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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Fifty-two Weeks Ended December 31, 2011

Thursday, February 23, 2012

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Fifty-two Weeks Ended December 31, 201116:05 EST Thursday, February 23, 2012WARREN, Mich., Feb. 23, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2011.For the thirteen weeks ended December 31, 2011, operating revenues increased 11.8%, or $18.5 million, to $174.6 million from $156.1 million for the thirteen weeks ended December 31, 2010, and our operating ratio improved 20 basis points to 96.5% for the thirteen weeks ended December 31, 2011 from 96.7% for the thirteen weeks ended December 31, 2010.  Included in operating revenues are fuel surcharges of $22.4 million and $14.1 million for the thirteen weeks ended December 31, 2011 and December 31, 2010, respectively.  Income from operations increased by 16.5%, or $0.9 million, to $6.0 million for the thirteen weeks ended December 31, 2011 from $5.2 million for the thirteen weeks ended December 31, 2010, and net income increased by $0.4 million, to $3.5 million, or $0.23 per basic and diluted share, for the thirteen weeks ended December 31, 2011, from $3.2 million, or $0.20 per basic and diluted share, for the thirteen weeks ended December 31, 2010.Universal's truckload revenue for the thirteen weeks ended December 31, 2011 increased by 13.4% to $104.2 million from $91.9 million in the corresponding period of 2010.  Included in truckload revenue for the thirteen weeks ended December 31, 2011 is $2.2 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirteen weeks ended December 31, 2011 increased by 11.1% to $46.3 million from $41.6 million in the corresponding period of 2010.  Included in brokerage revenue for the thirteen weeks ended December 31, 2011 is $0.8 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the thirteen weeks ended December 31, 2011 increased by 6.8% to $24.2 million from $22.7 million in the corresponding period of 2010.For the year ended December 31, 2011, operating revenues increased 15.5%, or $93.8 million, to $699.8 million from $605.9 million for the year December 31, 2010, and our operating ratio improved 100 basis points to 96.5% for the year ended December 31, 2011 from 97.5% for the year ended December 31, 2010.  Included in operating revenues are fuel surcharges of $88.6 million and $54.2 million for the year ended December 31, 2011 and December 31, 2010, respectively.  Income from operations increased by 58.7%, or $9.0 million, to $24.4 million for the year ended December 31, 2011 from $15.4 million for the year ended December 31, 2010, and net income increased by $3.1 million, to $15.8 million, or $1.01 per basic and diluted share, for the year ended December 31, 2011, from $12.7 million, or $0.80 per basic and diluted share, for the year ended December 31, 2010.  Included in net income for the year ended December 31, 2011 were $0.7 million, or $0.04 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $3.2 million, or $0.20 per basic and diluted share, for year ended December 31, 2010.Universal's truckload revenue for the year ended December 31, 2011 increased by 14.3% to $423.2 million from $370.1 million in the corresponding period of 2010.  Included in truckload revenue for the year ended December 31, 2011 is $8.9 million of revenue from our acquisitions completed since the first quarter of 2011.  Brokerage revenue for the year ended December 31, 2011 increased by 17.5% to $173.8 million from $148.0 million in the corresponding period of 2010.  Included in brokerage revenue for the year ended December 31, 2011 is $1.2 million of revenue from our acquisitions completed since the first quarter of 2011.  Intermodal revenue for the year ended December 31, 2011 increased by 16.9% to $102.8 million from $87.9 million in the corresponding period of 2010."I am pleased with Universal's 2011 fourth quarter and full year operating results," stated Universal's President and CEO, Don Cochran. "Overall our continued revenue growth was driven by increases in our operating revenues per load and the number of loads we hauled, as well as increases in the fuel surcharges we pass along to our owner-operators. Income from operations increased by 16.5% in the fourth quarter of 2011 compared to the same period last year, and by 58.7% for the full year 2011 compared to 2010.  Excluding fuel surcharges, we improved our operating ratio by 40 basis points in the fourth quarter of 2011 compared to the same period last year, and by 120 basis points for all of 2011.   Included in our earnings per share for 2010 and 2011 were $0.20 and $0.04, respectively, of after-tax gains from the sales of securities.  Excluding these gains, our earnings increased from $0.60 per share to $0.97 per share, a 61.7% increase.  We have made substantial progress in 2011, and look forward to 2012. We expect the economy to continue to grow, although modestly given the legislative and European economic headwinds, but are excited to face the challenges ahead."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 by using third party capacity, 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, 2011201020112010Operating revenues:Truckload$104,175$91,850$423,182$370,096Brokerage46,26241,623173,820147,970Intermodal24,19722,660102,76987,877Total operating revenues174,634156,133699,771605,943Operating expenses:Purchased transportation133,810119,407538,313461,041Commissions expense10,3759,87241,93038,805Other operating expense3,7203,00714,17813,276Selling, general, and administrative13,30511,49252,36749,253Insurance and claims4,4754,36016,95617,205Depreciation and amortization2,9212,82111,63610,996Total operating expenses168,606150,959675,380590,576Income from operations6,0285,17424,39115,367Interest income, net103958120Other non-operating income 3871491,7785,969Income before provision for income taxes6,4255,36226,22721,456Provision for income taxes2,8812,18810,4148,712Net income$3,544$3,174$15,813$12,744Earnings per common share:Basic$0.23$0.20$1.01$0.80Diluted$0.23$0.20$1.01$0.80Weighted average number of common shares outstanding:Basic15,55515,78015,59415,917Diluted15,55515,78015,59415,917Dividends paid per common share:$?$?$1.00$?UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)December 31,2011December 31, 2010AssetsCash and cash equivalents$878$6,261Marketable securities16,05915,041Accounts receivable ? net74,87668,833Other current assets17,52711,362Total current assets109,340101,497Property and equipment ? net89,98578,206Other long-term assets ? net29,61932,345Total assets$228,944$212,048Liabilities and shareholders' equityTotal current liabilities$55,650$42,294Total long-term liabilities11,1585,543Total liabilities66,80847,837Total shareholders' equity162,136164,211Total liabilities and shareholders' equity$228,944$212,048UNIVERSAL TRUCKLOAD SERVICES, INC.Unaudited Summary of Operating DataThirteen Weeks EndedDecember 31,Year EndedDecember 31,2011201020112010Average number of tractors provided byowner-operatorsTruckload2,5272,4492,4902,474Intermodal657652665637Total3,1843,1013,1553,111Truckload Revenues:Average operating revenues per loaded mile$3.06$2.67$2.96$2.56Average operating revenues per loaded mile, excluding fuel surcharges$2.52$2.34$2.46$2.25Average operating revenues per load$1,123$1,061$1,100$1,011Average operating revenues per load, excludingfuel surcharges$928$930$914$891Average length of haul (2)368398372396Number of loads92,73986,606384,641366,017Brokerage Revenues:Average operating revenues per loaded mile (1)$2.33$2.38$2.36$2.11Average operating revenues per load (1)$1,391$1,495$1,392$1,325Average length of haul (1)(2)598629589626Number of loads (1)29,40225,572111,931100,233Intermodal Revenues:Drayage (in thousands)$21,727$20,394$92,836$79,750Depot (in thousands)$2,470$2,266$9,933$8,127Total (in thousands)$24,197$22,660$102,769$87,877Average operating revenues per loaded mile$4.19$3.74$4.18$3.46Average operating revenues per loaded mile,excluding fuel surcharges$3.36$3.23$3.42$3.02Average operating revenues per load$290$283$308$292Average operating revenues per load, excludingfuel surcharges$233$244$252$255Number of loads74,83072,048301,357273,337(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