Universal Truckload posts lower 4Q net income

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Universal Truckload Services on Thursday, Feb. 26, announced financial results for the 13 and 52 weeks ended Dec. 31.

For the 13 weeks ended Dec. 31, operating revenues increased 3.2 percent, or $5.5 million, to $177.0 million from $171.5 million for the 13 weeks ended Dec. 31, 2007; included in operating revenues are fuel surcharges of $20.2 million and $18.2 million for the fourth quarters of 2008 and 2007, respectively. Net income decreased 45.2 percent, or $2.2 million, to $2.6 million from $4.8 million; included in net income were $0.6 million of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.

Truckload revenue decreased by 2.1 percent to $97.9 million from $100.0 million; included in truckload revenue is $5.8 million from acquisitions completed since the fourth quarter of 2007. Brokerage revenue increased by 20.5 percent to $54.2 million from $45.0 million; included in brokerage revenue is $1.1 million from acquisitions completed since the fourth quarter of 2007. Intermodal revenue decreased by 6.4 percent to $24.9 million from $26.6 million; included in intermodal revenue is $2.4 million from acquisitions completed in the first half of 2008.

For the 52 weeks ended Dec. 31, operating revenues increased 11.6 percent, or $79.2 million, to $759.5 million from $680.4 million for the 52 weeks ended Dec. 31, 2007; included in operating revenues are fuel surcharges of $101.3 million and $65.8 million for 2008 and 2007, respectively. Net income decreased 16.5 percent, or $2.9 million, to $14.9 million from $17.8 million; included in net income was $2.2 million of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.

Universal’s truckload revenue in 2008 increased by 9.0 percent to $438.2 million from $402.1 million; included in truckload revenue is $25.5 million from acquisitions completed since the fourth quarter of 2007. Brokerage revenue increased by 21.2 percent to $208.3 million from $171.8 million; included in brokerage revenue is $3.9 million from acquisitions completed since the fourth quarter of 2007. Intermodal revenue increased by 6.2 percent to $113.0 million from $106.5 million; included in intermodal revenue is $9.1 million from acquisitions completed in the first half of 2008.

“Even with the severe economic downturn in both domestic and foreign markets, UTSI’s asset-light model continues to provide positive results,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “We believe we are well-positioned to continue to pursue our growth objectives in the future and maintain adequate liquidity and financial flexibility to fund acquisitions similar to those executed in the recent past.”