Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen and Twenty-six Weeks Ended July 3, 2010

WARREN, Mich., July 29 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen and twenty-six weeks ended July 3, 2010.

For the thirteen weeks ended July 3, 2010, operating revenues increased 28.7%, or $34.4 million, to $154.3 million from $119.9 million for the thirteen weeks ended June 27, 2009.  Included in operating revenues are fuel surcharges of $14.6 million and $7.4 million for the thirteen weeks ended July 3, 2010 and June 27, 2009, respectively. Net income increased by $3.3 million, to $4.6 million, or $0.29 per basic and diluted share for the thirteen weeks ended July 3, 2010, from $1.3 million, or $0.08 per basic and diluted share, for the thirteen weeks ended June 27, 2009. Included in net income for the thirteen weeks ended July 3, 2010 were $2.1 million, or $0.13 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 thirteen weeks ended June 27, 2009 were $0.2 million, or $0.01 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 second quarter of 2010 increased by 29.3% to $97.1 million from $75.1 million in the corresponding period of 2009.  Included in truckload revenue in the second quarter of 2010 is $12.7 million of revenue from our acquisitions completed since the third quarter of 2009.  Brokerage revenue in the second quarter of 2010 increased by 33.1% to $34.8 million from $26.1 million in the corresponding period of 2009.  Included in brokerage revenue in the second quarter of 2010 is $7.9 million of revenue from our acquisitions completed since the third quarter of 2009.  Intermodal revenue in the second quarter of 2010 increased by 20.2% to $22.5 million from $18.7 million in the corresponding period of 2009.

For the twenty-six weeks ended July 3, 2010, operating revenues increased 24.9%, or $58.4 million, to $293.3 million from $234.9 million for the twenty-six weeks ended June 27, 2009. Included in operating revenues are fuel surcharges of $26.3 million and $15.3 million for the first two quarters of 2010 and 2009, respectively. Net income increased by $5.2 million, to $6.6 million, or $0.42 per basic and diluted share for the first half of 2010, from $1.4 million, or $0.09 per basic and diluted share, for the first half of 2009.  Included in net income for the first half of 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 first half of 2009 were $0.7 million, or $0.04 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 half of 2010 increased by 27.5% to $183.3 million from $143.8 million in the corresponding period of 2009.  Included in truckload revenue in the first half of 2010 is $24.0 million from our acquisitions completed since the third quarter of 2009.  Brokerage revenue in the first half of 2010 increased by 24.7% to $67.2 million from $53.9 million in the corresponding period of 2009.  Included in brokerage revenue in the first half of 2010 is $14.9 million from our acquisitions completed since the third quarter of 2009.  Intermodal revenue in the first half of 2010 increased by 15.2% to $42.9 million from $37.3 million in the corresponding period of 2009.

"Our second quarter has been a continuation of trends seen earlier in the year," stated Universal's President and CEO Don Cochran. "Load counts, rates and margins are showing signs of recovery in the truckload, brokerage and intermodal segments of the business. We are encouraged with the economic climate and our results in the 2nd quarter and we are cautiously optimistic that these trends will continue for the second half of 2010."

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.