================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 26, 2005 UNIVERSAL TRUCKLOAD SERVICES, INC. (Exact name of registrant as specified in its charter) Michigan 120510 38-3640097 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 11355 Stephens Road, Warren, Michigan (Address of principal executive offices) 48089 (Zip Code) (586) 920-0100 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 26, 2005, Universal Services Truckload, Inc. (the "Company") issued a press release announcing the Company's financial results for the thirteen and thirty-nine weeks ended October 1, 2005, a copy of which is furnished as Exhibit 99.1 to this Form 8-K. Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. Exhibit No. Description ----------- ---------------------------------------------------- 99.1 Press Release dated October 26, 2005 announcing the Company's financial and operating results for the thirteen and thirty-nine weeks ended October 1, 2005.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UNIVERSAL TRUCKLOAD SERVICES, INC. Date: October 26, 2005 /s/ Robert E. Sigler ------------------------------------------- Robert E. Sigler Vice President, Chief Financial Officer, Secretary and Treasurer
EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------- ----------------------------------------------------------------- 99.1 Press Release dated October 26, 2005 announcing the Company's financial and operating results for the thirteen and thirty-nine weeks ended October 1, 2005.
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 /