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SMALL BUSINESS
Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen and Thirty-nine Weeks Ended September 26, 2009
WARREN, Mich., Oct. 22 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen weeks and thirty-nine weeks ended September 26, 2009.
For the thirteen weeks ended September 26, 2009, operating revenues decreased 39.7%, or $84.5 million, to $128.5 million from $213.0 million for the thirteen weeks ended September 27, 2008. Included in operating revenues are fuel surcharges of $9.5 million and $32.2 million for the third quarters of 2009 and 2008, respectively. Net income decreased 68.6%, or $3.7 million, to $1.7 million, or $0.11 per basic and diluted share for the third quarter of 2009, from $5.4 million, or $0.34 per basic and diluted share, for the third quarter of 2008. Included in net income for the third quarter of 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, compared to $0.3 million, or $0.02 per basic and diluted share of similar charges in the third quarter of 2008.
Universal's truckload revenue in the third quarter of 2009 decreased by 32.9% to $81.8 million from $122.1 million in the corresponding period of 2008. Included in truckload revenue in the third quarter of 2009 is $3.6 million of revenue from our third quarter 2009 acquisition. Brokerage revenue in the third quarter of 2009 decreased by 53.6% to $27.9 million from $60.2 million in the corresponding period of 2008. Included in brokerage revenue in the third quarter of 2009 is $0.5 million of revenue from our third quarter 2009 acquisition. Intermodal revenue in the third quarter of 2009 decreased by 39.3% to $18.7 million from $30.8 million in the corresponding period of 2008.
For the thirty-nine weeks ended September 26, 2009, operating revenues decreased 37.6%, or $219.2 million, to $363.4 million from $582.5 million for the thirty-nine weeks ended September 27, 2008. Included in operating revenues are fuel surcharges of $24.8 million and $81.1 million for the first three quarters of 2009 and 2008, respectively. Net income decreased 74.3%, or $9.1 million, to $3.1 million, or $0.20 per basic and diluted share for the first three quarters of 2009, from $12.3 million, or $0.76 per share, for the first three quarters of 2008. Included in net income for the first three quarters of 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 $1.7 million, or $0.10 per basic and diluted share of similar charges in the first three quarters of 2008.
Universal's truckload revenue in the first three quarters of 2009 decreased by 33.7% to $225.6 million from $340.3 million in the corresponding period of 2008. Included in truckload revenue in the first three quarters of 2009 is $6.3 million from our acquisitions completed since the second quarter of 2008. Brokerage revenue in the first three quarters of 2009 decreased by 46.9% to $81.8 million from $154.1 million in the corresponding period of 2008. Included in brokerage revenue in the first three quarters of 2009 is $1.1 million from our acquisitions completed since the second quarter of 2008. Intermodal revenue in the first three quarters of 2009 decreased by 36.5% to $55.9 million from $88.1 million in the corresponding period of 2008. Included in Intermodal revenue in the first three quarters of 2009 is $0.8 million from our acquisitions completed in the first half of 2008.
"We would like to acknowledge the hard work of our agents, contractors and employees during these challenging times in 2009. Through their efforts, we have been able to improve our profitability throughout 2009," stated Universal's President and CEO Don Cochran. "We were very fortunate in 2008 to have experienced such high levels of flatbed and specialized hauling, both in terms of volume and in rate. When making year over year comparisons, we must remind ourselves that while experiencing extraordinary market weakness in 2009, we were at historical peaks in both pricing and volume last year. We have a long road ahead of us, and we will continue to focus on controlling cost while aggressively growing our market share throughout our core businesses."
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 Thirty-nine Weeks Ended
-------------------- -----------------------
September September September September
26, 2009 27, 2008 26, 2009 27, 2008
--------- -------- --------- --------
Operating revenues:
Truckload $81,839 $122,053 $225,620 $340,288
Brokerage 27,942 60,190 81,819 154,113
Intermodal 18,677 30,751 55,942 88,148
------ ------ ------ ------
Total operating
revenues 128,458 212,994 363,381 582,549
------- ------- ------- -------
Operating expenses:
Purchased
transportation 96,905 168,219 271,937 455,596
Commissions expense 8,677 12,637 24,339 35,380
Other operating
expense 2,393 2,129 6,895 7,006
Selling, general,
and administrative 10,935 13,223 33,378 38,755
Insurance and claims 4,084 5,453 13,107 16,916
Depreciation and
amortization 2,583 2,531 7,721 7,122
----- ----- ----- -----
Total operating
expenses 125,577 204,192 357,377 560,775
------- ------- ------- -------
Income from
operations 2,881 8,802 6,004 21,774
Non operating income
(expense) (17) 2 (837) (1,779)
Interest income (expense),
net (136) 47 (133) 66
---- -- ---- --
Income before
provision for
income taxes 2,728 8,851 5,034 20,061
Provision for income
taxes 1,029 3,445 1,891 7,808
----- ----- ----- -----
Net income $1,699 $5,406 $3,143 $12,253
====== ====== ====== =======
Earnings per common share:
Basic $0.11 $0.34 $0.20 $0.76
Diluted $0.11 $0.34 $0.20 $0.76
Weighted average number
of common shares
outstanding:
Basic 15,980 16,088 15,983 16,088
Diluted 15,980 16,106 15,983 16,088
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
September 26, December 31,
2009 2008
------------- ------------
Assets
Cash and cash equivalents $1,298 $28,767
Marketable securities 15,960 8,808
Accounts receivable - net 64,242 70,590
Other current assets 7,017 9,948
----- -----
Total current assets 88,517 118,113
Property and equipment - net 76,526 61,334
Other long-term assets - net 32,745 32,100
------ ------
Total assets $197,788 $211,547
======== ========
Liabilities and shareholders' equity
Total current liabilities $39,884 $40,040
Total long-term liabilities 5,133 7,030
----- -----
Total liabilities 45,017 47,070
Total shareholders' equity 152,771 164,477
------- -------
Total liabilities and shareholders'
equity $197,788 $211,547
======== ========
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Thirty-nine Weeks
Ended Ended
-------------------- ---------------------
September September September September
26, 2009 27, 2008 26, 2009 27, 2008
--------- --------- --------- ---------
Average number of tractors
provided by owner-operators
Truckload 2,787 2,884 2,719 2,797
Intermodal 665 792 691 832
--- --- --- ---
Total 3,452 3,676 3,410 3,629
Truckload Revenues:
Average operating
revenues per loaded
mile (1) $2.26 $3.01 $2.29 $2.85
Average operating
revenues per loaded mile,
excluding fuel
surcharges (1) $2.04 $2.38 $2.09 $2.31
Average operating
revenues per load (1) $978 $1,192 $962 $1,071
Average operating
revenues per load,
excluding fuel
surcharges (1) $885 $942 $877 $868
Average length of
haul (1)(2) 433 396 420 375
Number of loads (1) 83,708 102,396 234,628 317,811
Brokerage Revenues:
Average operating
revenues per loaded
mile (1) $1.92 $2.81 $1.93 $2.48
Average operating
revenues per load (1) $1,193 $1,621 $1,136 $1,458
Average length of
haul (1)(2) 622 578 588 587
Number of loads (1) 21,732 33,287 66,428 93,449
Intermodal Revenues:
Drayage (in thousands) $16,932 $27,881 $50,370 $80,506
Depot (in thousands) $1,745 $2,870 $5,572 $7,642
------ ------ ------ ------
Total (in thousands) $18,677 $30,751 $55,942 $88,148
======= ======= ======= =======
Average operating
revenues per
loaded mile $3.42 $4.38 $3.39 $4.65
Average operating
revenues per loaded
mile, excluding fuel
surcharges $3.06 $3.35 $3.05 $3.70
Average operating
revenues per load $279 $357 $281 $339
Average operating
revenues per load,
excluding fuel
surcharges $250 $273 $253 $269
Number of loads 60,641 78,018 179,024 237,658
(1) Excludes operating data from CrossRoad Carriers, 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.