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Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended April 2, 2011


News provided by

Universal Truckload Services, Inc.

Apr 28, 2011, 04:05 ET

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WARREN, Mich., April 28, 2011 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks ended April 2, 2011.

For the thirteen weeks ended April 2, 2011, operating revenues increased 13.4%, or $18.6 million, to $157.6 million from $139.0 million for the thirteen weeks ended April 3, 2010.  Included in operating revenues are fuel surcharges of $17.9 million and $11.7 million for the thirteen weeks ended April 2, 2011 and April 3, 2010, respectively. Net income increased by $0.8 million, to $2.9 million, or $0.19 per basic and diluted share for the thirteen weeks ended April 2, 2011, from $2.1 million, or $0.13 per basic and diluted share, for the thirteen weeks ended April 3, 2010. Included in net income for the thirteen weeks ended April 2, 2011 were $0.5 million, or $0.04 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 April 3, 2010 were $1.1 million, or $0.07 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 April 2, 2011 increased by 12.9% to $97.3 million from $86.2 million in the corresponding period of 2010.  Included in truckload revenue for the thirteen weeks ended April 2, 2011 is $0.4 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirteen weeks ended April 2, 2011 increased by 13.6% to $36.8 million from $32.4 million in the corresponding period of 2010.  Intermodal revenue for the thirteen weeks ended April 2, 2011 increased by 15.1% to $23.5 million from $20.4 million in the corresponding period of 2010.

"We have seen continuous improvement throughout the 1st quarter of 2011," stated Universal's President and CEO Don Cochran.  "Increases in load volumes and pricing have benefited all of our business lines this year.  While we expect continued challenges, including tightening capacity and increase regulatory oversight, we share the optimism of our Agent network and look forward to the remainder of the year."

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.  

UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Consolidated Statements of Income

(In thousands, except per share data)




Thirteen Weeks Ended






April 2,
2011


April 3,
2010

Operating revenues:









Truckload




$

97,313

$

86,211


Brokerage





36,805


32,404


Intermodal





23,512


20,429



Total operating revenues





157,630


139,044

Operating expenses:









Purchased transportation





120,459


105,407


Commissions expense





9,906


8,979


Other operating expense





3,704


3,414


Selling, general, and administrative





12,723


12,752


Insurance and claims





4,137


4,329


Depreciation and amortization





2,871


2,693



Total operating expenses





153,800


137,574



Income from operations





3,830


1,470

Interest income (expense), net





17


24

Other non-operating income (expense), net





990


1,896



Income before provision for income taxes





4,837


3,390

Provision for income taxes





1,938


1,325



Net income




$

2,899

$

2,065

Earnings per common share:









Basic




$

0.19

$

0.13


Diluted




$

0.19

$

0.13

Weighted average number of common shares outstanding:









Basic





15,632


15,980


Diluted





15,632


15,980


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)






April 2,
2011


December 31,
2010

Assets






Cash and cash equivalents

$

920

$

6,261


Marketable securities


15,542


15,041


Accounts receivable – net


77,428


68,833


Other current assets


17,375


11,362



Total current assets


111,265


101,497


Property and equipment – net


79,236


78,206


Other long-term assets – net


32,873


32,345



Total assets

$

223,374

$

212,048







Liabilities and shareholders' equity






Total current liabilities

$

50,232

$

42,294


Total long-term liabilities


6,682


5,543



Total liabilities


56,914


47,837



Total shareholders' equity


166,460


164,211



Total liabilities and shareholders' equity

$

223,374

$

212,048


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Summary of Operating Data




Thirteen Weeks Ended



April 2,
2011


April 3,
2010






Average number of tractors provided by





owner-operators






Truckload


2,412


2,500


Intermodal


655


619


Total


3,067


3,119







Truckload Revenues:






Average operating revenues per loaded mile

$

2.73

$

2.34


Average operating revenues per loaded mile, excluding






fuel surcharges

$

2.32

$

2.08


Average operating revenues per load

$

1,044

$

926


Average operating revenues per load, excluding






fuel surcharges

$

889

$

823


Average length of haul (2)


383


396


Number of loads


93,196


93,118






Brokerage Revenues:






Average operating revenues per loaded mile (1)

$

2.20

$

1.82


Average operating revenues per load (1)

$

1,311

$

1,159


Average length of haul (1)(2)


596


637


Number of loads (1)


25,583


24,549


Intermodal Revenues:






Drayage (in thousands)

$

20,904

$

18,559


Depot (in thousands)

$

2,608

$

1,870








Total (in thousands)

$

23,512

$

20,429








Average operating revenues per loaded mile

$

3.87

$

3.13


Average operating revenues per loaded mile, excluding






fuel surcharges

$

3.25

$

2.77


Average operating revenues per load

$

303

$

302


Average operating revenues per load, excluding






fuel surcharges

$

254

$

267


Number of loads


68,993


61,507


(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.

SOURCE Universal Truckload Services, Inc.

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