WARREN, Mich., Oct. 27, 2011 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and thirty-nine weeks ended October 1, 2011.
For the thirteen weeks ended October 1, 2011, operating revenues increased 19.9%, or $31.1 million, to $187.5 million from $156.5 million for the thirteen weeks ended October 2, 2010, and our operating ratio improved 150 basis points to 95.5% for the thirteen weeks ended October 1, 2011 from 97.0% for the thirteen weeks ended October 2, 2010. Included in operating revenues are fuel surcharges of $23.3 million and $13.8 million for the thirteen weeks ended October 1, 2011 and October 2, 2010, respectively. Income from operations increased by 80.9%, or $3.8 million, to $8.4 million for the thirteen weeks ended October 1, 2011 from $4.7 million for the thirteen weeks ended October 2, 2010, and net income increased by $2.5 million, to $5.4 million, or $0.35 per basic and diluted share, for the thirteen weeks ended October 1, 2011, from $2.9 million, or $0.18 per basic and diluted share, for the thirteen weeks ended October 2, 2010.
Universal's truckload revenue for the thirteen weeks ended October 1, 2011 increased by 16.8% to $110.9 million from $95.0 million in the corresponding period of 2010. Included in truckload revenue for the thirteen weeks ended October 1, 2011 is $2.8 million of revenue from our acquisition completed in the first quarter of 2011. Brokerage revenue for the thirteen weeks ended October 1, 2011 increased by 24.0% to $48.6 million from $39.2 million in the corresponding period of 2010. Included in brokerage revenue for the thirteen weeks ended October 1, 2011 is $0.3 million of revenue from our acquisition completed in the first quarter of 2011. Intermodal revenue for the thirteen weeks ended October 1, 2011 increased by 25.9% to $28.1 million from $22.3 million in the corresponding period of 2010.
For the thirty-nine weeks ended October 1, 2011, operating revenues increased 16.7%, or $75.3 million, to $525.1 million from $449.8 million for the thirty-nine weeks ended October 2, 2010, and our operating ratio improved 120 basis points to 96.5% for the thirty-nine weeks ended October 1, 2011 from 97.7% for the thirty-nine weeks ended October 2, 2010. Included in operating revenues are fuel surcharges of $66.2 million and $40.1 million for the thirty-nine weeks ended October 1, 2011 and October 2, 2010, respectively. Income from operations increased by 80.2%, or $8.2 million, to $18.4 million for the thirty-nine weeks ended October 1, 2011 from $10.2 million for the thirty-nine weeks ended October 2, 2010, and net income increased by $2.7 million, to $12.3 million, or $0.79 per basic and diluted share, for the thirty-nine weeks ended October 1, 2011, from $9.6 million, or $0.60 per basic and diluted share, for the thirty-nine weeks ended October 2, 2010. Included in net income for the thirty-nine weeks ended October 1, 2011 were $0.6 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, during the thirty-nine weeks ended October 2, 2010.
Universal's truckload revenue for the thirty-nine weeks ended October 1, 2011 increased by 14.6% to $319.0 million from $278.2 million in the corresponding period of 2010. Included in truckload revenue for the thirty-nine weeks ended October 1, 2011 is $6.7 million of revenue from our acquisitions completed since the first quarter of 2011. Brokerage revenue for the thirty-nine weeks ended October 1, 2011 increased by 19.9% to $127.6 million from $106.3 million in the corresponding period of 2010. Included in brokerage revenue for the thirty-nine weeks ended October 1, 2011 is $0.3 million of revenue from our acquisitions completed since the first quarter of 2011. Intermodal revenue for the thirty-nine weeks ended October 1, 2011 increased by 20.5% to $78.6 million from $65.2 million in the corresponding period of 2010.
"In terms of earnings, third quarter has proved to be our best quarter of the year," stated Universal's President and CEO Don Cochran. "Strong demand in all of our core businesses, compounded with continued rate improvements, has pushed revenues higher than we've seen in several quarters. We are also pleased with the progress and integration of our recent acquisitions, and look forward to their continued improved performance. Our agents, independent contractors and employees experienced the best conditions we have had in quite some time."
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 Condensed Consolidated Statements of Income (In thousands, except per share data) | |
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| Thirteen Weeks Ended |
| Thirty-nine Weeks Ended | |
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| October 1,
2011 |
| October 2,
2010 |
| October 1,
2011 |
| October 2,
2010 | |
Operating revenues: |
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| Truckload | $ | 110,896 | $ | 94,980 | $ | 319,007 | $ | 278,246 | |
| Brokerage |
| 48,588 |
| 39,186 |
| 127,558 |
| 106,347 | |
| Intermodal |
| 28,062 |
| 22,296 |
| 78,572 |
| 65,217 | |
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| Total operating revenues |
| 187,546 |
| 156,462 |
| 525,137 |
| 449,810 | |
Operating expenses: |
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| Purchased transportation |
| 144,413 |
| 119,333 |
| 404,503 |
| 341,634 | |
| Commissions expense |
| 10,974 |
| 10,072 |
| 31,555 |
| 28,933 | |
| Other operating expense |
| 3,519 |
| 3,020 |
| 10,458 |
| 10,269 | |
| Selling, general, and administrative |
| 13,116 |
| 11,877 |
| 39,062 |
| 37,761 | |
| Insurance and claims |
| 4,155 |
| 4,715 |
| 12,481 |
| 12,845 | |
| Depreciation and amortization |
| 2,947 |
| 2,790 |
| 8,715 |
| 8,175 | |
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| Total operating expenses |
| 179,124 |
| 151,807 |
| 506,774 |
| 439,617 | |
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| Income from operations |
| 8,422 |
| 4,655 |
| 18,363 |
| 10,193 | |
Interest income (expense), net |
| 4 |
| 31 |
| 48 |
| 81 | |
Other non-operating income |
| 233 |
| 225 |
| 1,391 |
| 5,820 | |
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| Income before provision for income taxes |
| 8,659 |
| 4,911 |
| 19,802 |
| 16,094 | |
Provision for income taxes |
| 3,224 |
| 1,979 |
| 7,533 |
| 6,524 | |
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| Net income | $ | 5,435 | $ | 2,932 | $ | 12,269 | $ | 9,570 | |
Earnings per common share: |
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| Basic | $ | 0.35 | $ | 0.18 | $ | 0.79 | $ | 0.60 | |
| Diluted | $ | 0.35 | $ | 0.18 | $ | 0.79 | $ | 0.60 | |
Weighted average number of common shares outstanding: |
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| Basic |
| 15,574 |
| 15,925 |
| 15,607 |
| 15,962 | |
| Diluted |
| 15,574 |
| 15,925 |
| 15,607 |
| 15,962 | |
Dividends paid per common share: | $ | 1.00 | $ | — | $ | 1.00 | $ | — | |
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UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands) | |
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| October 1,
2011 |
| December 31,
2010 | |
Assets |
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| Cash and cash equivalents | $ | 1,376 | $ | 6,261 | |
| Marketable securities |
| 15,275 |
| 15,041 | |
| Accounts receivable – net |
| 87,385 |
| 68,833 | |
| Other current assets |
| 13,507 |
| 11,362 | |
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| Total current assets |
| 117,543 |
| 101,497 | |
| Property and equipment – net |
| 80,109 |
| 78,206 | |
| Other long-term assets – net |
| 30,936 |
| 32,345 | |
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| Total assets | $ | 228,588 | $ | 212,048 | |
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Liabilities and shareholders' equity |
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| Total current liabilities | $ | 63,410 | $ | 42,294 | |
| Total long-term liabilities |
| 7,562 |
| 5,543 | |
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| Total liabilities |
| 70,972 |
| 47,837 | |
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| Total shareholders' equity |
| 157,616 |
| 164,211 | |
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| Total liabilities and shareholders' equity | $ | 228,588 | $ | 212,048 | |
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UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Summary of Operating Data | |
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|
| Thirteen Weeks Ended |
| Thirty-nine Weeks Ended | |
|
| October 1,
2011 |
| October 2,
2010 |
| October 1,
2011 |
| October 2,
2010 | |
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Average number of tractors provided by |
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| owner-operators |
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| Truckload |
| 2,531 |
| 2,508 |
| 2,478 |
| 2,482 | |
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| Intermodal |
| 674 |
| 640 |
| 668 |
| 631 | |
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| Total |
| 3,205 |
| 3,148 |
| 3,146 |
| 3,113 | |
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Truckload Revenues: |
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| Average operating revenues per loaded mile | $ | 3.10 | $ | 2.65 | $ | 2.93 | $ | 2.52 | |
| Average operating revenues per loaded mile, |
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| excluding fuel surcharges | $ | 2.57 | $ | 2.34 | $ | 2.43 | $ | 2.22 | |
| Average operating revenues per load | $ | 1,137 | $ | 1,057 | $ | 1,093 | $ | 996 | |
| Average operating revenues per load, excluding |
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| fuel surcharges | $ | 944 | $ | 933 | $ | 910 | $ | 879 | |
| Average length of haul (2) |
| 367 |
| 399 |
| 374 |
| 395 | |
| Number of loads |
| 97,513 |
| 89,878 |
| 291,902 |
| 279,411 | |
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Brokerage Revenues: |
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| Average operating revenues per loaded mile (1) | $ | 2.49 | $ | 2.35 | $ | 2.38 | $ | 2.02 | |
| Average operating revenues per load (1) | $ | 1,455 | $ | 1,389 | $ | 1,393 | $ | 1,266 | |
| Average length of haul (1)(2) |
| 585 |
| 591 |
| 586 |
| 626 | |
| Number of loads (1) |
| 30,236 |
| 25,391 |
| 82,529 |
| 74,661 | |
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Intermodal Revenues: |
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| Drayage (in thousands) | $ | 25,592 | $ | 20,407 | $ | 71,108 | $ | 59,356 | |
| Depot (in thousands) | $ | 2,470 | $ | 1,889 | $ | 7,464 | $ | 5,861 | |
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| Total (in thousands) | $ | 28,062 | $ | 22,296 | $ | 78,572 | $ | 65,217 | |
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| Average operating revenues per loaded mile | $ | 4.29 | $ | 3.61 | $ | 4.18 | $ | 3.38 | |
| Average operating revenues per loaded mile, |
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| excluding fuel surcharges | $ | 3.53 | $ | 3.14 | $ | 3.44 | $ | 2.96 | |
| Average operating revenues per load | $ | 318 | $ | 288 | $ | 314 | $ | 295 | |
| Average operating revenues per load, excluding |
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| fuel surcharges | $ | 262 | $ | 250 | $ | 258 | $ | 258 | |
| Number of loads |
| 80,486 |
| 70,937 |
| 226,527 |
| 201,289 | |
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(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. | |
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SOURCE Universal Truckload Services, Inc.