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For the thirteen weeks ended March 28, 2009, operating revenues decreased 32.4%, or $55.1 million, to $115.0 million from $170.1 million for the thirteen weeks ended March 29, 2008. Included in operating revenues are fuel surcharges of $7.9 million and $19.3 million for the first quarters of 2009 and 2008, respectively. Net income decreased 95.8%, or $3.2 million, to $0.1 million, or $0.01 per basic and diluted share for the first quarter of 2009, from $3.3 million, or $0.21 per basic and diluted share, for the first quarter of 2008. Included in net income for the first quarter of 2009 were $0.5 million, or $0.03 per basic and diluted 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 first quarter of 2009 decreased by 30.8% to $68.7 million from $99.2 million in the corresponding period of 2008. Included in truckload revenue in the first quarter of 2009 is $1.5 million of revenue from our second quarter 2008 acquisition. Brokerage revenue in the 1st quarter of 2009 decreased by 37.0% to $27.8 million from $44.1 million in the corresponding period of 2008. Included in brokerage revenue in the first quarter of 2009 is $0.3 million of revenue from our second quarter 2008 acquisition. Intermodal revenue in the first quarter of 2009 decreased by 30.8% to $18.6 million from $26.8 million in the corresponding period of 2008. Included in Intermodal revenue in the first quarter of 2009 is $0.6 million of revenue from our acquisitions completed in the first half of 2008.
In the first quarter of 2009, Universal purchased an additional 26,900 shares of its common stock for a total cost of $355 thousand. Universal has purchased a cumulative total of 142,000 shares of its common stock at a total cost of $2.1 million and is authorized to purchase an additional 658,000 shares of its common stock under the previously announced stock repurchase plan. Additionally, in the first quarter of 2009, the Company paid a special one-time cash dividend of $1.00 per share, or approximately $16.0 million, to stockholders of record on March 7, 2009.
"Despite the severity and duration of this economic downturn on our very broad customer base, our asset light model continues to provide positive operating results," stated Universal's President and CEO Don Cochran. "We will continue to focus on growth through strategic acquisitions and remain diligent in our cost control measures through these turbulent economic times."
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
March 28, March 29,
2009 2008
Operating revenues:
Truckload $68,715 $99,244
Brokerage 27,757 44,093
Intermodal 18,554 26,798
Total operating revenues 115,026 170,135
Operating expenses:
Purchased transportation 86,085 131,600
Commissions expense 7,602 10,566
Other operating expense 2,385 2,290
Selling, general, and administrative 11,841 12,691
Insurance and claims 3,782 5,545
Depreciation and amortization 2,562 2,232
Total operating expenses 114,257 164,924
Income from operations 769 5,211
Non operating income (expense) (526) 233
Interest income (expense), net (20) 20
Income before provision for
income taxes 223 5,464
Provision for income taxes 84 2,120
Net income $139 $3,344
Earnings per common share:
Basic $0.01 $0.21
Diluted $0.01 $0.21
Average common shares outstanding:
Basic 15,989 16,088
Diluted 15,989 16,088
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
March 28, December 31,
2009 2008
Assets
Cash and cash equivalents $6,653 $28,767
Marketable securities 9,153 8,808
Accounts receivable - net 56,248 70,590
Other current assets 12,002 9,948
Total current assets 84,056 118,113
Property and equipment - net 74,046 61,334
Other long-term assets - net 31,757 32,100
Total assets $189,859 $211,547
Liabilities and shareholders' equity
Total current liabilities $35,972 $40,040
Total long-term liabilities 5,865 7,030
Total liabilities 41,837 47,070
Total shareholders' equity 148,022 164,477
Total liabilities and
shareholders' equity $189,859 $211,547
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Ended
March 28, March 29,
2009 2008
Average number of tractors provided by
owner-operators
Truckload 2,751 2,770
Intermodal 723 880
Total 3,474 3,650
Truckload Revenues:
Average operating revenues per loaded mile (1) $2.35 $2.63
Average operating revenues per loaded
mile, excluding fuel surcharges (1) $2.14 $2.23
Average operating revenues per load (1) $957 $960
Average operating revenues per load,
excluding fuel surcharges (1) $870 $814
Average length of haul (1)(2) 406 365
Number of loads (1) 71,839 103,398
Brokerage Revenues:
Average operating revenues per loaded mile (1) $1.98 $2.16
Average operating revenues per load (1) $1,117 $1,307
Average length of haul (1)(2) 563 606
Number of loads (1) 22,883 29,561
Intermodal Revenues:
Drayage (in thousands) $16,550 $25,067
Depot (in thousands) $2,004 $1,731
Total (in thousands) $18,554 $26,798
Average operating revenues per loaded mile $3.61 $4.74
Average operating revenues per loaded mile,
excluding fuel surcharges $3.23 $3.95
Average operating revenues per load $288 $319
Average operating revenues per load,
excluding fuel surcharges $258 $266
Number of loads 57,422 78,665
(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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