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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Twenty-six Weeks Ended June 30, 2012

Thursday, July 26, 2012

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Twenty-six Weeks Ended June 30, 201206:00 EDT Thursday, July 26, 2012WARREN, Mich., July 26, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and twenty-six weeks ended June 30, 2012.For the thirteen weeks ended June 30, 2012, operating revenues increased 2.8%, or $5.1 million, to $185.1 million from $180.0 million for the thirteen weeks ended July 2, 2011, and our operating ratio improved 70 basis points to 95.9% for the thirteen weeks ended June 30, 2012 from 96.6% for the thirteen weeks ended July 2, 2011.  Included in operating revenues are fuel surcharges of $24.3 million and $25.0 million for the thirteen weeks ended June 30, 2012 and July 2, 2011, respectively.  Income from operations increased by 22.9%, or $1.4 million, to $7.5 million for the thirteen weeks ended June 30, 2012 from $6.1 million for the thirteen weeks ended July 2, 2011, and net income increased by $1.1 million, to $5.0 million, or $0.32 per basic and diluted share, for the thirteen weeks ended June 30, 2012, from $3.9 million, or $0.25 per basic and diluted share, for the thirteen weeks ended July 2, 2011.  Included in net income for the thirteen weeks ended June 30, 2012 were $0.3 million, or $0.02 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 June 30, 2012 decreased by 0.7% to $110.0 million from $110.8 million in the corresponding period of 2011.  Brokerage revenue for the thirteen weeks ended June 30, 2012 increased by 9.2% to $46.0 million from $42.2 million in the corresponding period of 2011.  Intermodal revenue for the thirteen weeks ended June 30, 2012 increased by 7.6% to $29.0 million from $27.0 million in the corresponding period of 2011.  Included in intermodal revenue for the thirteen weeks ended June 30, 2012 is $1.1 million of revenue from our acquisition completed in the second quarter of 2012.For the twenty-six weeks ended June 30, 2012, operating revenues increased 6.9%, or $23.3 million, to $360.9 million from $337.6 million for the twenty-six weeks ended July 2, 2011, and our operating ratio improved 70 basis points to 96.4% for the twenty-six weeks ended June 30, 2012 from 97.1% for the twenty-six weeks July 2, 2011.  Included in operating revenues are fuel surcharges of $46.3 million and $42.9 million for the twenty-six weeks ended June 30, 2012 and July 2, 2011, respectively.  Income from operations increased by 29.7%, or $2.9 million, to $12.9 million for the twenty-six weeks ended June 30, 2012 from $9.9 million for the year ended July 2, 2011, and net income increased by $1.8 million, to $8.6 million, or $0.55 per basic and diluted share, for the twenty-six weeks ended June 30, 2012, from $6.8 million, or $0.44 per basic and diluted share, for the twenty-six weeks ended July 2, 2011.  Included in net income for the twenty-six weeks ended June 30, 2012 were $0.5 million, or $0.03 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $0.5 million, or $0.04 per basic and diluted share, for the twenty-six weeks ended July, 2 2011.Universal's truckload revenue for the twenty-six weeks ended June 30, 2012 increased by 2.9% to $214.1 million from $208.1 million in the corresponding period of 2011.  Included in truckload revenue for the twenty-six weeks ended June 30, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the twenty-six weeks ended June 30, 2012 increased by 17.0% to $92.4 million from $79.0 million in the corresponding period of 2011.  Included in brokerage revenue for the twenty-six weeks ended June 30, 2012 is $0.7 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the twenty-six weeks ended June 30, 2012 increased by 7.7% to $54.4 million from $50.5 million in the corresponding period of 2011.  Included in intermodal revenue for the twenty-six weeks ended June 30, 2012 is $1.1 million of revenue from our acquisition completed in the second quarter of 2012."The second quarter of 2012 proved to be another good quarter for Universal," stated Don Cochran, Universal's President and CEO.  "Our revenue growth in the second quarter of 2012 was driven by an increase in the number of loads hauled and our average revenue per loaded mile for our brokerage and intermodal operations compared to the second quarter of 2011. Excluding fuel surcharges, we were able to improve our operating ratio by 80 basis points and increase our income from operations by $1.4 million or 22.9%.  In addition, excluding the effect of gains on marketable securities, we were able to increase our earnings per share from $0.25 per share in the second quarter of 2011 to $0.30 per share in the second quarter of 2012, a 20.0% increase.  We remain cautiously optimistic about the 2nd half of 2012 and believe we will see an uptick in revenue for the third quarter based on the seasonality of the freight we haul, and will continue to look for ways to improve our profitability in a challenging market."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 EndedTwenty-six Weeks Ended June 30,2012July 2,2011June 30,2012July 2,2011Operating revenues:Truckload$109,980$110,798$214,101$208,111Brokerage46,03242,16592,41578,970Intermodal29,04326,99854,38750,510Total operating revenues185,055179,961360,903337,591Operating expenses:Purchased transportation141,803139,631276,873260,090Commissions expense10,55110,67520,62520,581Other operating expense4,2253,2358,2436,939Selling, general, and administrative14,05913,22328,25725,946Insurance and claims3,9084,1898,0508,326Depreciation and amortization2,9982,8975,9665,768Total operating expenses177,544173,850348,014327,650Income from operations7,5116,11112,8899,941Interest income, net1271344Other non-operating income 6691681,1731,158Income before provision for income taxes8,1816,30614,07511,143Provision for income taxes3,1832,3715,4794,309Net income$4,998$3,935$8,596$6,834Earnings per common share:Basic$0.32$0.25$0.55$0.44Diluted$0.32$0.25$0.55$0.44Weighted average number of common shares outstanding:Basic15,49415,61415,51615,623Diluted15,49415,61415,51615,623Dividends paid per common share:$?$?$1.00$? UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)June 30,2012December 31,2011AssetsCash and cash equivalents$226$878Marketable securities14,20116,059Accounts receivable ? net80,75074,776Other current assets15,18617,627Total current assets110,363109,340Property and equipment ? net91,51689,985Other long-term assets ? net29,89229,619Total assets$231,771$228,944Liabilities and shareholders' equityTotal current liabilities$65,168$55,650Total long-term liabilities12,34711,158Total liabilities77,51566,808Total shareholders' equity154,256162,136Total liabilities and shareholders' equity$231,771$228,944 UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Summary of Operating DataThirteen WeeksEndedTwenty-six WeeksEndedJune 30,2012July 2,2011June 30,2012July 2,2011Average number of tractors provided byowner-operatorsTruckload2,4292,4902,4212,451Intermodal689675654665Total3,1183,1653,0753,116Truckload Revenues:Average operating revenues per loaded mile$3.192.95$3.14$2.84Average operating revenues per loaded mile, excluding fuel surcharges$2.632.41$2.60$2.37Average operating revenues per load$1,1301,095$1,115$1,071Average operating revenues per load, excludingfuel surcharges$934895$924$892Average length of haul (2)355372356377Number of loads97,333101,193191,939194,389Brokerage Revenues:Average operating revenues per loaded mile (1)$2.572.43$2.55$2.32Average operating revenues per load (1)$1,4491,401$1,445$1,357Average length of haul (1) (2)565577568586Number of loads (1)27,93626,71057,12652,293Intermodal Revenues:Drayage (in thousands)$24,47624,612$45,710$45,516Domestic Intermodal (in thousands)$1,956?$3,347?Depot (in thousands)$2,6112,386$5,330$4,994Total (in thousands)$29,04326,998$54,387$50,510Average operating revenues per loaded mile (3)$4.534.36$4.39$4.12Average operating revenues per loaded mile,excluding fuel surcharges (3)$3.653.52$3.54$3.39Average operating revenues per load (3)$304319$293$312Average operating revenues per load, excludingfuel surcharges (3)$244258$236$256Number of loads (3)80,58077,048155,843146,041 (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.(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