WARREN, Mich., Feb. 23 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. today announced record financial results for the quarter and year ended December 31, 2005.
For the quarter ended December 31, 2005, operating revenues increased 29.0%, or $33.1 million, to $147.2 million from $114.1 million for the quarter ended December 31, 2004. Included in operating revenues are fuel surcharges of $14.2 million and $5.6 million for the fourth quarters of 2005 and 2004, respectively. Net income increased 33.6%, or $1.2 million, to $4.7 million, or $0.29 per share for the fourth quarter of 2005, from $3.5 million, or $0.35 per share, for the fourth quarter of 2004. Earnings per share in the fourth quarter of 2005 is computed based upon weighted average shares outstanding of 16,117,500 compared to 10,022,500 shares in the fourth quarter of 2004.
Universal's truckload revenue in the fourth quarter of 2005 increased by 27.3% to $94.0 million from $73.8 million in the corresponding period of 2004. Brokerage revenue in the fourth quarter of 2005 increased by 18.3% to $36.7 million from $31.0 million in the corresponding period of 2004. Intermodal revenue in the fourth quarter of 2005 increased by 78.8% to $16.5 million from $9.2 million in the corresponding period of 2004.
For the year ended December 31, 2005, operating revenues increased 46.8%, or $169.3 million, to $531.3 million from $362.0 million for the year ended December 31, 2004. Included in operating revenues are fuel surcharges of $36.7 million and $12.4 million for 2005 and 2004, respectively. Net income increased 54.4%, or $6.0 million, to $17.2 million, or $1.12 per share for 2005, from $11.1 million, or $1.11 per share for 2004. Earnings per share in 2005 is computed based upon weighted average shares outstanding of 15,371,780 compared to 10,022,500 shares in 2004. Great American Lines, Inc. and CrossRoad Carriers, Inc., which were acquired in August and November 2004, respectively, generated combined operating revenues of $130.2 million and net income of $4.1 million in 2005. Great American lines and CrossRoad Carriers, Inc. generated operating revenues of $37.8 million and net income of $1.3 million in 2004.
Universal's truckload revenue increased by 33.3% to $332.2 million in 2005 from $249.1 million in 2004. Brokerage revenue increased by 89.3% to $147.1 million in 2005 from $77.7 million in 2004. Intermodal revenue increased by 47.9% to $52.0 million in 2005 from $35.2 million in 2004.
"We are pleased with our continued path of record performance," states Universal's President and CEO, Don Cochran. "Truckload revenue for the year improved 33.3%, Brokerage revenue increased 89.3% and Intermodal grew by 47.9% all resulting in a significant improvement to net income. This performance can be attributed to the loyal and diligent support of our Owner Operators, Fleet Owners, Agent Associates and employees. Their conscientious dedication to provide quality service to our customers has enhanced our organic growth. In addition, the contributions of our strategic acquisitions have further complemented that performance."
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)
Quarter Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Operating revenues:
Truckload $93,994 $73,834 $332,178 $249,114
Brokerage 36,726 31,036 147,132 77,726
Intermodal 16,521 9,239 52,029 35,176
Total operating
revenues 147,241 114,109 531,339 362,016
Operating expenses:
Purchased
transportation 113,469 85,285 406,367 269,687
Commissions expense 10,017 7,974 34,678 27,354
Other operating
expense, net 1,508 1,679 6,596 5,268
Selling, general,
and administrative 9,388 8,974 37,354 27,640
Insurance and claims 4,122 3,024 14,334 9,602
Depreciation and
amortization 1,178 1,200 4,344 3,913
Total operating
expenses 139,682 108,136 503,673 343,464
Income from
operations 7,559 5,973 27,666 18,552
Interest income
(expense), net 242 (378) 425 (777)
Income before
income taxes 7,801 5,595 28,091 17,775
Provision for income taxes 3,147 2,112 10,924 6,657
Net income $4,654 $3,483 $17,167 $11,118
Earnings per common share:
Basic and diluted $0.29 $0.35 $1.12 $1.11
Average common shares outstanding:
Basic and diluted 16,118 10,023 15,372 10,023
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31,
2005 2004
Assets
Cash and cash equivalents $10,442 $904
Marketable securities 14,356 -
Accounts receivable - net 72,032 59,441
Other current assets 11,109 8,257
Total current assets 107,939 68,602
Property and equipment - net 34,800 23,831
Other long-term assets - net 15,339 12,851
Total assets $158,078 $105,284
Liabilities and shareholders' equity (deficit)
Total current liabilities $41,134 $117,520
Total long-term liabilities 3,772 4,589
Total liabilities 44,906 122,109
Total shareholders' equity (deficit) 113,172 (16,825)
Total liabilities and
shareholders' equity (deficit) $158,078 $105,284
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Average number of tractors
provided by owner-operators
Truckload 2,424 2,274 2,375 2,012
Intermodal 516 300 379 294
Truckload Revenues:
Average operating revenues
per loaded mile (1) $2.63 $2.19 $2.32 $1.99
Average operating revenues
per loaded mile,
excluding fuel surcharges (1) $2.29 $2.03 $2.10 $1.89
Average operating revenues
per load (1) $1,017 $903 $908 $904
Average operating revenues
per load, excluding
fuel surcharges (1) $886 $835 $821 $861
Average length of haul (1)(2) 387 412 392 455
Number of loads (1) 92,394 81,763 365,441 275,695
Brokerage Revenues:
Average operating revenues
per loaded mile (1) $2.15 $1.78 $1.94 $1.67
Average operating revenues
per load (1) $1,333 $1,161 $1,206 $990
Average length of haul (1)(2) 619 651 622 592
Number of loads (1) 20,544 22,679 88,235 73,758
Intermodal Revenues:
Drayage (in thousands) $15,188 $8,281 $46,695 $31,262
Depot (in thousands) $1,333 $958 $5,334 $3,914
Total (in thousands) $16,521 $9,239 $52,029 $35,176
Average operating revenues
per loaded mile $4.41 $3.68 $4.17 $3.18
Average operating revenues
per loaded mile,
excluding fuel surcharges $3.81 $3.43 $3.76 $3.05
Average operating revenues
per load $284 $293 $274 $268
Average operating revenues
per load, excluding
fuel surcharges $246 $274 $247 $257
Number of loads 53,458 28,231 170,382 116,646
(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.
First Call Analyst:
FCMN Contact: crogos@uacl.com
