenues per load, excluding











fuel surcharges

$

934


895

$

924

$

892


Average length of haul (2)


355


372


356


377


Number of loads


97,333


101,193


191,939


194,389










Brokerage Revenues:










Average operating revenues per loaded mile (1)

$

2.57


2.43

$

2.55

$

2.32


Average operating revenues per load (1)

$

1,449


1,401

$

1,445

$

1,357


Average length of haul (1) (2)


565


577


568


586


Number of loads (1)


27,936


26,710


57,126


52,293












Intermodal Revenues:










Drayage (in thousands)

$

24,476


24,612

$

45,710

$

45,516


Domestic Intermodal (in thousands)

$

1,956


$

3,347



Depot (in thousands)

$

2,611


2,386

$

5,330

$

4,994












Total (in thousands)

$

29,043


26,998

$

54,387

$

50,510












Average operating revenues per loaded mile (3)

$

4.53


4.36

$

4.39

$

4.12


Average operating revenues per loaded mile,











excluding fuel surcharges (3)

$

3.65


3.52

$

3.54

$

3.39


Average operating revenues per load (3)

$

304


319

$

293

$

312


Average operating revenues per load, excluding











fuel surcharges (3)

$

244


258

$

236

$

256


Number of loads (3)


80,580


77,048


155,843


146,041

 

(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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