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) April 25, 2012
Universal Truckload Services, Inc.
(Exact name of registrant as specified in its charter)
| Michigan | 0-51142 | 38-3640097 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 12755 E. Nine Mile Road, Warren, Michigan | 48089 | |||
| (Address of principal executive offices) | (Zip Code) | |||
(586) 920-0100
(Registrant’s telephone number, including area code)
(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 April 25, 2012, the Company issued a press release announcing the Company’s financial and operating results for the thirteen weeks ended March 31, 2012, a copy of which is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) | Exhibits. |
| Exhibit No. |
Description | |
| 99.1 | Press Release dated April 25, 2012 announcing the Company’s financial and operating results for the thirteen weeks ended March 31, 2012. | |
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: April 26, 2012 | /s/ Robert E. Sigler | |||
| Robert E. Sigler | ||||
| Vice President, Chief Financial Officer, | ||||
| Secretary and Treasurer | ||||
Exhibit 99.1
For further information:
Robert Sigler
Vice President and Chief Financial Officer
586.920.0100
Universal Truckload Services, Inc. Reports Revenue and Net Income for the Thirteen Weeks Ended March 31, 2012
Warren, MI – April 25, 2012 — Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen weeks ended March 31, 2012.
For the thirteen weeks ended March 31, 2012, operating revenues increased 11.6%, or $18.2 million, to $175.8 million from $157.6 million for the thirteen weeks ended April 2, 2011, and our operating ratio improved 70 basis points to 96.9% for the thirteen weeks ended March 31, 2012 from 97.6% for the thirteen weeks ended April 2, 2011. Included in operating revenues are fuel surcharges of $22.1 million and $17.9 million for the thirteen weeks ended March 31, 2012 and April 2, 2011, respectively. Income from operations increased by 40.4%, or $1.5 million, to $5.4 million for the thirteen weeks ended March 31, 2012 from $3.8 million for the thirteen weeks ended April 2, 2011, and net income increased by $0.7 million, to $3.6 million, or $0.23 per basic and diluted share, for the thirteen weeks ended March 31, 2012, from $2.9 million, or $0.19 per basic and diluted share, for the thirteen weeks ended April 2, 2011. Included in net income for the thirteen weeks ended March 31, 2012 were $0.2 million, or $0.01 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale. Included in net income for the thirteen weeks ended April 2, 2011 were $0.5 million, or $0.04 per basic and diluted share, of after-tax gains on the sales of marketable securities classified as available for sale.
Universal’s truckload revenue for the thirteen weeks ended March 31, 2012 increased by 7.0% to $104.1 million from $97.3 million in the corresponding period of 2011. Included in truckload revenue for the thirteen weeks ended March 31, 2012 is $1.3 million of revenue from our acquisition completed in the first quarter of 2011. Brokerage revenue for the thirteen weeks ended March 31, 2012 increased by 26.0% to $46.4 million from $36.8 million in the corresponding period of 2011. Included in brokerage revenue for the thirteen weeks ended March 31, 2012 is $0.8 million of revenue from our acquisition completed in the first quarter of 2011. Intermodal revenue for the thirteen weeks ended March 31, 2012 increased by 7.8% to $25.3 million from $23.5 million in the corresponding period of 2011.
“The first quarter of 2012 proved to be another solid quarter for us,” stated Don Cochran, Universal’s President and CEO. “Our revenue growth in the first quarter of 2012 was driven by an increase in the number of loads we hauled and in our average operating revenue per loaded mile compared to the first quarter of 2011. Included in our operating revenues for the first quarters of 2012 and 2011 were $22.1 million and $17.9 million, respectively, of fuel surcharges that we pass on to our owner-operators. Excluding these fuel surcharges, we were able to improve our operating ratio by 80 basis points and increase our income from operations by 40.4%. In addition, excluding the effect of gains on marketable securities, we were able to increase our earnings per share from $0.15 per share in the first quarter of 2011 to $0.22 per share in the first quarter of 2012, a 46.7% increase. We maintain our positive outlook on 2012, although cognizant of the challenges ahead, and will continue to look for ways to improve our operating efficiency.”
Universal Truckload Services, Inc. is primarily an asset light 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, which allow us to supplement our capacity and provide our customers with transportation of freight by using third party capacity, and full service international freight forwarding and customs house 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 | ||||||||
| March 31, 2012 |
April 2, 2011 |
|||||||
| Operating revenues: |
||||||||
| Truckload |
$ | 104,121 | $ | 97,313 | ||||
| Brokerage |
46,383 | 36,805 | ||||||
| Intermodal |
25,344 | 23,512 | ||||||
|
|
|
|
|
|||||
| Total operating revenues |
175,848 | 157,630 | ||||||
|
|
|
|
|
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| Operating expenses: |
||||||||
| Purchased transportation |
135,070 | 120,459 | ||||||
| Commissions expense |
10,074 | 9,906 | ||||||
| Other operating expense |
4,018 | 3,704 | ||||||
| Selling, general, and administrative |
14,198 | 12,723 | ||||||
| Insurance and claims |
4,142 | 4,137 | ||||||
| Depreciation and amortization |
2,968 | 2,871 | ||||||
|
|
|
|
|
|||||
| Total operating expenses |
170,470 | 153,800 | ||||||
|
|
|
|
|
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| Income from operations |
5,378 | 3,830 | ||||||
| Interest income, net |
12 | 17 | ||||||
| Other non-operating income |
504 | 990 | ||||||
|
|
|
|
|
|||||
| Income before provision for income taxes |
5,894 | 4,837 | ||||||
| Provision for income taxes |
2,296 | 1,938 | ||||||
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|
|
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| Net income |
$ | 3,598 | $ | 2,899 | ||||
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| Earnings per common share: |
||||||||
| Basic |
$ | 0.23 | $ | 0.19 | ||||
| Diluted |
$ | 0.23 | $ | 0.19 | ||||
| Weighted average number of common shares outstanding: |
||||||||
| Basic |
15,537 | 15,632 | ||||||
| Diluted |
15,537 | 15,632 | ||||||
| Dividends declared per common share |
$ | 1.00 | $ | — | ||||
UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
| March 31, 2012 |
December 31, 2011 |
|||||||
| Assets |
||||||||
| Cash and cash equivalents |
$ | 1,761 | $ | 878 | ||||
| Marketable securities |
16,018 | 16,059 | ||||||
| Accounts receivable—net |
76,997 | 74,876 | ||||||
| Other current assets |
18,237 | 17,527 | ||||||
|
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|
|
|
|||||
| Total current assets |
113,013 | 109,340 | ||||||
| Property and equipment—net |
88,701 | 89,985 | ||||||
| Other long-term assets—net |
28,969 | 29,619 | ||||||
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| Total assets |
$ | 230,683 | $ | 228,944 | ||||
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| Liabilities and shareholders’ equity |
||||||||
| Total current liabilities |
$ | 68,471 | $ | 55,650 | ||||
| Total long-term liabilities |
12,277 | 11,158 | ||||||
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| Total liabilities |
80,748 | 66,808 | ||||||
| Total shareholders’ equity |
149,935 | 162,136 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 230,683 | $ | 228,944 | ||||
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UNIVERSAL TRUCKLOAD SERVICES, INC.
Unaudited Summary of Operating Data
| Thirteen Weeks Ended | ||||||||
| March 31, 2012 |
April 2, 2011 |
|||||||
| Average number of tractors provided by owner-operators |
||||||||
| Truckload |
2,412 | 2,412 | ||||||
| Intermodal |
618 | 655 | ||||||
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|
|
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| Total |
3,030 | 3,067 | ||||||
| Truckload Revenues: |
||||||||
| Average operating revenues per loaded mile |
$ | 3.09 | $ | 2.73 | ||||
| Average operating revenues per loaded mile, excluding fuel surcharges |
$ | 2.56 | $ | 2.32 | ||||
| Average operating revenues per load |
$ | 1,101 | $ | 1,044 | ||||
| Average operating revenues per load, excluding fuel surcharges |
$ | 913 | $ | 889 | ||||
| Average length of haul (2) |
357 | 383 | ||||||
| Number of loads |
94,606 | 93,196 | ||||||
| Brokerage Revenues: |
||||||||
| Average operating revenues per loaded mile (1) |
$ | 2.53 | $ | 2.20 | ||||
| Average operating revenues per load (1) |
$ | 1,441 | $ | 1,311 | ||||
| Average length of haul (1) (2) |
570 | 596 | ||||||
| Number of loads (1) |
29,190 | 25,583 | ||||||
| Intermodal Revenues: |
||||||||
| Drayage (in thousands) |
$ | 21,234 | $ | 20,904 | ||||
| Domestic Intermodal (in thousands) |
1,391 | — | ||||||
| Depot (in thousands) |
2,719 | 2,608 | ||||||
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| Total (in thousands) |
$ | 25,344 | $ | 23,512 | ||||
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| Average operating revenues per loaded mile (3) |
$ | 4.23 | $ | 3.87 | ||||
| Average operating revenues per loaded mile, excluding fuel surcharges (3) |
$ | 3.42 | $ | 3.25 | ||||
| Average operating revenues per load (3) |
$ | 282 | $ | 303 | ||||
| Average operating revenues per load, excluding fuel surcharges (3) |
$ | 228 | $ | 254 | ||||
| Number of loads (3) |
75,263 | 68,993 | ||||||
| (1) | Excludes operating data from Universal Logistics Solutions, Inc., and D. Kratt International, Inc., in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies. |
| (2) | Average length of haul is computed using loaded miles. |
| (3) | Excludes operating data from Universal Logistics Solutions, Inc., in order to improve the relevance of the statistical data related to our intermodal services and improve the comparability to our peer companies. |