YRC’s 1st quarter profit slashed by 97%

YRC’s 1st quarter profit slashed by 97% Overland Park, Kan.-based YRC Worldwide Inc.’s first quarter net income dropped 97 percent to $1.3 million, compared to $42.1 million in the same period last year.
   Operating income in the quarter was down 76.8 percent to $20.4 million, from $87.8 million in the prior-year quarter. YRC’s quarterly revenue declined to $2.33 billion, down 1.9 percent from $2.37 billion.
   “Our results were impacted by a weaker economy and extremely difficult operating conditions during the first quarter,” said Bill Zollars, YRC’s chairman, president and chief executive officer.
   “The economy grew more slowly than anticipated in the first quarter,” Zollars said, “and the general consensus of economists appears to be pushing out an improving economy by one quarter which will continue to impact us as we move through 2007.”
   The company’s list of brands include Yellow Transportation, Roadway, Reimer Express, Meridian IQ, New Penn, USF Holland, USF Reddaway, and USF Glen Moore.