Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Year Ended December 31, 2009
WARREN, Mich., Feb. 25 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2009.
For the thirteen weeks ended December 31, 2009, operating revenues decreased 21.0%, or $37.1 million, to $139.8 million from $177.0 million for the thirteen weeks ended December 31, 2008. Included in operating revenues are fuel surcharges of $11.1 million and $20.2 million for the thirteen weeks ended December 31, 2009 and December 31, 2008, respectively. Net income decreased 33.3%, or $0.9 million, to $1.8 million, or $0.11 per basic and diluted share for the thirteen weeks ended December 31, 2009, from $2.6 million, or $0.16 per basic and diluted share, for the thirteen weeks ended December 31, 2008. Included in net income for the thirteen weeks ended December 31, 2008 were $0.6 million, or $0.04 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 for the thirteen weeks ended December 31, 2009 decreased by 10.2% to $88.0 million from $97.9 million in the corresponding period of 2008. Included in truckload revenue for the thirteen weeks ended December 31, 2009 is $10.7 million of revenue from our third quarter 2009 acquisition. Brokerage revenue for the thirteen weeks ended December 31, 2009 decreased by 42.6% to $31.1 million from $54.2 million in the corresponding period of 2008. Included in brokerage revenue for the thirteen weeks ended December 31, 2009 is $2.0 million of revenue from our 2009 acquisitions. Intermodal revenue for the thirteen weeks ended December 31, 2009 decreased by 16.4% to $20.8 million from $24.9 million in the corresponding period of 2008.
For the year ended December 31, 2009, operating revenues decreased 33.7%, or $256.3 million, to $503.2 million from $759.5 million for the year ended December 31, 2008. Included in operating revenues are fuel surcharges of $35.9 million and $101.3 million for 2009 and 2008, respectively. Net income decreased 67.1%, or $10.0 million, to $4.9 million, or $0.31 per basic and diluted share for 2009, from $14.9 million, or $0.93 per basic and diluted share, for 2008. Included in net income for 2009 were $0.8 million, or $0.05 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale, compared to $2.2 million, or $0.14 per basic and diluted share of similar charges in 2008.
Universal's truckload revenue in 2009 decreased by 28.4% to $313.6 million from $438.2 million in the corresponding period of 2008. Included in truckload revenue in 2009 is $17.1 million from our acquisitions completed since the second quarter of 2008. Brokerage revenue in 2009 decreased by 45.8% to $112.9 million from $208.3 million in the corresponding period of 2008. Included in brokerage revenue in 2009 is $3.1 million from our acquisitions completed since the first quarter of 2008. Intermodal revenue in 2009 decreased by 32.1% to $76.7 million from $113.0 million in the corresponding period of 2008. Included in Intermodal revenue in 2009 is $0.8 million from our acquisitions completed in the first half of 2008.
"In 2009 our challenge became one of managing costs on a significantly smaller revenue scale, without compromising services to our customers," stated Universal's President and CEO Don Cochran. "It meant that our agents, independent contractors and employees all shared in the downside of the worst transportation recession most of us have ever seen. As revenue incrementally improves, our business model will allow for improved performance, not only for us, but for our business partners as well. We are optimistic that 2010 will show signs of this improvement and allow UTSI to remain a top provider of diverse transportation services for our customers."
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.
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 Year Ended
December 31, December 31,
----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
Operating revenues:
Truckload $87,953 $97,915 $313,573 $438,203
Brokerage 31,095 54,176 112,914 208,289
Intermodal 20,801 24,877 76,743 113,025
------ ------ ------ -------
Total operating
revenues 139,849 176,968 503,230 759,517
------- ------- ------- -------
Operating expenses:
Purchased transportation 106,071 137,386 378,008 592,982
Commissions expense 9,614 11,953 33,953 47,333
Other operating expense 3,421 2,504 10,316 9,510
Selling, general, and
administrative 10,854 13,281 44,232 52,036
Insurance and claims 4,241 4,472 17,348 21,388
Depreciation and
amortization 2,633 2,516 10,354 9,638
----- ----- ------ -----
Total operating expenses 136,834 172,112 494,211 732,887
------- ------- ------- -------
Income from operations 3,015 4,856 9,019 26,630
Interest income (expense), net (133) (54) (266) 12
Other non-operating income
(expense) 104 (608) (733) (2,387)
--- ---- ---- ------
Income before provision
for income taxes 2,986 4,194 8,020 24,255
Provision for income taxes 1,229 1,561 3,120 9,369
----- ----- ----- -----
Net income $1,757 $2,633 $4,900 $14,886
====== ====== ====== =======
Earnings per common share:
Basic $0.11 $0.16 $0.31 $0.93
Diluted $0.11 $0.16 $0.31 $0.93
Weighted average number of
common shares outstanding:
Basic 15,980 16,028 15,982 16,073
Diluted 15,980 16,028 15,982 16,077
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31,
------------
2009 2008
---- ----
Assets
Cash and cash equivalents $953 $28,767
Marketable securities 15,721 8,808
Accounts receivable – net 63,352 70,590
Other current assets 9,598 9,948
----- -----
Total current assets 89,624 118,113
Property and equipment – net 76,246 61,334
Other long-term assets – net 35,741 32,100
------ ------
Total assets $201,611 $211,547
======== ========
Liabilities and shareholders' equity
Total current liabilities $40,305 $40,040
Total long-term liabilities 6,881 7,030
----- -----
Total liabilities 47,186 47,070
Total shareholders' equity 154,425 164,477
------- -------
Total liabilities and shareholders' equity $201,611 $211,547
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UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Ended Year Ended
December 31, December 31,
----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
Average number of tractors
provided by owner-operators
Truckload 2,669 2,819 2,707 2,803
Intermodal 647 765 680 815
--- --- --- ---
Total 3,316 3,584 3,387 3,618
Truckload Revenues:
Average operating revenues
per loaded mile (1) $2.24 $2.79 $2.28 $2.84
Average operating revenues
per loaded mile, excluding
fuel surcharges (1) $2.01 $2.34 $2.07 $2.32
Average operating revenues
per load (1) $963 $1,107 $962 $1,079
Average operating revenues
per load, excluding fuel
surcharges (1) $864 $927 $873 $881
Average length of haul (1)(2) 429 397 422 380
Number of loads (1) 91,299 88,473 325,927 406,284
Brokerage Revenues:
Average operating revenues
per loaded mile (1) $2.03 $2.64 $1.96 $2.52
Average operating revenues
per load (1) $1,277 $1,567 $1,171 $1,486
Average length of haul (1)(2) 629 594 598 589
Number of loads (1) 22,467 31,983 88,895 125,432
Intermodal Revenues:
Drayage (in thousands) $19,025 $22,478 $69,395 $102,984
Depot (in thousands) $1,776 $2,399 $7,348 $10,041
------ ------ ------ -------
Total (in thousands) $20,801 $24,877 $76,743 $113,025
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Average operating revenues
per loaded mile $3.32 $3.82 $3.37 $4.44
Average operating revenues
per loaded mile, excluding
fuel surcharges $2.96 $3.09 $3.03 $3.54
Average operating revenues
per load $298 $334 $286 $338
Average operating revenues
per load, excluding fuel
surcharges $265 $270 $257 $269
Number of loads 63,903 67,211 242,927 304,869
(1) Excludes operating data from CrossRoad Carriers, Inc. and D.
Kratt International, Inc. in order to improve the relevance of the
statistical data related to our truckload and brokerage services and
improve the comparability to our peer companies.
(2) Average length of haul is computed using loaded miles.
SOURCE Universal Truckload Services, Inc.
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