WARREN, Mich., Feb. 21 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. today announced financial results for the quarter and year ended December 31, 2006.
For the quarter ended December 31, 2006, operating revenues increased 11.3%, or $16.6 million, to $163.8 million from $147.2 million for the quarter ended December 31, 2005. Included in operating revenues are fuel surcharges of $15.4 million and $14.2 million for the fourth quarters of 2006 and 2005, respectively. Net income increased 13.6%, or $0.6 million, to $5.3 million, or $0.33 per share for the fourth quarter of 2006, from $4.7 million, or $0.29 per share, for the fourth quarter of 2005. Diluted earnings per share in the fourth quarter of 2006 is computed based upon weighted average diluted shares outstanding of 16,142,049 compared to 16,117,500 shares in the fourth quarter of 2005.
Universal's truckload revenue in the fourth quarter of 2006 decreased by 1.6% to $92.5 million from $94.0 million in the corresponding period of 2005. Included in truckload revenue in the fourth quarter of 2006 is $5.6 million from our acquisitions completed in the third quarter of 2006. Brokerage revenue in the fourth quarter of 2006 increased by 20.7% to $44.3 million from $36.7 million in the corresponding period of 2005. Included in brokerage revenue in the fourth quarter of 2006 is $2.8 million from an acquisition completed in the third quarter of 2006. Intermodal revenue in the fourth quarter of 2006 increased by 63.2% to $27.0 million from $16.5 million in the corresponding period of 2005. Included in intermodal revenue in the fourth quarter of 2006 is $7.0 million from acquisitions completed in the first three quarters of 2006.
For the year ended December 31, 2006, operating revenues increased 20.8%, or $110.3 million, to $641.6 million from $531.3 million for the year ended December 31, 2005. Included in operating revenues are fuel surcharges of $60.8 million and $36.7 million for 2006 and 2005, respectively. Net income increased 22.4%, or $3.8 million, to $21.0 million, or $1.30 per share for 2006, from $17.2 million, or $1.12 per share for 2005. Diluted earnings per share in 2006 is computed based upon weighted average diluted shares outstanding of 16,159,321 compared to 15,371,780 shares in 2005.
Universal's truckload revenue increased by 12.9% to $375.2 million in 2006 from $332.2 million in 2005. Brokerage revenue increased by 15.9% to $170.6 million in 2006 from $147.1 million in 2005. Intermodal revenue increased by 84.2% to $95.9 million in 2006 from $52.0 million in 2005.
"Universal Truckload Services had a very good year in 2006 and despite a soft freight market in the fourth quarter we managed to produce solid numbers," states Universal's President and CEO, Don Cochran. "Consolidated revenue for the year improved 20.8%, while net income increased by 22.4%. This performance can be credited to staying true to our business model and the hard work of our Owner Operators, Fleet Owners, Agent Associates and employees."
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,
2006 2005 2006 2005
Operating revenues:
Truckload $92,527 $93,994 $375,194 $332,178
Brokerage 44,338 36,726 170,576 147,132
Intermodal 26,964 16,521 95,857 52,029
Total operating
revenues 163,829 147,241 641,627 531,339
Operating expenses:
Purchased
transportation 125,615 113,469 491,840 406,367
Commissions expense 10,131 10,017 40,360 34,678
Other operating
expense, net 2,090 1,508 8,642 6,596
Selling, general,
and administrative 12,312 9,388 46,137 37,354
Insurance and claims 3,951 4,122 15,828 14,334
Depreciation
and amortization 1,477 1,178 5,730 4,344
Total operating
expenses 155,576 139,682 608,537 503,673
Income from
operations 8,253 7,559 33,090 27,666
Interest income
(expense), net 243 242 1,043 425
Income before
income taxes 8,496 7,801 34,133 28,091
Provision for income
taxes 3,210 3,147 13,124 10,924
Net income $5,286 $4,654 $21,009 $17,167
Earnings per common share:
Basic $0.33 $0.29 $1.30 $1.12
Diluted $0.33 $0.29 $1.30 $1.12
Average common shares
outstanding:
Basic 16,118 16,118 16,118 15,372
Diluted 16,142 16,118 16,159 15,372
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31,
2006 2005
Assets
Cash and cash equivalents $5,008 $5,342
Marketable securities 15,330 19,456
Accounts receivable - net 82,259 72,032
Other current assets 8,971 11,109
Total current assets 111,568 107,939
Property and equipment - net 51,286 34,800
Other long-term assets - net 28,046 15,339
Total assets $190,900 $158,078
Liabilities and shareholders' equity
Total current liabilities $50,105 $41,134
Total long-term liabilities 6,342 3,772
Total liabilities 56,447 44,906
Total shareholders' equity 134,453 113,172
Total liabilities and shareholders' equity $190,900 $158,078
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
Average number of tractors
provided by owner-operators
Truckload 2,975 2,424 2,723 2,375
Intermodal 830 516 694 379
Truckload Revenues:
Average operating
revenues per
loaded mile (1) $2.40 $2.63 $2.49 $2.32
Average operating
revenues per
loaded mile,
excluding fuel
surcharges (1) $2.09 $2.29 $2.16 $2.10
Average operating
revenues per load (1) $968 $1,017 $968 $908
Average operating
revenues per load,
excluding fuel
surcharges (1) $842 $886 $841 $821
Average length of
haul (1)(2) 404 387 389 392
Number of loads (1) 95,593 92,394 387,627 365,441
Brokerage Revenues:
Average operating
revenues per loaded
mile (1) $2.03 $2.15 $2.07 $1.94
Average operating
revenues per load (1) $1,277 $1,333 $1,267 $1,206
Average length of
haul (1) (2) 628 619 613 622
Number of loads (1) 27,320 20,544 104,678 88,235
Intermodal Revenues:
Drayage (in thousands) $24,873 $15,188 $87,731 $46,695
Depot (in thousands) $2,091 $1,333 $8,126 $5,334
Total (in thousands) $26,964 $16,521 $95,857 $52,029
Average operating revenues
per loaded mile $4.04 $4.41 $4.16 $4.17
Average operating revenues
per loaded mile,
excluding fuel
surcharges $3.50 $3.81 $3.61 $3.76
Average operating
revenues per load $286 $284 $276 $274
Average operating
revenues per load,
excluding fuel
surcharges $248 $246 $239 $247
Number of loads 86,858 53,458 318,339 170,382
(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.
