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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.
Key Segment Information
Fourth quarter 2010 compared to the fourth quarter of 2009:
* YRC National Transportation tons per day down 7.7% and revenue per hundredweight up 4.2%
* YRC Regional Transportation tons per day up 13.9% and revenue per hundredweight up 1.6%
Fourth quarter 2010 compared to the third quarter of 2010:
* YRC National Transportation tons per day down 5.2% and revenue per hundredweight up 2.9%
* YRC Regional Transportation tons per day down 1.9% and revenue per hundredweight up 2.4%
Outlook
"With our continued operating momentum we expect to achieve our fourth consecutive quarter of positive adjusted EBITDA and be within our credit agreement financial covenants in the first quarter of 2011," stated Taylor.
In addition, the company has the following expectations for full year 2011:
* Gross capital expenditures in the range of $150 million to $175 million
* Excess property sales in the range of $40 million to $50 million
* Non-union pension plan contributions of $30 million
Review of Financial Results
YRC Worldwide Inc. will host a conference call with the investment analyst community today, Friday, February 4, 2011, beginning at 9:30am ET, 8:30am CT. The conference call will be open to listeners via the YRC Worldwide website yrcw.com. An audio playback will be available after the call also via the YRC Worldwide website.
Certain amounts presented in this release and the accompanying financial statements and data are preliminary and are subject to change in the company's Annual Report on Form 10-K for the year-ended December 31, 2010 when it is filed with the Securities and Exchange Commission ("SEC") based upon completion of the valuation analysis and accounting treatment associated with the company's non-union pension plan assets, including (without limitation) changes to pension and post retirement liabilities and total shareholders' equity (deficit).
Certain Non-GAAP Financial Measures
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. Adjusted EBITDA is used for internal management purposes as a financial measure that reflects the company's core operating performance. In addition, management uses adjusted EBITDA to measure compliance with financial covenants in the company's credit agreement. However, this financial measure should not be construed as a better measurement than operating income, operating cash flow or earnings per share, as defined by generally accepted accounting principles.
Adjusted EBITDA has the following limitations:
* Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt;
* Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements;
* Equity-based compensation is an element of our long-term incentive compensation program, although adjusted EBITDA excludes it as an expense when presenting our ongoing operating performance for a particular period; and
* Other companies in our industry may calculate adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, adjusted EBITDA should not be considered a substitute for performance measures calculated in accordance with GAAP.
Forward-Looking Statements:
This news release and statements made on the conference call for shareholders and the investment community contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "should," "expect," "continue," and similar expressions are intended to identify forward-looking statements. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (among others) our ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about our ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation) the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the SEC.
The company's expectations regarding future asset dispositions are only its expectations regarding these matters. Actual dispositions will be determined by the availability of capital and willing buyers and counterparties in the market and the outcome of discussions to enter into and close any such transactions on negotiated terms and conditions, including (without limitation) usual and ordinary closing conditions such as favorable title reports or opinions and favorable environmental assessments of specific properties.
The company's expectations regarding its non-union pension plan contributions are only its expectations regarding this matter. Actual contributions could differ materially based on a number of factors, including (among others) the final actuarial determination of the non-union pension plan assets and liabilities.
The company's expectations regarding liquidity, working capital and cash flow are only its expectations regarding these matters. Actual liquidity, working capital and cash flow will depend upon (among other things) the company's operating results, the timing of its receipts and disbursements, the company's access to credit facilities or credit markets, the company's ability to continue to defer interest and fees under the company's credit agreement and ABS facility and interest and principal under the company's contribution deferral agreement, the continuation of the wage, benefit and work rule concessions under the company's modified labor agreement and temporary cessation of pension contributions, and the factors identified in the preceding and following paragraphs.
The company's ability to continue the deferrals and concessions described above is dependent upon a number of factors including (among others) the company's ability (i) on or before February 28, 2011 (or such extended date permitted by the company's stakeholders) to execute an agreement in principle ("AIP") with its stakeholders setting forth the material terms of the restructuring/recapitalization of the company and its subsidiaries, (ii) on or before March 15, 2011 (or such extended date permitted by the company's stakeholders) to finalize the documents required to effectuate the restructuring/recapitalization of the company and its subsidiaries contemplated by the AIP, and (iii) on or before the earlier of May 13, 2011 and the agreed upon closing date (or such extended date permitted by the company's stakeholders) to close the restructuring/recapitalization of the company and its subsidiaries contemplated by the AIP. If the company is unable to satisfy the deadlines above, it would consider in court and out of court restructuring alternatives.
The company's expectations regarding its capital expenditures are only its expectations regarding this matter. Actual expenditures could differ materially based on a number of factors, including (among others) the factors identified in the preceding paragraphs.
The company's expectations regarding its compliance with its credit agreement covenants are only its expectations regarding these matters. Whether the company satisfies the covenants under its credit agreement is subject to a number of factors, including (among others) the factors identified in the preceding paragraphs.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive less-than-truckload (LTL) network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Investor Contact:
§
Paul Liljegren
Read more: http://financial.businessinsider.com/...d?GUID=16995009#ixzz1CztQQSd3
YRCW flying (not just truckin') on earnings:
YRCW YRC Worldwide beats on the bottom line, beats on revs (4.40 )
Reports Q4 (Dec) EPS of $0.49, or net income of $23 mln, including a $52 mln tax settlement benefit, excluding that gain, we estimate a loss of $0.61 per share, which may not be comparable to the Thomson Reuters consensus of ($1.37); revenues rose 4.0% year/year to $1.09 bln vs the $1.07 bln consensus. The co generated positive net 
5.15's premarket
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Also knapp 7 Dollar...Dann wäre ich auch wieder im plus...
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YRC Worldwide (YRCW) Shares Jump on Surprise Q4 EPS Beat
YRC Worldwide Inc. (Nasdaq: YRCW) shares are popping today ...
This article: 45 words
Date Published: Feb 4, 2011 08:37AM
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Danke für eure Antworten
Viel besser finde ich, dass der positive Cash Flow gesteigert werden konnte!
Gruß,
T.
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Wenn es positiv weitergeht passiert das viell. bi Ende des Jahres, was dennoch ein risen Erfolg wäre...
Übrigens, danke an @armin!! Das war konsequent und richtig!!
neinJense du musst den Ausblick sehen für 2011. Und da werden wir richtig in die Gewinnzone kommen. Weil das 1 Quartal beschissen war und das nationale Geschäft läuft das ist für mich das wichtigste.
Und von 1,4 Dollar minus auf 0,5 Plus was willste mehr da werden sich einige verzockt haben bei den Amis wir werdens erleben
Wurden keine Stopppp Lost gesetzt? irgendwie ....... bitte um Aufklärung, was hier grad passiert ist zu hoch für mich!
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Meine Anmerkung zum 4 Quartal: Die Tonnagen sind zurückgegangen:
Aber alle Geschäftsbereiche von yrcw erwirtschaften wieder Gewinn trotz Rückhgang bist auf die yrcw Truck-Load die aber kaum eine Bedeutung hat:
Für Neueinsteiger:
70 des Geschäftes von yrcw macht das nationale aus und hier haben wir zum zweiten mal seit langem wieder positves EBITA von 7 Mio
hier steckt die Zukunft von yrcw. Also das ihr das versteht im 1 Quartal und zweiten Quartal 2010 war hier noch ne Katastrophe.
Das Regionale: + 22,8 Mio EBITA
und Kooperationsgeschäfte: 9,9 Mio
Truckload= ca. - 1 MIo