Business News
Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen and Twenty-Six Weeks Ended June 28, 2008
2008-07-28 15:35:00
Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen and Twenty-Six Weeks Ended June 28, 2008
WARREN, Mich., July 28 /EMWNews/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen and twenty-six weeks ended June 28, 2008. Universal's net income decreased 25.7%, or $1.2 million, to $3.5 million, or $0.22 per share, for the second quarter of 2008, from $4.7 million, or $0.29 per share, for the second quarter of 2007. Included in net income for the thirteen weeks ended June 28, 2008 were $1.4 million, or $0.08 per share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale. For the thirteen weeks ended June 28, 2008, operating revenues increased 11.9%, or $21.2 million, to $199.4 million from $178.2 million for the thirteen weeks ended June 30, 2007. Included in operating revenues are fuel surcharges of $29.6 million and $17.8 million for the second quarters of 2008 and 2007, respectively. Operating margin was 3.9% for the second quarter of 2008 compared to 4.2% for the second quarter of 2007. Universal's truckload revenue in the second quarter of 2008 increased by 10.7% to $119.0 million from $107.4 million in the corresponding period of 2007. Included in truckload revenue in the second quarter of 2008 is $5.5 million from our acquisitions completed since the fourth quarter of 2007. Brokerage revenue in the second quarter of 2008 increased by 15.7% to $49.8 million from $43.1 million in the corresponding period of 2007. Included in brokerage revenue in the second quarter of 2008 is $0.8 million from our acquisitions completed since the fourth quarter of 2007. Intermodal revenue in the second quarter of 2008 increased by 10.7% to $30.6 million from $27.7 million in the corresponding period of 2007. Included in Intermodal revenue in the second quarter of 2008 is $2.5 million from our acquisitions completed in the first and second quarters of 2008. For the twenty-six weeks ended June 28, 2008, operating revenues increased 9.6%, or $32.5 million, to $369.6 million from $337.1 million for the twenty-six weeks ended June 30, 2007. Included in operating revenues are fuel surcharges of $48.9 million and $31.6 million for the first two quarters of 2008 and 2007, respectively. Net income decreased 13.3%, or $1.1 million, to $6.8 million, or $0.43 per share for the first half of 2008, from $7.9 million, or $0.49 per share, for the first half of 2007. Universal's truckload revenue in the first half of 2008 increased by 8.8% to $218.2 million from $200.5 million in the corresponding period of 2007. Included in truckload revenue in the first half of 2008 is $10.0 million from our acquisitions completed since the fourth quarter of 2007. Brokerage revenue in the first half of 2008 increased by 11.7% to $93.9 million from $84.1 million in the corresponding period of 2007. Included in brokerage revenue in the first half of 2008 is $1.3 million from our acquisitions completed since the fourth quarter of 2007. Intermodal revenue in the first half of 2008 increased by 9.4% to $57.4 million from $52.5 million in the corresponding period of 2007. Included in Intermodal revenue in the first half of 2008 is $3.7 million from our acquisitions completed in the first and second quarters of 2008. "Our second quarter earnings were impacted by a charge due to write-downs in our stock portfolio, particularly from our holdings in the financial sector. Excluding the impact of this charge, we had a positive 2nd quarter. Recent acquisitions, decreasing industry truck capacity and improving load volumes all contributed to our positive operating results," stated Universal's President and CEO Don Cochran. "Our operating results demonstrate the value of our asset light model." Universal Truckload Services, Inc. is primarily a non-asset based 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. 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 Twenty-six Weeks Ended Ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Operating revenues: Truckload $118,991 $107,449 $218,235 $200,516 Brokerage 49,830 43,080 93,923 84,069 Intermodal 30,599 27,650 57,397 52,471 Total operating revenues 199,420 178,179 369,555 337,056 Operating expenses: Purchased transportation 155,777 136,125 287,377 257,774 Commissions expense 12,177 11,475 22,743 22,074 Other operating expense, net 2,587 2,803 4,877 5,363 Selling, general, and administrative 12,841 12,281 25,532 24,474 Insurance and claims 5,918 5,924 11,463 10,796 Depreciation and amortization 2,359 2,031 4,591 3,938 Total operating expenses 191,659 170,639 356,583 324,419 Income from operations 7,761 7,540 12,972 12,637 Non operating income (expense) (2,014) 55 (1,781) 190 Interest income (expense), net (1) 81 19 141 Income before provision for income taxes 5,746 7,676 11,210 12,968 Provision for income taxes 2,243 2,958 4,363 5,066 Net income $3,503 $4,718 $6,847 $7,902 Earnings per common share: Basic $0.22 $0.29 $0.43 $0.49 Diluted $0.22 $0.29 $0.43 $0.49 Average common shares outstanding: Basic 16,088 16,118 16,088 16,118 Diluted 16,088 16,122 16,088 16,131 UNIVERSAL TRUCKLOAD SERVICES, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands) June 28, December 31, 2008 2007 Assets Cash and cash equivalents $2,532 $5,416 Marketable securities 13,621 17,961 Accounts receivable - net 99,835 86,626 Other current assets 10,857 8,248 Total current assets 126,845 118,251 Property and equipment - net 59,284 57,149 Other long-term assets - net 33,909 31,788 Total assets $220,038 $207,188 Liabilities and shareholders' equity Total current liabilities $54,569 $48,443 Total long-term liabilities 7,231 7,303 Total liabilities 61,800 55,746 Total shareholders' equity 158,238 151,442 Total liabilities and shareholders' equity $220,038 $207,188 UNIVERSAL TRUCKLOAD SERVICES, INC. Summary of Operating Data (Unaudited) Thirteen Weeks Twenty-six Weeks Ended Ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Average number of tractors provided by owner-operators Truckload 2,738 3,006 2,754 2,985 Intermodal 823 834 852 847 Total 3,561 3,840 3,606 3,832 Truckload Revenues: Average operating revenues per loaded mile (1) $2.91 $2.42 $2.77 $2.40 Average operating revenues per loaded mile, excluding fuel surcharges (1) $2.33 $2.10 $2.28 $2.10 Average operating revenues per load (1) $1,062 $963 $1,013 $952 Average operating revenues per load, excluding fuel surcharges (1) $850 $834 $832 $832 Average length of haul (1)(2) 365 397 365 397 Number of loads (1) 112,017 111,590 215,415 210,594 Brokerage Revenues: Average operating revenues per loaded mile (1) $2.47 $2.02 $2.31 $1.99 Average operating revenues per load (1) $1,426 $1,273 $1,367 $1,255 Average length of haul (1)(2) 578 630 592 630 Number of loads (1) 30,601 27,510 60,162 54,011 Intermodal Revenues: Drayage (in thousands) $27,558 $25,256 $52,625 $48,058 Depot (in thousands) $3,041 $2,394 $4,772 $4,413 Total (in thousands) $30,599 $27,650 $57,397 $52,471 Average operating revenues per loaded mile $4.88 $4.52 $4.81 $4.46 Average operating revenues per loaded mile, excluding fuel surcharges $3.85 $3.92 $3.90 $3.89 Average operating revenues per load $340 $290 $330 $281 Average operating revenues per load, excluding fuel surcharges $269 $251 $267 $245 Number of loads 80,975 87,145 159,640 170,861 (1) Excludes operating data from CrossRoad Carriers, Inc. in order to improve the relevance of the statistical data related to our truckload and brokerage services and improve the comparability to our peer companies. (2) Average length of haul is computed using loaded miles.
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