Exhibit 99.1
UNIVERSAL TRUCKLOAD SERVICES, INC. REPORTS RECORD REVENUE AND NET INCOME
FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED JULY 2, 2005
WARREN, Mich., July 27 /PRNewswire-FirstCall/ -- Universal Truckload
Services, Inc. (Nasdaq: UACL) today announced record financial results for the
thirteen and twenty-six weeks ended July 2, 2005.
For the thirteen weeks ended July 2, 2005, operating revenues increased
62.0%, or $48.8 million, to $127.5 million from $78.7 million for the thirteen
weeks ended July 3, 2004. Included in operating revenues are fuel surcharges of
$7.2 million and $2.1 million for the second quarters of 2005 and 2004,
respectively. Net income increased 52.0%, or $1.5 million, to $4.4 million, or
$0.27 per share for the 2nd quarter of 2005, from $2.9 million, or $0.29 per
share, for the second quarter of 2004. Great American Lines, Inc. and CrossRoad
Carriers, Inc., which were acquired in August and November 2004, respectively,
generated combined operating revenues of $31.5 million and net income of $1.0
million in the second quarter of 2005.
Universal's truckload revenue in the second quarter of 2005 increased by
43.4% to $79.9 million from $55.8 million in the corresponding period of 2004.
Brokerage revenue in the second quarter of 2005 increased by 150.8% to $35.8
million from $14.3 million in the corresponding period of 2004. Intermodal
revenue in the second quarter of 2005 increased by 35.7% to $11.8 million from
$8.7 million in the corresponding period of 2004.
For the twenty-six weeks ended July 2, 2005, operating revenues increased
64.6%, or $97.5 million, to $248.5 million from $151.0 million for the twenty-
six weeks ended July 3, 2004. Included in operating revenues are fuel surcharges
of $13.0 million and $3.4 million for the first two quarters of 2005 and 2004,
respectively. Net income increased 64.3%, or $3.1 million, to $7.9 million, or
$0.54 per share for the first half of 2005, from $4.8 million, or $0.48 per
share, for the first half of 2004. Great American Lines, Inc. and CrossRoad
Carriers, Inc., which were acquired in August and November 2004, respectively,
generated combined operating revenues of $64.0 million and net income of $2.1
million in the first half of 2005.
Universal's truckload revenue in the first half of 2005 increased by 45.0%
to $154.0 million from $106.2 million in the corresponding period of 2004.
Brokerage revenue in the first half of 2005 increased by 157.2% to $72.0 million
from $28.0 million in the corresponding period of 2004. Intermodal revenue in
the first half of 2005 increased by 34.3% to $22.5 million from $16.7 million in
the corresponding period of 2004.
"We are very pleased with our operating results in the second quarter of
2005," stated Universal's President and CEO Don Cochran. "Our revenue and net
income growth continues to be strong. We have been able to grow our operating
revenues, both organically and through our acquisitions of Great American Lines
and CrossRoad Carriers. In the second quarter, truckload, brokerage and
intermodal revenues grew organically at 14.5%, 43.1% and 35.7%, respectively. In
total, operating revenues grew organically by $17.3 million or 22.0%."
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)
Thirteen Weeks Ended Twenty-six Weeks Ended
----------------------- -----------------------
July 2, July 3, July 2, July 3,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Operating revenues:
Truckload $ 79,944 $ 55,764 $ 154,018 $ 106,236
Brokerage 35,807 14,275 71,962 27,981
Intermodal 11,765 8,672 22,481 16,734
Total operating
revenues 127,516 78,711 248,461 150,951
Operating expenses:
Purchased transportation 97,146 58,380 188,671 111,895
Commissions expense 8,310 6,331 15,920 12,120
Other operating expense,
net 1,587 1,033 3,420 2,097
Selling, general, and
administrative 9,738 5,660 19,195 11,576
Insurance and claims 2,789 1,926 6,490 3,867
Depreciation and
amortization 1,025 759 2,060 1,604
Total operating
expenses 120,595 74,089 235,756 143,159
Income from
operations 6,921 4,622 12,705 7,792
Interest income (expense),
net 150 (94) (15) (210)
Income before income
taxes 7,071 4,528 12,690 7,582
Provision for income taxes 2,687 1,643 4,822 2,792
Net income $ 4,384 $ 2,885 $ 7,868 $ 4,790
Earnings per common share:
Basic and diluted $ 0.27 $ 0.29 $ 0.54 $ 0.48
Average common shares
outstanding:
Basic and diluted 16,118 10,023 14,630 10,023
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
July 2, December 31,
2005 2004
---------- ------------
Assets
Cash and cash equivalents $ 32,891 $ 904
Marketable securities 651 -
Accounts receivable - net 62,344 59,441
Other current assets 5,456 8,257
Total current assets 101,342 68,602
Property and equipment - net 27,433 23,831
Other long-term assets - net 14,492 12,851
Total assets $ 143,267 $ 105,284
Liabilities and shareholders' equity
(deficit)
Total current liabilities $ 37,987 $ 117,520
Total long-term liabilities 1,449 4,589
Total liabilities 39,436 122,109
Total shareholders' equity (deficit) 103,831 (16,825)
Total liabilities and shareholders'
equity (deficit) $ 143,267 $ 105,284
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Ended Twenty-six Weeks Ended
----------------------- -----------------------
July 2, July 3, July 2, July 3,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Average number of tractors provided
by owner-operators
Truckload 2,329 1,796 2,340 1,750
Intermodal 321 283 313 287
Truckload Revenues:
Average operating revenues per
loaded mile (1) $ 2.18 $ 1.90 $ 2.15 $ 1.84
Average operating revenues per
loaded mile, excluding fuel
surcharges (1) $ 2.01 $ 1.83 $ 1.99 $ 1.79
Average operating revenues per
load (1) $ 861 $ 972 $ 835 $ 921
Average operating revenues per
load, excluding fuel
surcharges (1) $ 792 $ 940 $ 773 $ 894
Average length of haul (1) 395 513 389 499
Number of loads (1) 92,876 57,380 184,075 115,407
Brokerage Revenues:
Average operating revenues per
loaded mile (1) $ 1.90 $ 1.55 $ 1.83 $ 1.57
Average operating revenues per
load (1) $ 1,185 $ 887 $ 1,132 $ 860
Average length of haul (1)(2) 623 572 617 549
Number of loads (1) 22,292 16,099 45,645 32,551
Intermodal Revenues:
Drayage (in thousands) $ 10,355 $ 7,812 $ 19,822 $ 14,889
Depot (in thousands) $ 1,410 $ 860 $ 2,659 $ 1,845
Total (in thousands) $ 11,765 $ 8,672 $ 22,481 $ 16,734
Average operating revenues per
loaded mile $ 4.06 $ 3.23 $ 4.03 $ 3.11
Average operating revenues per
loaded mile, excluding fuel
surcharges $ 3.74 $ 3.13 $ 3.74 $ 3.03
Average operating revenues per
load $ 269 $ 258 $ 270 $ 258
Average operating revenues per
load, excluding fuel surcharges $ 248 $ 251 $ 250 $ 251
Number of loads 38,477 30,258 73,481 57,773
(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.
SOURCE Universal Truckload Services, Inc.
-0- 07/27/2005
/CONTACT: Robert Sigler, Vice President and Chief Financial Officer of
Universal Truckload Services, Inc., +1-586-920-0100/
/Web site: http://www.uacl.com /