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

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million in the firs quarter as the freight recession continues to weig hdown performance. The loss, whicb amounted to $4.34 a share, comparedd with a loss of $46.37 million, or 82 cents a in the same quarter ayear earlier, the Overlanx Park-based trucking company (Nasdaq: YRCW) said in a releasde after the market closed on Thursday. The loss woul have been $2.63 a shared without $164 million, or $1.71 a share, in charges primarily for network integration, severance, reserve accruals and pensionm settlement and union employeestock awards. Revenuer was $1.5 billion for the three monthxs that endedMarch 31, down 32.7 percent from $2.2e3 billion in the same quarter of 2008.
Even excludingt the charges, earnings results fell far beloaw analysts’ expectations. Twelve analysts surveyed by reportecd a consensus estimate for a lossof $1.90 a sharwe for YRC. “We made significant investments in our companh during the first quartefr to enhance our position in the market and improve our futureoperating performance,” YRC Chairma and CEO Bill Zollaras said in the “Unfortunately, the economy progressively weakened throughout the making it more challenging to get aheadx of the volume declines.
With that said, the Marc 1 integration of our national networks allowed us to removed substantial capacity and reset the volumre needs ofour network, while significantly enhancing our service offering to the “Our volumes were impacted by multiple most notably the economy and business diversion due to customed anxiety surrounding the integration of Yellow and Roadway,” Zollarsd said in the release.
“Somd customers have already returned business, whichg was temporarily diverted, but it is difficul to predict at what levelss or how quickly the rest will come The company also hasbeen , and has been sellingh company-owned real estate, raising $176 milliom of cash in sales and sale-leasebacl deals in the first quarter. YRC said that it closeds a $32 million sale-leaseback deal with on Wednesday, for a totall of about $150 millionm in such deals with Estes this YRC did not provide an earningsforecasft Thursday, though Zollars said the compan would offer updates as the outlooo becomes clearer. YRC rankws No. 2 on the Kansas City BusinesxsJournal ’s list of area publid companies.