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Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Fifty-two Weeks Ended December 31, 2011

 

WARREN, Mich., Feb. 23, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2011.

For the thirteen weeks ended December 31, 2011, operating revenues increased 11.8%, or $18.5 million, to $174.6 million from $156.1 million for the thirteen weeks ended December 31, 2010, and our operating ratio improved 20 basis points to 96.5% for the thirteen weeks ended December 31, 2011 from 96.7% for the thirteen weeks ended December 31, 2010.  Included in operating revenues are fuel surcharges of $22.4 million and $14.1 million for the thirteen weeks ended December 31, 2011 and December 31, 2010, respectively.  Income from operations increased by 16.5%, or $0.9 million, to $6.0 million for the thirteen weeks ended December 31, 2011 from $5.2 million for the thirteen weeks ended December 31, 2010, and net income increased by $0.4 million, to $3.5 million, or $0.23 per basic and diluted share, for the thirteen weeks ended December 31, 2011, from $3.2 million, or $0.20 per basic and diluted share, for the thirteen weeks ended December 31, 2010.

Universal's truckload revenue for the thirteen weeks ended December 31, 2011 increased by 13.4% to $104.2 million from $91.9 million in the corresponding period of 2010.  Included in truckload revenue for the thirteen weeks ended December 31, 2011 is $2.2 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirteen weeks ended December 31, 2011 increased by 11.1% to $46.3 million from $41.6 million in the corresponding period of 2010.  Included in brokerage revenue for the thirteen weeks ended December 31, 2011 is $0.8 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the thirteen weeks ended December 31, 2011 increased by 6.8% to $24.2 million from $22.7 million in the corresponding period of 2010.

For the year ended December 31, 2011, operating revenues increased 15.5%, or $93.8 million, to $699.8 million from $605.9 million for the year December 31, 2010, and our operating ratio improved 100 basis points to 96.5% for the year ended December 31, 2011 from 97.5% for the year ended December 31, 2010.  Included in operating revenues are fuel surcharges of $88.6 million and $54.2 million for the year ended December 31, 2011 and December 31, 2010, respectively.  Income from operations increased by 58.7%, or $9.0 million, to $24.4 million for the year ended December 31, 2011 from $15.4 million for the year ended December 31, 2010, and net income increased by $3.1 million, to $15.8 million, or $1.01 per basic and diluted share, for the year ended December 31, 2011, from $12.7 million, or $0.80 per basic and diluted share, for the year ended December 31, 2010.  Included in net income for the year ended December 31, 2011 were $0.7 million, or $0.04 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $3.2 million, or $0.20 per basic and diluted share, for year ended December 31, 2010.

Universal's truckload revenue for the year ended December 31, 2011 increased by 14.3% to $423.2 million from $370.1 million in the corresponding period of 2010.  Included in truckload revenue for the year ended December 31, 2011 is $8.9 million of revenue from our acquisitions completed since the first quarter of 2011.  Brokerage revenue for the year ended December 31, 2011 increased by 17.5% to $173.8 million from $148.0 million in the corresponding period of 2010.  Included in brokerage revenue for the year ended December 31, 2011 is $1.2 million of revenue from our acquisitions completed since the first quarter of 2011.  Intermodal revenue for the year ended December 31, 2011 increased by 16.9% to $102.8 million from $87.9 million in the corresponding period of 2010.

"I am pleased with Universal's 2011 fourth quarter and full year operating results," stated Universal's President and CEO, Don Cochran. "Overall our continued revenue growth was driven by increases in our operating revenues per load and the number of loads we hauled, as well as increases in the fuel surcharges we pass along to our owner-operators. Income from operations increased by 16.5% in the fourth quarter of 2011 compared to the same period last year, and by 58.7% for the full year 2011 compared to 2010.  Excluding fuel surcharges, we improved our operating ratio by 40 basis points in the fourth quarter of 2011 compared to the same period last year, and by 120 basis points for all of 2011.   Included in our earnings per share for 2010 and 2011 were $0.20 and $0.04, respectively, of after-tax gains from the sales of securities.  Excluding these gains, our earnings increased from $0.60 per share to $0.97 per share, a 61.7% increase.  We have made substantial progress in 2011, and look forward to 2012. We expect the economy to continue to grow, although modestly given the legislative and European economic headwinds, but are excited to face the challenges ahead."

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

December 31,


Year Ended

December 31,



2011


2010


2011


2010

Operating revenues:










Truckload

$

104,175

$

91,850

$

423,182

$

370,096


Brokerage


46,262


41,623


173,820


147,970


Intermodal


24,197


22,660


102,769


87,877



Total operating revenues


174,634


156,133


699,771


605,943

Operating expenses:










Purchased transportation


133,810


119,407


538,313


461,041


Commissions expense


10,375


9,872


41,930


38,805


Other operating expense


3,720


3,007


14,178


13,276


Selling, general, and administrative


13,305


11,492


52,367


49,253


Insurance and claims


4,475


4,360


16,956


17,205


Depreciation and amortization


2,921


2,821


11,636


10,996



Total operating expenses


168,606


150,959


675,380


590,576



Income from operations


6,028


5,174


24,391


15,367

Interest income, net


10


39


58


120

Other non-operating income


387


149


1,778


5,969



Income before provision for income taxes


6,425


5,362


26,227


21,456

Provision for income taxes


2,881


2,188


10,414


8,712



Net income

$

3,544

$

3,174

$

15,813

$

12,744

Earnings per common share:










Basic

$

0.23

$

0.20

$

1.01

$

0.80


Diluted

$

0.23

$

0.20

$

1.01

$

0.80

Weighted average number of common shares outstanding:










Basic


15,555


15,780


15,594


15,917


Diluted


15,555


15,780


15,594


15,917

Dividends paid per common share:

$

$

$

1.00

$





UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)






December 31,
2011


December 31,
2010

Assets






Cash and cash equivalents

$

878

$

6,261


Marketable securities


16,059


15,041


Accounts receivable – net


74,876


68,833


Other current assets


17,527


11,362



Total current assets


109,340


101,497


Property and equipment – net


89,985


78,206


Other long-term assets – net


29,619


32,345



Total assets

$

228,944

$

212,048







Liabilities and shareholders' equity






Total current liabilities

$

55,650

$

42,294


Total long-term liabilities


11,158


5,543



Total liabilities


66,808


47,837



Total shareholders' equity


162,136


164,211



Total liabilities and shareholders' equity

$

228,944

$

212,048





UNIVERSAL TRUCKLOAD SERVICES, INC.


Unaudited Summary of Operating Data






Thirteen Weeks Ended

December 31,


Year Ended

December 31,




2011


2010


2011


2010












Average number of tractors provided by










owner-operators











Truckload


2,527


2,449


2,490


2,474



Intermodal


657


652


665


637













Total


3,184


3,101


3,155


3,111














Truckload Revenues:


Average operating revenues per loaded mile

$

3.06

$

2.67

$

2.96

$

2.56


Average operating revenues per loaded mile,











excluding fuel surcharges

$

2.52

$

2.34

$

2.46

$

2.25


Average operating revenues per load

$

1,123

$

1,061

$

1,100

$

1,011


Average operating revenues per load, excluding











fuel surcharges

$

928

$

930

$

914

$

891


Average length of haul (2)


368


398


372


396


Number of loads


92,739


86,606


384,641


366,017


Brokerage Revenues:


Average operating revenues per loaded mile (1)

$

2.33

$

2.38

$

2.36

$

2.11


Average operating revenues per load (1)

$

1,391

$

1,495

$

1,392

$

1,325


Average length of haul (1)(2)


598


629


589


626


Number of loads (1)


29,402


25,572


111,931


100,233


Intermodal Revenues:


Drayage (in thousands)

$

21,727

$

20,394

$

92,836

$

79,750


Depot (in thousands)

$

2,470

$

2,266

$

9,933

$

8,127












Total (in thousands)

$

24,197

$

22,660

$

102,769

$

87,877












Average operating revenues per loaded mile

$

4.19

$

3.74

$

4.18

$

3.46


Average operating revenues per loaded mile,











excluding fuel surcharges

$

3.36

$

3.23

$

3.42

$

3.02


Average operating revenues per load

$

290

$

283

$

308

$

292


Average operating revenues per load, excluding











fuel surcharges

$

233

$

244

$

252

$

255


Number of loads


74,830


72,048


301,357


273,337











(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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