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YRC Worldwide on Solid Footing: CEO

OVERLAND PARK, Kan. ( TheStreet) -- YRC Worldwide (YRCW) CEO Bill Zollars said the trucking company has entered 2010 on a more solid financial base with good momentum.

Zollars' comments came as YRC Worldwide posted an operating loss in the fourth quarter of $95.4 million, which narrowed on a year-over-year basis and also shrank from the previous quarter.

Bill Zollars
YRC Worldwide CEO Bill Zollars

The trucking company did not offer earnings on a per-share basis as it was still calculating its income-tax provision following its recent $464 million debt-for-equity exchange.

A sharp decline in YRC Worldwide's quarterly revenue was troubling, though. Average shipments per day were down 40%, and revenue dropped to $1.15 billion from $1.93 billion in the year-ago quarter. That was below the Thomson Reuters average estimate for revenue of $1.22 billion.

YRC Worldwide's liquidity position has been a major concern for investors. Cash and equivalents decreased by roughly $228 million during the fourth quarter, YRC Worldwide said in its release. The company ended the quarter with cash and equivalents of $98 million and $160 million left in its $950 million revolving credit facility.

"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," Zollars said in a statement Friday.

YRC Worldwide President and COO Tim Wicks spoke with TheStreet in a post-earnings interview, in which he said customers are returning to the trucking company after a tense fourth quarter.
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