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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Year Ended December 31, 2010

Thursday, February 24, 2011

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Year Ended December 31, 201016:05 EST Thursday, February 24, 2011WARREN, Mich., Feb. 24, 2011 /PRNewswire/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2010.For the thirteen weeks ended December 31, 2010, operating revenues increased 11.6%, or $16.3 million, to $156.1 million from $139.8 million for the thirteen weeks ended December 31, 2009.  Included in operating revenues are fuel surcharges of $14.1 million and $11.1 million for the thirteen weeks ended December 31, 2010 and December 31, 2009, respectively. Net income increased by $1.4 million, to $3.2 million, or $0.20 per basic and diluted share for the thirteen weeks ended December 31, 2010, from $1.8 million, or $0.11 per basic and diluted share, for the thirteen weeks ended December 31, 2009.Universal's truckload revenue in the fourth quarter of 2010 increased by 4.4% to $91.9 million from $88.0 million in the corresponding period of 2009.  Included in truckload revenue in the fourth quarter of 2010 is $1.6 million of revenue from our acquisition completed in the first quarter of 2010.  Brokerage revenue in the fourth quarter of 2010 increased by 33.9% to $41.6 million from $31.1 million in the corresponding period of 2009.  Included in brokerage revenue in the fourth quarter of 2010 is $8.0 million of revenue from our acquisitions completed since the fourth quarter of 2009.  Intermodal revenue in the fourth quarter of 2010 increased by 8.9% to $22.7 million from $20.8 million in the corresponding period of 2009.For the year ended December 31, 2010, operating revenues increased 20.4%, or $102.7 million, to $605.9 million from $503.2 million for the year ended December 31, 2009.  Included in operating revenues are fuel surcharges of $54.2 million and $35.9 million for 2010 and 2009, respectively. Net income increased by $7.8 million, to $12.7 million, or $0.80 per basic and diluted share for 2010, from $4.9 million, or $0.31 per basic and diluted share for 2009.  Included in net income for 2010 were $3.2 million, or $0.20 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale.  Included in net income for 2009 were $0.8 million, or $0.05 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable securities classified as available for sale.Universal's truckload revenue in 2010 increased by 18.0% to $370.1 million from $313.6 million in the corresponding period of 2009.  Included in truckload revenue in 2010 is $31.6 million of revenue from our acquisitions completed since the third quarter of 2009.  Brokerage revenue in 2010 increased by 31.0% to $148.0 million from $112.9 million in the corresponding period of 2009.  Included in brokerage revenue in 2010 is $30.8 million of revenue from our acquisitions completed since the third quarter of 2009.  Intermodal revenue in 2010 increased by 14.5% to $87.9 million from $76.7 million in the corresponding period of 2009."We have seen improvements in our operating margins in each quarter this year", stated Universal's President and CEO Don Cochran, "and we believe that we have put the appropriate measures in place to continue this improved performance. Rates in both our van and flatbed operations have been helped by tightening capacity, and intermodal shows signs of both stabilizing rates and improved volumes.  Despite the many economic and regulatory challenges we face, we are optimistic that we can continue to work to control costs and improve the selection of freight available to our Owner Operators and Agents."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)Thirteen Weeks EndedDecember 31,Year EndedDecember 31, 2010200920102009Operating revenues:Truckload$91,850$87,953$370,096$313,573Brokerage41,62331,095147,970112,914Intermodal22,66020,80187,87776,743Total operating revenues156,133139,849605,943503,230Operating expenses:Purchased transportation119,407106,071461,041378,008Commissions expense9,8729,61438,80533,953Other operating expense3,0073,42113,27610,316Selling, general, and administrative11,49210,85449,25344,232Insurance and claims4,3604,24117,20517,348Depreciation and amortization2,8212,63310,99610,354Total operating expenses150,959136,834590,576494,211Income from operations5,1743,01515,3679,019Interest income (expense), net39(133)120(266)Other non-operating income (expense), net1491045,969(733)Income before provision for income taxes5,3622,98621,4568,020Provision for income taxes2,1881,2298,7123,120Net income$3,174$1,757$12,744$4,900Earnings per common share:Basic$0.20$0.11$0.80$0.31Diluted$0.20$0.11$0.80$0.31Weighted average number of common shares outstanding:Basic15,78015,98015,91715,982Diluted15,78015,98015,91715,982UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)December 31, 2010December 31, 2009AssetsCash and cash equivalents$6,261$953Marketable securities15,04115,721Accounts receivable ? net68,83360,701Other current assets11,36212,249Total current assets101,49789,624Property and equipment ? net78,20676,246Other long-term assets ? net32,34535,741Total assets$212,048$201,611Liabilities and shareholders' equityTotal current liabilities$42,294$40,305Total long-term liabilities5,5436,881Total liabilities47,83747,186Total shareholders' equity164,211154,425Total liabilities and shareholders' equity$212,048$201,611UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Summary of Operating DataThirteen Weeks EndedDecember 31,Year EndedDecember 31,2010200920102009Average number of tractors provided byowner-operatorsTruckload2,4492,6692,4742,707Intermodal652647637680Total3,1013,3163,1113,387Truckload Revenues:Average operating revenues per loaded mile$2.67$2.24$2.56$2.28Average operating revenues per loaded mile, excluding fuel surcharges$2.34$2.01$2.25$2.07Average operating revenues per load$1,061$963$1,011$962Average operating revenues per load, excludingfuel surcharges$930$864$891$873Average length of haul (2)398429396422Number of loads86,60691,299366,017325,927Brokerage Revenues:Average operating revenues per loaded mile (1)$2.58$2.03$2.24$1.96Average operating revenues per load (1)$1,526$1,277$1,353$1,171Average length of haul (1)(2)593629604598Number of loads (1)21,17822,46784,86088,895Intermodal Revenues:Drayage (in thousands)$20,394$19,025$79,750$69,395Depot (in thousands)$2,266$1,776$8,127$7,348Total (in thousands)$22,660$20,801$87,877$76,743Average operating revenues per loaded mile$3.74$3.32$3.46$3.37Average operating revenues per loaded mile,excluding fuel surcharges$3.23$2.96$3.02$3.03Average operating revenues per load$283$298$292$286Average operating revenues per load, excludingfuel surcharges$244$265$255$257Number of loads72,04863,903273,337242,927(1)Excludes operating data from CrossRoad Carriers, Inc., D. Kratt International, Inc., and Cavalry Transportation, 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.SOURCE Universal Truckload Services, Inc.For further information: Robert Sigler, Vice President and Chief Financial Officer, +1-586-920-0100