Exhibit 99.1
UNIVERSAL TRUCKLOAD SERVICES, INC. REPORTS RECORD REVENUE AND NET INCOME
FOR THE THIRTEEN AND THIRTY-NINE WEEKS ENDED OCTOBER 1, 2005
WARREN, Mich., Oct. 26 /PRNewswire-FirstCall/ -- Universal Truckload
Services, Inc. (Nasdaq: UACL) today announced record financial results for the
thirteen and thirty-nine weeks ended October 1, 2005.
For the thirteen weeks ended October 1, 2005, operating revenues increased
39.9%, or $38.7 million, to $135.6 million from $97.0 million for the thirteen
weeks ended October 2, 2004. Included in operating revenues are fuel surcharges
of $9.4 million and $3.3 million for the third quarters of 2005 and 2004,
respectively. Net income increased 63.3%, or $1.8 million, to $4.6 million, or
$0.29 per share for the third quarter of 2005, from $2.8 million, or $0.28 per
share, for the third 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 $32.8 million and net income of
$943,000 in the third quarter of 2005. Great American Lines generated operating
revenues of $12.7 million and net income of $405,000 in the third quarter of
2004.
Universal's truckload revenue in the third quarter of 2005 increased by
21.9% to $84.2 million from $69.0 million in the corresponding period of 2004.
Brokerage revenue in the third quarter of 2005 increased by 105.5% to $38.4
million from $18.7 million in the corresponding period of 2004. Intermodal
revenue in the third quarter of 2005 increased by 41.6% to $13.0 million from
$9.2 million in the corresponding period of 2004.
For the thirty-nine weeks ended October 1, 2005, operating revenues
increased 54.9%, or $136.2 million, to $384.1 million from $247.9 million for
the thirty-nine weeks ended October 2, 2004. Included in operating revenues are
fuel surcharges of $22.5 million and $6.8 million for the first three quarters
of 2005 and 2004, respectively. Net income increased 63.9%, or $4.9 million, to
$12.5 million, or $0.83 per share through the third quarter of 2005, from $7.6
million, or $0.76 per share, through the third 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 $96.8
million and net income of $3.1 million in the first three quarters of 2005.
Great American Lines generated operating revenues of $12.7 million and net
income of $405,000 in the first three quarters of 2004.
Universal's truckload revenue in the first three quarters of 2005 increased
by 35.9% to $238.2 million from $175.3 million in the corresponding period of
2004. Brokerage revenue in the first three quarters of 2005 increased by 136.5%
to $110.4 million from $46.7 million in the corresponding period of 2004.
Intermodal revenue in the first three quarters of 2005 increased by 36.9% to
$35.5 million from $25.9 million in the corresponding period of 2004.
"UTSI's 2005 third quarter operating results were the best single quarterly
results in the company's history," stated Universal's President and CEO Don
Cochran. "We have continued to grow operating revenues across each of our
service offerings. This growth has been both organic and through our strategic
acquisitions of Great American Lines and CrossRoad Carriers. In the third
quarter, truckload, brokerage and intermodal revenues grew organically at 12.5%,
32.8% and 41.6%, respectively. In total, operating revenues grew organically by
$18.6 million or 19.2%."
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 Thirty-nine Weeks Ended
------------------------- -------------------------
October 1, October 2, October 1, October 2,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Operating revenues:
Truckload $ 84,166 $ 69,044 $ 238,184 $ 175,280
Brokerage 38,444 18,709 110,406 46,690
Intermodal 13,027 9,203 35,508 25,937
Total operating
revenues 135,637 96,956 384,098 247,907
Operating expenses:
Purchased
transportation 104,227 72,507 292,898 184,402
Commissions expense 8,741 7,260 24,661 19,380
Other operating
expense, net 1,668 1,492 5,088 3,589
Selling, general, and
administrative 8,771 7,090 27,966 18,666
Insurance and claims 3,722 2,711 10,212 6,578
Depreciation and
amortization 1,106 1,109 3,166 2,713
Total operating
expenses 128,235 92,169 363,991 235,328
Income from
operations 7,402 4,787 20,107 12,579
Interest income (expense),
net 198 (189) 183 (399)
Income before
income taxes 7,600 4,598 20,290 12,180
Provision for income taxes 2,955 1,753 7,777 4,545
Net income $ 4,645 $ 2,845 $ 12,513 $ 7,635
Earnings per common share:
Basic and diluted $ 0.29 $ 0.28 $ 0.83 $ 0.76
Average common shares
outstanding:
Basic and diluted 16,118 10,023 15,124 10,023
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
October 1, December 31,
2005 2004
------------ ------------
Assets
Cash and cash equivalents $ 13,759 $ 904
Marketable securities 17,475 -
Accounts receivable - net 70,188 59,441
Other current assets 6,267 8,257
Total current assets 107,689 68,602
Property and equipment - net 29,949 23,831
Other long-term assets - net 12,570 12,851
Total assets $ 150,208 $ 105,284
Liabilities and shareholders' equity
(deficit)
Total current liabilities $ 40,055 $ 117,520
Total long-term liabilities 1,713 4,589
Total liabilities 41,768 122,109
Total shareholders' equity
(deficit) 108,440 (16,825)
Total liabilities and
shareholders' equity (deficit) $ 150,208 $ 105,284
UNIVERSAL TRUCKLOAD SERVICES, INC.
Summary of Operating Data
(Unaudited)
Thirteen Weeks Ended Thirty-nine Weeks Ended
------------------------- -------------------------
October 1, October 2, October 1, October 2,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Average number of tractors
provided by owner-operators
Truckload 2,395 2,287 2,358 1,913
Intermodal 373 303 333 292
Truckload Revenues:
Average operating
revenues per loaded
mile (1) $ 2.35 $ 2.02 $ 2.22 $ 1.91
Average operating
revenues per loaded
mile, excluding fuel
surcharges (1) $ 2.12 $ 1.93 $ 2.03 $ 1.84
Average operating
revenues per load (1) $ 946 $ 879 $ 871 $ 904
Average operating
revenues per load,
excluding fuel
surcharges (1) $ 853 $ 841 $ 799 $ 873
Average length of
haul (1)(2) 402 436 393 474
Number of loads (1) 88,972 78,525 273,047 193,932
Brokerage Revenues:
Average operating
revenues per loaded
mile (1) $ 1.96 $ 1.70 $ 1.88 $ 1.62
Average operating
revenues per
load (1) $ 1,242 $ 1,010 $ 1,168 $ 914
Average length of
haul (1)(2) 634 596 623 566
Number of loads (1) 22,046 11,038 67,691 51,079
Intermodal Revenues:
Drayage (in
thousands) $ 11,685 $ 8,092 $ 31,507 $ 22,981
Depot (in thousands) $ 1,342 $ 1,111 $ 4,001 $ 2,956
Total (in thousands) $ 13,027 $ 9,203 $ 35,508 $ 25,937
Average operating
revenues per loaded
mile $ 4.13 $ 2.89 $ 4.07 $ 3.03
Average operating
revenues per loaded
mile, excluding fuel
surcharges $ 3.72 $ 2.77 $ 3.73 $ 2.94
Average operating
revenues per load $ 269 $ 264 $ 269 $ 260
Average operating
revenues per load,
excluding fuel
surcharges $ 243 $ 254 $ 247 $ 252
Number of loads 43,443 30,642 116,924 88,415
(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- 10/26/2005
/CONTACT: Robert Sigler, Vice President and Chief Financial Officer of
Universal Truckload Services, Inc., +1-586-920-0100/
/Web site: http://www.uacl.com /