Form 8-K

 

 

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 24, 2008

 

 

Universal Truckload Services, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Michigan   120510   38-3640097

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

12755 E. Nine Mile Road, Warren, Michigan

(Address of principal executive offices)

48089

(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 24, 2008, Universal Truckload Services, Inc., or the Company, issued a press release announcing the Company’s financial and operating results for the thirteen weeks ended March 29, 2008, 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 24, 2008 announcing the Company’s financial and operating results for the thirteen weeks ended March 29, 2008.


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 25, 2008  

/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 April 24, 2008 announcing the Company’s financial and operating results for the thirteen weeks ended March 29, 2008.
Press Release

Exhibit 99.1

LOGO

For further information:

Robert Sigler

Vice President and Chief Financial Officer

586.920.0100

Universal Truckload Services, Inc. Announces Financial Results for the Thirteen weeks Ended March 29, 2008

Warren, MI – April 24, 2008 — Universal Truckload Services, Inc. (NASDAQ: UACL) announced today its financial results for the thirteen weeks ended March 29, 2008.

For the thirteen weeks ended March 29, 2008, operating revenues increased 7.1%, or $11.3 million, to $170.1 million from $158.9 million for the thirteen weeks ended March 31, 2007. Included in operating revenues are fuel surcharges of $19.3 million and $13.8 million for the first quarters of 2008 and 2007, respectively. Net income increased 5.0%, or $0.2 million, to $3.3 million, or $0.21 per share for the first quarter of 2008, from $3.2 million, or $0.20 per share, for the first quarter of 2007. Operating margin was 3.1% for the first quarter of 2008 compared to 3.2% for the first quarter of 2007.

Universal’s truckload revenue in the first quarter of 2008 increased by 6.6% to $99.2 million from $93.1 million in the corresponding period of 2007. Included in truckload revenue in the first quarter of 2008 is $4.5 million from our acquisition completed in the fourth quarter of 2007. Brokerage revenue in the first quarter of 2008 increased by 7.6% to $44.1 million from $41.0 million in the corresponding period of 2007. Included in brokerage revenue in the first quarter of 2008 is $0.5 million from our acquisitions completed in the fourth quarter of 2007 and first quarter of 2008. Intermodal revenue in the first quarter of 2008 increased by 8.0% to $26.8 million from $24.8 million in the corresponding period of 2007. Included in intermodal revenue in the first quarter of 2008 is $1.2 million from our acquisition completed in the first quarter of 2008.

In the first quarter of 2008, Universal purchased an additional 5,100 shares of its common stock for a total cost of $84 thousand. Through the first quarter of 2008, Universal has purchased a total of 34,300 shares of its common stock at a total cost of $565 thousand and is authorized to purchase an additional 765,700 shares of its common stock under the previously announced stock repurchase plan.

“Overall, we had an acceptable first quarter,” stated Don Cochran, President and CEO of Universal Truckload Services, Inc. “Operating revenues increased by 7.1% and despite a difficult freight environment, we were able to increase overall load volumes and achieve modest price increases. We appreciate the efforts of our Agents, Owner Operators, and Staff.”

Universal Truckload Services, Inc. is a primarily 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
     March 29,
2008
   March 31,
2007

Operating revenues:

     

Truckload

   $ 99,244    $ 93,068

Brokerage

     44,093      40,989

Intermodal

     26,798      24,820
             

Total operating revenues

     170,135      158,877
             

Operating expenses:

     

Purchased transportation

     131,600      121,648

Commissions expense

     10,566      10,599

Other operating expense, net

     2,290      2,560

Selling, general, and administrative

     12,691      12,193

Insurance and claims

     5,545      4,872

Depreciation and amortization

     2,232      1,907
             

Total operating expenses

     164,924      153,779
             

Income from operations

     5,211      5,098

Non Operating Income

     233      135

Interest income, net

     20      59
             

Income before provision for income taxes

     5,464      5,292

Provision for income taxes

     2,120      2,108
             

Net income

   $ 3,344    $ 3,184
             

Earnings per common share:

     

Basic

   $ 0.21    $ 0.20

Diluted

   $ 0.21    $ 0.20

Average common shares outstanding:

     

Basic

     16,088      16,118

Diluted

     16,088      16,140


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     March 29,
2008
   December 31,
2007

Assets

     

Cash and cash equivalents

   $ 4,772    $ 5,416

Marketable securities

     14,536      17,961

Accounts receivable—net

     91,959      86,626

Other current assets

     12,883      8,248
             

Total current assets

     124,150      118,251

Property and equipment—net

     57,242      57,149

Other long-term assets—net

     32,881      31,788
             

Total assets

   $ 214,273    $ 207,188
             

Liabilities and shareholders’ equity

     

Total current liabilities

   $ 53,111    $ 48,443

Total long-term liabilities

     6,809      7,303
             

Total liabilities

     59,920      55,746

Total shareholders’ equity

     154,353      151,442
             

Total liabilities and shareholders’ equity

   $ 214,273    $ 207,188
             


UNIVERSAL TRUCKLOAD SERVICES, INC.

Summary of Operating Data

(Unaudited)

 

     Thirteen Weeks Ended
     March 29,
2008
   March 31,
2007

Average number of tractors provided by owner-operators

     

Truckload

     2,770      2,964

Intermodal

     880      859

Truckload Revenues:

     

Average operating revenues per loaded mile (1)

   $ 2.63    $ 2.37

Average operating revenues per loaded mile, excluding fuel surcharges (1)

   $ 2.23    $ 2.09

Average operating revenues per load (1)

   $ 960    $ 940

Average operating revenues per load, excluding fuel surcharges (1)

   $ 814    $ 829

Average length of haul (1)(2)

     365      396

Number of loads (1)

     103,398      99,004

Brokerage Revenues:

     

Average operating revenues per loaded mile (1)

   $ 2.16    $ 1.97

Average operating revenues per load (1)

   $ 1,307    $ 1,237

Average length of haul (1)(2)

     606      629

Number of loads (1)

     29,561      26,501

Intermodal Revenues:

     

Drayage (in thousands)

   $ 25,067    $ 22,801

Depot (in thousands)

   $ 1,731    $ 2,019
             

Total (in thousands)

   $ 26,798    $ 24,820
             

Average operating revenues per loaded mile

   $ 4.74    $ 4.40

Average operating revenues per loaded mile, excluding fuel surcharges

   $ 3.95    $ 3.85

Average operating revenues per load

   $ 319    $ 272

Average operating revenues per load, excluding fuel surcharges

   $ 266    $ 238

Number of loads

     78,665      83,716

 

(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.