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Universal Truckload Services, Inc. Reports Revenue And Net Income For The Thirteen Weeks And Year Ended December 31, 2009

WARREN, Mich., Feb. 25 /PRNewswire-FirstCall/ -- Universal Truckload Services, Inc. (Nasdaq: UACL) today announced financial results for the thirteen weeks and year ended December 31, 2009.

For the thirteen weeks ended December 31, 2009, operating revenues decreased 21.0%, or $37.1 million, to $139.8 million from $177.0 million for the thirteen weeks ended December 31, 2008.  Included in operating revenues are fuel surcharges of $11.1 million and $20.2 million for the thirteen weeks ended December 31, 2009 and December 31, 2008, respectively. Net income decreased 33.3%, or $0.9 million, to $1.8 million, or $0.11 per basic and diluted share for the thirteen weeks ended December 31, 2009, from $2.6 million, or $0.16 per basic and diluted share, for the thirteen weeks ended December 31, 2008.  Included in net income for the thirteen weeks ended December 31, 2008 were $0.6 million, or $0.04 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale.

Universal's truckload revenue for the thirteen weeks ended December 31, 2009 decreased by 10.2% to $88.0 million from $97.9 million in the corresponding period of 2008.  Included in truckload revenue for the thirteen weeks ended December 31, 2009 is $10.7 million of revenue from our third quarter 2009 acquisition.  Brokerage revenue for the thirteen weeks ended December 31, 2009 decreased by 42.6% to $31.1 million from $54.2 million in the corresponding period of 2008.  Included in brokerage revenue for the thirteen weeks ended December 31, 2009 is $2.0 million of revenue from our 2009 acquisitions.  Intermodal revenue for the thirteen weeks ended December 31, 2009 decreased by 16.4% to $20.8 million from $24.9 million in the corresponding period of 2008.

For the year ended December 31, 2009, operating revenues decreased 33.7%, or $256.3 million, to $503.2 million from $759.5 million for the year ended December 31, 2008. Included in operating revenues are fuel surcharges of $35.9 million and $101.3 million for 2009 and 2008, respectively. Net income decreased 67.1%, or $10.0 million, to $4.9 million, or $0.31 per basic and diluted share for 2009, from $14.9 million, or $0.93 per basic and diluted share, for 2008.  Included in net income for 2009 were $0.8 million, or $0.05 per basic and diluted share, of after-tax charges for other-than-temporary impairments of marketable equity securities classified as available for sale, compared to $2.2 million, or $0.14 per basic and diluted share of similar charges in 2008.

Universal's truckload revenue in 2009 decreased by 28.4% to $313.6 million from $438.2 million in the corresponding period of 2008.  Included in truckload revenue in 2009 is $17.1 million from our acquisitions completed since the second quarter of 2008.  Brokerage revenue in 2009 decreased by 45.8% to $112.9 million from $208.3 million in the corresponding period of 2008.  Included in brokerage revenue in 2009 is $3.1 million from our acquisitions completed since the first quarter of 2008.  Intermodal revenue in 2009 decreased by 32.1% to $76.7 million from $113.0 million in the corresponding period of 2008.  Included in Intermodal revenue in 2009 is $0.8 million from our acquisitions completed in the first half of 2008.

"In 2009 our challenge became one of managing costs on a significantly smaller revenue scale, without compromising services to our customers," stated Universal's President and CEO Don Cochran. "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."

Universal Truckload Services, Inc. is primarily an asset light provider of transportation services to shippers throughout the United States and in the Canadian provinces of Ontario and Quebec.  The Company's trucking services include both flatbed and dry van operations and the Company provides rail-truck and steamship-truck intermodal support services.  The Company also offers truck brokerage services.

Some of the statements contained in this press release might be considered forward-looking statements.  These statements identify prospective information.  Forward-looking statements are

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