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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended March 31, 2012

Wednesday, April 25, 2012

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended March 31, 201216:05 EDT Wednesday, April 25, 2012WARREN, Mich., April 25, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks ended March 31, 2012.For the thirteen weeks ended March 31, 2012, operating revenues increased 11.6%, or $18.2 million, to $175.8 million from $157.6 million for the thirteen weeks ended April 2, 2011, and our operating ratio improved 70 basis points to 96.9% for the thirteen weeks ended March 31, 2012 from 97.6% for the thirteen weeks ended April 2, 2011.  Included in operating revenues are fuel surcharges of $22.1 million and $17.9 million for the thirteen weeks ended March 31, 2012 and April 2, 2011, respectively.  Income from operations increased by 40.4%, or $1.5 million, to $5.4 million for the thirteen weeks ended March 31, 2012 from $3.8 million for the thirteen weeks ended April 2, 2011, and net income increased by $0.7 million, to $3.6 million, or $0.23 per basic and diluted share, for the thirteen weeks ended March 31, 2012, from $2.9 million, or $0.19 per basic and diluted share, for the thirteen weeks ended April 2, 2011.  Included in net income for the thirteen weeks ended March 31, 2012 were $0.2 million, or $0.01 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 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.Universal's truckload revenue for the thirteen weeks ended March 31, 2012 increased by 7.0% to $104.1 million from $97.3 million in the corresponding period of 2011.  Included in truckload revenue for the thirteen weeks ended March 31, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirteen weeks ended March 31, 2012 increased by 26.0% to $46.4 million from $36.8 million in the corresponding period of 2011.  Included in brokerage revenue for the thirteen weeks ended March 31, 2012 is $0.8 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the thirteen weeks ended March 31, 2012 increased by 7.8% to $25.3 million from $23.5 million in the corresponding period of 2011."The first quarter of 2012 proved to be another solid quarter for us," stated Don Cochran, Universal's President and CEO.  "Our revenue growth in the first quarter of 2012 was driven by an increase in the number of loads we hauled and in our average operating revenue per loaded mile compared to the first quarter of 2011.  Included in our operating revenues for the first quarters of 2012 and 2011 were $22.1 million and $17.9 million, respectively, of fuel surcharges that we pass on to our owner-operators.  Excluding these fuel surcharges, we were able to improve our operating ratio by 80 basis points and increase our income from operations by 40.4%.  In addition, excluding the effect of gains on marketable securities, we were able to increase our earnings per share from $0.15 per share in the first quarter of 2011 to $0.22 per share in the first quarter of 2012, a 46.7% increase.  We maintain our positive outlook on 2012, although cognizant of the challenges ahead, and will continue to look for ways to improve our operating efficiency."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 Consolidated Statements of Income(In thousands, except per share data)Thirteen Weeks Ended March 31, 2012April 2, 2011Operating revenues:Truckload$104,121$97,313Brokerage46,38336,805Intermodal25,34423,512Total operating revenues175,848157,630Operating expenses:Purchased transportation135,070120,459Commissions expense10,0749,906Other operating expense4,0183,704Selling, general, and administrative14,19812,723Insurance and claims4,1424,137Depreciation and amortization2,9682,871Total operating expenses170,470153,800Income from operations5,3783,830Interest income, net1217Other non-operating income504990Income before provision for income taxes5,8944,837Provision for income taxes2,2961,938Net income$3,598$2,899Earnings per common share:Basic$0.23$0.19Diluted$0.23$0.19Weighted average number of common shares outstanding:Basic15,53715,632Diluted15,53715,632Dividends declared per common share$1.00$? UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)March 31, 2012December 31, 2011AssetsCash and cash equivalents$1,761$878Marketable securities16,01816,059Accounts receivable ? net76,99774,876Other current assets18,23717,527Total current assets113,013109,340Property and equipment ? net88,70189,985Other long-term assets ? net28,96929,619Total assets$230,683$228,944Liabilities and shareholders' equityTotal current liabilities$68,471$55,650Total long-term liabilities12,27711,158Total liabilities80,74866,808Total shareholders' equity149,935162,136Total liabilities and shareholders' equity$230,683$228,944  UNIVERSAL TRUCKLOAD SERVICES, INC.Unaudited Summary of Operating DataThirteen Weeks Ended March 31,2012April 2, 2011Average number of tractors provided by owner-operatorsTruckload2,4122,412Intermodal618655Total3,0303,067Truckload Revenues:Average operating revenues per loaded mile$3.09$2.73Average operating revenues per loaded mile, excludingfuel surcharges$2.56$2.32Average operating revenues per load $1,101$1,044Average operating revenues per load, excludingfuel surcharges$913$889Average length of haul (2)357383Number of loads 94,60693,196Brokerage Revenues:Average operating revenues per loaded mile (1)$2.53$2.20Average operating revenues per load (1)$1,441$1,311Average length of haul (1) (2)570596Number of loads (1)29,19025,583Intermodal Revenues:Drayage (in thousands)$21,234$20,904Domestic Intermodal (in thousands)1,391?Depot (in thousands)2,7192,608Total (in thousands)$25,344$23,512Average operating revenues per loaded mile (3)$4.23$3.87Average operating revenues per loaded mile, excludingfuel surcharges (3)$3.42$3.25Average operating revenues per load (3)$282$303Average operating revenues per load, excludingfuel surcharges (3)$228$254Number of loads (3)75,26368,993(1)  Excludes operating data from Universal Logistics Solutions, Inc., and D. Kratt International, Inc., in order to improve the relevance of thestatistical data related to our brokerage services and improve the comparability to our peer companies. (2)  Average length of haul is computed using loaded miles.(3)  Excludes operating data from Universal Logistics Solutions, Inc., in order to improve the relevance of the statistical data related to our intermodal services and improve the comparability to our peer companies. SOURCE Universal Truckload Services, Inc.For further information: Robert Sigler, Vice President and Chief Financial Officer, +1-586-920-0100