Universal Truckload reports record revenue, income for 4Q, year

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Universal Truckload Services today, Feb. 22, announced financial results for the quarter and year ended Dec. 31, 2006. For the quarter, operating revenues increased 11.3 percent, or $16.6 million, to $163.8 million from $147.2 million. Included in operating revenues are fuel surcharges of $15.4 million and $14.2 million for the fourth quarters of 2006 and 2005, respectively. Net income increased 13.6 percent, or $0.6 million, to $5.3 million, up from $4.7 million.

Universal’s truckload revenue in the fourth quarter of 2006 decreased by 1.6 percent to $92.5 million from $94.0 million in the corresponding period of 2005. Included in truckload revenue is $5.6 million from acquisitions completed in the third quarter of 2006. Brokerage revenue in the fourth quarter of 2006 increased by 20.7 percent to $44.3 million from $36.7 million in the corresponding period of 2005. Included in brokerage revenue in the fourth quarter of 2006 is $2.8 million from an acquisition completed in the third quarter of 2006. Intermodal revenue in the fourth quarter of 2006 increased by 63.2 percent to $27.0 million from $16.5 million in the corresponding period of 2005. Included in intermodal revenue in the fourth quarter of 2006 is $7.0 million from acquisitions completed in the first three quarters of 2006.

For the year ended Dec. 31, operating revenues increased 20.8 percent, or $110.3 million, to $641.6 million from $531.3 million. Included in operating revenues are fuel surcharges of $60.8 million and $36.7 million for 2006 and 2005, respectively. Net income increased 22.4 percent, or $3.8 million, to $21.0 million, up from $17.2 million. Universal’s truckload revenue increased by 12.9 percent to $375.2 million in 2006 from $332.2 million in 2005. Brokerage revenue increased by 15.9 percent to $170.6 million in 2006 from $147.1 million in 2005. Intermodal revenue increased by 84.2 percent to $95.9 million in 2006 from $52.0 million in 2005.

“Universal Truckload Services had a very good year in 2006, and despite a soft freight market in the fourth quarter, we managed to produce solid numbers,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal. “Consolidated revenue for the year improved 20.8 percent, while net income increased by 22.4 percent. This performance can be credited to staying true to our business model and the hard work of our owner-operators, fleet owners, agent associates and employees.”