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10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6100 Fax 913 696 6116
January 29, 2009
YRC Worldwide Reports 2008 Results
Generates Significant Free Cash Flow and Reduces Net Debt
New YRC Brand Name Leads to One-Time, Non-Cash Charge
OVERLAND PARK, KAN.YRC Worldwide Inc. (NASDAQ: YRCW) today announced a loss per share for the fourth quarter 2008 of $1.63, excluding impairment charges of $2.51 per share, and for the full year 2008 a loss per share of $1.22, excluding impairment charges of $15.70 per share. When including impairment, the fourth quarter loss was $4.14 per share compared to a loss of $12.99 per share in the fourth quarter of last year and a full year loss of $16.92 per share compared to a full year loss of $11.17 per share in 2007. The fourth quarter impairment charge consisted of $141 million related to the Roadway trade name as the company introduced a new YRC brand for the integrated network of Yellow Transportation and Roadway. The impairment charge also included goodwill of $59 million at YRC Logistics.
Our results reflect the significance of the economic recession that has been longer and deeper than anyone anticipated, stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. Although we were not pleased with this level of performance, it was consistent with our internal expectations and those of our banking group. The discussions with the banks are progressing well, and we are on track to finalize an amendment by mid-February, Zollars added.
YRC Worldwide generated $220 million of cash from operating activities during 2008, and after accounting for net capital expenditures of $35 million, 2008 free cash flow was $185 million. Total debt at December 31, 2008 increased by $127 million compared to the prior year. However, when taking into account cash and cash equivalents of $325 million at December 31, 2008, the companys debt, net of cash, decreased by $140 million compared to 2007.
Even in this economic environment, we generated a significant amount of cash and we have multiple initiatives in place that can further improve liquidity, stated Zollars. We recognized $128 million of asset proceeds in 2008 and we expect to generate more than $250 million in 2009 from a combination of sale and financing leaseback transactions and sales of excess facilities.
Key segment information for the fourth quarter 2008 compared to the fourth quarter 2007 included:
YRC National Transportation total tonnage per day down 14.6% and total revenue per hundredweight, including fuel surcharge, down 3.6%.
YRC Regional Transportation total tonnage per day down about 14%, when adjusting for the network changes in the first quarter 2008, and down 23.6% without adjusting for the network changes. Total revenue per hundredweight, including fuel surcharge, down 3.5%.
Additional statistical information is available on the companys website at yrcw.com under Investors, Earnings Releases & Operating Statistics.
The following information was filed by Yrc Worldwide Inc. (YRCW) on Friday, January 30, 2009 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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