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Press release from PR Newswire

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Thirty-nine Weeks Ended September 29, 2012

Thursday, October 25, 2012

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Thirty-nine Weeks Ended September 29, 201216:05 EDT Thursday, October 25, 2012WARREN, Mich., Oct. 25, 2012 /PRNewswire/ -- Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and thirty-nine weeks ended September 29, 2012.Universal Truckload Services, Inc. is a leading asset-light provider of transportation services to customers throughout the United States and in the Canadian provinces of Ontario and Quebec.  Our trucking services include flatbed and dry van operations, and rail-truck and steamship-truck intermodal support services.  We also offer brokerage services, which allows us to supplement our capacity and provide our customers with freight transportation by using third party capacity, as well as full service international freight forwarding and customs house brokerage services.  Following our acquisition of LINC Logistics Company on October 1, 2012, we have increased the scope our service offerings by adding a leading provider of custom-developed third-party logistics solutions with operations in the United States, Canada and Mexico. Our value-added logistics services now include material handling and consolidation, sequencing and sub-assembling, kitting and repacking, and returnable container management.  The financial and operating results presented below do not include that of LINC Logistics Company.  For the thirteen weeks ended September 29, 2012, operating revenues decreased 2.3%, or $4.2 million, to $183.3 million from $187.5 million for the thirteen weeks ended October 1, 2011, and our operating ratio increased 20 basis points to 95.7% for the thirteen weeks ended September 29, 2012 from 95.5% for the thirteen weeks ended October 1, 2011.  Included in operating revenues are fuel surcharges of $23.0 million and $23.3 million for the thirteen weeks ended September 29, 2012 and October 1, 2011, respectively.  Income from operations decreased by 7.4%, or $0.6 million, to $7.8 million for the thirteen weeks ended September 29, 2012 from $8.4 million for the thirteen weeks ended October 1, 2011, and net income increased by $0.1 million, to $5.5 million, or $0.36 per basic and diluted share, for the thirteen weeks ended September 29, 2012, from $5.4 million, or $0.35 per basic and diluted share, for the thirteen weeks ended October 1, 2011.  Included in net income for the thirteen weeks ended September 29, 2012 were $0.6 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 September 29, 2012 decreased by 2.4% to $108.2 million from $110.9 million in the corresponding period of 2011.  Brokerage revenue for the thirteen weeks ended September 29, 2012 decreased by 9.3% to $44.0 million from $48.6 million in the corresponding period of 2011.  Intermodal revenue for the thirteen weeks ended September 29, 2012 increased by 10.6% to $31.0 million from $28.1 million in the corresponding period of 2011.  Included in intermodal revenue for the thirteen weeks ended September 29, 2012 is $2.1 million of revenue from our acquisition completed in the second quarter of 2012.For the thirty-nine weeks ended September 29, 2012, operating revenues increased 3.6%, or $19.1 million, to $544.2 million from $525.1 million for the thirty-nine weeks ended October 1, 2011, and our operating ratio improved 30 basis points to 96.2% for the thirty-nine weeks ended September 29, 2012 from 96.5% for the thirty-nine weeks October 1, 2011.  Included in operating revenues are fuel surcharges of $69.3 million and $66.2 million for the thirty-nine weeks ended September 29, 2012 and October 1, 2011, respectively.  Income from operations increased by 12.6%, or $2.3 million, to $20.7 million for the thirty-nine weeks ended September 29, 2012 from $18.4 million for the thirty-nine weeks ended October 1, 2011, and net income increased by $1.8 million, to $14.1 million, or $0.91 per basic and diluted share, for the thirty-nine weeks ended September 29, 2012, from $12.3 million, or $0.79 per basic and diluted share, for the thirty-nine weeks ended October 1, 2011.  Included in net income for the thirty-nine weeks ended September 29, 2012 were $1.2 million, or $0.08 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale compared to $0.6 million, or $0.04 per basic and diluted share, for the thirty-nine weeks ended October 1, 2011.Universal's truckload revenue for the thirty-nine weeks ended September 29, 2012 increased by 1.0% to $322.3 million from $319.0 million in the corresponding period of 2011.  Included in truckload revenue for the thirty-nine weeks ended September 29, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011.  Brokerage revenue for the thirty-nine weeks ended September 29, 2012 increased by 7.0% to $136.5 million from $127.6 million in the corresponding period of 2011.  Included in brokerage revenue for the thirty-nine weeks ended September 29, 2012 is $0.7 million of revenue from our acquisition completed in the first quarter of 2011.  Intermodal revenue for the thirty-nine weeks ended September 29, 2012 increased by 8.7% to $85.4 million from $78.6 million in the corresponding period of 2011.  Included in intermodal revenue for the thirty-nine weeks ended September 29, 2012 is $3.2 million of revenue from our acquisition completed in the second quarter of 2012."While our earnings were negatively impacted in the third quarter by persistently weak economic headwinds, we remain confident in our long-term strategy," stated Don Cochran, Universal's President and CEO. "We continue to develop and diversify our service offerings to an expanding customer base through strategic acquisitions that should add value to all of our operating units."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 EndedThirty-nine Weeks Ended September 29,2012October 1,2011September 29,2012October 1,2011Operating revenues:Truckload$108,241$110,896$322,342$319,007Brokerage44,04848,588136,463127,558Intermodal31,03228,06285,41978,572Total operating revenues183,321187,546544,224525,137Operating expenses:Purchased transportation140,021144,413416,894404,503Commissions expense10,52710,97431,15231,555Other operating expense3,8953,51912,13810,458Selling, general, and administrative13,92313,11642,18039,062Insurance and claims4,1814,15512,23112,481Depreciation and amortization2,9772,9478,9438,715Total operating expenses175,524179,124523,538506,774Income from operations7,7978,42220,68618,363Interest income, net641948Other non-operating income 1,1862332,3591,391Income before provision for  income taxes8,9898,65923,06419,802Provision for income taxes3,4773,2248,9567,533Net income$5,512$5,435$14,108$12,269Earnings per common share:Basic$0.36$0.35$0.91$0.79Diluted$0.36$0.35$0.91$0.79Weighted average number of common   shares outstanding:Basic15,49115,57415,50715,607Diluted15,49115,57415,50715,607Dividends paid per common share:$?$1.00$1.00$1.00 UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets(In thousands)September 29, 2012December 31, 2011AssetsCash and cash equivalents$214$878Marketable securities11,16716,059Accounts receivable ? net81,27574,776Other current assets37,31129,881Total current assets129,967121,594Property and equipment ? net93,88489,985Other long-term assets ? net31,80929,619Total assets$255,660$241,198Liabilities and shareholders' equityTotal current liabilities$83,431$67,904Total long-term liabilities12,81611,158Total liabilities96,24779,062Total shareholders' equity159,413162,136Total liabilities and shareholders' equity$255,660$241,198  UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Summary of Operating DataThirteen Weeks EndedThirty-nine Weeks EndedSeptember 29,2012October 1,2011September 29,2012October 1,2011Average number of tractors provided by    owner-operatorsTruckload2,4932,5312,4452,478Intermodal721674676668Total3,2143,2053,1213,146Truckload Revenues:Average operating revenues per loaded mile$3.27$3.10$3.18$2.93Average operating revenues per loaded mile, excluding fuel surcharges$2.74$2.57$2.64$2.43Average operating revenues per load$1,143$1,137$1,125$1,093Average operating revenues per load, excluding fuel surcharges$958$944$935$910Average length of haul (2)350367354374Number of loads94,69497,513286,633291,902Brokerage Revenues:Average operating revenues per loaded mile (1)$2.51$2.49$2.54$2.38Average operating revenues per load (1)$1,448$1,455$1,446$1,393Average length of haul (1) (2)576585570586Number of loads (1)27,10630,23684,23282,529Intermodal Revenues:Drayage (in thousands)$26,199$25,592$71,909$71,108Domestic Intermodal (in thousands)$1,975$?$5,322?Depot (in thousands)$2,858$2,470$8,188$7,464Total (in thousands)$31,032$28,062$85,419$78,572Average operating revenues per loaded mile (3)$4.33$4.29$4.37$4.18Average operating revenues per loaded mile, excluding fuel surcharges (3)$3.49$3.53$3.52$3.44Average operating revenues per load (3)$320$318$302$314Average operating revenues per load, excluding fuel surcharges (3)$258$262$244$258Number of loads (3)81,95680,486237,799226,527 (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