Warren, MI-based Universal Truckload Services said profits and revenues rose in the fourth quarter of 2004 and for all of last year 2004 based on strong demand for truck capacity.
For the fourth quarter, net income increased 32.7 to $3.5 million on 51.5% higher revenues of $114.1 million, including operating revenues of $25.2 million from its latest subsidiaries Great American Lines, Inc. and CrossRoad Carriers, Inc., which were acquired in August and November 2004, respectively.
For the year, the company said net income increased 27.5% to $11.1 million as operating revenues jumped 30.4% to $362 million on the strength of growing freight demand, according to president & CEO Don Cochran.
“Freight demand remained strong through the end of 2004 and we were successful in meeting our customers’ freight needs through the expansion of our network of owner-operators, which has increased by approximately 30% since December of 2003, and by brokering through approved third party carriers,” he explained. “Revenues generated through third party carriers increased by $34.7 million in 2004, representing an 80.8% increase over 2003.”
Cochran noted the company’s trucking services include both flatbed and dry van operations along with rail- truck and steamship-truck intermodal support services in addition to its brokerage operations.
