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YRC Worldwide Management Discusses Q3 2011 Results - Earnings Call Transcript

The format of this call does not allow us to fully discuss all these risk factors. For a full discussion, please refer to this morning's earnings release and our SEC filings, including our 10-K, 10-Q and today's 8-K.

Additionally, please see today's release for a reconciliation of our GAAP measures to non-GAAP measures, such as a reconciliation of operating loss to adjusted operating loss and adjusted EBITDA, and the reconciliation of adjusted EBITDA to net cash flow from operating activities and adjusted free cash flow. During this call, we may refer to the non-GAAP measure of adjusted EBITDA simply as EBITDA.

Now I'll turn the call over to James Welch.

James L. Welch

Thank you, Paul, and good morning, everyone, and thanks for taking the time to join us this morning. As most of you know, I've just concluded my 100th day back at YRC Worldwide this week after leaving 4.5 years ago. And while I was disappointed and concerned about the condition of the company during the time I was gone, I have to tell you that we have made a lot of progress moving the company forward over these last 100 days, but we still have much to do, no doubt, and I'm not at all satisfied with where we're at and how we're performing but we will get better.

Let me start with a few comments on our restructure, which was closed on July 22. While we now have a restructured balance sheet that provides us with runway, we must sharpen our focus on the operations and the delivery of consistently reliable service to all of our customers. I'm very pleased with the service given by Holland, Reddaway and New Penn, but we have to push further improvements at YRC, and we are in fact making good progress, but it will take time. And as we improve service at YRC, I believe that we will restore confidence and build operations and sales, which should lead to higher yield and more volume.

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