Exhibit 99.1

 

10990 Roe Avenue

Overland Park, KS 66211

Phone 913 696 6108 Fax 913 696 6116

 

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YRC Worldwide Reports Unaudited Fourth Quarter and Full Year 2019 Results

OVERLAND PARK, Kan., February 4, 2020 — YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating revenue for fourth quarter 2019 of $1.160 billion and consolidated operating income of $9.8 million, which included a $10.1 million net gain on property sales. As a comparison, for the fourth quarter 2018, the Company’s results included operating revenue of $1.247 billion and consolidated operating income of $55.1 million, which included a $28.1 million net gain on property disposals.

Consolidated operating revenue for the year ended December 31, 2019 was $4.871 billion and consolidated operating income of $16.2 million, which included a $13.7 million net gain on property disposals, and $8.2 million for a non-cash impairment charge related to the write-down of an intangible asset. This compares to full year 2018 consolidated operating revenue of $5.092 billion and consolidated operating income of $142.9 million, which included a $20.8 million net gain on property disposals.

Net loss for fourth quarter 2019 was $15.3 million, or $0.46 per share compared to net income of $17.5 million, or $0.52 per share, in fourth quarter 2018. Full year net loss for 2019 was $104.0 million, or $3.13 per share, which included $11.2 million loss on extinguishment of debt associated with a refinancing of the term loan agreement, compared to net income of $20.2 million, or $0.60 per share for full year 2018.

“Despite a challenging industrial backdrop in the back half of 2019, it was a very active year for us as we kicked off our multi-year enterprise transformation strategy,” said Darren Hawkins, Chief Executive Officer of YRC Worldwide Inc. “Our strategy will build on the strengths and breadth of our regional and national networks and the equally respected brand names associated with each and is intended to enhance our customer experience with the end goal of improving our profitability and cash flow.”

During 2019, we completed four initial yet foundational components of that strategy:

 

  1.

Ratified a new 5-year labor contract;

 

  2.

Refinanced our term loan with improved and more flexible terms;

 

  3.

Reorganized our leadership team to streamline decision making and enhance execution across all functional areas of the organization; and

 

  4.

Completed the reorganization of the enterprise-wide sales force.

As we move into 2020, we remain intensely focused on our commitments to improve the longer-term earnings potential of this Company. The next phase of our transformation will focus on:

 

  1.

Operational Optimization: Structurally improve the network to increase asset utilization, expand service offerings and leverage the flexibilities gained with our new labor contract.

 

1


The following information was filed by Yrc Worldwide Inc. (YRCW) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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