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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) March 21, 2005

Universal Truckload Services, Inc.

(Exact name of registrant as specified in its charter)
         
Michigan
(State or other jurisdiction
of incorporation)
  120510
(Commission
File Number)
  38-3640097
(I.R.S. Employer
Identification No.)

11355 Stephens Road, Warren, Michigan

(Address of principal executive offices)

48089

(Zip Code)

(586) 920-0100

(Registrant’s telephone number, including area code)

N/A

(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):

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

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

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

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

 


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Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
EXHIBIT INDEX
Press Release, Dated March 21, 2005


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Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On March 21, 2005, Universal Services Truckload, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2004, a copy of which is furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

             
(c)
  Exhibits.    
 
           
  Exhibit No.   Description
 
           
    99.1     Press Release dated March 21, 2005 announcing the Company’s financial and operating results for the fourth quarter and year ended December 31, 2004.

 


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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: March 21, 2005  /s/ Robert E. Sigler    
  Robert E. Sigler   
  Vice President, Chief Financial Officer, Secretary and Treasurer   

 


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EXHIBIT INDEX

     
Exhibit    
Number   Description
99.1
  Press Release dated March 21, 2005 announcing the Company’s financial and operating results for the fourth quarter and year ended December 31, 2004.

 

exv99w1
 

Exhibit 99.1

(UTSI LOGO)

For further information:
Robert Sigler
Vice President and Chief Financial Officer
586.920.0100

Universal Truckload Services, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2004

Warren, MI — March 21, 2005 — Universal Truckload Services, Inc. (Nasdaq: UACL) announced today its financial results for the quarter and year ended December 31, 2004.

For the quarter ended December 31, 2004, operating revenues increased 51.5%, or $38.8 million, to $114.1 million from $75.3 million for the quarter ended December 31, 2003. Included in operating revenues are fuel surcharges of $5.6 million and $1.3 million for the fourth quarters of 2004 and 2003, respectively. Net income increased 32.7%, or $859,000, to $3.5 million, or $0.35 per share, from $2.6 million, or $0.26 per share, for the quarter ended December 31, 2003. Included in the 2004 fourth quarter operating revenues was $25.2 million from our subsidiaries Great American Lines, Inc. and CrossRoad Carriers, Inc., which were acquired in August and November 2004, respectively.

Universal’s truckload revenue in the fourth quarter of 2004 increased by 35.5% to $73.8 million from $54.4 million in the corresponding period of 2003. Brokerage revenue in the fourth quarter of 2004 increased by 130.9% to $31.0 million from $13.4 million in the corresponding period of 2003. Intermodal revenue in the fourth quarter of 2004 increased by 25.0% to $9.2 million from $7.4 million in the corresponding period of 2003.

For the year ended December 31, 2004, operating revenues increased 30.4%, or $84.3 million, to $362.0 million from $277.7 million for the year ended December 31, 2003. Included in operating revenues are fuel surcharges of $12.4 million and $5.4 million for 2004 and 2003, respectively. Net income increased 27.5%, or $2.4 million, to $11.1 million, or $1.11 per share, from $8.7 million, or $0.87 per share, for the year ended December 31, 2003. Included in 2004 operating revenues was $37.8 million from Great American Lines, Inc. and CrossRoad Carriers, Inc.

“We are very pleased with our results and accomplishments in 2004,” stated Universal’s President and CEO Don Cochran. “The increase in our operating revenues of 30.4% over 2003 combined with the successful completion of two acquisitions gives us a lot to be proud of and demonstrates the strength of our organization.”

Cochran added, “Freight demand remained strong through the end of 2004. We were successful in meeting our customer’s freight needs through the expansion of our network of owner-operators, which has increased by approximately 30% since December of 2003, and through the use of approved third party carriers (brokering). Revenues generated through third party carriers increased by $34.7 million in 2004, representing an 80.8% increase over 2003.”

Management has not scheduled a conference call with this earnings release. The Company will have a conference call following its first quarter of 2005 earnings release.

 


 

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 are 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)

                                 
    Quarter Ended     Year Ended  
    December 31,     December 31,  
    2004     2003     2004     2003  
Operating revenues:
                               
Truckload
  $ 73,834     $ 54,472     $ 249,114     $ 205,807  
Brokerage
    31,036       13,442       77,726       43,000  
Intermodal
    9,239       7,390       35,176       28,891  
 
                       
Total operating revenues
    114,109       75,304       362,016       277,698  
 
                       
Operating expenses:
                               
Purchased transportation
    85,285       55,595       269,687       204,947  
Commissions expense
    7,974       6,272       27,354       22,228  
Other operating expense, net
    1,679       932       5,268       4,069  
Selling, general, and administrative
    8,974       5,742       27,640       22,570  
Insurance and claims
    3,024       1,790       9,602       6,954  
Depreciation and amortization
    1,200       751       3,913       2,863  
 
                       
Total operating expenses
    108,136       71,082       343,464       263,631  
 
                       
Income from operations
    5,973       4,222       18,552       14,067  
Interest expense, net
    378       62       777       246  
 
                       
Income before provision for income taxes
    5,595       4,160       17,775       13,821  
Provision for income taxes
    2,112       1,536       6,657       5,103  
 
                       
Net income
  $ 3,483     $ 2,624     $ 11,118     $ 8,718  
 
                       
Earnings per common share:
                               
Basic and diluted
  $ 0.35     $ 0.26     $ 1.11     $ 0.87  
Average common shares outstanding:
                               
Basic and diluted
    10,023       10,023       10,023       10,023  

 


 

UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)

                 
    December 31,  
    2004     2003  
Assets
               
Cash
  $ 904     $ 423  
Accounts receivable — net
    59,441       43,216  
Other current assets
    8,257       3,055  
 
           
Total current assets
    68,602       46,694  
Property and equipment — net
    23,831       17,189  
Other long-term assets — net
    12,851       2,957  
 
           
Total assets
  $ 105,284     $ 66,840  
 
           
Liabilities and shareholders’ equity (deficit)
               
Total current liabilities
  $ 117,520     $ 33,745  
Total long-term liabilities
    4,589       1,609  
 
           
Total liabilities
    122,109       35,354  
Total shareholders’ equity (deficit)
    (16,825 )     31,486  
 
           
Total liabilities and shareholders’ equity (deficit)
  $ 105,284     $ 66,840  
 
           

UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)

                                 
    Quarter Ended     Year Ended  
    December 31,     December 31,  
    2004     2003     2004     2003  
Number of agents (1)
    359       327       359       327  
Average number of tractors provided by owner-operators
    2,574       2,049       2,306       2,114  
Average operating revenues per loaded mile (2)
  $ 2.07     $ 1.75     $ 1.90     $ 1.66  
Average operating revenues per loaded mile, excluding fuel surcharges (2)
  $ 1.95     $ 1.71     $ 1.83     $ 1.62  
Average operating revenues per load (2)
  $ 959     $ 952     $ 922     $ 907  
Average operating revenues per load, excluding fuel surcharges (2)
  $ 906     $ 933     $ 886     $ 887  
Average length of haul (2)
    463       544       484       547  
Number of loads (2)
    104,442       71,353       349,453       274,213  


(1)   Includes only those agents who generated at least $100,000 in operating revenues, on an annualized basis, during the periods indicated
 
(2)   Excludes operating data from our intermodal support services 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. Additionally, excludes the operating results of CrossRoad Carriers, which was acquired on November 1, 2004. CrossRoad Carriers did not track this statistical data for the periods presented.