Universal Truckload Services, Inc. Announces Upcoming Investor Communications
WARREN, Mich., Feb. 7, 2014
WARREN, Mich., Feb. 7, 2014 /PRNewswire/ --Universal Truckload Services, Inc.
(NASDAQ: UACL), announced today its participation in two conferences next
Universal's presentation at the Stifel Transportation & Logistics Conference
2014 in Palm Beach, Florida begins at 1:20 PM ET on Wednesday, February 12,
Universal's presentation at the BB&T Capital Markets 29th Annual
Transportation Conference in Coral Gables, Florida begins at 9:20 AM ET on
Thursday, February 13, 2014.
At both conferences, our President, Don Cochran, along with David Crittenden,
CFO, will present an overview of Universal, discuss recent corporate
developments, and reflect on current operating trends. Each conference will
be broadcast live via the internet at http://www.goutsi.com. Click on
"Investors" and then click the webcast link. A webcast replay will be
available for 30 days following the event.
Universal also announced it expects to release 2013 financial results after
the market closes on Thursday, February 20, 2014. Based on information
available as of February 7, 2014 and the expectations outlined below, the
company expects to report income from operations in the range of $84.0 million
to $85.0 million on 2013 operating revenues totaling $1.0 billion. Universal
expects its consolidated balance sheet as of December 31, 2013 and related
financial performance will reflect:
oThe acquisition of Westport Axle Corporation ("Westport"). This purchase
was completed on December 19, 2013 for $123.0 million cash at closing.
Today, we filed historical and pro forma financial information in
connection with the purchase with the U.S. Securities and Exchange
Commission. Our 8-k report includes our preliminary purchase accounting
for the acquisition, including values we expect to record for goodwill,
various intangible assets, and related amortization expense. Westport
recorded income from operations of $14.1 million on revenues of $66.0
million for the nine-months ended September 30, 2013, which compares to
income from operations of $3.5 million on revenues of $40.1 million for
the nine months ended September 30, 2012.
oTransaction and other costs associated with the Westport acquisition.
These totaled approximately $0.7 million.
oTotal borrowings under our credit agreement of $237.5 million as of
December 31, 2013. This includes $120.5 million borrowed to conclude the
oExpected changes to our logistics business discussed on our October 25,
2013 conference call. These changes include the in-sourcing by an
industrial customer of a value-added services operation, the
discontinuation of an aerospace operation due to the federal government's
Sequester, and additional scheduled holiday downtime by selected
automotive customers compared to one year earlier.
The above information is subject to change as Universal completes its annual
financial close and reporting processes, and as an independent accounting firm
completes its audit of such information.
We invite analysts and investors to participate in a conference call on
Friday, February 21, 2014 at 10:00 AM ET, where management will discuss fourth
quarter 2013 financial performance, current outlook, and trends impacting our
business. Hosting the call will be Scott Wolfe, Chief Executive Officer, Don
Cochran, President, and David Crittenden, CFO.
Call Toll Free: (877) 622-0924
International Dial-in: +1 (660) 422-4956
Conference ID: 59437360
A replay of the conference will be available two hours after the call through
March 21, 2014, by calling (855) 859-2056 (toll free) or +1 (800) 585-8367
(toll) and using conference ID 59437360. Additionally, the call will be
available on www.investors.goutsi.com.
Universal Truckload Services, Inc. is a leading asset-light provider of
customized transportation and logistics solutions throughout the United
States, Mexico and Canada. We provide our customers with supply chain
solutions that can be scaled to meet their changing demands and volumes. We
offer our customers a broad array of services across their entire supply
chain, including transportation, value-added, and intermodal services.
Forward Looking Statements
Some of the statements contained in this press release might be considered
forward-looking statements. These statements identify prospective
information. Forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to future events,
and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in the statements. These
forward-looking statements are subject to a number of factors that may cause
actual results to differ materially from the expectations described.
Additional information about the factors that may adversely affect these
forward-looking statements is contained in the Company's reports and filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting forward-looking
information except to the extent required by applicable securities laws.
SOURCE Universal Truckload Services, Inc.
Contact: David A. Crittenden, Chief Financial Officer, email@example.com,
Press spacebar to pause and continue. Press esc to stop.