---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



---

FORM 10-Q



---

(Mark One)

|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------

For the quarterly period ended September 29, 2007

or



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from  to
.

Commission File Number: 0-120510



---

UNIVERSAL TRUCKLOAD SERVICES,
INC.

(Exact Name of Registrant as Specified in Its Charter)



---



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Michigan                                                       |  | 38-3640097                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

12755 E. Nine Mile Road

Warren, Michigan 48089

(Address, including Zip Code of Principal Executive
Offices)

(586) 920-0100

(Registrants telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)



---

Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.

Large
accelerated filer ̈Accelerated filer  x    Non-accelerated filer ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ̈No  x

The number of shares of the registrants common stock, no par value, issued and outstanding as of October 29, 2007, was 16,122,483.



---



---

PART I  FINANCIAL INFORMATION



|ITEM 1: | FINANCIAL STATEMENTS
|------- | --------------------

UNIVERSAL TRUCKLOAD
SERVICES, INC.

Consolidated Balance Sheets

September 29, 2007 and December 31, 2006

(In thousands, except share data)



|                                                                                                   |  |                   |         |   |                  |   |         |  
|-------------------------------------------------------------------------------------------------- |  | ----------------- | ------- | - | ---------------- | - | ------- | -
|                                                                                                   |  | September 29,2007 |         |   | December 31,2006 |  
|                                                                                                   |  | (Unaudited)       |         |   |                  |  
|Assets                                                                                             |  |                   |         |   |                  |   |         |  
|Current assets:                                                                                    |  |                   |         |   |                  |   |         |  
|Cash and cash equivalents                                                                          |  | $                 | 4,171   |   |                  | $ | 5,008   |  
|Marketable securities                                                                              |  |                   | 11,079  |   |                  |   | 15,330  |  
|Accounts receivable  net of allowance for doubtful accounts of $4,071 and $3,264, respectively    |  |                   | 87,772  |   |                  |   | 82,259  |  
|Due from CenTra and affiliates                                                                     |  |                   | 115     |   |                  |   | 251     |  
|Prepaid income taxes                                                                               |  |                   | 1,190   |   |                  |   |        |  
|Prepaid expenses and other                                                                         |  |                   | 7,112   |   |                  |   | 5,283   |  
|Deferred income taxes                                                                              |  |                   | 2,349   |   |                  |   | 3,437   |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total current assets                                                                               |  |                   | 113,788 |   |                  |   | 111,568 |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Property and equipment                                                                             |  |                   | 77,326  |   |                  |   | 67,012  |  
|Less accumulated depreciation                                                                      |  |                   | (19,063 | ) |                  |   | (15,726 | )
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Property and equipment  net                                                                       |  |                   | 58,263  |   |                  |   | 51,286  |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Goodwill                                                                                           |  |                   | 11,206  |   |                  |   | 10,179  |  
|Intangible assets  net of accumulated amortization of $5,453 and $3,625, respectively             |  |                   | 14,803  |   |                  |   | 16,684  |  
|Other assets                                                                                       |  |                   | 3,447   |   |                  |   | 1,183   |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total assets                                                                                       |  | $                 | 201,507 |   |                  | $ | 190,900 |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Liabilities and Shareholders Equity                                                               |  |                   |         |   |                  |   |         |  
|Current liabilities:                                                                               |  |                   |         |   |                  |   |         |  
|Accounts payable                                                                                   |  | $                 | 31,488  |   |                  | $ | 30,156  |  
|Accrued expenses and other current liabilities                                                     |  |                   | 15,750  |   |                  |   | 19,561  |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total current liabilities                                                                          |  |                   | 47,238  |   |                  |   | 49,717  |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Long-term liabilities:                                                                             |  |                   |         |   |                  |   |         |  
|Long-term debt                                                                                     |  |                   | 910     |   |                  |   | 1,000   |  
|Deferred income taxes                                                                              |  |                   | 4,461   |   |                  |   | 3,958   |  
|Other long-term liabilities                                                                        |  |                   | 1,406   |   |                  |   | 1,772   |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total long-term liabilities                                                                        |  |                   | 6,777   |   |                  |   | 6,730   |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Shareholders equity:                                                                              |  |                   |         |   |                  |   |         |  
|Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 16,117,500 shares |  |                   | 16,118  |   |                  |   | 16,118  |  
|Paid-in capital                                                                                    |  |                   | 79,806  |   |                  |   | 79,806  |  
|Retained earnings                                                                                  |  |                   | 51,208  |   |                  |   | 38,176  |  
|Accumulated other comprehensive income                                                             |  |                   | 360     |   |                  |   | 353     |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total shareholders equity                                                                         |  |                   | 147,492 |   |                  |   | 134,453 |  
|                                                                                                   |  |                   |         |   |                  |   |         |  
|Total liabilities and shareholders equity                                                         |  | $                 | 201,507 |   |                  | $ | 190,900 |  
|                                                                                                   |  |                   |         |   |                  |   |         |  

See accompanying notes to unaudited consolidated financial statements.



2



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Consolidated Statements of Income

September 29, 2007 and
September 30, 2006

(In thousands, except per share data)



|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|---------------------------------------- | ---- | -------------------- | ------- | ---- | ----------------------- | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                         |      | Thirteen Weeks Ended |         |      | Thirty-nine Weeks Ended |  
|                                         | 2007 |                      |         | 2006 |                         |   | 2007    |   |  | 2006 |        
|Operating revenues:                      |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Truckload                                |      | $                    | 101,578 |      |                         | $ | 99,505  |   |  | $    | 302,095 |   |  | $ | 282,667 |  
|Brokerage                                |      |                      | 42,783  |      |                         |   | 46,758  |   |  |      | 126,851 |   |  |   | 126,238 |  
|Intermodal                               |      |                      | 27,415  |      |                         |   | 25,644  |   |  |      | 79,885  |   |  |   | 68,893  |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Total operating revenues                 |      |                      | 171,776 |      |                         |   | 171,907 |   |  |      | 508,831 |   |  |   | 477,798 |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Operating expenses:                      |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Purchased transportation                 |      |                      | 130,886 |      |                         |   | 132,443 |   |  |      | 388,659 |   |  |   | 366,225 |  
|Commissions expense                      |      |                      | 11,353  |      |                         |   | 10,834  |   |  |      | 33,428  |   |  |   | 30,229  |  
|Other operating expense, net             |      |                      | 2,248   |      |                         |   | 2,122   |   |  |      | 7,611   |   |  |   | 6,552   |  
|Selling, general, and administrative     |      |                      | 11,881  |      |                         |   | 11,610  |   |  |      | 36,355  |   |  |   | 33,825  |  
|Insurance and claims                     |      |                      | 5,146   |      |                         |   | 4,134   |   |  |      | 15,942  |   |  |   | 11,877  |  
|Depreciation and amortization            |      |                      | 2,027   |      |                         |   | 1,611   |   |  |      | 5,965   |   |  |   | 4,253   |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Total operating expenses                 |      |                      | 163,541 |      |                         |   | 162,754 |   |  |      | 487,960 |   |  |   | 452,961 |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Income from operations                   |      |                      | 8,235   |      |                         |   | 9,153   |   |  |      | 20,871  |   |  |   | 24,837  |  
|                                         |      |                      |         |     
|Interest income                          |      |                      | 203     |      |                         |   | 266     |   |  |      | 560     |   |  |   | 836     |  
|                                         |      |                      |         |     
|Interest expense                         |      |                      | (12     | )    |                         |   | (18     | ) |  |      | (38     | ) |  |   | (36     | )
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Income before provision for income taxes |      |                      | 8,426   |      |                         |   | 9,401   |   |  |      | 21,393  |   |  |   | 25,637  |  
|                                         |      |                      |         |     
|Provision for income taxes               |      |                      | 3,295   |      |                         |   | 3,636   |   |  |      | 8,361   |   |  |   | 9,914   |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Net income                               |      | $                    | 5,131   |      |                         | $ | 5,765   |   |  | $    | 13,032  |   |  | $ | 15,723  |  
|                                         |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Earnings per common share:               |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Basic                                    |      | $                    | 0.32    |      |                         | $ | 0.36    |   |  | $    | 0.81    |   |  | $ | 0.98    |  
|Diluted                                  |      | $                    | 0.32    |      |                         | $ | 0.36    |   |  | $    | 0.81    |   |  | $ | 0.97    |  
|                                         |      |                      |         |     
|Average common shares outstanding:       |      |                      |         |      |                         |   |         |   |  |      |         |   |  |   |         |  
|Basic                                    |      |                      | 16,118  |      |                         |   | 16,118  |   |  |      | 16,118  |   |  |   | 16,118  |  
|Diluted                                  |      |                      | 16,118  |      |                         |   | 16,182  |   |  |      | 16,118  |   |  |   | 16,168  |  

See accompanying notes to unaudited consolidated financial statements.



3



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Unaudited Consolidated Statements of Cash Flows

Thirty-nine Weeks ended
September 29, 2007 and September 30, 2006

(In thousands)



|                                                                                  |  |      |         |   |      |   |         |  
|--------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | -
|                                                                                  |  | 2007 |         |   | 2006 |  
|Cash flows from operating activities:                                             |  |      |         |   |      |   |         |  
|Net income                                                                        |  | $    | 13,032  |   |      | $ | 15,723  |  
|Adjustments to reconcile net income to net cash provided by operating activities: |  |      |         |   |      |   |         |  
|Depreciation and amortization                                                     |  |      | 5,965   |   |      |   | 4,253   |  
|(Gains) losses on disposal of property and equipment                              |  |      | (51     | ) |      |   | 75      |  
|(Gains) on disposal of marketable securities                                      |  |      | (19     | ) |      |   |        |  
|Bad debt expense                                                                  |  |      | 1,132   |   |      |   | 575     |  
|Deferred income taxes                                                             |  |      | 1,580   |   |      |   | 33      |  
|Change in assets and liabilities:                                                 |  |      |         |   |      |   |         |  
|Accounts receivable and due from CenTra and affiliates                            |  |      | (6,509  | ) |      |   | (19,252 | )
|Prepaid expenses and other                                                        |  |      | (5,282  | ) |      |   | 3,220   |  
|Accounts payable and accrued expenses                                             |  |      | (1,089  | ) |      |   | 9,709   |  
|Due to CenTra                                                                     |  |      |        |   |      |   | (1,542  | )
|                                                                                  |  |      |         |   |      |   |         |  
|Net cash provided by operating activities                                         |  |      | 8,759   |   |      |   | 12,794  |  
|                                                                                  |  |      |         |   |      |   |         |  
|Cash flows from investing activities:                                             |  |      |         |   |      |   |         |  
|Capital expenditures                                                              |  |      | (14,216 | ) |      |   | (8,638  | )
|Proceeds from the sale of property and equipment                                  |  |      | 1,260   |   |      |   | 342     |  
|Purchases of marketable securities                                                |  |      | (7,773  | ) |      |   | (17,400 | )
|Proceeds from sale of marketable securities                                       |  |      | 12,061  |   |      |   | 22,575  |  
|Payment of earnout obligations related to acquisitions                            |  |      | (928    | ) |      |   | (758    | )
|Acquisition of business                                                           |  |      |        |   |      |   | (15,482 | )
|                                                                                  |  |      |         |   |      |   |         |  
|Net cash used in investing activities                                             |  |      | (9,596  | ) |      |   | (19,361 | )
|                                                                                  |  |      |         |   |      |   |         |  
|Cash flows from financing activities:                                             |  |      |         |   |      |   |         |  
|Borrowings under credit agreements                                                |  |      |        |   |      |   | 290     |  
|Borrowings under long-term debt                                                   |  |      |        |   |      |   | 1,000   |  
|                                                                                  |  |      |         |   |      |   |         |  
|Net cash provided by financing activities                                         |  |      |        |   |      |   | 1,290   |  
|                                                                                  |  |      |         |   |      |   |         |  
|Net decrease in cash and cash equivalents                                         |  |      | (837    | ) |      |   | (5,277  | )
|Cash and cash equivalents  beginning of period                                   |  |      | 5,008   |   |      |   | 5,342   |  
|                                                                                  |  |      |         |   |      |   |         |  
|Cash and cash equivalents  end of period                                         |  | $    | 4,171   |   |      | $ | 65      |  
|                                                                                  |  |      |         |   |      |   |         |  
|                                                                                  |  |     
|Supplemental cash flow information:                                               |  |      |         |   |      |   |         |  
|Cash paid for interest                                                            |  | $    | 38      |   |      | $ | 36      |  
|                                                                                  |  |      |         |   |      |   |         |  
|Cash paid for taxes                                                               |  | $    | 7,605   |   |      | $ | 6,403   |  
|                                                                                  |  |      |         |   |      |   |         |  
|Fair value of assets acquired, including goodwill                                 |  | $    |        |   |      | $ | 19,014  |  
|Remaining acquisition obligations                                                 |  |      |        |   |      |   | (3,048  | )
|Liabilities assumed                                                               |  |      |        |   |      |   | (484    | )
|                                                                                  |  |      |         |   |      |   |         |  
|Acquisition of businesses                                                         |  | $    |        |   |      | $ | 15,482  |  
|                                                                                  |  |      |         |   |      |   |         |  

See accompanying notes to unaudited consolidated financial statements.



4



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements

---



|(1) | Basis of Presentation
|--- | ---------------------

Pursuant to the rules and
regulations of the Securities and Exchange Commission, the accompanying consolidated financial statements of Universal Truckload Services, Inc. and its wholly owned subsidiaries (the Company or UTSI) have been prepared by UTSI, without audit by an
independent registered public accounting firm. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein.
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations
and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2006 and 2005 and for each of the years in the three-year period ended December 31, 2006 in the Companys Form 10-K filed
with the Securities and Exchange Commission. The preparation of the consolidated financial statements requires the use of managements estimates. Actual results could differ from those estimates.

The Companys fiscal year ends on December 31. The Companys fiscal year consists of four quarters, each with thirteen weeks.

Certain reclassifications have been made to the prior financial statements in order for them to conform to the September 29, 2007
presentation.



|(2) | Transactions with CenTra and Affiliates
|--- | ---------------------------------------

UTSIs former parent, CenTra, Inc., or CenTra, has historically provided management services to UTSI, including legal and human resources. The cost of these services is based on the utilization of the specific services. Management
believes the allocation methods are reasonable. However, the costs of these services charged to UTSI are not necessarily indicative of the costs that would have been incurred if UTSI had internally performed or acquired these services as a separate
unaffiliated entity. The amounts charged to UTSI for the thirteen and thirty-nine weeks ended September 29, 2007 and September 30, 2006 are presented in the table below. In connection with the spin-off on December 31, 2004, UTSI
entered into a transition services agreement with CenTra that ensures UTSI will continue to have access to these services. Pursuant to the transition services agreement, UTSI has agreed to pay CenTra $155,000 for 2007. The transition services
agreement had an initial term of 2 years and has since been extended through December 31, 2007, which will permit UTSI to engage in an orderly transition of the services to our own administrative staff. The level of administrative services can
be cut back by UTSI without penalty at any time, but CenTra is not obligated to provide substantial additional services beyond the current level.



5



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(2) | Transactions with CenTra and Affiliatescontinued
|--- | -------------------------------------------------

In addition to the management services described above, UTSI purchases other services from CenTra. Following is a schedule of services provided and amounts paid to CenTra (in thousands):



|                          |                   |                      |                   |                         |                   |     |                   |   |       |  |   |      
|------------------------- | ----------------- | -------------------- | ----------------- | ----------------------- | ----------------- | --- | ----------------- | - | ----- |  | - | -----
|                          |                   | Thirteen weeks ended |                   | Thirty-nine weeks ended
|                          | September 29,2007 |                      | September 30,2006 |                         | September 29,2007 |     | September 30,2006
|Management services       |                   | $                    | 38                |                         | $                 | 39  |                   | $ | 116   |  | $ | 153  
|Building & terminal rents |                   |                      | 126               |                         |                   | 118 |                   |   | 391   |  |   | 308  
|Maintenance services      |                   |                      | 1                 |                         |                   | 248 |                   |   | 364   |  |   | 611  
|Trailer rents             |                   |                      | 5                 |                         |                   | 7   |                   |   | 25    |  |   | 24   
|Health insurance          |                   |                      | 458               |                         |                   | 332 |                   |   | 1,458 |  |   | 983  
|                          |                   |                      |                   |                         |                   |     |                   |   |       |  |   |      
|Total                     |                   | $                    | 628               |                         | $                 | 744 |                   | $ | 2,354 |  | $ | 2,079
|                          |                   |                      |                   |                         |                   |     |                   |   |       |  |   |      

An affiliate of CenTra charged UTSI $3,605,000 and $3,224,000 for personal liability and property
damage insurance for the thirteen weeks ended September 29, 2007 and September 30, 2006, respectively. Charges for the thirty-nine weeks ended September 29, 2007 and September 30, 2006 were $10,837,000 and $9,265,000,
respectively.

Operating revenues for the thirteen weeks ended September 29, 2007 and September 30, 2006 include approximately
$137,000 and $274,000, respectively, of freight services provided to CenTra. Operating revenues for the thirty-nine weeks ended September 29, 2007 and September 30, 2006 include approximately $352,000 and $563,000, respectively, of freight
services provided to CenTra. Related accounts receivable due from CenTra and affiliates were $115,000 and $251,000 as of September 29, 2007 and December 31, 2006, respectively.

Purchased transportation for the thirteen weeks ended September 29, 2007 and September 30, 2006 includes $2,705,000 and $4,255,000,
respectively, of transportation services provided by CenTra to CrossRoad Carriers. Purchased transportation for the thirty-nine weeks ended September 29, 2007 and September 30, 2006 includes $11,107,000 and $9,916,000, respectively, of
transportation services provided by CenTra to CrossRoad Carriers. Related accounts payable of $731,000 and $560,000 at September 29, 2007 and December 31, 2006, respectively, are included in accounts payable in the accompanying balance
sheet.

Prior to 2007, the Company provided certain computer services to a subsidiary of CenTra. Amounts charged for such services totaled
$65,000 and $188,000 for the thirteen and thirty-nine weeks ended September 30, 2006, respectively, and are reflected as a reduction of selling, general, and administrative expenses in the statements of income.

In March 2007, the Company sold its former corporate headquarters located in Warren, MI, to Linc Logistics Company, a related party, for $1.2 million, an
amount which approximated the market and carrying value. The sale included the property, building, and all improvements.

In September 2007,
the Company purchased 118 trailers at fair market value from GLS Leasco, Inc., a related party, for $1.0 million in cash. The Company utilized an unrelated third party appraiser to determine fair value in the transaction.



6



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(3) | Debt
|--- | ----

Universal Truckload Services, Inc. and First
Tennessee Bank National Association entered into a Loan Agreement dated November 28, 2006 for the period November 28, 2006 to May 31, 2008. Under our unsecured line of credit with First Tennessee Bank our maximum permitted borrowings
and letters of credit in the aggregate may not exceed $20.0 million at any one time. The line of credit is unsecured, and bears interest at a rate equal to LIBOR plus 1.65% (effective rate of 6.9% at September 29, 2007). The agreement governing
our unsecured line of credit contains various financial and restrictive covenants to be maintained by us including requiring us to maintain a tangible net worth of at least $85.0 million, a debt to tangible net worth ratio not to exceed 1 to 1, and
quarterly net profits of at least one dollar. For purposes of this agreement, net worth is defined as the difference between our total assets and total liabilities, and tangible net worth is defined as net worth, less (a) the value assigned to
intangibles and any other assets properly classified as intangibles, in accordance with generally accepted accounting principles (b) any accumulated earnings attributable to interests in the capital stock and retained earnings of other persons,
and (c) deferred assets. In addition, any amounts due to us from CenTra, Inc, its subsidiaries or affiliates, or any affiliate of ours, will be deducted from net worth. The agreement also may, in certain circumstances, limit our ability and the
ability of our subsidiaries to sell or dispose of assets, incur additional debt, pay dividends or distributions or redeem common stock. The agreement also contains customary representations and warranties, affirmative and negative covenants and
events of default. The Company did not have any amounts outstanding under its line of credit at September 29, 2007 or December 31, 2006, and there were $951,500 and $1,036,500 letters of credit issued against the line, respectively.

On May 1, 2006, UTS Realty, LLC (Realty) received a $1,000,000 loan from the County of Cuyahoga, Ohio, or the County, to be used for
improvements to its Cleveland, Ohio container storage facility. The loan agreement requires quarterly interest payments at an annual rate of 5.0%. Through January 31, 2011, subject to certain conditions, the County will forgive $450,000 of the
principal amount owed. The forgiveness will be recorded as a reduction in the cost of the underlying improvements at a rate of $90,000 per annum, commencing on January 31, 2007. The remaining principal of $550,000 is due at maturity. The loan
matures on January 31, 2011; however, at Realtys option, the maturity date may be extended until January 31, 2021. In connection with this loan, Realty and the Company entered into an environmental indemnity agreement with the County
and the Company issued a $910,000 standby letter of credit that expires February 14, 2008. The letter of credit is reduced by the annual amount of forgiveness plus any amounts repaid by the Company. Under the terms of the environmental
indemnity agreement, Realty and the Company have agreed to indemnify the County, without limitation, against any loss attributable to the generation, storage, release or presence of Regulated Materials, as defined in the environmental indemnity
agreement, at the container storage facility. In connection with the acquisition of the Cleveland, Ohio property in August 2005, Realty received indemnity from the seller from any and all claims, which Realty may incur as a direct consequence of any
environmental condition of which the seller had actual knowledge as of the date of the acquisition of the property. At September 29, 2007 and December 31, 2006, the outstanding balance under the loan was $910,000 and $1,000,000,
respectively. The Company believes the fair value of this debt approximates the carrying value based on current rates available for similar issues.



7



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(4) | Earnings Per Share
|--- | ------------------

Basic earnings per common share
amounts are based on the weighted average number of common shares outstanding, and diluted earnings per share amounts are based on the weighted average number of common shares outstanding plus the incremental shares that would have been outstanding
upon the assumed exercise of all dilutive stock options.

The following table provides a reconciliation of the number of average common
shares outstanding used to calculate basic earnings per share to the weighted average number of common shares and common share equivalents outstanding used in calculating diluted earnings per share (in thousands):



|                                                                      |                   |                      |                   |                         |                   |        |                   |       
|--------------------------------------------------------------------- | ----------------- | -------------------- | ----------------- | ----------------------- | ----------------- | ------ | ----------------- | ------
|                                                                      |                   | Thirteen Weeks Ended |                   | Thirty-nine Weeks Ended
|                                                                      | September 29,2007 |                      | September 30,2006 |                         | September 29,2007 |        | September 30,2006
|Weighted average number of common shares                              |                   | 16,118               |                   | 16,118                  |                   | 16,118 |                   | 16,118
|Incremental shares from assumed exercise of stock options             |                   |                     |                   | 64                      |                   |       |                   | 50    
|                                                                      |                   |                      |                   |                         |                   |        |                   |       
|Weighted average number of common shares and common share equivalents |                   | 16,118               |                   | 16,182                  |                   | 16,118 |                   | 16,168
|                                                                      |                   |                      |                   |                         |                   |        |                   |       

For both the thirteen and thirty-nine weeks ended September 29, 2007, 250,000 options were
outstanding to purchase shares of common stock, which were excluded from the calculation of diluted earnings per share because such options were anti-dilutive.



|(5) | Stock Based Compensation
|--- | ------------------------

In December 2004,
UTSIs board of directors adopted the 2004 Stock Incentive Plan (the Plan), which became effective upon completion of the Companys initial public offering. The Plan allows for the issuance of a total of 500,000 shares. The grants may be
made in the form of restricted stock bonuses, restricted stock purchase rights, stock options, phantom stock units, restricted stock units, performance share bonuses, performance share units or stock appreciation rights. On February 11, 2005,
UTSI granted 260,000 options to certain of its employees. The stock options granted vested immediately, have a life of seven years and have an exercise price of $22.50 per share. Prior to January 1, 2006, the Company accounted for stock options
issued under the Plan pursuant to the recognition and measurement principles of APB Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. No stock-based employee compensation was reflected in net
income prior to fiscal year 2006, as all options granted under the Plan had an exercise price equal to the fair market value of the underlying common stock on the date of grant. The intrinsic value of all outstanding options as of September 29,
2007 and December 31, 2006 was $0 and $312,500, respectively.



8



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(5) | Stock Based Compensationcontinued
|--- | ----------------------------------

The
following table summarizes the stock option activity and related information for the period indicated:



|                              |  |         |  |                              |      
|----------------------------- |  | ------- |  | ---------------------------- | -----
|                              |  | Options |  | WeightedAverageExercisePrice
|Balance at January 1, 2007    |  | 250,000 |  | $                            | 22.50
|Granted                       |  |        |  |                              |     
|Exercised                     |  |        |  |                              |     
|Expired                       |  |        |  |                              |     
|Forfeited                     |  |        |  |                              |     
|                              |  |         |  |                              |      
|Balance at September 29, 2007 |  | 250,000 |  | $                            | 22.50
|                              |  |         |  |                              |      
|Exercisable                   |  | 250,000 |  | $                            | 22.50
|                              |  |         |  |                              |      



|(6) | Comprehensive Income
|--- | --------------------

Comprehensive income includes
the following (in thousands):



|                                                                              |                   |                      |       |                         |  |                   |       |                   |   |        |  |   |       
|----------------------------------------------------------------------------- | ----------------- | -------------------- | ----- | ----------------------- |  | ----------------- | ----- | ----------------- | - | ------ |  | - | ------
|                                                                              |                   | Thirteen Weeks Ended |       | Thirty-nine Weeks Ended
|                                                                              | September 29,2007 |                      |       | September 30,2006       |  | September 29,2007 |       | September 30,2006
|Net income                                                                    |                   | $                    | 5,131 |                         |  | $                 | 5,765 |                   | $ | 13,032 |  | $ | 15,723
|Unrealized holding gains on available for sale investments, net of income tax |                   |                      | (53   | )                       |  |                   | 85    |                   |   | 7      |  |   | 179   
|                                                                              |                   |                      |       |                         |  |                   |       |                   |   |        |  |   |       
|Comprehensive income                                                          |                   | $                    | 5,078 |                         |  | $                 | 5,850 |                   | $ | 13,039 |  | $ | 15,902
|                                                                              |                   |                      |       |                         |  |                   |       |                   |   |        |  |   |       



|(7) | Income Taxes
|--- | ------------

In June 2006, the Financial
Accounting Standards Board (FASB) issued FASB Interpretation No. (FIN) 48 Accounting for Uncertainty in Income Taxes (an interpretation of FASB Statement No. 109), which clarifies the accounting for uncertainty in income
taxes recognized in the financial statements by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We adopted FIN 48
on January 1, 2007.

As a result of the adoption, we recognized a $75,000 increase in our accrual for income taxes, and a corresponding
increase in our income tax expense. As of January 1, 2007, the total amount of unrecognized tax benefits was $370,000, all of which would impact the effective tax rate if recognized. Any prospective adjustments to our accrual for uncertain tax
positions will be recorded



9



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(7) | Income Taxescontinued
|--- | ----------------------



as an increase or decrease to the provision for income taxes and would impact our effective tax rate. As September 29, 2007, there are no positions for
which it is reasonably possible that the total amounts of unrecognized tax benefits would significantly increase or decrease within 12 months. The Company recognizes interest related to unrecognized tax benefits in income tax expense and penalties
in other operating expenses. As of January 1, 2007, the amount of accrued interest and penalties was $41,000 and $57,000, respectively.

Through December 31, 2004, the Company filed a consolidated U.S. federal income tax return with CenTra, who determined income taxes for its subsidiaries on a separate return basis. Effective for all periods subsequent to
January 1, 2005, the Company has filed a separate U.S. federal income tax return. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2005. In addition, the Company files income tax
returns in various state and local jurisdictions. Historically, the Company has been responsible for filing separate state and local income tax returns for itself and its subsidiaries. The Company is no longer subject to state income tax
examinations for years before 2002.



|(8) | Contingencies
|--- | -------------

The Company is involved in claims
and litigation arising in the ordinary course of business. These matters primarily involve claims for personal injury and property damage incurred in the transportation of freight. Management believes all such claims and litigation are adequately
covered by insurance or otherwise reserved for and that adverse results in one or more of those cases would not have a materially adverse effect on the Companys financial condition. However, if the ultimate outcome of these matters, after
provisions thereof, is materially different from the Companys estimates, they could have a material effect on the Companys operating results and cash flows in any given quarter or year.



|(9) | Recent Accounting Pronouncements
|--- | --------------------------------

In February 2007,
the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities  Including an amendment of FASB Statement No. 115 (SFAS 159). This Statement permits entities to choose to measure
many financial instruments and certain other items at fair value and report unrealized gains and losses on these instruments in earnings. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar types of assets and liabilities. SFAS 159 is effective for us as of January 1, 2008. The Company believes once adopted, SFAS 159 will not have a significant impact
on the Companys financial statements.

In September 2006, the FASB issued SFAS No. 157, Fair Value
Measurements. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. The Statement applies under other
accounting pronouncements that require or permit fair value measurements and, accordingly, does not require any new fair value measurements. SFAS 157 is effective for us as of January 1, 2008. The Company believes once adopted, SFAS 157 will
not have a significant impact on the Companys financial statements.



10



---

UNIVERSAL TRUCKLOAD SERVICES, INC.

Notes to Unaudited Consolidated Financial Statements  Continued

---



|(10) | Subsequent Events
|---- | -----------------

On October 29, 2007, the
Company entered into a loan agreement with KeyBank National Association for the period October 29, 2007 to October 28, 2008. Under the agreement, our maximum permitted borrowings may not exceed $20 million. The line of credit is unsecured,
and bears interest at a rate equal to LIBOR plus 1.05%. The agreement governing our unsecured line of credit contains various financial and restrictive covenants to be maintained by us including requiring us to maintain a tangible net worth of at
least $85.0 million, a debt to tangible net worth ratio not to exceed 1 to 1, and quarterly net profits of at least one dollar. The existing revolving unsecured line of credit with First Tennessee Bank also remains in effect.



11



---

|ITEM 2: | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

Some of the statements and assumptions in this Form 10-Q are forward-looking statements. These statements identify prospective information. Important factors could cause actual results to differ, possibly
materially, from those in the forward-looking statements. In some cases you can identify forward-looking statements by words such as anticipate, believe, could, estimate, plan,
intend, may, should, will and would or other similar words. You should read statements that contain these words carefully because they discuss our future expectations, contain projections
of our future results of operations or of our financial position or state other forward-looking information. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or managements good faith belief with respect to future events, and
is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. The factors listed in the section captioned Risk Factors in Item 1A in our Form 10-K
for the year ended December 31, 2006, as well as any other cautionary language in that Form 10-K, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in
our forward-looking statements.

Forward-looking statements speak only as of the date the statements are made. We assume 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. If we do update one or more forward-looking
statements, no inference should be drawn that we will make additional updates with respect thereto or with respect to other forward-looking statements.

Unless the context indicates otherwise, we, our and us refers to Universal Truckload Services, Inc. and its subsidiaries.

Overview

We are a primarily non-asset based provider of transportation services to shippers throughout the United
States and in the Canadian provinces of Ontario and Quebec. We offer flatbed and dry van trucking services, as well as rail-truck and steamship-truck intermodal and truck brokerage services. We primarily operate through a contractor network of
independent sales agents and owner-operators of tractors and trailers. In return for their services, we pay our agents and owner-operators a percentage of the revenue they generate for us.

Our use of agents and owner-operators reduces our need to provide non-driver facilities and tractor and trailer fleets. The primary physical assets we provide to our
agents and owner-operators include a portion of our trailer fleet, our headquarters facility, our management information systems and our intermodal depot facilities. Our business model provides us with a highly variable cost structure, allows us to
grow organically using relatively small amounts of cash, gives us a higher return on assets compared to many of our asset-based competitors and preserves an entrepreneurial spirit among our agents and owner-operators that we believe leads to
improved operating performance. For the thirteen and thirty-nine weeks ended September 29, 2007, approximately 87.0% and 86.5%, respectively, of our total operating expenses were variable in nature and our capital expenditures were $1.7 million
and $14.2 million, respectively.



12



---

Results of Operations

The following table sets forth items derived from our consolidated statements of income for the thirteen and thirty-nine weeks ended September 29, 2007 and September 30, 2006, as a percentage of operating revenues:



|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|---------------------------------------- | ----------------- | -------------------- | - | ----------------- | ----------------------- | - | ----------------- | ---- | - | ----------------- | ---- | -
|                                         |                   | Thirteen Weeks Ended |   |                   | Thirty-nine Weeks Ended |  
|                                         | September 29,2007 |                      |   | September 30,2006 |                         |   | September 29,2007 |      |   | September 30,2006 |     
|Operating revenues                       |                   | 100                  | % |                   | 100                     | % |                   | 100  | % |                   | 100  | %
|Operating expenses:                      |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|Purchased transportation                 |                   | 76.2                 |   |                   | 77.0                    |   |                   | 76.4 |   |                   | 76.6 |  
|Commissions expense                      |                   | 6.6                  |   |                   | 6.3                     |   |                   | 6.6  |   |                   | 6.3  |  
|Other operating expenses                 |                   | 1.3                  |   |                   | 1.2                     |   |                   | 1.5  |   |                   | 1.4  |  
|Selling, general and administrative      |                   | 6.9                  |   |                   | 6.8                     |   |                   | 7.1  |   |                   | 7.1  |  
|Insurance and claims                     |                   | 3.0                  |   |                   | 2.4                     |   |                   | 3.1  |   |                   | 2.5  |  
|Depreciation and amortization            |                   | 1.2                  |   |                   | 0.9                     |   |                   | 1.2  |   |                   | 0.9  |  
|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|Total operating expenses                 |                   | 95.2                 |   |                   | 94.7                    |   |                   | 95.9 |   |                   | 94.8 |  
|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|Operating income                         |                   | 4.8                  |   |                   | 5.3                     |   |                   | 4.1  |   |                   | 5.2  |  
|Interest income, net                     |                   | 0.1                  |   |                   | 0.1                     |   |                   | 0.1  |   |                   | 0.2  |  
|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|Income before provision for income taxes |                   | 4.9                  |   |                   | 5.5                     |   |                   | 4.2  |   |                   | 5.4  |  
|Provision for income taxes               |                   | 1.9                  |   |                   | 2.1                     |   |                   | 1.6  |   |                   | 2.1  |  
|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  
|Net income                               |                   | 3.0                  | % |                   | 3.4                     | % |                   | 2.6  | % |                   | 3.3  | %
|                                         |                   |                      |   |                   |                         |   |                   |      |   |                   |      |  

Thirty-nine Weeks Ended September 29, 2007 Compared to Thirty-nine Weeks ended September 30, 2006

Operating revenues.Operating revenues for the thirty-nine weeks ended September 29, 2007 increased by $31.0 million, or 6.5%, to
$508.8 million from $477.8 million for the thirty-nine weeks ended September 30, 2006. Approximately $25.5 million of the increase in operating revenues is attributable to acquisitions made since the middle of the first quarter of 2006. The
increase in operating revenues relating to these acquisitions consisted of a $16.5 million increase in truckload operations, a $3.1 million increase in brokerage operations, and a $5.9 million increase in intermodal operations. For the thirty-nine
weeks ended September 29, 2007, our operating revenue per loaded mile, excluding fuel surcharges, from our combined truckload and brokerage operations decreased to $2.10 from $2.16 for the thirty-nine weeks ended September 30, 2006.
Excluding the effects of acquisitions made since the middle of the first quarter of 2006, revenue from our truckload operations increased by $2.9 million, or 1.0%, to $285.6 million for the thirty-nine weeks ended September 29, 2007 from $282.7
million for the thirty-nine weeks ended September 30, 2006. Excluding the effects of acquisitions made since the middle of the first quarter of 2006, revenue from our brokerage operations decreased by $2.5 million, or 1.9%, to $123.8 million
for the for the thirty-nine weeks ended September 29, 2007 compared to $126.2 million for the thirty-nine weeks ended September 30, 2006. Excluding the effects of acquisitions made since the middle of the first quarter of 2006, revenue
from our intermodal support services increased by $5.1 million, or 7.4%, to $74.0 million for the thirty-nine weeks ended September 29, 2007 from $68.9 million for the thirty-nine weeks ended September 30, 2006.

Purchased transportation.Purchased transportation expense for the thirty-nine weeks ended September 29, 2007 increased by $22.5 million, or 6.1%, to $388.7
million from $366.2 million for the thirty-nine weeks ended September 30, 2006. As a percentage of operating revenues, purchased transportation expense decreased to 76.4% for the thirty-nine weeks ended September 29, 2007 from 76.6% for
the thirty-nine weeks ended September 30, 2006. The absolute increase was primarily due to the growth in our operating revenues. Purchased transportation expense generally increases or decreases in proportion to the revenues generated through
owner-operators and other third-party providers. The decrease in purchased transportation as a percent of operating revenues is primarily due to a change in the mix of revenues,



13



---

specifically, lower brokerage revenues which typically yield higher purchased transportation rates and higher intermodal revenues which typically yield lower
purchased transportation rates. Fuel surcharges for the thirty-nine weeks ended September 29, 2007 were $47.6 million compared to $45.4 million for the thirty-nine weeks ended September 30, 2006.

Commissions expense.Commissions expense for the thirty-nine weeks ended September 29, 2007 increased by $3.2 million, or 10.6%, to $33.4 million from $30.2
million for the thirty-nine weeks ended September 30, 2006. As a percentage of operating revenues, commissions expense increased to 6.6% for the thirty-nine weeks ended September 29, 2007 compared to 6.3% for thirty-nine weeks ended
September 30, 2006. The absolute increase was primarily due to the growth in our operating revenues. The increase in commissions expense as a percent of revenues is primarily the result of commissions paid to agencies of the Company that were
formerly operated by employees.

Other operating expense.Other operating expense for the thirty-nine weeks ended September 29, 2007 increased
by $1.0 million, or 16.2%, to $7.6 million from $6.6 million for the thirty-nine weeks ended September 30, 2006. As a percentage of operating revenues, other operating expense increased slightly to 1.5% for the thirty-nine weeks ended
September 29, 2007 compared to 1.4% for thirty-nine weeks ended September 30, 2006. The absolute increase was primarily due to the increased operating costs related to acquisitions made since the middle of the first quarter of 2006 and
increase in repairs and maintenance cost on company owned equipment, including equipment obtained in the fiscal 2006 acquisitions.

Selling, general and
administrative.Selling, general and administrative expense for the thirty-nine weeks ended September 29, 2007 increased by $2.6 million, or 7.5%, to $36.4 million from $33.8 million for the thirty-nine weeks ended September 30, 2006.
As a percentage of operating revenues, selling, general and administrative expense remained constant at 7.1%. The absolute increase in selling, general and administrative expense was primarily the result of a $1.9 million increase in salaries, wages
and benefit costs, primarily attributable to the acquisitions made since the middle of the first quarter of 2006 and a $0.6 million increase in facility costs related to these acquisitions and from the transition to our new corporate headquarters.

Insurance and claims.Insurance and claims expense for the thirty-nine weeks ended September 29, 2007 increased by $4.0 million, or 34.2%, to
$15.9 million from $11.9 million for the thirty-nine weeks ended September 30, 2006. As a percentage of operating revenues, insurance and claims increased to 3.1% for the thirty-nine weeks ended September 29, 2007 from 2.5% for the
thirty-nine weeks ended September 30, 2006. The absolute increase was primarily due to a $2.3 million increase in auto liability claims expense, including a $0.7 million charge to settle certain accident claims in the second quarter of 2007 and
a $1.7 million increase in insurance premiums. The increase in auto liability claims expense is based on the frequency and severity of claims incurred and the increase in auto liability premiums resulting from the growth in our owner-operator
provided fleet of tractors which are covered under our liability insurance policies as well as an increase in insurance rates.

Depreciation and
amortization.Depreciation and amortization for the thirty-nine weeks ended September 29, 2007 increased by $1.7 million, or 40.3%, to $6.0 million from $4.3 million for the thirty-nine weeks ended September 30, 2006. As a percent of
operating revenues, depreciation and amortization increased to 1.2% for the thirty-nine weeks ended September 29, 2007 compared to 0.9% for the thirty-nine weeks ended September 30, 2006. The absolute increase is primarily a result of a
$1.1 increase in depreciation expense relating to the $15.5 million of capital expenditures made in 2006 and $14.2 million in capital expenditures made during the thirty-nine weeks ended September 29, 2007 and a $0.6 million increase in
amortization expense primarily attributable to the acquisitions made since the middle of the first quarter of 2006.

Interest expense (income), net.Net interest income for the thirty-nine weeks ended September 29, 2007 was $522,000 compared to net interest income of $800,000 for the thirty-nine weeks ended September 30, 2006. The decrease in net interest income of $278,000 or
34.8% is the result of lower average invested balances which were used to fund our 2006 and 2007 capital expenditures and our 2006 acquisitions.



14



---

Provision for income taxes.Provision for income taxes for the thirty-nine weeks ended September 29, 2007
decreased by $1.5 million, or 15.7%, to $8.4 million from $9.9 million for the thirty-nine weeks ended September 30, 2006. For the thirty-nine weeks ended September 29, 2007 and September 30, 2006, we had an effective income tax rate
of 39.1% and 38.7%, respectively, based upon our income before provision for income taxes. We do not expect any material change to our effective income tax rate in future periods.

Thirteen Weeks Ended September 29, 2007 Compared to Thirteen Weeks ended September 30, 2006

Operating revenues.Operating revenues for the thirteen weeks ended September 29, 2007 decreased by $0.1 million, or 0.1%, to $171.8 million from $171.9 million for the thirteen weeks ended September 30, 2006. Included in
operating revenues is approximately $3.0 million of incremental operating revenues attributable to acquisitions made in the third quarter of 2006. Incremental operating revenues consisted of $2.1 million in truckload operations, $0.2 million in
brokerage operations, and $0.7 million in intermodal operations. For the thirteen weeks ended September 29, 2007, our operating revenue per loaded mile, excluding fuel surcharges, from our combined truckload and brokerage operations decreased
to $2.17 from $2.19 for the thirteen weeks ended September 30, 2006. Excluding the effects of acquisitions made in the third quarter of 2006, revenue from our truckload operations remained flat at $99.5 million for the thirteen weeks ended
September 29, 2007 compared to the thirteen weeks ended September 30, 2006. Excluding the effects of acquisitions made in the third quarter of 2006, revenue from our brokerage operations decreased by $4.1 million, or 8.8%, to $42.6 million
for the thirteen weeks ended September 29, 2007 compared to $46.8 million for the thirteen weeks ended September 30, 2006. Excluding the effects of acquisitions made in the third quarter of 2006, revenue from our intermodal support
services increased by $1.1 million, or 4.1%, to $26.7 million for the thirteen weeks ended September 29, 2007 from $25.6 million for the thirteen weeks ended September 30, 2006.

Purchased transportation.Purchased transportation expense for the thirteen weeks ended September 29, 2007 decreased by $1.5 million, or 1.2%, to $130.9
million from $132.4 million for the thirteen weeks ended September 30, 2006. As a percentage of operating revenues, purchased transportation expense decreased to 76.2% for the thirteen weeks ended September 29, 2007 from 77.0% for the
thirteen weeks ended September 30, 2006. The decrease in purchased transportation is primarily attributed to a change in the mix of revenues, specifically, lower brokerage revenues which typically yield higher purchased transportation rates and
higher intermodal revenues which typically yield lower purchased transportation rates. In addition, purchased transportation decreased due to a decrease in fuel surcharges. Fuel surcharges for the thirteen weeks ended September 29, 2007 were
$16.0 million compared to $17.8 million for the thirteen weeks ended September 30, 2006.

Commissions expense.Commissions expense for the
thirteen weeks ended September 29, 2007 increased by $0.5 million, or 4.8%, to $11.3 million from $10.8 million for the thirteen weeks ended September 30, 2006. As a percentage of operating revenues, commissions expense increased to 6.6%
for the thirteen weeks ended September 29, 2007 compared to 6.3% for thirteen weeks ended September 30, 2006. The increase in commissions expense is primarily the result of commissions paid to agencies of the Company that were formerly
operated by employees.

Other operating expense.Other operating expense for the thirteen weeks ended September 29, 2007 increased by $0.1
million, or 5.9%, to $2.2 million from $2.1 million for the thirteen weeks ended September 30, 2006. As a percentage of operating revenues, other operating expense increased slightly to 1.3% for the thirteen weeks ended September 29, 2007
compared to 1.2% for the thirteen weeks ended September 30, 2006. The absolute increase was primarily due to the increased operating costs related to acquisitions made in the third quarter of 2006.

Selling, general and administrative.Selling, general and administrative expense for the thirteen weeks ended September 29, 2007 increased by $0.3 million,
or 2.3%, to $11.9 million from $11.6 million for the thirteen weeks ended September 30, 2006. As a percentage of operating revenues, selling, general and administrative expense increased slightly to 6.9% for the thirteen weeks ended
September 29, 2007 from 6.8% for the thirteen weeks ended September 30, 2006. The absolute increase in selling, general and administrative expense was primarily due to a $0.1 million increase in salaries, wages and benefit costs primarily
attributable to the acquisitions made in the third quarter of 2006, a $0.1 million in facility costs and a $0.1 million increase in bad debt expense.



15



---

Insurance and claims.Insurance and claims expense for the thirteen weeks ended September 29, 2007 increased
by $1.0 million or 24.5%, to $5.1 million from $4.1 million for the thirteen weeks ended September 30, 2006. As a percentage of operating revenues, insurance and claims increased to 3.0% for the thirteen weeks ended September 29, 2007 from
2.4% for the thirteen weeks ended September 30, 2006. The absolute increase was primarily due to a $0.8 million increase in auto liability claims expense and a $0.4 million increase in insurance premiums, partially offset by a $0.2 million
decrease in our cargo claims expense. The increase in auto liability claims expense is based on the frequency and severity of claims incurred and the increase in auto liability premiums resulting from the growth in our owner-operator provided fleet
of tractors which are covered under our liability insurance policies as well as an increase in insurance rates.

Depreciation and amortization.Depreciation and amortization for the thirteen weeks ended September 29, 2007 increased by $0.4 million, or 25.8%, to $2.0 million from $1.6 million for the thirteen weeks ended September 30, 2006. As a percent of operating revenues,
depreciation and amortization increased to 1.2% for the thirteen weeks ended September 29, 2007 compared to 0.9% for the thirteen weeks ended September 30, 2006. The absolute increase is primarily a result of a $0.3 million increase in
depreciation expense and a $0.1 million increase in amortization expense primarily attributable to the acquisitions made in the third quarter of 2006.

Interest income, net.Net interest income for the thirteen weeks ended September 29, 2007 was $191,000 compared to $248,000 for the thirteen weeks ended September 30, 2006. The decrease in net interest income of $57,000 or
23.1% is the result of lower average invested balances which were used to fund our 2006 and 2007 capital expenditures and our 2006 acquisitions.

Provision for income taxes.Provision for income taxes for the thirteen weeks ended September 29, 2007 decreased by $0.3 million or 9.4%, to $3.3 million from $3.6 million for the thirteen weeks ended September 30, 2006.
For the thirteen weeks ended September 29, 2007 and September 30, 2006, we had an effective income tax rate of 39.1% and 38.7%, respectively, based upon our income before provision for income taxes. We do not expect any material change to
our effective income tax rate in future periods.

Liquidity and Capital Resources

Our primary sources of liquidity are funds generated by operations and our revolving unsecured line of credit with First Tennessee Bank.

We employ a primarily non-asset based operating strategy. Substantially all of the tractors and more than 50% of the trailers utilized in our business are provided by our owner-operators and we have no capital
expenditure requirements relating to this equipment. As a result, our capital expenditure requirements are limited in comparison to most large trucking companies which maintain sizable fleets of owned tractors and trailers, requiring significant
capital expenditures.

During the thirteen and thirty-nine weeks ended September 29, 2007, we made capital expenditures totaling $1.7 million and
$14.2 million, respectively. These expenditures primarily consisted of land and land improvements, building improvements, and tractors and trailers.

Through the end of 2007, exclusive of acquisitions, we estimate that we will incur additional capital expenditures of $600,000 relating to real property improvements to our existing container facilities. We also expect to incur between $1.3
million and $2.0 million of additional capital expenditures for trailers and other equipment. We expect that our working capital and available borrowings will be sufficient to meet our capital commitments and fund our operational needs for at least
the next twelve months. Based on the availability under our line of credit and assuming the continuation of our current level of profitability, we do not expect that we will experience any liquidity constraints in the foreseeable future. We continue
to evaluate business development opportunities, including potential acquisitions that fit our strategic plans. There can be no assurance that we will identify any opportunities that fit our strategic plans or that we will be able to execute any such
opportunities on terms acceptable to us. Any such opportunities will be financed from available cash on hand and our unsecured line of credit.



16



---

We currently intend to retain our future earnings to finance our growth and do not anticipate paying cash dividends in
the foreseeable future.

Unsecured Lines of Credit

Under our unsecured line of credit with First Tennessee Bank, our maximum permitted borrowings and letters of credit in the aggregate may not exceed $20.0 million at any one time. The line of credit is unsecured, and bears interest at a
rate equal to LIBOR plus 1.65% (effective rate of 6.9% at September 29, 2007). The agreement governing our unsecured line of credit contains various financial and restrictive covenants to be maintained by us including requiring us to maintain a
tangible net worth of at least $85.0 million, a debt to tangible net worth ratio not to exceed 1 to 1, and quarterly net profits of at least one dollar. For purposes of this agreement, net worth is defined as the difference between our total assets
and total liabilities, and tangible net worth is defined as net worth, less (a) the value assigned to intangibles and any other assets properly classified as intangibles, in accordance with generally accepted accounting principles (b) any
accumulated earnings attributable to interests in the capital stock and retained earnings of other persons, and (c) deferred assets. In addition, any amounts due to us from CenTra, Inc, its subsidiaries or affiliates, or any affiliate of ours,
will be deducted from net worth. The agreement also may, in certain circumstances, limit our ability and the ability of our subsidiaries to sell or dispose of assets, incur additional debt, pay dividends or distributions or redeem common stock. The
agreement also contains customary representations and warranties, affirmative and negative covenants and events of default. The Company did not have any amounts outstanding under its line of credit at September 29, 2007 or December 31,
2006, and there were $951,500 and $1,036,500 letters of credit issued against the line, respectively.

Discussion of Cash Flows

At September 29, 2007, we had cash and cash equivalents of $4.2 million compared to $5.0 million at December 31, 2006. The decrease in cash and cash
equivalents of $0.8 million for the thirty-nine weeks ended September 29, 2007 resulted from $9.6 million used in investing activities, offset by $8.8 million in cash generated from operations.

The $8.8 million in cash provided by operations was primarily attributed to $13.0 million of net income and $6.0 million of non-cash charges for depreciation and
amortization, partially offset by an increase in the working capital position of the Company of $12.9 million. The increase in the working capital position is primarily the result of an increase accounts receivables and an increase in prepaid
expenses and other, consisting primarily of prepaid auto liability insurance premiums. The increase is partially offset by a decrease in accounts payable and accrued expenses after the settlement of certain accident claims in the third quarter of
2007 for approximately $5.8 million.

Net cash used in investing activities for thirty-nine weeks ended September 29, 2007 was $9.6 million,
consisting primarily of proceeds from the sale of marketable securities of $12.1 million and proceeds from the sale of our former corporate headquarters of $1.2 million, offset by capital expenditures of $14.2 million and the purchase of marketable
securities totaling $7.8 million.

Off Balance Sheet Arrangements

In connection with the 2004 acquisition of Nunn Yoest Principals & Associates, Inc. (NYP), we are required to pay cash consideration to the former owner of NYP based on a percentage of revenues generated
through November 2007.

In connection with the 2005 acquisition of Diamond Logistics of Houston, Inc. (Diamond), we are required to pay cash consideration
to the former owners of Diamond based on a percentage of revenues generated through November 2008.



17



---

In connection with the 2006 acquisition of Assure Intermodal, LLC (Assure), we are required to pay cash consideration to
the former owners of Assure based on a percentage of revenues generated through January 2009.

In connection with the 2006 acquisition of Djewels, Inc.
(Djewels), we are required to pay cash consideration to the former owner of Djewels based on a percentage of revenues generated through February 2009.

In
connection with the 2006 acquisition of TriStar Express N.C., Inc. (TriStar) we are required to pay cash consideration to the former owners of TriStar based on a percentage of revenues generated through July 2009.

Critical Accounting Policies

A summary of critical accounting
policies is presented in Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations  Critical Accounting Policies of our Form 10-K for the year ended December 31, 2006. There have
been no changes in the accounting policies followed by us during the thirty-nine weeks ended September 29, 2007.

Effect of Recent Accounting
Pronouncements

In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, The Fair Value Option for Financial
Assets and Financial Liabilities  Including an amendment of FASB Statement No. 115 (SFAS 159). This Statement permits entities to choose to measure many financial instruments and certain other items at fair value and report
unrealized gains and losses on these instruments in earnings. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types
of assets and liabilities. SFAS 159 is effective for us as of January 1, 2008. The Company believes once adopted, SFAS 159 will not have a significant impact on the Companys financial statements.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. This Statement defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. The Statement applies under other accounting pronouncements that require or permit fair value measurements and, accordingly,
does not require any new fair value measurements. SFAS 157 is effective for us as of January 1, 2008. The Company believes once adopted, SFAS 157 will not have a significant impact on the Companys financial statements.

Effects of Inflation

Management does not believe general inflation
has had a material impact on our results of operations or financial condition in the past five years. However, inflation higher than that experienced in the past five years might have an adverse effect on our future results of operations.

Seasonality

Our operations are subject to seasonal
trends common to the trucking industry. Results of operations in the first quarter are typically lower than the second, third and fourth quarters.



|ITEM 3: | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|------- | ----------------------------------------------------------

Interest Rate Risk

Our market risk is affected by changes in interest rates. Our unsecured line of credit bears interest at a floating rate
equal to LIBOR plus 1.65%. Accordingly, changes in LIBOR would affect the interest rate on and therefore our cost under the line of credit. We currently do not have a balance outstanding under the line of credit.



18



---

Included in cash and cash equivalents is $3.8 million in short-term investment grade instruments. The interest rates on
these instruments are adjusted to market rates at least monthly. In addition, we have the ability to put these instruments back to the issuer at any time. Accordingly, any future interest rate risk on these short-term investments would not be
material.

We did not have any interest rate swap agreements as of September 29, 2007.

Commodity Price Risk

Fluctuations in fuel prices can affect our profitability by affecting our ability to retain or
recruit owner-operators. Our owner-operators bear the costs of operating their tractors, including the cost of fuel. The tractors operated by our owner-operators consume large amounts of diesel fuel. Diesel fuel prices fluctuate greatly due to
economic, political and other factors beyond our control. To address fluctuations in fuel prices, we seek to impose fuel surcharges on our customers and pass these surcharges on to our owner-operators. Historically, these arrangements have not fully
protected our owner-operators from fuel price increases. If costs for fuel escalate significantly it could make it more difficult to attract additional qualified owner-operators and retain our current owner-operators. If we lose the services of a
significant number of owner-operators or are unable to attract additional owner-operators, it could have a materially adverse effect on our financial condition and results of operations.



|ITEM 4: | CONTROLS AND PROCEDURES
|------- | -----------------------

Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934, as amended (or the Exchange Act). Based upon that evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that, as of September 29, 2007, our disclosure controls and procedures were effective in causing the material information required to be disclosed in the reports that it files or submits under the
Exchange Act to be recorded, processed, summarized and reported, to the extent applicable, within the time periods required for us to meet the Securities and Exchange Commissions (or SEC) filing deadlines for these reports specified in the
SECs rules and forms.

Internal Controls

There
have been no changes in our internal controls over financial reporting during the thirty-nine weeks ended September 29, 2007 identified in connection with our evaluation that has materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.



19



---

PART II  OTHER INFORMATION



|ITEM 1: | LEGAL PROCEEDINGS
|------- | -----------------

We are involved in claims and litigation arising
in the ordinary course of business. These matters primarily involve claims for personal injury and property damage incurred in the transportation of freight. We believe all such claims and litigation are adequately covered by insurance or otherwise
reserved for and that adverse results in one or more of those cases would not have a materially adverse effect on our financial condition; however, if the ultimate outcome of these matters, after provisions thereof, is materially different from our
estimates, they could have a material effect on our operating results and cash flows in any given quarter or year. We are not currently involved in any material legal proceedings or litigation.



|ITEM 1A: | RISK FACTORS
|-------- | ------------

There have been no material changes to our risk
factors as previously disclosed in Item 1A to Part 1 of our Form 10-K for the fiscal year ended December 31, 2006.



|ITEM 2: | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|------- | -----------------------------------------------------------

None.



|ITEM 3: | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

None.



|ITEM 4: | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|------- | ---------------------------------------------------

None.



|ITEM 5: | OTHER INFORMATION
|------- | -----------------

On October 24, 2007 the Board of Directors
of Registrant authorized the extension of the Corporations Incentive Compensation Plan C (the Plan), without change, for an additional three-year term. The Plan, adopted December 10, 2004, was formally extended on November 5,
2007 for an additional three year term. A copy of the Plan, before extension, is included as Exhibit 10.18 to the Registrants Annual Report on Form 10-K filed on March 30, 2005 (Commission File No. 000-51142)).



|ITEM 6: | EXHIBITS
|------- | --------

The exhibits listed on the Exhibit Index are
furnished as part of this quarterly report on Form 10-Q.



20



---

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.



|                       |  |     |  |                                                                                  
|---------------------- |  | --- |  | ---------------------------------------------------------------------------------
|                       |  |     |  | Universal Truckload Services, Inc.                                               
|                       |  |     |  | (Registrant)                                                                     
|                       |  |    
|Date: November 5, 2007 |  | By: |  | /s/ Robert E. Sigler                                                             
|                       |  |     |  | Robert E. Sigler, Vice President, ChiefFinancial Officer, Secretary and Treasurer
|                       |  |    
|Date: November 5, 2007 |  | By: |  | /s/ Donald B. Cochran                                                            
|                       |  |     |  | Donald B. Cochran, President and Chief Executive Officer                         



|            |  |                                                                                                                                                                                                                                                                                                            
|----------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                                                                                                                                                                
|2.1         |  | Purchase Agreement, dated as of August 12, 2004, between Angelo A. Fonzi and Universal Truckload Services, Inc. (Incorporated by reference to Exhibit 2.1 to the Registrants Registration
Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                              
|            | 
|3.1         |  | Amended and Restated Articles of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File
No. 333-120510))                                                                                               
|            | 
|3.2         |  | Amended and Restated Bylaws, as amended on April 25, 2007 (Incorporated by reference to Exhibit 3.1 to the Registrants Current Report on Form 8-K filed on April 30, 2007 (Commission File
No. 000-51142))                                                                                                
|            | 
|4.1         |  | Registration Rights Agreement, dated as of December 31, 2004, among the Registrant, Matthew T. Moroun and The Manuel J. Moroun Trust (Incorporated by reference to Exhibit 4.1 to the
Registrants Registration Statement on Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))           
|            | 
|4.2         |  | Specimen Common Share Certificate (Incorporated by reference to Exhibit 4.2 to the Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No.
333-120510))                                                                                                            
|            | 
|10.1+       |  | Form of indemnification agreement entered into by the Registrant with each of its directors and officers (Incorporated by reference to Exhibit 10.1 to the Registrants Registration
Statement on Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))                                      
|            | 
|10.2+       |  | Universal Truckload Services, Inc. Stock Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Registrants Registration Statement on Form S-1 filed on January 7, 2005
(Commission File No. 333-120510))                                                                                       
|            | 
|10.3+       |  | Employment Agreement, dated as of September 13, 2004, by and between Universal Truckload Services, Inc. and Don Cochran (Incorporated by reference to Exhibit 10.3 to the Registrants
Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                     
|            | 
|10.4+       |  | Employment Agreement, dated as of September 13, 2004, by and between Universal Truckload Services, Inc. and Bob Sigler (Incorporated by reference to Exhibit 10.4 to the Registrants
Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                      
|            | 
|10.6+       |  | Consulting Agreement, dated as of August 12, 2004, between Universal Am-Can, Ltd. and Angelo A. Fonzi (Incorporated by reference to Exhibit 10.6 to the Registrants Registration Statement
on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                                       
|            | 
|10.7+       |  | Covenant Not to Compete, dated as of August 12, 2004, between Angelo A. Fonzi, Universal Am-Can, Ltd. and Universal Truckload Services, Inc. (Incorporated by reference to Exhibit 10.7 to the
Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))



---

|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.8   |  | Second Amendment to Loan Agreement, dated as of June 29, 2004, by and among Universal Truckload Services, Inc., Universal Am-Can, Ltd., The Mason and Dixon Lines, Inc., Mason-Dixon
Intermodal, Inc., Economy Transport, Inc., Louisiana Transportation, Inc. and First Tennessee Bank National Association (Incorporated by reference to Exhibit 10.8 to the Registrants Registration Statement on Form S-1 filed on November 15,
2004 (Commission File No. 333-120510))                                           
|       | 
|10.9   |  | Second Amendment to Security Agreement, dated as of June 29, 2004, by and between Universal Am-Can, Ltd. and First Tennessee Bank National Association (Incorporated by reference to Exhibit 10.9
to the Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                                                                                                                                                                                                 
|       | 
|10.10  |  | Second Amendment to Security Agreement, dated as of June 29, 2004, by and between The Mason and Dixon Lines, Inc. and First Tennessee Bank National Association (Incorporated by reference to
Exhibit 10.10 to the Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                                                                                                                                                                                       
|       | 
|10.11  |  | First Amendment to Security Agreement, dated as of June 29, 2004, by and between Mason Dixon Intermodal, Inc. and First Tennessee Bank National Association (Incorporated by reference to Exhibit
10.11 to the Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                                                                                                                                                                                           
|       | 
|10.12  |  | Security Agreement, dated as of June 29, 2004, by and between Economy Transport, Inc. and First Tennessee Bank National Association (Incorporated by reference to Exhibit 10.12 to the
Registrants Registration Statement on Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))                                                                                                                                                                                                                     
|       | 
|10.13  |  | Security Agreement, dated as of June 29, 2004, by and between Louisiana Transportation, Inc. and First Tennessee Bank National Association (Incorporated by reference to Exhibit 10.13 to the
Registrants Registration Statement on Form S-1 filed on November 15, 2004 (Commission File No. 333-120510))                                                                                                                                                                                                            
|       | 
|10.14  |  | Tax Separation Agreement, dated as of December 31, 2004, between CenTra, Inc. and the Registrant (Incorporated by reference to Exhibit 10.14 to the Registrants Registration Statement on
Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))                                                                                                                                                                                                                                                        
|       | 
|10.15  |  | Transitional Services Agreement, dated as of December 31, 2004, between the Registrant and CenTra, Inc. (Incorporated by reference to Exhibit 10.15 to the Registrants Registration
Statement on Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))                                                                                                                                                                                                                                                 
|       | 
|10.16  |  | Fourth Amendment to Loan Agreement, dated as of December 27, 2004, by and among Universal Truckload Services, Inc., Universal Am-Can, Ltd., The Mason and Dixon Lines, Inc., Mason Dixon
Intermodal, Inc., Economy Transport, Inc., Louisiana Transportation, Inc., Great American Logistics, Inc. and First Tennessee Bank National Association (Incorporated by reference to Exhibit 10.16 to the Registrants Registration Statement on
Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))        
|       | 
|10.17  |  | Debt Subordination Agreement, dated as of December 27, 2004, by and among CenTra, Inc., Universal Truckload Services, Inc., and First Tennessee Bank National Association (Incorporated by
reference to Exhibit 10.17 to the Registrants Registration Statement on Form S-1 filed on January 7, 2005 (Commission File No. 333-120510))                                                                                                                                                                               
|       | 
|10.18+ |  | Universal Truckload Services, Inc. Incentive Compensation Plan C, Calendar Years 2004  2006, as extended for 2007  2009, (Incorporated by reference to Exhibit 10.18 to the
Registrants Annual Report on Form 10-K filed on March 30, 2005 (Commission File No. 000-51142))                                                                                                                                                                                                                                        
|       | 
|10.19+ |  | Amendment No. 1, dated September 28, 2005, to Consulting Agreement dated August 12, 2004 between Universal Am-Can, Ltd. and Angelo A. Fonzi. (Incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed on September 30, 2004 (Commission File No. 000-51142))                                                                                                                                                                                                                   
|       | 
|10.20  |  | Fifth Amendment to Loan Agreement, dated as of August 31, 2005, by and among Universal Truckload Services, Inc., Universal Am-Can, Ltd., The Mason and Dixon Lines, Inc., Mason Dixon Intermodal,
Inc., Economy Transport, Inc., Louisiana Transportation, Inc., Great American Lines, Inc., Great American Logistics, Inc. and First Tennessee Bank National Association. (Incorporated by reference to Exhibit 10.20 to the Registrants Quarterly Report
filed on November 14, 2005 (Commission File No. 000-51142))
|       | 
|10.21  |  | Fourth Amendment to Security Agreement, dated as of August 31, 2005, by and between Universal Am-Can, Ltd. and First Tennessee Bank National Association. (Incorporated by reference to Exhibit
10.20 to the Registrants Quarterly Report filed on November 14, 2005 (Commission File No. 000-51142))                                                                                                                                                                                                                 
|       | 
|10.22  |  | Fourth Amendment to Security Agreement, dated as of August 31, 2005, by and between The Mason and Dixon Lines, Inc. and First Tennessee Bank National Association. (Incorporated by reference to
Exhibit 10.20 to the Registrants Quarterly Report filed on November 14, 2005 (Commission File No. 000-51142))                                                                                                                                                                                                        
|       | 
|10.23+ |  | Amendment No. 2, dated June 29, 2006, to Consulting Agreement dated August 12, 2004 between Universal Am-Can, Ltd. and Angelo A. Fonzi. (Incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed on June 30, 2006 (Commission File No. 000-51142))                                                                                                                                                                                                                             



22



---

|       |  |                                                                                                                                                                                                                                                                                              
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.24  |  | Agreement of Purchase and Sale of a furnished office building between the Company and Dürr Systems, Inc. (Incorporated by reference to Exhibit 99.1 to the Registrants Current
Report on Form 8-K filed on October 30, 2006 (Commission File No. 000-51142))                                
|       | 
|10.25  |  | Loan Agreement, dated as of November 28, 2006, between Universal Truckload Services, Inc. and First Tennessee Bank National Association. (Incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed on December 1, 2006 (Commission File No. 000-51142))
|       | 
|10.26+ |  | Consulting Agreement effective August 1, 2007, between Universal Truckload Services, Inc. and Manuel J. Moroun (Incorporated by reference to Exhibit 10.26 to the Registrants Current Report
on Form 8-K filed on August 6, 2007 (Commission File No. 000-51142))                           
|       | 
|10.27+ |  | Director compensation agreement effective August 1, 2007, between Universal Truckload Services, Inc. and Mathew T. Moroun (Incorporated by reference to Exhibit 10.27 to the Registrants
Current Report on Form 8-K filed on August 6, 2007 (Commission File No. 000-51142))                
|       | 
|31.1*  |  | Chief Executive Officer certification, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                  
|       | 
|31.2*  |  | Chief Financial Officer certification, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                  
|       | 
|32.1** |  | Chief Executive Officer and Chief Financial Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   

---

|* | Filed herewith.
|- | ---------------

|** | Furnished herewith
|-- | ------------------

|+ | Indicates a management contract, compensatory plan or arrangement.
|- | ------------------------------------------------------------------



23