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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended April 2, 2011

Thursday, April 28, 2011

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended April 2, 201116:05 EDT Thursday, April 28, 2011WARREN, Mich., April 28, 2011 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks ended April 2, 2011.For the thirteen weeks ended April 2, 2011, operating revenues increased 13.4%, or $18.6 million, to $157.6 million from $139.0 million for the thirteen weeks ended April 3, 2010.  Included in operating revenues are fuel surcharges of $17.9 million and $11.7 million for the thirteen weeks ended April 2, 2011 and April 3, 2010, respectively. Net income increased by $0.8 million, to $2.9 million, or $0.19 per basic and diluted share for the thirteen weeks ended April 2, 2011, from $2.1 million, or $0.13 per basic and diluted share, for the thirteen weeks ended April 3, 2010. Included in net income for the thirteen weeks ended April 2, 2011 were $0.5 million, or $0.04 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 the thirteen weeks ended April 3, 2010 were $1.1 million, or $0.07 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale.Universal's truckload revenue for the thirteen weeks ended April 2, 2011 increased by 12.9% to $97.3 million from $86.2 million in the corresponding period of 2010.  Included in truckload revenue for the thirteen weeks ended April 2, 2011 is $0.4 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirteen weeks ended April 2, 2011 increased by 13.6% to $36.8 million from $32.4 million in the corresponding period of 2010.  Intermodal revenue for the thirteen weeks ended April 2, 2011 increased by 15.1% to $23.5 million from $20.4 million in the corresponding period of 2010."We have seen continuous improvement throughout the 1st quarter of 2011," stated Universal's President and CEO Don Cochran.  "Increases in load volumes and pricing have benefited all of our business lines this year.  While we expect continued challenges, including tightening capacity and increase regulatory oversight, we share the optimism of our Agent network and look forward to the remainder of the year."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 Consolidated Statements of Income(In thousands, except per share data)Thirteen Weeks Ended April 2,2011April 3,2010Operating revenues:Truckload$97,313$86,211Brokerage36,80532,404Intermodal23,51220,429Total operating revenues157,630139,044Operating expenses:Purchased transportation120,459105,407Commissions expense9,9068,979Other operating expense3,7043,414Selling, general, and administrative12,72312,752Insurance and claims4,1374,329Depreciation and amortization2,8712,693Total operating expenses153,800137,574Income from operations3,8301,470Interest income (expense), net1724Other non-operating income (expense), net9901,896Income before provision for income taxes4,8373,390Provision for income taxes1,9381,325Net income$2,899$2,065Earnings per common share:Basic$0.19$0.13Diluted$0.19$0.13Weighted average number of common shares outstanding:Basic15,63215,980Diluted15,63215,980UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)April 2,2011December 31,2010AssetsCash and cash equivalents$920$6,261Marketable securities15,54215,041Accounts receivable ? net77,42868,833Other current assets17,37511,362Total current assets111,265101,497Property and equipment ? net79,23678,206Other long-term assets ? net32,87332,345Total assets$223,374$212,048Liabilities and shareholders' equityTotal current liabilities$50,232$42,294Total long-term liabilities6,6825,543Total liabilities56,91447,837Total shareholders' equity166,460164,211Total liabilities and shareholders' equity$223,374$212,048UNIVERSAL TRUCKLOAD SERVICES, INC.Unaudited Summary of Operating DataThirteen Weeks EndedApril 2,2011April 3,2010Average number of tractors provided byowner-operatorsTruckload2,4122,500Intermodal655619Total3,0673,119Truckload Revenues:Average operating revenues per loaded mile$2.73$2.34Average operating revenues per loaded mile, excludingfuel surcharges$2.32$2.08Average operating revenues per load $1,044$926Average operating revenues per load, excludingfuel surcharges$889$823Average length of haul (2)383396Number of loads 93,19693,118Brokerage Revenues:Average operating revenues per loaded mile (1)$2.20$1.82Average operating revenues per load (1)$1,311$1,159Average length of haul (1)(2)596637Number of loads (1)25,58324,549Intermodal Revenues:Drayage (in thousands)$20,904$18,559Depot (in thousands)$2,608$1,870Total (in thousands)$23,512$20,429Average operating revenues per loaded mile$3.87$3.13Average operating revenues per loaded mile, excludingfuel surcharges$3.25$2.77Average operating revenues per load$303$302Average operating revenues per load, excludingfuel surcharges$254$267Number of loads68,99361,507(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.SOURCE Universal Truckload Services, Inc.For further information: Robert Sigler, Vice President and Chief Financial Officer, +1-586-920-0100