YRC says losses reflect recession
YRC Worldwide Inc. said last week it had a fourth quarter loss of $244.4 million compared to a loss of $735.8 million in the same 2007 period.
The parent of Yellow Transportation, Roadway and other trucking subsidiaries said revenue in the fourth quarter of 2008 totaled $1.9 billion, down from $2.3 billion in the same 2007 period.
“Our results reflect the significance of the economic recession that has been longer and deeper than anyone anticipated,” said Bill Zollars, chairman, president and chief executive officer of YRC Worldwide. “Although we were not pleased with this level of performance, it was consistent with our internal expectations and those of our banking group. The discussions with the banks are progressing well, and we are on track to finalize an amendment by mid-February,” Zollars added.
“Even in this economic environment, we generated a significant amount of cash and we have multiple initiatives in place that can further improve liquidity,” he said.
“Although we cannot control or even predict the economy, we have considerable opportunities to improve our financial position while enhancing service to our customers,” Zollars said.