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) July 29, 2010

 

 

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

(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 July 29, 2010, Universal Truckload Services, Inc., or the Company, issued a press release announcing the Company’s financial and operating results for the thirteen and twenty-six weeks ended July 3, 2010, 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 July 29, 2010 announcing the Company’s financial and operating results for the thirteen and twenty-six weeks ended July 3, 2010.


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: July 30, 2010    

/s/ Robert E. Sigler

    Robert E. Sigler
    Vice President, Chief Financial Officer, Secretary and Treasurer
Press Release

Exhibit 99.1

LOGO

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 and Twenty-six Weeks Ended July 3, 2010

Warren, MI – July 29, 2010 — Universal Truckload Services, Inc. (NASDAQ: UACL) today announced financial results for the thirteen and twenty-six weeks ended July 3, 2010.

For the thirteen weeks ended July 3, 2010, operating revenues increased 28.7%, or $34.4 million, to $154.3 million from $119.9 million for the thirteen weeks ended June 27, 2009. Included in operating revenues are fuel surcharges of $14.6 million and $7.4 million for the thirteen weeks ended July 3, 2010 and June 27, 2009, respectively. Net income increased by $3.3 million, to $4.6 million, or $0.29 per basic and diluted share for the thirteen weeks ended July 3, 2010, from $1.3 million, or $0.08 per basic and diluted share, for the thirteen weeks ended June 27, 2009. Included in net income for the thirteen weeks ended July 3, 2010 were $2.1 million, or $0.13 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 June 27, 2009 were $0.2 million, or $0.01 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable securities classified as available for sale.

Universal’s truckload revenue in the second quarter of 2010 increased by 29.3% to $97.1 million from $75.1 million in the corresponding period of 2009. Included in truckload revenue in the second quarter of 2010 is $12.7 million of revenue from our acquisitions completed since the third quarter of 2009. Brokerage revenue in the second quarter of 2010 increased by 33.1% to $34.8 million from $26.1 million in the corresponding period of 2009. Included in brokerage revenue in the second quarter of 2010 is $7.9 million of revenue from our acquisitions completed since the third quarter of 2009. Intermodal revenue in the second quarter of 2010 increased by 20.2% to $22.5 million from $18.7 million in the corresponding period of 2009.

For the twenty-six weeks ended July 3, 2010, operating revenues increased 24.9%, or $58.4 million, to $293.3 million from $234.9 million for the twenty-six weeks ended June 27, 2009. Included in operating revenues are fuel surcharges of $26.3 million and $15.3 million for the first two quarters of 2010 and 2009, respectively. Net income increased by $5.2 million, to $6.6 million, or $0.42 per basic and diluted share for the first half of 2010, from $1.4 million, or $0.09 per basic and diluted share, for the first half of 2009. Included in net income for the first half of 2010 were $3.2 million, or $0.20 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 first half of 2009 were $0.7 million, or $0.04 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable securities classified as available for sale.

Universal’s truckload revenue in the first half of 2010 increased by 27.5% to $183.3 million from $143.8 million in the corresponding period of 2009. Included in truckload revenue in the first half of 2010 is $24.0 million from our acquisitions completed since the third quarter of 2009. Brokerage revenue in the first half of 2010 increased by 24.7% to $67.2 million from $53.9 million in the corresponding period of 2009. Included in brokerage revenue in the first half of 2010 is $14.9 million from our acquisitions completed since the third quarter of 2009. Intermodal revenue in the first half of 2010 increased by 15.2% to $42.9 million from $37.3 million in the corresponding period of 2009.


“Our second quarter has been a continuation of trends seen earlier in the year,” stated Universal’s President and CEO Don Cochran. “Load counts, rates and margins are showing signs of recovery in the truckload, brokerage and intermodal segments of the business. We are encouraged with the economic climate and our results in the 2nd quarter and we are cautiously optimistic that these trends will continue for the second half of 2010.”

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 not handled by our owner-operators, 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 Condensed Consolidated Statements of Income

(In thousands, except per share data)

 

     Thirteen Weeks Ended     Twenty-six Weeks Ended  
     July 3,
2010
   June 27,
2009
    July 3,
2010
   June 27,
2009
 

Operating revenues:

          

Truckload

   $ 97,055    $ 75,066      $ 183,266    $ 143,781   

Brokerage

     34,757      26,120        67,161      53,877   

Intermodal

     22,492      18,711        42,921      37,265   
                              

Total operating revenues

     154,304      119,897        293,348      234,923   
                              

Operating expenses:

          

Purchased transportation

     116,894      88,947        222,301      175,032   

Commissions expense

     9,882      8,060        18,861      15,662   

Other operating expense

     3,835      2,117        7,249      4,502   

Selling, general, and administrative

     13,132      10,602        25,884      22,443   

Insurance and claims

     3,801      5,241        8,130      9,023   

Depreciation and amortization

     2,692      2,576        5,385      5,138   
                              

Total operating expenses

     150,236      117,543        287,810      231,800   
                              

Income from operations

     4,068      2,354        5,538      3,123   

Interest income (expense), net

     26      23        50      3   

Other non-operating income (expense)

     3,699      (294     5,595      (820
                              

Income before provision for income taxes

     7,793      2,083        11,183      2,306   

Provision for income taxes

     3,220      778        4,545      862   
                              

Net income

   $ 4,573    $ 1,305      $ 6,638    $ 1,444   
                              

Earnings per common share:

          

Basic

   $ 0.29    $ 0.08      $ 0.42    $ 0.09   

Diluted

   $ 0.29    $ 0.08      $ 0.42    $ 0.09   

Weighted average number of common shares outstanding:

          

Basic

     15,980      15,980        15,980      15,985   

Diluted

     15,980      15,980        15,980      15,985   


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     July 3,
2010
   December 31,
2009

Assets

     

Cash and cash equivalents

   $ 2,035    $ 953

Marketable securities

     12,547      15,721

Accounts receivable – net

     70,894      60,701

Other current assets

     11,498      12,249
             

Total current assets

     96,974      89,624

Property and equipment – net

     76,451      76,246

Other long-term assets – net

     34,557      35,741
             

Total assets

   $ 207,982    $ 201,611
             

Liabilities and shareholders’ equity

     

Total current liabilities

   $ 41,372    $ 40,305

Total long-term liabilities

     5,352      6,881
             

Total liabilities

     46,724      47,186

Total shareholders’ equity

     161,258      154,425
             

Total liabilities and shareholders’ equity

   $ 207,982    $ 201,611
             


UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Summary of Operating Data

 

     Thirteen Weeks
Ended
   Twenty-six Weeks
Ended
     July 3,
2010
   June 27,
2009
   July 3,
2010
   June 27,
2009

Average number of tractors provided by owner-operators

           

Truckload

     2,439      2,620      2,470      2,686

Intermodal

     635      685      627      704
                           

Total

     3,074      3,305      3,097      3,390

Truckload Revenues:

           

Average operating revenues per loaded mile

   $ 2.58    $ 2.27    $ 2.46    $ 2.31

Average operating revenues per loaded mile, excluding fuel surcharges

   $ 2.26    $ 2.09    $ 2.17    $ 2.12

Average operating revenues per load

   $ 1,007    $ 949    $ 967    $ 953

Average operating revenues per load, excluding fuel surcharges

   $ 882    $ 875    $ 853    $ 873

Average length of haul (2)

     389      418      393      412

Number of loads

     96,415      79,081      189,533      150,920

Brokerage Revenues:

           

Average operating revenues per loaded mile (1)

   $ 1.98    $ 1.89    $ 1.95    $ 1.94

Average operating revenues per load (1)

   $ 1,261    $ 1,098    $ 1,229    $ 1,108

Average length of haul (1)(2)

     636      581      629      572

Number of loads (1)

     21,342      21,813      42,039      44,696

Intermodal Revenues:

           

Drayage (in thousands)

   $ 20,390    $ 16,889    $ 38,950    $ 33,438

Depot (in thousands)

   $ 2,102    $ 1,822    $ 3,971    $ 3,827
                           

Total (in thousands)

   $ 22,492    $ 18,711    $ 42,921    $ 37,265
                           

Average operating revenues per loaded mile

   $ 3.40    $ 3.17    $ 3.27    $ 3.37

Average operating revenues per loaded mile, excluding fuel surcharges

   $ 2.98    $ 2.89    $ 2.88    $ 3.05

Average operating revenues per load

   $ 296    $ 277    $ 299    $ 282

Average operating revenues per load, excluding fuel surcharges

   $ 259    $ 252    $ 263    $ 255

Number of loads

     68,845      60,961      130,352      118,383

 

(1) Excludes operating data from CrossRoad Carriers, Inc., D. Kratt International, Inc., and Cavalry Transportation, 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.