Better year for YRC
Logistics group still in the red, but balance sheet is improving
US logistics group YRC Worldwide stayed in the red last year, but improved on 2008 and has entered 2010 on “a solid financial base”.
For the full-year, YRC made an operating loss of US$899m compared with a $1.4bn loss in 2008.
The company made a fourth-quarter operating loss of $95m, compared with a $335m loss in 2008.
Its 4Q national transportation shipments per day were down 39.9% year-on-year, and regional shipments per day were down 19.9%.
Bill Zollars, chairman and CEO of YRC Worldwide, said: “With our significantly improved balance sheet and additional liquidity resulting from our debt-for-equity exchange, we entered 2010 on a more solid financial base with good momentum.
“Our improved performance, measured year-on-year and from a lower revenue base, is now becoming apparent in our operating results, and we expect favourable year-on-year comparisons will accelerate during 2010.“
YRC said economic forecasts for 2010 indicated a stabilising economy with modest growth prospects.
For the full-year, YRC made an operating loss of US$899m compared with a $1.4bn loss in 2008.
The company made a fourth-quarter operating loss of $95m, compared with a $335m loss in 2008.
Its 4Q national transportation shipments per day were down 39.9% year-on-year, and regional shipments per day were down 19.9%.
Bill Zollars, chairman and CEO of YRC Worldwide, said: “With our significantly improved balance sheet and additional liquidity resulting from our debt-for-equity exchange, we entered 2010 on a more solid financial base with good momentum.
“Our improved performance, measured year-on-year and from a lower revenue base, is now becoming apparent in our operating results, and we expect favourable year-on-year comparisons will accelerate during 2010.“
YRC said economic forecasts for 2010 indicated a stabilising economy with modest growth prospects.
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