Universal Truckload's Q4 earnings surge 77% to US$3.2M, as truckload revenues rise 4.4% to US$91.9M on Q1 acquisitions; full-year earnings soar 159% to US$12.7M on gains from securities sales
Alison Gallant
WARREN, Michigan
,
February 25, 2011
(press release)
–
Universal Truckload Services, Inc. (Nasdaq:UACL - News) today announced financial results for the thirteen weeks and year ended December 31, 2010.
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
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.
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