OVERLAND PARK, Kan., Nov. 4, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today reported financial results for the third quarter of 2011.
Consolidated operating revenue for the third quarter of 2011 was $1.276 billion, up 12.3% over 2010, and consolidated operating loss was $24 million, which included $12 million of restructuring professional fees and a $15 million non-cash charge for union employee equity awards. As a comparison, the company reported consolidated operating revenue of $1.137 billion for the third quarter of 2010 and a consolidated operating loss of $19 million, which included $7 million of restructuring professional fees.
The company also reported positive operating cash flow for the third quarter of 2011 of $9 million and gross capital expenditures of $14 million resulting in free cash flow usage of $5 million, which included $12 million of restructuring professional fees. As a comparison, the company generated free cash flow for the third quarter of 2010 of $3 million which included $7 million of restructuring professional fees.
As previously announced, Jeff Rogers, formerly president of Holland, was named president of YRC, Mike Naatz, formerly chief customer officer of YRC Worldwide, has been named president of Holland, and Jamie Pierson has been named executive vice president and chief financial officer of YRC Worldwide. The enterprise-wide shared services functions, largely supporting YRC, now report directly to Jeff Rogers as we have redeployed the specific shared services resources supporting the regional companies back to each operating company. This change in organization structure is designed to dramatically improve the alignment of critical sales and marketing, human resources, customer service and operational support functions with each operating company's delivery of services to customers and provide greater autonomy for each operating company. The streamlined parent company will consist primarily of the traditional corporate financial and legal functions.
"I wish to express my personal thanks to Jeff Rogers for leading the Holland recovery, and look forward to his leadership impact at YRC," said James Welch, chief executive officer of YRC Worldwide. "We are pleased with the continued year-over-year growth in business volumes as we seek to change the culture of the company and transition to new leadership. The leadership changes at the parent company and YRC, together with the redeployment of our shared services functions, are all designed to position the company for improved operating results from an increased focus on the delivery of consistently reliable service to our customers," stated Welch.
At September 30, 2011, the company's cash and cash equivalents were $163 million and availability under its new multi-year, $400 million asset-based loan (‘ABL') was $116 million for total liquidity of $279 million. As a comparison, the company's cash, cash equivalents and unrestricted availability under its lending facilities was $173 million at June 30, 2011.
"With our 12.3% revenue increase, our working capital continues to be well managed as demonstrated by the 38.5 days-sales-outstanding for consolidated receivables, which is about one day better than third quarter a year ago," stated Jamie Pierson, chief financial officer of YRC Worldwide. "The unused availability from the new $400 million ABL facility provides important liquidity to support our working capital needs which are driven by seasonality and our year-over-year revenue growth."
In addition, the company reported a net loss of $120 million for the third quarter of 2011. The third quarter 2011 net loss includes a $79 million non-cash charge related to fair value adjustments for the derivative instruments embedded in the $140 million Series A notes and $100 million Series B notes due 2015 (‘2015 convertible notes'). As a comparison, the company reported a net loss of $62 million for the third quarter of 2010.
Key Segment Information
Third quarter 2011 compared to the third quarter of 2010:
- YRC National Transportation operating revenues up 11.5% to $841.6 million, adjusted operating ratio improved by 70 basis points to 100.9, tons per day up 4.2%, shipments per day up 5.5%, revenue per hundredweight up 7.5% and revenue per shipment up 6.2%.
- Regional Transportation operating revenues up 14.3% to $404.8 million, adjusted operating ratio improved by 180 basis points to 95.2, tons per day up 5.6%, shipments per day up 3.6%, revenue per hundredweight up 8.2% and revenue per shipment up 10.4%.
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