Universal Truckload posts lower 1Q net income, operating revenues

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Universal Truckload Services Inc. on Thursday, April 23, announced that for the 13 weeks ended March 28, operating revenues decreased 32.4 percent, or $55.1 million, to $115.0 million from $170.1 million for the same period last year; included in operating revenues are fuel surcharges of $7.9 million and $19.3 million for the first quarters of 2009 and 2008, respectively. Net income decreased 95.8 percent, or $3.2 million, to $0.1 million from $3.3 million; included in net income for the first quarter of 2009 was $0.5 million of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.

Universal’s truckload revenue decreased by 30.8 percent to $68.7 million from $99.2 million; included in truckload revenue in the first quarter of 2009 is $1.5 million of revenue from a second-quarter 2008 acquisition. Brokerage revenue decreased by 37.0 percent to $27.8 million from $44.1 million; included in brokerage revenue in the first quarter of 2009 is $0.3 million of revenue from the second-quarter 2008 acquisition. Intermodal revenue decreased by 30.8 percent to $18.6 million from $26.8 million; included in intermodal revenue in the first quarter of 2009 is $0.6 million of revenue from acquisitions completed in the first half of 2008.

“Despite the severity and duration of this economic downturn on our very broad customer base, our asset-light model continues to provide positive operating results,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “We will continue to focus on growth through strategic acquisitions and remain diligent in our cost-control measures through these turbulent economic times.”