Universal Truckload says 4Q net income down 33.3%

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Universal Truckload Services Inc. on Thursday, Feb. 25, announced financial results for the 13 weeks and year ended Dec. 31, 2009.

For the 13 weeks ended Dec, 31, 2009, operating revenues decreased 21.0 percent, or $37.1 million, to $139.8 million from $177.0 million for the 13 weeks ended Dec. 31, 2008. Net income decreased 33.3 percent, or $0.9 million, to $1.8 million from $2.6 million. Truckload revenue decreased by 10.2 percent to $88.0 million from $97.9 million. Brokerage revenue decreased by 42.6 percent to $31.1 million from $54.2 million. Intermodal revenue decreased by 16.4 percent to $20.8 million from $24.9 million.

For the year, operating revenues decreased 33.7 percent, or $256.3 million, to $503.2 million from $759.5 million for the year ended Dec. 31, 2008. Net income decreased 67.1 percent, or $10.0 million, to $4.9 million from $14.9 million. Truckload revenue decreased by 28.4 percent to $313.6 million from $438.2 million. Brokerage revenue decreased by 45.8 percent to $112.9 million from $208.3 million. Intermodal revenue decreased by 32.1 percent to $76.7 million from $113.0 million.

“In 2009, our challenge became one of managing costs on a significantly smaller revenue scale, without compromising services to our customers,” said Don Cochran, president and chief executive officer of Universal Truckload, based in Warren, Mich. “It meant that our agents, independent contractors and employees all shared in the downside of the worst transportation recession most of us have ever seen. As revenue incrementally improves, our business model will allow for improved performance, not only for us, but for our business partners as well. We are optimistic that 2010 will show signs of this improvement and allow UTSI to remain a top provider of diverse transportation services for our customers.”