Exhibit 99.1

 

10990 Roe Avenue

Overland Park, KS 66211

Phone 913 696 6100 Fax 913 696 6116

News Release

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February 4, 2011

YRC Worldwide Reports Year-over-Year Improvement in Fourth Quarter Operating Results

•    Positive Net Cash Flow from Operating Activities

OVERLAND PARK, KAN. — YRC Worldwide Inc. (NASDAQ: YRCW) today reported net income of $23 million and $0.49 earnings per share for the fourth quarter of 2010, including a $52 million benefit from an income tax settlement. For the full year 2010, the company reported a net loss of $322 million and an $8.13 loss per share. As a comparison, the company reported net earnings of $120 million in the fourth quarter of 2009, including a $177 million after-tax gain on debt redemption, and for the full year 2009 reported a net loss of $622 million.

For the fourth quarter of 2010, consolidated operating revenue of $1.092 billion was 3.9% higher than the $1.050 billion reported for the fourth quarter of 2009. The company generated positive net cash flow from operating activities of $10 million for the fourth quarter of 2010. Consolidated operating loss of $27 million for the fourth quarter of 2010 improved from the $91 million operating loss reported for the fourth quarter of 2009. For the full year 2010, consolidated operating revenue was $4.3 billion as compared to $4.9 billion for full year 2009. Operating loss of $231 million for the full year 2010 improved from the $890 million operating loss reported for the full year 2009.

“We are pleased with the stability we have seen in our absolute business volumes at YRC over the last three quarters and the growth across our Regional companies leading to continued year-over-year improvement in our operating results,” stated Sheila Taylor, Executive Vice President, CFO and Treasurer of YRC Worldwide. “Our business is generating positive cash flow and our ability to continually improve our days to collect should provide the needed liquidity as we move through the seasonally slower first quarter.”

During the fourth quarter of 2010, the company sold excess property of $14 million and closed on $17 million of new sale and financing leasebacks. In addition, the company received $12 million in proceeds related to the working capital adjustment from the August 2010 sale of the majority of its YRC Logistics business.

At December 31, 2010, the company reported cash and cash equivalents of $143 million, unrestricted availability of $53 million and unused restricted revolver reserves of $71 million, subject to the terms of the company’s credit agreement, for a total of $267 million. As a comparison, at September 30, 2010, the company reported cash and cash equivalents of $115 million, unrestricted revolver availability of $46 million and unused restricted revolver reserves of $123 million, subject to the terms of the company’s credit agreement, for a total of $284 million. As a result of pay-downs from asset sales during the quarter and capacity reductions associated with excess liquidity provisions under the credit agreement, the company reduced its revolver capacity by $59 million and its term loan borrowings by $3 million. At December 31, 2010, the company’s revolver capacity was $714 million and term loan borrowings were $257 million.


The following information was filed by Yrc Worldwide Inc. (YRCW) on Friday, February 4, 2011 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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