Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen and Thirty-nine Weeks Ended October 2, 2010

WARREN, Mich., Oct. 28 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen and thirty-nine weeks ended October 2, 2010.

For the thirteen weeks ended October 2, 2010, operating revenues increased 21.8%, or $28.0 million, to $156.5 million from $128.5 million for the thirteen weeks ended September 26, 2009.  Included in operating revenues are fuel surcharges of $13.8 million and $9.5 million for the thirteen weeks ended October 2, 2010 and September 26, 2009, respectively. Net income increased by $1.2 million, to $2.9 million, or $0.18 per basic and diluted share for the thirteen weeks ended October 2, 2010, from $1.7 million, or $0.11 per basic and diluted share, for the thirteen weeks ended September 26, 2009.  Included in net income for the thirteen weeks ended September 26, 2009 were $0.1 million, or $0.01 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.

Universal's truckload revenue in the third quarter of 2010 increased by 16.1% to $95.0 million from $81.8 million in the corresponding period of 2009.  Included in truckload revenue in the third quarter of 2010 is $6.0 million of revenue from our acquisitions completed since the third quarter of 2009.  Brokerage revenue in the third quarter of 2010 increased by 40.2% to $39.2 million from $27.9 million in the corresponding period of 2009.  Included in brokerage revenue in the third quarter of 2010 is $8.0 million of revenue from our acquisitions completed since the third quarter of 2009.  Intermodal revenue in the third quarter of 2010 increased by 19.4% to $22.3 million from $18.7 million in the corresponding period of 2009.

For the thirty-nine weeks ended October 2, 2010, operating revenues increased 23.8%, or $86.4 million, to $449.8 million from $363.4 million for the thirty-nine weeks ended September 26, 2009. Included in operating revenues are fuel surcharges of $40.1 million and $24.8 million for the thirty-nine weeks ended October 2, 2010 and September 26, 2009, respectively. Net income increased by $6.4 million, to $9.6 million, or $0.60 per basic and diluted share for the thirty-nine weeks ended October 2, 2010, from $3.1 million, or $0.20 per basic and diluted share for the thirty-nine weeks ended September 26, 2009.  Included in net income for the thirty-nine weeks ended October 2, 2010 were $3.2 million, or $0.20 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale.  Included in net income for the thirty-nine weeks ended September 26, 2009 were $0.8 million, or $0.05 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable securities classified as available for sale.

Universal's truckload revenue in the first three quarters of 2010 increased by 23.3% to $278.2 million from $225.6 million in the corresponding period of 2009.  Included in truckload revenue in the first three quarters of 2010 is $30.0 million from our acquisitions completed since the third quarter of 2009.  Brokerage revenue in the first three quarters of 2010 increased by 30.0% to $106.3 million from $81.8 million in the corresponding period of 2009.  Included in brokerage revenue in the first three quarters of 2010 is $22.9 million from our acquisitions completed since the third quarter of 2009.  Intermodal revenue in the first three quarters of 2010 increased by 16.6% to $65.2 million from $55.9 million in the corresponding period of 2009.

"We have seen improvement in our business environment throughout all three quarters of 2010," stated Universal's President and CEO Don Cochran. "Load counts have improved over last year in all of our business segments, and higher rates have shown that capacity in the market place remains tight. While the business environment has improved for the first three quarters, we remain cautious in our optimism."

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 not handled by our owner-operators, 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.  

SOURCE Universal Truckload Services, Inc.