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For the thirteen weeks ended June 27, 2009, operating revenues decreased 39.9%, or $79.5 million, to $119.9 million from $199.4 million for the thirteen weeks ended June 28, 2008. Included in operating revenues are fuel surcharges of $7.4 million and $29.6 million for the second quarters of 2009 and 2008, respectively. Net income decreased 62.7%, or $2.2 million, to $1.3 million, or $0.08 per basic and diluted share for the second quarter of 2009, from $3.5 million, or $0.22 per basic and diluted share, for the second quarter of 2008. Included in net income for the second quarter of 2009 were $0.2 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 $1.4 million, or $0.08 per basic and diluted share of similar charges in the second quarter of 2008. Universal's truckload revenue in the second quarter of 2009 decreased by 36.9% to $75.1 million from $119.0 million in the corresponding period of 2008. Included in truckload revenue in the second quarter of 2009 is $1.2 million of revenue from our second quarter 2008 acquisition. Brokerage revenue in the second quarter of 2009 decreased by 47.6% to $26.1 million from $49.8 million in the corresponding period of 2008. Included in brokerage revenue in the second quarter of 2009 is $0.3 million of revenue from our second quarter 2008 acquisition. Intermodal revenue in the second quarter of 2009 decreased by 38.9% to $18.7 million from $30.6 million in the corresponding period of 2008. Included in Intermodal revenue in the second quarter of 2009 is $0.2 million of revenue from our second quarter 2008 acquisition. For the twenty-six weeks ended June 27, 2009, operating revenues decreased 36.4%, or $134.6 million, to $234.9 million from $369.6 million for the twenty-six weeks ended June 28, 2008. Included in operating revenues are fuel surcharges of $15.3 million and $48.9 million for the first two quarters of 2009 and 2008, respectively. Net income decreased 78.9%, or $5.4 million, to $1.4 million, or $0.09 per share for the first half of 2009, from $6.8 million, or $0.43 per share, for the first half of 2008. Included in net income for the first half of 2009 were $0.7 million, or $0.04 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 $1.4 million, or $0.08 per basic and diluted share of similar charges in the first half of 2008. Universal's truckload revenue in the first half of 2009 decreased by 34.1% to $143.8 million from $218.2 million in the corresponding period of 2008. Included in truckload revenue in the first half of 2009 is $2.7 million from our second quarter 2008 acquisition. Brokerage revenue in the first half of 2009 decreased by 42.6% to $53.9 million from $93.9 million in the corresponding period of 2008. Included in brokerage revenue in the first half of 2008 is $0.6 million from our second quarter 2008 acquisition. Intermodal revenue in the first half of 2009 decreased by 35.1% to $37.3 million from $57.4 million in the corresponding period of 2008. Included in Intermodal revenue in the first half of 2009 is $0.8 million from our acquisitions completed in the first half of 2008. "Although revenue volumes remain low, we are pleased with the hard work of all of our employees, agents, and owner-operators to help control costs and improve our level of profitability over the first quarter of 2009," stated Universal's President and CEO Don Cochran. "We must continue to focus on retaining market share and growth through strategic acquisitions, while also continuing to control costs." 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 Twenty-six Weeks
Ended Ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
-------- -------- -------- --------
Operating revenues:
Truckload $75,066 $118,991 $143,781 $218,235
Brokerage 26,120 49,830 53,877 93,923
Intermodal 18,711 30,599 37,265 57,397
------ ------ ------ ------
Total operating
revenues 119,897 199,420 234,923 369,555
------- ------- ------- -------
Operating expenses:
Purchased
transportation 88,947 155,777 175,032 287,377
Commissions expense 8,060 12,177 15,662 22,743
Other operating
expense 2,117 2,587 4,502 4,877
Selling, general, and
administrative 10,602 12,841 22,443 25,532
Insurance and claims 5,241 5,918 9,023 11,463
Depreciation and
amortization 2,576 2,359 5,138 4,591
----- ----- ----- -----
Total operating
expenses 117,543 191,659 231,800 356,583
------- ------- ------- -------
Income from
operations 2,354 7,761 3,123 12,972
Non operating income
(expense) (294) (2,014) (820) (1,781)
Interest income (expense),
net 23 (1) 3 19
-- -- - --
Income before
provision for
income taxes 2,083 5,746 2,306 11,210
Provision for income
taxes 778 2,243 862 4,363
--- ----- --- -----
Net income $1,305 $3,503 $1,444 $6,847
====== ====== ====== =====
Earnings per common share:
Basic $0.08 $0.22 $0.09 $0.43
Diluted $0.08 $0.22 $0.09 $0.43
Weighted average number of
common shares outstanding:
Basic 15,980 16,088 15,985 16,088
Diluted 15,980 16,088 15,985 16,088
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
June 27, December 31,
2009 2008
-------- ------------
Assets
Cash and cash equivalents $6,209 $28,767
Marketable securities 12,043 8,808
Accounts receivable - net 58,200 70,590
Other current assets 8,576 9,948
----- -----
Total current assets 85,028 118,113
Property and equipment - net 76,587 61,334
Other long-term assets - net 31,228 32,100
------ ------
Total assets $192,843 $211,547
======== ========
Liabilities and shareholders' equity
Total current liabilities $40,142 $40,040
Total long-term liabilities 5,227 7,030
----- -----
Total liabilities 45,369 47,070
Total shareholders' equity 147,474 164,477
------- -------
Total liabilities and
shareholders' equity $192,843 $211,547
======== ========
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Twenty-six Weeks
Ended Ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
-------- -------- -------- --------
Average number of
tractors provided by
owner-operators
Truckload 2,620 2,738 2,686 2,754
Intermodal 685 823 704 852
--- --- --- ---
Total 3,305 3,561 3,390 3,606
Truckload Revenues:
Average operating
revenues per loaded
mile (1) $2.27 $2.91 $2.31 $2.77
Average operating
revenues per loaded
mile, excluding fuel
surcharges (1) $2.09 $2.33 $2.12 $2.28
Average operating
revenues per load
(1) $949 $1,062 $953 $1,013
Average operating
revenues per load,
excluding fuel
surcharges (1) $875 $850 $873 $832
Average length of
haul (1)(2) 418 365 412 365
Number of loads (1) 79,081 112,017 150,920 215,415
Brokerage Revenues:
Average operating
revenues per
loaded mile (1) $1.89 $2.47 $1.94 $2.31
Average operating
revenues per load
(1) $1,098 $1,426 $1,108 $1,367
Average length
of haul (1)(2) 581 578 572 592
Number of loads (1) 21,813 30,601 44,696 60,162
Intermodal Revenues:
Drayage
(in thousands) $16,889 $27,558 $33,438 $52,625
Depot (in thousands) $1,822 $3,041 $3,827 $4,772
------ ------ ------ ------
Total (in thousands) $18,711 $30,599 $37,265 $57,397
======= ======= ======= =======
Average operating
revenues per
loaded mile $3.17 $4.88 $3.37 $4.81
Average operating
revenues per loaded
mile, excluding fuel
surcharges $2.89 $3.85 $3.05 $3.90
Average operating
revenues per load $277 $340 $282 $330
Average operating
revenues per load,
excluding fuel
surcharges $252 $269 $255 $267
Number of loads 60,961 80,975 118,383 159,640
(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 For full details for UACL click here.
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