Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 24, 2011

 

 

Universal Truckload Services, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Michigan   0-51142   38-3640097

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

12755 E. Nine Mile Road, Warren, Michigan

(Address of principal executive offices)

48089

(Zip Code)

(586) 920-0100

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 24, 2011 the Company issued a press release announcing the Company’s financial and operating results for the thirteen weeks and year ended December 31, 2010, a copy of which is furnished as Exhibit 99.1 to this Form 8-K.

 

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits.

 

Exhibit No.

  

Description

99.1    Press Release dated February 24, 2011 announcing the Company’s financial and operating results for the thirteen weeks and year ended December 31, 2010.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  UNIVERSAL TRUCKLOAD SERVICES, INC.
Date: February 25, 2011  

/s/ Robert E. Sigler

  Robert E. Sigler
  Vice President, Chief Financial Officer, Secretary and Treasurer
Press Release

Exhibit 99.1

LOGO

For further information:

Robert Sigler

Vice President and Chief Financial Officer

586.920.0100

Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks and Year Ended December 31, 2010

Warren, MI – February 24, 2011 — Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2010.

For the thirteen weeks ended December 31, 2010, operating revenues increased 11.6%, or $16.3 million, to $156.1 million from $139.8 million for the thirteen weeks ended December 31, 2009. Included in operating revenues are fuel surcharges of $14.1 million and $11.1 million for the thirteen weeks ended December 31, 2010 and December 31, 2009, respectively. Net income increased by $1.4 million, to $3.2 million, or $0.20 per basic and diluted share for the thirteen weeks ended December 31, 2010, from $1.8 million, or $0.11 per basic and diluted share, for the thirteen weeks ended December 31, 2009.

Universal’s truckload revenue in the fourth quarter of 2010 increased by 4.4% to $91.9 million from $88.0 million in the corresponding period of 2009. Included in truckload revenue in the fourth quarter of 2010 is $1.6 million of revenue from our acquisition completed in the first quarter of 2010. Brokerage revenue in the fourth quarter of 2010 increased by 33.9% to $41.6 million from $31.1 million in the corresponding period of 2009. Included in brokerage revenue in the fourth quarter of 2010 is $8.0 million of revenue from our acquisitions completed since the fourth quarter of 2009. Intermodal revenue in the fourth quarter of 2010 increased by 8.9% to $22.7 million from $20.8 million in the corresponding period of 2009.

For the year ended December 31, 2010, operating revenues increased 20.4%, or $102.7 million, to $605.9 million from $503.2 million for the year ended December 31, 2009. Included in operating revenues are fuel surcharges of $54.2 million and $35.9 million for 2010 and 2009, respectively. Net income increased by $7.8 million, to $12.7 million, or $0.80 per basic and diluted share for 2010, from $4.9 million, or $0.31 per basic and diluted share for 2009. Included in net income for 2010 were $3.2 million, or $0.20 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 2009 were $0.8 million, or $0.05 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable securities classified as available for sale.

Universal’s truckload revenue in 2010 increased by 18.0% to $370.1 million from $313.6 million in the corresponding period of 2009. Included in truckload revenue in 2010 is $31.6 million of revenue from our acquisitions completed since the third quarter of 2009. Brokerage revenue in 2010 increased by 31.0% to $148.0 million from $112.9 million in the corresponding period of 2009. Included in brokerage revenue in 2010 is $30.8 million of revenue from our acquisitions completed since the third quarter of 2009. Intermodal revenue in 2010 increased by 14.5% to $87.9 million from $76.7 million in the corresponding period of 2009.

“We have seen improvements in our operating margins in each quarter this year”, stated Universal’s President and CEO Don Cochran, “and we believe that we have put the appropriate measures in place to continue this improved performance. Rates in both our van and flatbed operations have been helped by tightening capacity, and intermodal shows signs of both stabilizing rates and improved volumes. Despite the many economic and regulatory challenges we face, we are optimistic that we can continue to work to control costs and improve the selection of freight available to our Owner Operators and Agents.”


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 not handled by our owner-operators, 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 Ended
December 31,
    Year Ended
December 31,
 
     2010      2009     2010      2009  

Operating revenues:

          

Truckload

   $ 91,850       $ 87,953      $ 370,096       $ 313,573   

Brokerage

     41,623         31,095        147,970         112,914   

Intermodal

     22,660         20,801        87,877         76,743   
                                  

Total operating revenues

     156,133         139,849        605,943         503,230   
                                  

Operating expenses:

          

Purchased transportation

     119,407         106,071        461,041         378,008   

Commissions expense

     9,872         9,614        38,805         33,953   

Other operating expense

     3,007         3,421        13,276         10,316   

Selling, general, and administrative

     11,492         10,854        49,253         44,232   

Insurance and claims

     4,360         4,241        17,205         17,348   

Depreciation and amortization

     2,821         2,633        10,996         10,354   
                                  

Total operating expenses

     150,959         136,834        590,576         494,211   
                                  

Income from operations

     5,174         3,015        15,367         9,019   

Interest income (expense), net

     39         (133     120         (266

Other non-operating income (expense), net

     149         104        5,969         (733
                                  

Income before provision for income taxes

     5,362         2,986        21,456         8,020   

Provision for income taxes

     2,188         1,229        8,712         3,120   
                                  

Net income

   $ 3,174       $ 1,757      $ 12,744       $ 4,900   
                                  

Earnings per common share:

          

Basic

   $ 0.20       $ 0.11      $ 0.80       $ 0.31   

Diluted

   $ 0.20       $ 0.11      $ 0.80       $ 0.31   

Weighted average number of common shares outstanding:

          

Basic

     15,780         15,980        15,917         15,982   

Diluted

     15,780         15,980        15,917         15,982   


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     December 31,
2010
     December 31,
2009
 

Assets

     

Cash and cash equivalents

   $ 6,261       $ 953   

Marketable securities

     15,041         15,721   

Accounts receivable – net

     68,833         60,701   

Other current assets

     11,362         12,249   
                 

Total current assets

     101,497         89,624   

Property and equipment – net

     78,206         76,246   

Other long-term assets – net

     32,345         35,741   
                 

Total assets

   $ 212,048       $ 201,611   
                 

Liabilities and shareholders’ equity

     

Total current liabilities

   $ 42,294       $ 40,305   

Total long-term liabilities

     5,543         6,881   
                 

Total liabilities

     47,837         47,186   

Total shareholders’ equity

     164,211         154,425   
                 

Total liabilities and shareholders’ equity

   $ 212,048       $ 201,611   
                 


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Summary of Operating Data

 

     Thirteen Weeks Ended
December 31,
     Year Ended
December 31,
 
     2010      2009      2010      2009  

Average number of tractors provided by owner-operators

           

Truckload

     2,449         2,669         2,474         2,707   

Intermodal

     652         647         637         680   
                                   

Total

     3,101         3,316         3,111         3,387   

Truckload Revenues:

           

Average operating revenues per loaded mile

   $ 2.67       $ 2.24       $ 2.56       $ 2.28   

Average operating revenues per loaded mile, excluding fuel surcharges

   $ 2.34       $ 2.01       $ 2.25       $ 2.07   

Average operating revenues per load

   $ 1,061       $ 963       $ 1,011       $ 962   

Average operating revenues per load, excluding fuel surcharges

   $ 930       $ 864       $ 891       $ 873   

Average length of haul (2)

     398         429         396         422   

Number of loads

     86,606         91,299         366,017         325,927   

Brokerage Revenues:

           

Average operating revenues per loaded mile (1)

   $ 2.58       $ 2.03       $ 2.24       $ 1.96   

Average operating revenues per load (1)

   $ 1,526       $ 1,277       $ 1,353       $ 1,171   

Average length of haul (1)(2)

     593         629         604         598   

Number of loads (1)

     21,178         22,467         84,860         88,895   

Intermodal Revenues:

           

Drayage (in thousands)

   $ 20,394       $ 19,025       $ 79,750       $ 69,395   

Depot (in thousands)

   $ 2,266       $ 1,776       $ 8,127       $ 7,348   
                                   

Total (in thousands)

   $ 22,660       $ 20,801       $ 87,877       $ 76,743   
                                   

Average operating revenues per loaded mile

   $ 3.74       $ 3.32       $ 3.46       $ 3.37   

Average operating revenues per loaded mile, excluding fuel surcharges

   $ 3.23       $ 2.96       $ 3.02       $ 3.03   

Average operating revenues per load

   $ 283       $ 298       $ 292       $ 286   

Average operating revenues per load, excluding fuel surcharges

   $ 244       $ 265       $ 255       $ 257   

Number of loads

     72,048         63,903         273,337         242,927   

 

(1) Excludes operating data from CrossRoad Carriers, Inc., D. Kratt International, Inc., and Cavalry Transportation, 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.