Universal Truckload Services Inc. (UACL, Financial) filed Quarterly Report for the period ended 2010-04-03.
Universal Truckload Services Inc. has a market cap of $274.5 million; its shares were traded at around $17.18 with a P/E ratio of 45.2 and P/S ratio of 0.5. UACL is in the portfolios of Chuck Royce of Royce& Associates.
Selling, general and administrative. Selling, general and administrative expense for the thirteen weeks ended April 3, 2010 increased by $0.9 million, or 7.7%, to $12.7 million from $11.8 million for the thirteen weeks ended March 28, 2009. As a percentage of operating revenues, selling, general and administrative expense decreased to 9.2% for the thirteen weeks ended April 3, 2010 from 10.3% for the thirteen weeks ended March 28, 2009. The absolute increase in selling, general and administrative expense was primarily the result of an increase in salaries and wage expense of $600 thousand, an increase in travel and entertainment expenditures of $350 thousand, and an increase in other selling, general, and administrative costs of $200 thousand. These increases are primarily due to the additional costs incurred in connection with the acquisitions made since the third quarter of 2009. The increase was partially offset by a decrease in our allowance for doubtful accounts and uncollectible agent loans of $275 thousand.
Insurance and claims. Insurance and claims expense for the thirteen weeks ended April 3, 2010 increased by $0.5 million, or 14.5%, to $4.3 million from $3.8 million for the thirteen weeks ended March 28, 2009. As a percentage of operating revenues, insurance and claims expense decreased to 3.1% for the thirteen weeks ended April 3, 2010 from 3.3% for the thirteen weeks ended March 28, 2009. The absolute increase is the result of an increase in our auto liability insurance premiums and claims expense of $0.6 million, which was partially offset by a $0.1 million decrease in other contractor insurance, cargo claims and safety costs.
Other non-operating income (expense). Other non-operating income for the thirteen weeks ended April 3, 2010 was $1.9 million compared to other non-operating expense of $526 thousand for the thirteen weeks ended March 28, 2009. Included in other non-operating income for thirteen weeks ended April 3, 2010 were $1.8 million of gains on the sales of marketable securities. Included in other non-operating expense for the thirteen weeks ended March 28, 2009 were $732 thousand of charges for other-than-temporary impairments of marketable equity securities. Excluding these charges, other non-operating income was $115 thousand for the thirteen weeks ended April 3, 2010 compared to $205 thousand for the thirteen weeks ended March 28, 2009 and consisted primarily of dividends on our available-for-sale investments.
At April 3, 2010, we had cash and cash equivalents of $4.5 million compared to $1.0 million at December 31, 2009. The increase in cash and cash equivalents of $3.5 million for the thirteen weeks ended April 3, 2010 resulted from $0.8 million in cash generated from operations and $2.7 million in cash provided by investing activities.
The $2.7 million in net cash provided by investing activities for the thirteen weeks ended April 3, 2010 consisted of $3.4 million in proceeds from the sales of marketable securities, offset by $0.4 million of capital expenditures and $0.2 million for the acquisition of businesses and payment of earnout obligations. In 2009, the Company made $2.7 million in advances for the acquisitions of businesses.
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Universal Truckload Services Inc. has a market cap of $274.5 million; its shares were traded at around $17.18 with a P/E ratio of 45.2 and P/S ratio of 0.5. UACL is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Operating revenues. Operating revenues for the thirteen weeks ended April 3, 2010 increased by $24.0 million, or 20.9%, to $139.0 million from $115.0 million for the thirteen weeks ended March 28, 2009. The increase in operating revenues is primarily attributable to an increase in the number of loads in our truckload and intermodal operations and an increase in fuel surcharges. The increase in the number of loads is primarily attributable our acquisitions made since the third quarter of 2009. The number of loads from our combined truckload and intermodal operations was 155,000 for the thirteen weeks ended April 3, 2010 compared to 129,000 for the thirteen weeks ended March 28, 2009. Included in operating revenues are fuel surcharges of $11.7 million for the thirteen weeks ended April 3, 2010 compared to $7.9 million for the thirteen weeks ended March 28, 2009. For the thirteen weeks ended April 3, 2010, our operating revenue per loaded mile, excluding fuel surcharges, from our combined truckload and brokerage operations decreased to $2.04 from $2.09 for the thirteen weeks ended March 28, 2009. Included in operating revenues is approximately $18.3 million attributable to acquisitions made since the third quarter of 2009, consisting of $11.3 million in truckload revenues and $7.0 million in intermodal revenues. Excluding the effects of these acquisitions, revenue from our truckload operations increased by $6.2 million, or 9.0%, to $74.9 million for the thirteen weeks ended April 3, 2010 from $68.7 million for the thirteen weeks ended March 28, 2009. Excluding the effects of these acquisitions, revenue from our brokerage operations decreased by $2.4 million, or 8.7%, to $25.4 million for the thirteen weeks ended April 3, 2010 compared to $27.8 million for the thirteen weeks ended March 28, 2009. Revenue from our intermodal support services increased by $1.9 million, or 10.1%, to $20.4 million for the thirteen weeks ended April 3, 2010 from $18.5 million for the thirteen weeks ended March 28, 2009.Selling, general and administrative. Selling, general and administrative expense for the thirteen weeks ended April 3, 2010 increased by $0.9 million, or 7.7%, to $12.7 million from $11.8 million for the thirteen weeks ended March 28, 2009. As a percentage of operating revenues, selling, general and administrative expense decreased to 9.2% for the thirteen weeks ended April 3, 2010 from 10.3% for the thirteen weeks ended March 28, 2009. The absolute increase in selling, general and administrative expense was primarily the result of an increase in salaries and wage expense of $600 thousand, an increase in travel and entertainment expenditures of $350 thousand, and an increase in other selling, general, and administrative costs of $200 thousand. These increases are primarily due to the additional costs incurred in connection with the acquisitions made since the third quarter of 2009. The increase was partially offset by a decrease in our allowance for doubtful accounts and uncollectible agent loans of $275 thousand.
Insurance and claims. Insurance and claims expense for the thirteen weeks ended April 3, 2010 increased by $0.5 million, or 14.5%, to $4.3 million from $3.8 million for the thirteen weeks ended March 28, 2009. As a percentage of operating revenues, insurance and claims expense decreased to 3.1% for the thirteen weeks ended April 3, 2010 from 3.3% for the thirteen weeks ended March 28, 2009. The absolute increase is the result of an increase in our auto liability insurance premiums and claims expense of $0.6 million, which was partially offset by a $0.1 million decrease in other contractor insurance, cargo claims and safety costs.
Other non-operating income (expense). Other non-operating income for the thirteen weeks ended April 3, 2010 was $1.9 million compared to other non-operating expense of $526 thousand for the thirteen weeks ended March 28, 2009. Included in other non-operating income for thirteen weeks ended April 3, 2010 were $1.8 million of gains on the sales of marketable securities. Included in other non-operating expense for the thirteen weeks ended March 28, 2009 were $732 thousand of charges for other-than-temporary impairments of marketable equity securities. Excluding these charges, other non-operating income was $115 thousand for the thirteen weeks ended April 3, 2010 compared to $205 thousand for the thirteen weeks ended March 28, 2009 and consisted primarily of dividends on our available-for-sale investments.
At April 3, 2010, we had cash and cash equivalents of $4.5 million compared to $1.0 million at December 31, 2009. The increase in cash and cash equivalents of $3.5 million for the thirteen weeks ended April 3, 2010 resulted from $0.8 million in cash generated from operations and $2.7 million in cash provided by investing activities.
The $2.7 million in net cash provided by investing activities for the thirteen weeks ended April 3, 2010 consisted of $3.4 million in proceeds from the sales of marketable securities, offset by $0.4 million of capital expenditures and $0.2 million for the acquisition of businesses and payment of earnout obligations. In 2009, the Company made $2.7 million in advances for the acquisitions of businesses.
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