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For the thirteen weeks ended December 31, 2008, operating revenues increased 3.2%, or $5.5 million, to $177.0 million from $171.5 million for the thirteen weeks ended December 31, 2007. Included in operating revenues are fuel surcharges of $20.2 million and $18.2 million for the fourth quarters of 2008 and 2007, respectively. Net income decreased 45.2%, or $2.2 million, to $2.6 million, or $0.16 per diluted share for the fourth quarter of 2008, from $4.8 million, or $0.30 per share, for the fourth quarter of 2007. Included in net income for the fourth quarter were $0.6 million, or $0.04 per share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.
Universal's truckload revenue in the fourth quarter of 2008 decreased by 2.1% to $97.9 million from $100.0 million in the corresponding period of 2007. Included in truckload revenue in the fourth quarter of 2008 is $5.8 million from our acquisitions completed since the fourth quarter of 2007. Brokerage revenue in the fourth quarter of 2008 increased by 20.5% to $54.2 million from $45.0 million in the corresponding period of 2007. Included in brokerage revenue in the fourth quarter of 2008 is $1.1 million from our acquisitions completed since the fourth quarter of 2007. Intermodal revenue in the fourth quarter of 2008 decreased by 6.4% to $24.9 million from $26.6 million in the corresponding period of 2007. Included in Intermodal revenue in the fourth quarter of 2008 is $2.4 million from our acquisitions completed in the first half of 2008.
For the fifty-two weeks ended December 31, 2008, operating revenues increased 11.6%, or $79.2 million, to $759.5 million from $680.4 million for the fifty-two weeks ended December 31, 2007. Included in operating revenues are fuel surcharges of $101.3 million and $65.8 million for 2008 and 2007, respectively. Net income decreased 16.5%, or $2.9 million, to $14.9 million, or $0.93 per share for 2008, from $17.8 million, or $1.11 per share for 2007. Included in net income for 2008 were $2.2 million, or $0.14 per share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.
Universal's truckload revenue in 2008 increased by 9.0% to $438.2 million from $402.1 million in the corresponding period of 2007. Included in truckload revenue in 2008 is $25.5 million from our acquisitions completed since the fourth quarter of 2007. Brokerage revenue in 2008 increased by 21.2% to $208.3 million from $171.8 million in the corresponding period of 2007. Included in brokerage revenue in 2008 is $3.9 million from our acquisitions completed since the fourth quarter of 2007. Intermodal revenue in 2008 increased by 6.2% to $113.0 million from $106.5 million in the corresponding period of 2007. Included in Intermodal revenue in 2008 is $9.1 million from our acquisitions completed in the first half of 2008.
Universal also announced that on February 25, 2009, its Board of Directors has approved a one-time cash dividend of $1.00 per share. The dividend is payable on March 20, 2009 to stockholders of record at the close of business on March 7, 2009. In the fourth quarter of 2008, Universal purchased an additional 80,800 shares of its common stock for a total cost of $1.1 million. Universal has purchased a cumulative total of 115,100 shares of its common stock at a total cost of $1.7 million and is authorized to purchase an additional 684,900 shares of its common stock under the previously announced stock repurchase plan.
"Even with the severe economic downturn in both domestic and foreign markets, UTSI's asset light model continues to provide positive results," stated Universal's President and CEO Don Cochran. "We are pleased that we are able to pay this special dividend to our shareholders. It does not however represent a fundamental change in our long term strategy to use free cash flow and prudent borrowings to fund our growth, both organically and through strategic acquisitions. We believe we are well positioned to continue to pursue our growth objectives in the future and maintain adequate liquidity and financial flexibility to fund acquisitions similar to those executed in the recent past."
Universal Truckload Services, Inc. is primarily a non-asset based 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 Consolidated Statements of Income
(In thousands, except per share data)
Thirteen Weeks Ended Year Ended
December 31, December 31,
2007 2008 2007 2008
Operating revenues:
Truckload $97,915 $99,987 $438,203 $402,082
Brokerage 54,176 44,963 208,289 171,814
Intermodal 24,877 26,578 113,025 106,463
Total operating revenues 176,968 171,528 759,517 680,359
Operating expenses:
Purchased transportation 137,386 131,405 592,982 520,064
Commissions expense 11,953 11,653 47,333 45,081
Other operating expense, net 2,504 1,818 9,510 9,429
Selling, general, and
administrative 13,281 12,063 52,036 48,418
Insurance and claims 4,472 5,236 21,388 21,178
Depreciation and amortization 2,516 2,198 9,638 8,163
Total operating expenses 172,112 164,373 732,887 652,333
Income from operations 4,856 7,155 26,630 28,026
Non operating income (expense) (608) 331 (2,387) 622
Interest income (expense), net (54) 91 12 322
Income before provision for
income taxes 4,194 7,577 24,255 28,970
Provision for income taxes 1,561 2,773 9,369 11,134
Net income $2,633 $4,804 $14,886 $17,836
Earnings per common share:
Basic $0.16 $0.30 $0.93 $1.11
Diluted $0.16 $0.30 $0.93 $1.11
Average common shares outstanding:
Basic 16,028 16,104 16,073 16,115
Diluted 16,028 16,104 16,077 16,122
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31,
2008 2007
Assets
Cash and cash equivalents $28,767 $5,416
Marketable securities 8,808 17,961
Accounts receivable - net 70,590 86,626
Other current assets 9,948 8,248
Total current assets 118,113 118,251
Property and equipment - net 61,334 57,149
Other long-term assets - net 32,100 31,788
Total assets $211,547 $207,188
Liabilities and shareholders' equity
Total current liabilities $40,040 $48,443
Total long-term liabilities 7,030 7,303
Total liabilities 47,070 55,746
Total shareholders' equity 164,477 151,442
Total liabilities and shareholders'
equity $211,547 $207,188
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
Average number of tractors provided by
owner-operators
Truckload 2,819 2,870 2,803 2,937
Intermodal 765 822 815 839
Total 3,584 3,692 3,618 3,776
Truckload Revenues:
Average operating revenues per
loaded mile (1) $2.79 $2.59 $2.84 $2.47
Average operating revenues per loaded
mile, excluding fuel surcharges (1) $2.34 $2.22 $2.32 $2.15
Average operating revenues per
load (1) $1,107 $976 $1,079 $959
Average operating revenues per
load, excluding fuel surcharges (1) $927 $837 $881 $835
Average length of haul (1)(2) 397 377 380 388
Number of loads (1) 88,473 102,442 406,284 419,185
Brokerage Revenues:
Average operating revenues per
loaded mile (1) $2.64 $2.12 $2.52 $2.05
Average operating revenues per
load (1) $1,567 $1,358 $1,486 $1,303
Average length of haul (1)(2) 594 640 589 635
Number of loads (1) 31,983 28,799 125,432 110,312
Intermodal Revenues:
Drayage (in thousands) $22,478 $24,538 $102,984 $97,795
Depot (in thousands) $2,399 $2,040 $10,041 $8,668
Total (in thousands) $24,877 $26,578 $113,025 $106,463
Average operating revenues per
loaded mile $3.82 $4.92 $4.44 $4.63
Average operating revenues per loaded
mile, excluding fuel surcharges $3.09 $4.13 $3.54 $3.98
Average operating revenues per load $334 $304 $338 $289
Average operating revenues per
load, excluding fuel surcharges $270 $255 $269 $248
Number of loads 67,211 80,602 304,869 338,287
(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.
http://goutsi.com/
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