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From The Associated Press, November 5, 2010 - 11:50 AM
The Overland Park, Kan. company, which operates trucks under Roadway, Yellow and New Penn names, posted a loss of $61.7 million, or $1.33 per share, compared with a year-ago loss of $158.7 million, or $66.66 per share. The company had an average of 46.5 million shares outstanding in the most recent quarter compared with an average of just 2.4 million shares outstanding a year ago. The company approved a 1-for-25 reverse stock split which was effective on Oct. 1.
Revenue fell slightly to $1.14 billion from $1.2 billion a year earlier.
Analysts polled by Thomson Reuters expected a loss of $1.33 per share
Shipments per day at the company's national unit fell 12.2 percent. At its regional unit, shipments were up 2.5 percent.
http://www.canadianbusiness.com/markets/...icle.jsp?content=D9JA2FN00
Read more: #003399" href="http://www.bizjournals.com/kansascity/print-edition/2010/11/05/yrc-takes-worn-path-to-recovery.html#ixzz14QyqmQbi" rel="nofollow" class="showvisited">YRC takes worn path to recovery | Kansas City Business Journal
With a contentious labor union vote behind it, YRC Worldwide Inc.’s next hurdle on its road to recovery is a familiar one — its financial backers.
The Overland Park-based trucker secured the approval of a third round of wage and benefit concessions from its International Brotherhood of Teamsters members on Oct. 30.
Those agreements included continuing a 15 percent pay cut from 2013 to 2015 and adding five months — until June 1 — to a waiver allowing YRC to avoid contributing to employee pensions. Even then, YRC will have to contribute a quarter of the amount it was paying when the waiver took effect almost 16 months ago.
The concessions, expected to save the company $350 million a year, are part of an overarching restructuring plan that now requires YRC to persuade its bondholders to again exchange a good portion of its $1.1 billion in long-term debt for equity in the company and, by Dec. 31, enter into a definitive agreement for $300 million in new financing.
The new financing arrangement would have to be completed by March 31.
As part of the deal, union officials will have a say in those debt and financing agreements and, if they aren’t satisfied, could determine the labor concessions null and void, drastically reducing the company’s viability.
But even though YRC will have a lot of incentive to get the debt and financing deals done, analysts said it may not be easy, given the still-sluggish economy and YRC’s continuing cycle of needing outside help to survive.
“We believe the company would be hard-pressed to garner a further debt-for-equity exchange from its debt holders and equally hard-pressed to find adequate third-party investors to partake in this restructuring/recapitalization,” said Art Hatfield, an analyst for Morgan Keegan Equity Research, which already has assigned the company’s stock a target price of $0.
YRC spent several months in late 2009 trying to get bondholders to swap debt for equity, a plan that succeeded only at the last minute.
An added wrinkle came on Nov. 1, when competing less-than-truckload hauler Arkansas Best Freight Corp. filed an administrative grievance and federal lawsuit against the Teamsters and subsidiaries of YRC.
The company claims that the three rounds of concessions, benefiting only YRC, violated the National Master Freight Agreement that governs unionized drivers and dockworkers throughout the country.
The suit also is asking for $750 million in damages through the end of the NMFA in March 2013.
Teamster members at ABF rejected a cost-cutting set of concessions in May, which most likely is fueling ABF’s lawsuit, said Jason Seidl, a Dahlman Rose & Co. analyst.
“We view Arkansas Best’s legal actions as the last-ditch effort by the company to bridge its cost structure gap with the LTL industry,” Seidl said, predicting that the case will drag out in court for months.
http://www.bizjournals.com/kansascity/...s-worn-path-to-recovery.html
OVERLAND PARK, Kan., Nov. 5, 2010 — OVERLAND PARK, Kan. Nov. 5, 2010 /PRNewswire-FirstCall/ --
YRC Worldwide Inc. (Nasdaq: YRCW) today reported its third quarter 2010 results. For the third quarter ending September 30, 2010, the company announced a net loss of $62 million and a $1.33 loss per share on average outstanding diluted shares of 46.5 million. As a comparison, the company reported a net loss of $159 million and a $66.66 loss per share in the third quarter of 2009 with average outstanding diluted shares of 2.4 million. The numbers of shares and the per share amounts for all periods presented within this release reflect the 1:25 reverse stock split which was effective on October 1, 2010.
"We are pleased with the continued support of our customers and our employees who remain focused on delivering results," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "We have achieved significant progress on our comprehensive recovery plan with the ratification of our new labor contract and the renewal of our ABS facility."
For the third quarter of 2010, the company reported positive cash flow from operating activities of $5 million which included positive adjusted EBITDA which was in excess of working capital requirements, cash interest and restructuring professional fees. Adjusted EBITDA is a non-GAAP measure that reflects the company's earnings before interest, taxes, depreciation, and amortization expense, and further adjusted for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals and certain other items, including restructuring professional fees and results of permitted dispositions and discontinued operations as defined in the company's credit agreement.
During the third quarter of 2010, the company issued $20.2 million in 6% notes and used the proceeds to retire approximately $20 million of 5% notes. The company repaid $25 million in borrowings under its asset-backed securitization ('ABS') facility, sold excess property of $36 million and entered into $3 million of new sale and financing leasebacks during the quarter. In addition, the company closed on the previously announced $38.7 million sale of the majority of its YRC Logistics business and used the net proceeds to pay down borrowings under the credit agreement. During 2010, the company has reduced its total debt by $73 million.
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.
"We continue to effectively manage our working capital, reduce debt and improve our cash flow, as demonstrated by the significant sequential improvement in our cash flow from operating activities from second quarter to third quarter," stated Sheila Taylor, Executive Vice President and CFO of YRC Worldwide.
As previously announced, during October 2010, the company renewed its ABS facility at $325 million through October 19, 2011.
http://www.centredaily.com/2010/11/05/2320007/...s-third-quarter.html
ÜBERLANDpark, Kan., 5. November 2010 - ÜBERLANDpark, Kan. 5. November 2010 /PRNewswire-FirstCall/ --
YRC Worldwide Inc. (Nasdaq: YRCW) meldete seinem dritten Trimester 2010 Resultate heute. Für das Trimesterende 30. September 2010, verkündete die Firma einen Reinverlust von $62 Million und einen Fehlbetrag je Aktie $1.33 auf durchschnittlichen hervorragenden verdünnten Anteilen von 46.5 Million. Als Vergleich meldete die Firma einen Reinverlust von $159 Million und einen Fehlbetrag je Aktie $66.66 am dritten Trimester von 2009 mit durchschnittlichen hervorragenden verdünnten Anteilen von 2.4 Million. Die Zahlen Anteilen und pro Anteilmengen während aller Zeiträume stellten sich innerhalb dieser Freigabe reflektieren die Rückauf lagerspalte des 1:25 dar, die am 1. Oktober 2010 wirkungsvoll war.
„Wir werden mit der anhaltenden Unterstützung unserer Kunden und unserer Angestellten, die auf das Liefern von Resultaten konzentriert bleiben,“ angegebener Bill Zollars, Vorsitzender, Präsident und Vorstandsvorsitzende von YRC weltweit gefallen. „Wir haben geerzielt bedeutenden Fortschritt auf unserem kompletten Wiederherstellungsplan mit der Bestätigung unseres neuen Arbeitsvertrags und der Erneuerung unserer ABS-Anlage.“
Während des dritten Trimesters von 2010, berichtete die Firma über positiven Bargeldumlauf von den Betriebstätigkeiten von $5 Million, denen enthaltene positive justierte EBITDA, die mehr als notwendig Arbeitskapitalanforderungen war, Interesse und Honorare der Umstrukturierung kassieren. Justiertes EBITDA ist ein non-GAAP Maß, das das Einkommen der Firma vor Interesse, Steuern, Abschreibung und Tilgungunkosten reflektiert, und weiter eingestellt auf Akkreditiv Gebühren, Billigkeit-gegründete Ausgleichsunkosten, Reinerträge oder Verluste auf Eigentumbeseitigungen und bestimmten anderen Einzelteilen, einschließlich Honorare der Umstrukturierung und Resultate der die Erlaubnis gehabten Einteilungen und der eingestellten Betriebe, wie in der Gutschriftvereinbarung der Firma definiert.
Während des dritten Trimesters von 2010, gab die Firma $20.2 Million in den 6% Anmerkungen heraus und verwendete die Erträge, um sich ungefähr $20 Million von 5% Anmerkungen zurückzuziehen. Die Firma erstattete $25 Million im Borgen unter seiner durch Vermögenswert besicherten Anlage des Securitization („ABS ") zurück, verkaufte überschüssiges Eigentum von $36 Million und nahm an $3 Million von neuen Verkaufs- und Finanzierungsrückmieten während des Viertels teil. Zusätzlich schloß die Firma auf dem vorher verkündeten Verkauf $38.7 Million der Majorität seines YRC Logistikgeschäfts und verwendet dem Netz fährt fort, hinunter Borgen unter der Gutschriftvereinbarung zu zahlen. Während 2010 hat die Firma seine Gesamtschuld um $73 Million verringert.
Bei 30. September 2010 berichtete die Firma Bargeld- und Bargeldäquivalente von $115 Million, uneingeschränkte Revolververwendbarkeit von $46 Million und über unbenutzte eingeschränkte Revolverreserven von $123 Million abhängig von den Ausdrücken der Gutschriftvereinbarung der Firma, für insgesamt $284 Million.
„Wir fahren fort, unser Arbeitskapital effektiv zu handhaben, verringern Schuld und verbessern unseren Bargeldumlauf, wie durch die bedeutende aufeinander folgende Verbesserung in unserem Bargeldumlauf von den Betriebstätigkeiten vom Zweiten Quartal zum dritten Trimester,“ zu angegebener Sheila Taylor, zum Executivvizepräsidenten und zu CFO von YRC weltweit gezeigt.
Wie, während Oktober 2010, die Firma vorher verkündet erneuerte seine ABS-Anlage bei $325 Million bis 19. Oktober 2011.
dass die 47 mio.outstanding shares (Aktien die im Umlauf sind) nicht teil der authorized shares sind. desweiteren, dürfen nur noch 13 mio aktien von yrcw ausgegeben werden, das steht in so ner investor info; hab aber keine lust das jetzt rauszusuchen, ist schließlich WE!
das sie es schaffen werden...
Schönen WE ;-)
heute unter 4,00 $, super Aktie, wenn wir da mal noch mit unserem Einstandspreis wieder rauskommen in den nächsten 2 Jahren, dann müssen wir froh sein. Note 1 YRCW!!! Hier wird es sehr Long. So jetzt schläft die Aktie erst mal für ein paar Monate ein und es wird sich nicht viell tun bis Q4
YRC Worldwide Inc. reported a dramatic reduction in its losses for the third quarter as it benefited from lower costs and a continued uptick in freight.
The Overland Park, Kan.-based trucker (Nasdaq: YRCW) on Friday reported losing $61.7 million, or $1.33 a share, in the July-to-September period. By comparison, it lost $158.7 million, or $66.66 a share, during the same period a year ago. The year-ago figures were adjusted to reflect a one-for-25 reverse-stock split the company implemented at the end of September.
Analysts surveyed by Thomson Reuters had expected a loss of $1.31 a share.
Revenue during the quarter fell 5 percent to $1.14 billion, meeting analysts’ expectations.
Chairman and CEO Bill Zollars said the company has made “significant progress” on its restructuring plan, including the ratification of new wage and workplace concessions by the International Brotherhood of Teamsters and the renewal of an asset-backed debt package worth $325 million.
Zollars has said he will retire from the company once the restructuring plan is completed.
During the quarter, YRC repaid $25 million in debt, sold $36 million in excess property, entered into $3 million in sale-leasebacks and sold most of its YRC Logistics business for $38.7 million, which was used to reduce debt.
YRC has 560 employees in the St. Louis area.
David Twiddy writes for the Kansas City Business Journal, an affiliated publication.
The expected savings from the work rule changes in this contract which are being implemented now are designed to offset the cost of resuming those pension contributions. A large portion of the work rule savings comes from a change in vacation rules which impacts the accrual for 2011 vacation. In addition the work rule changes allow us to better match our work force and each network and respond to the dynamic demand of our customers supply chains. For example, we can better meet peak demand times which occur during each work day through the use of 4 hour shifts and additional stagger start times.
And use with multiple start days for our employees allows us to manage the normal variability of customer demand during the week. Finally, we’ll be able to keep the freight moving faster. Fewer hand-offs with these new efficiencies in our network operations. All of this means we can provide better response to our customer’s needs, for improving the costs productivities at the same time, moving on.
As you probably know by now ABS has filed a suit in U.S. District Court of Arkansas attempting to nullify our contract with our Teamster Employees. Their claim is in direct contradiction to the laws governing labor contracts and in direct contradiction to their specific statements regarding their intention to not be bound by any agreements with TMI and the IBT. They are not a party to our labor contract. Let me give you some historical background.
For the five year labor contract which began on April 1st, 2008 ABS decided not to bargain with YRC and Holly. In August 2007, latter Bob Davidson, former CEO of ABS stated, “ABS will not consider itself bound to any such agreement, reached between TMI and the IBT.” In another August 2007 letter to the Teamsters, Mr. Davidson stated, “ABS hereby gives notice that it will conduct future negotiations directly with the IBT in order to enter into a new collective bargaining agreement applicable only to ABS.” ABS then dropped out of our negotiations of the 2008 contract and never became a party to our contract; later ABS was unable to negotiate a deal of their own and decided to enter into a contract with their employees that we’ve been told was on the same terms as the agreement that YRC and Holland has negotiated. We’re not a party to their labor contract with their employees.
Early this year ABS again tried to desperately negotiate; this time it was for an amendment to their 2008 labor contract. ABS proposed amendment was presented to its employees for ratification and was voted down. This very amendment stated that ABS was not part of our contract or our multi-employer bargaining unit. With the recent actions ABS is now interfering with our contract with our employees. We’ve sacrificed so much and approved three amendments. We will vigorously defend the decisions that our employees have made. Due to the pending litigation we won’t comment further on this call but we will update you as we file our quarterly response. Now I’ll turn it back over to Bill for closing.
Thanks, Mike, before wrapping up as you know I’ve informed the board of my intention to retire and the board has formed a search committee with the focus primarily on external candidates. I’m happy with the quality of leadership shown throughout the organization and believe it is a key contributor to our improved operating performance. I look forward to being involved in the process to find my replacement that will lead the company through its next chapter. Let me close by reiterating what Sheila said in that we are on an ongoing discussions with our stake holders in order to complete the final steps in our comprehensive recovery plan. We believe the steps we have already taken can demonstrate the continued support of all of our stakeholders including our employees, the IBT, our lenders, the pension funds and of course our customers. Because of where we are in the process we’re not going to be taking any specific questions on this topic today. We’ll now take your questions related to the business and we would ask that you limit yourself to just one question with one follow up.
http://seekingalpha.com/article/235092-yrc-worldwide-ceo-discusses-q3-2010-results-earnings-call-transcript?source=feed
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