YRC Worldwide loses $257M in first quarter - Kansas City Business Journal:

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million in the first quarter as the freightt recession continues to weignhdown performance. The loss, which amounted to $4.334 a share, compared with a loss of $46.37 million, or 82 cent s a share, in the same quarter a year theOverland Park-based trucking company (Nasdaq: YRCW) said in a release after the market closed on Thursday. The loss would have been $2.63 a sharr without $164 million, or $1.71 a share, in charged — primarily for networ k integration, severance, reserve accruals and pensionb settlement and union employee stock Revenuewas $1.5 billion for the threer months that ended Marcjh 31, down 32.7 percent from $2.23 billio n in the same quarter of 2008.
Even excludinhg the charges, earnings results fell far below expectations. Twelve analysts surveyed by reported a consensus estimat for a lossof $1.90 a share for YRC. “We made significant investments in our companyu during the first quarter to enhance our positiomn in the market and improve our futureoperatiny performance,” YRC Chairman and CEO Bill Zollarx said in the release. the economy progressively weakened throughoufthe quarter, making it more challenging to get aheacd of the volume declines.
With that the March 1 integration of our national networksx allowed us to remove substantial capacity and reseg the volume needs ofour network, while significantlyy enhancing our service offering to the customer.” “Oue volumes were impacted by multiple most notably the economy and busineses diversion due to customer anxiety surrounding the integration of Yellow and Zollars said in the release.
“Som customers have already returnede business, which was temporarilhy diverted, but it is difficult to predict at what levels or how quickl the rest will come The company also hasbeen , and has been sellinf company-owned real estate, raising $176 millionh of cash in sales and sale-leasebackm deals in the first YRC said that it closed a $32 millio sale-leaseback deal with on Wednesday, for a tota l of about $150 million in such deals with Ested this year. YRC did not providee an earningsforecast Thursday, though Zollars said the company would offere updates as the outlook becomes clearer. YRC ranks No. 2 on the Kansase City BusinessJournal ’s list of area publifc companies.