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10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6108 Fax 913 696 6116
YRC Worldwide Reports Third Quarter 2019 Results
OVERLAND PARK, Kan., October 31, 2019 YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating revenue for third quarter 2019 of $1.257 billion and consolidated operating income of $23.8 million, which included a $1.0 million net loss on property disposals. As a comparison, for the third quarter 2018, the Companys results included operating revenue of $1.304 billion and consolidated operating income of $41.2 million, which included a $1.9 million net loss on property disposals.
Net loss for third quarter 2019 was $16.0 million, or $0.48 per share, compared to net income of $2.9 million, or $0.09 per share, in third quarter 2018. This was impacted by an $11.2 million loss on extinguishment of debt associated with a refinancing of the term loan agreement, which resulted in a negative impact of $0.34 cents per share for the third quarter 2019.
In September, we announced the completion of the refinancing of our term loan, a critical next step in our multi-year strategy. We continue to increase our efforts with two of our five key strategic initiatives now complete, said Darren Hawkins, Chief Executive Officer of YRC Worldwide Inc.
The key components of our multi-year strategic roadmap are:
Labor contract ratification, along with implementation of operational efficiencies to achieve service excellence
Capital structure improvement
Customer growth/engagement initiatives
Capital investment in equipment and technology
During the quarter and up through this earnings announcement, the Company has commenced implementation of key initiatives that support our strategic plan:
Completed the consolidation of our New Penn corporate office to scale processes
Completed a refinancing of our term loan
Network optimization plans to consolidate service centers, with 12 completed so far and a total of approximately 25 service centers expected to be completed by end of 2019
We are prioritizing our network optimization initiatives to bolster our longer-term profitability for the Company, said Hawkins. With the focus on greater efficiencies, we completed the consolidation of the New Penn corporate offices, as well as the consolidation of 12 service center facilities. The cost savings from lease terminations, sale of properties as well as more efficient asset utilization also contribute to our increased profitability of our best-in-class brands.
We have recently deployed a new operations field structure to ensure better customer service and increase operational efficiencies. Our team remains focused on building density in the areas we service, while enhancing the customer experience and value proposition, and ensuring greater efficiency with our equipment, our facilities and our resources.
The following information was filed by Yrc Worldwide Inc. (YRCW) on Thursday, October 31, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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