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New Bill Would Set National Freight Transportation Policy
7/23/2010 - Truckinginfo
By Oliver B. Patton, Washington Editor
http://truckinginfo.com/news/news-detail.asp?news_id=71121&news_category_id=3
A trio of Democratic Senators introduced legislation that would give freight a seat at the national transportation policy table.
The FREIGHT Act of 2010 would for the first time give the country an official freight policy - "to improve the efficiency, operation, and security of the national transportation system to move freight" - and create within the Department of Transportation an Office of Freight Planning and Development, to be run by an assistant DOT secretary.
The bill takes Washington's penchant for acronyms to dizzying new heights - FREIGHT stands Focusing Resources, Economic Investment and Guidance to Help Transportation - but it includes an array of policy initiatives that the freight community has been wanting for a long time.
It would provide a conceptual framework for freight investment and planning, and set goals such as reducing delays at international points of entry, making transit times along freight corridors more reliable, improving safety and reducing air pollution. It also would give DOT two years to develop a National Freight Transportation Strategic Plan that would guide planning and investment.
Another provision would create a merit-based grant program for projects such as port or intermodal facility improvement, rail capacity additions or use of Intelligent Transportation Systems to reduce congestion.
The bill was introduced yesterday by Sen. Frank Lautenberg of New Jersey, who chairs the Surface Transportation Subcommittee of the Senate Commerce Committee. He was joined by co-sponsors Patty Murray and Maria Cantwell of Washington.
"We are long overdue in establishing a national freight transportation policy that will meet the economic and mobility demands of the 21st Century," said Lautenberg in a statement.
"Poor planning and underinvestment in our transportation infrastructure has led to increased congestion at our ports, highways, airports, and increases the cost of doing business," he said. "We need a freight transportation system that works better. This bill would put us on that path."
The legislative path at this point is not clearly marked. Leslie Blakey, executive director of the Coalition for America's Gateways and Trade Corridors, which is supporting the measure, said that the bill could advance as part of pending legislation to reauthorize the federal highway program, or it could move as a stand-alone measure.
"I'm probably not surprising anyone in saying that it seems as though the cards are stacked against (the reauthorization bill moving) any time soon," Blakey said, referencing the difficult political problem of raising the funds that are needed to sustain and grow the national transportation system.
She said this measure was deliberately crafted without references to funding - either how much money is required or how to raise it. That way, Blakey said, the bill can be handled by the Senate Commerce Committee, which has jurisdiction over transportation policy matters. The money question would have to be handled by the Senate Finance Committee, and it might be easier to do that for this bill as a stand-alone measure rather than as a piece of the larger reauthorization bill, she said.
Mortimer Downey, chairman of the Coalition for America's Gateways and former deputy transportation secretary, described the measure as "the most broad-based response" he has seen to the long-standing need to give freight its due place in transportation planning.
"They understand that moving goods is critical to moving the economy," he said.
Financial FAQs
http://insight.yrcw.com/archive_faqs.html
Q. When will Q2 2010 results be announced?
A. Full second quarter results will be announced on Aug. 3, 2010. YRC Worldwide provided an update on second quarter results July 12, reporting that:
* We expect second quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in a range of $35 million to $45 million, excluding YRC Logistics, which will be reported as discontinued operations.
* Even including those charges, we expect to exceed the $5 million covenant for our lending agreement
Q. What is the cash flow situation?
A. As announced in the update issued on July 12: At June 30, our cash and cash equivalents, unrestricted availability and restricted revolver reserves were $279 million compared to $241 million on March 31.
Q. What were the company's Q1 2010 results?
A. Our operating results improved sequentially throughout the quarter, continuing our year-over-year improvement and positive momentum. We removed additional cost from the business and more effectively managed our working capital.
YRC National reported another quarter of improvement in year-over-year adjusted EBITDA. YRC Regional reported a third straight quarter of positive adjusted EBITDA.
For the quarter ending March 31, 2010, YRC Worldwide announced a loss per share of ($0.33) when excluding a previously announced charge of ($0.20) per share for union employee equity based awards and ($0.53) loss per share when including those items. By comparison, the company reported a $4.61 loss per share in the first quarter of 2009.
Q. What steps is YRCW taking to continue its momentum?
A. We are working with our stakeholders to gain financial stability, and we are focused on serving our customers through our supply chain solutions expertise - these are the strategies that helped us manage through past challenges, and they're the strategies that are fueling our growth. Additional steps recently taken to support progress:
* Joint committees have been formed between the Teamsters and YRC Worldwide to address pension re-entry and market competitiveness, and those discussions are active.
* In June, we amended our asset-backed securitization (ABS) facility to increase our borrowing capacity to provide additional liquidity. Our growth strategy requires working capital, and the ABS amendment was necessary for us to fund the growth that we are experiencing until a longer-term solution can be developed with our lenders and the Teamsters.
* Also in June, YRC Worldwide entered into an agreement with Austin Ventures for the acquisition of a portion of YRC Logistics. Customers will retain seamless access to our full portfolio of supply chain services, with no change in the way their business is handled. As we continue to offer full global logistics solutions for our customers, incremental liquidity from the transaction will support our business growth.
Q. When YRC Worldwide announced Q1 results, you also announced a new bank amendment. What did the amendment accomplish?
A. The support of our lender group continues to play a key role in our progress. We plan to raise equity and increase liquidity through such actions as issuing a portion of the shares authorized at the special February 2010 shareholders' meeting. Our lender group has modified our credit agreement to allow us to retain 100% of the first $100 million of cash proceeds, further improving the potential liquidity benefit from this equity program.
Q. What factors are impacting the per-share price of YRC Worldwide stock?
A. Factors unrelated to actual company performance can impact the price and trading volumes of YRCW stock. In anticipation of our results and ongoing steps in our growth plan, the pershare price of YRCW stock has been low. Multiple factors impact stock price and don't have anything to do with business progress, and per-share price doesn't impact our ability to serve you.
Q. Are there changes to the YRCW board of directors?
A. The successful note exchange in December 2009 allowed us to begin 2010 with a significantly improved balance sheet, additional liquidity and positive momentum. It also changed the ownership of the company and the composition of our board. Six new members have joined our board of directors, bringing with them a range of skills and experience, including an understanding of capital markets, pension planning and operations. For detailed information on our new board members, we encourage you to read these two news releases in the yrcw.com media room:
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=466434
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=472721
Q. What is the status of YRC Worldwide 2010 note obligations following a court ruling to keep put rights in place?
A. Following our debt-for-equity exchange at the end of 2009, about $70 million in 2010 note obligations remained. As part of our comprehensive financial recovery plan, in February, YRC Worldwide reached a definitive agreement with investors for private placement of $70 million in new 6 percent convertible notes to satisfy those remaining obligations.
* In February, we closed on the first part of the transaction for $49.8 million of new notes, which were issued to satisfy USF notes due April 15. The issuing of notes for the remaining $20.2 million has been dependent on litigation to determine whether we could remove Aug. 9 put rights for $20 million of outstanding contingent convertible notes. As reported in our 8-K filing on July 6, a court has determined that the put rights should remain in place.
* We're working with investors to issue the second tranche of 6 percent 2014 notes to satisfy the August put rights. The new 6 percent notes would be issued from the $20.2 million remaining on deposit in escrow related to the February 2010 $70 million private placement transaction.
* Resolving the funding of the notes does not impact our operations or our ability to serve our customers.
As with most reports filed with the SEC on company activities, our 8-K about the put rights decision and expected next steps included cautionary language, which is simply part of the requirement to keep our investors informed of potential risks.
Q. What is the status of long-term pension reform?
A. The current multi-employer system forces YRC Worldwide and many other businesses to support retirees who never worked for them. This was a problem that was largely hidden until the recession hit, but the existing system is unfair and unsustainable. We want to support the retirement of our own employees, and we're pleased that legislation has now been introduced in both the House and the Senate. The issue has bi-partisan support, the attention of the administration, and we're optimistic about the timing and growing momentum to bring about the needed reforms.
Q. What's the business outlook at YRC Worldwide?
A. We appreciate the continued confidence customers demonstrated in us by increasing their shipments during the latter part of the first quarter and into April. Our update on second quarter results indicted that tonnage per day for second quarter was up 11 percent for national transportation and up 15.2 percent for our regional brands over the first quarter.
The boost in shipments supports the results of a 2010 business-outlook survey we conducted in January with 5,700 customers. The results fell right in line with economic forecasts for modest growth and a stabilizing economy: 62 percent said they were optimistic their business volumes would increase this year; 85 percent said they intended to increase or maintain their YRC Worldwide shipments.
Positive feedback from customers continues to confirm the trends we're seeing. We have grown business with existing customers and are building business with new customers. We are focused on creating an exceptional customer experience.
Q. Why is YRC Worldwide no longer included on the Russell 3000 index?
A. Due to the current market capitalization of YRC Worldwide (shares outstanding multiplied by current share price), YRCW is not included on the Russell 3000 Index and sub-set indexes (Russell 2000, Russell Microcap) as of June 25, 2010. The Russell Indexes track market segments; specifically, the Russell 3000 measures the stock performance of the largest 3,000 U.S. companies. The Russell Indexes are rebalanced each year in June to reflect overall market changes and changes in segment characteristics. The Russell indexes does not impact our Nasdaq stock market listing, and changes in these indexes do not impact our ability to operate and to serve our customers.
Q. The 2009 YRCW annual report and other recent filings have included cautionary language about the future. Why?
A. It is important to keep in mind that the 10-K focused on 2009 - not the progress we've been making. The auditors included language that is indicative of the challenges we faced in 2009 as well as uncertainties posed by the operating environment and overall economy. In addition, there are accounting and auditing requirements that require cautionary language when there is uncertainty of future events, but it is not unexpected in our case. This language appears in other filings and is similar to language disclosed by other companies significantly impacted by the recession.
It's important for you to know that we will continue to deliver on our customer commitments. We continue taking aggressive actions through our plans to keep our organization headed in the right direction and help us achieve profitability. We're seeing positive trends and we're using every opportunity to build on them.
Q. How will organizational changes made in the spring help YRC achieve profitability?
A. Our intent is to create an exceptional customer experience with every customer, every shipment and at each touchpoint. To help us achieve our goal, we are better integrating YRC field sales and operations, improving alignment across YRC Worldwide operating companies, and placing decision-making and accountability closer to the customer. This will enable us to more efficiently provide high-quality, consistent service while developing stronger business relationships. An exceptional customer experience will help us grow and retain profitable business.
Q. Can customers continue to rely on YRC Worldwide now and in the future?
A. Yes. We have decades of experience across our brands and have managed through downturns before. We are committed to our customers. YRC Worldwide has taken important steps through the implementation of our comprehensive recovery plan to improve the health of our company. We have the operational ability to deliver on our promises to our customers. With our organizational structure and closer alignment of YRC sales and operations, we expect to see continual improvements.
The efficiency and effectiveness improvements at our regional companies should further enhance our industry-leading next-day and regional services. Our regional companies consistently outperform industry benchmarks in on-time deliveries, damage-free service and accurate invoices.
Q. Why should I care if YRC Worldwide survives when there are other choices out there?
A. Choice in the marketplace gives you a competitive advantage. Choice means you have better options. We're good for your business. Strong YRC Worldwide brands provide you with comprehensive, flexible transportation and logistics solutions. We bring you the most comprehensive network in North America, run by the finest experts in the business.
Forward-Looking Statements:
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "will," "expects," and similar expressions are intended to identify forward-looking statements. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (among others) our ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about our ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multiemployer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the SEC.
The company's expectations regarding multi-employer pension plan reform are only its expectations regarding this matter. The impact to the company and the multi-employer pension plans to which it contributes of such reform is subject to a number of conditions, including (among others) whether Congress passes legislation to reform multiemployer pension plans and the timing of, and provisions included in, such legislation.
The company's expectations regarding liquidity are only its expectations regarding this matter. Actual liquidity levels will depend upon (among other things) the company's operating results, the timing of its receipts and disbursements, the company's access to credit facilities or credit markets, the company's ability to continue to defer interest and fees under the company's credit agreement and ABS facility and interest and principal under the company's contribution deferral agreement, the continuation of the existing union wage reductions and temporary cessation of pension contributions, and the factors identified in the preceding paragraphs.
The closing of the remaining $20 million of 6 percent notes is subject to a number of conditions, including (among others), that all the representations and warranties made by the company therein must continue to be true and correct in all material respects as of the second closing date.
The company's expectations regarding the closing of the transaction with Austin Ventures and the additional liquidity the transaction will provide are only its expectations regarding these matters. The closing is subject to a number of conditions, including (among others), normal and customary closing conditions, the consent of the company's lenders under its credit agreement and the consent of the pension funds a party to the company's contribution deferral agreement.
once_again: YRC_Worldwide_2nd_Quarter_Earnings_Call_8/3/2010_at_9:30_AM_ET
http://investors.yrcw.com/index.cfm
####################################################################
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=486835
Second Quarter Earnings Call
The company will hold a conference call for shareholders and the investment community on Tuesday, August 3, 2010, beginning at 9:30am ET, 8:30am CT. Second quarter earnings will be released the same day, Tuesday, August 3, 2010, prior to the opening of the market. The conference call will be open to listeners live and by recorded playback via the YRC Worldwide Internet site yrcw.com.
well, then i'll take $5
...our mod is a little bit slllllloooooooooooooooooowwwwwwwwlllyyyyyyyyy -NEXM-
YRC Worldwide 2nd Quarter Earnings Call 8/3/2010 at_9:30_AM_ET
http://investors.yrcw.com/index.cfm
LINK ??
Cross-border trade: The billion-dollar baby
http://insight.yrcw.com/the_billion_dollar_baby.html
The U.S. and Canada enjoy the world's largest and most comprehensive trading relationship.
Consider:
* Over 4,900 different products were imported or exported between the two countries during 2009.
* Prior to the recession, bilateral trade with Canada was estimated at an amazing $1.5 billion a day, and first quarter 2010 statistics show a steady climb toward pre-recessionary levels.
* Canada is the primary export market for 36 states in the U.S.
* Two-way commerce across the Ambassador Bridge alone is roughly equivalent to all U.S. exports to Japan.
With so much at stake, when it comes to shipping in and out of Canada, you need a transportation partner who can keep your supply chain running on schedule.
That's when you call the companies of YRC Worldwide: Reddaway, Holland, New Penn, YRC and YRC Reimer.
Our companies are border-security compliant and certified in the ACE, C-TPAT, FAST, CSA and PIP programs. This means reduced border inspections, expedited processing of low-risk shipments, and border crossings that take minutes . . . not hours or days.
We offer longhaul and short haul services, as well as many expedited and guaranteed delivery options. In fact, by integrating neighboring Canadian provinces into our regional networks, we give you the most next-day and guaranteed cross-border delivery options, which let you meet virtually all your supply chain needs.
We also can make available to you broker services to facilitate customs clearance, advance funds for import duties and taxes and provide one invoice with itemized charges for transportation, brokerage services, duties and taxes.
When it comes to delivering confidence when shipping into or out of Canada, call the YRC Worldwide companies:
Reddaway: 1-888-420-8960
Holland: 1-866-465-5263
New Penn: 1-800-285-5000
YRC: 1-800-610-6500
YRC Reimer: 1-877-330-3321
yrcworldwide @ twitter -
http://twitter.com/yrcworldwide
Get to know Natalie Putnam, leader of the integrated sales team for YRCW.
http://ow.ly/2bg1A
6 hours ago
Getting to know Natalie Putnam
In April, YRC Worldwide took action to better align sales and operations. As a key part of those changes, Natalie Putnam was named leader of an integrated sales team. It's a role she took on with her trademark energy, dedication and focus on results.
Insight: You're out in the field and on the phone talking with customers constantly. What are they telling you?
Putnam: I hear two things all the time:
1. They want us to be here. Customers have a strong affiliation with YRC Worldwide and our brands. They like our people and our history, and they want us to succeed.
2. Life isn't easy for our customers today. They're dealing with ocean capacity and truckload capacity issues. Rates are rising, and profits aren't that healthy yet. We need to prove we're the trusted partner for them across the modes. We want them to be confident that they can bring issues to us and we'll provide the solutions.
Insight: You've really focused the integrated sales team on providing solutions, rather than services. Why?
Putnam: The essence of our solution-based selling approach is that we're here to solve customer problems, not to hit our own sales quotas. We are a consultant to our customer's business, an extension of their supply chain. We act in their best interest--it's about the customer, not us. When we solve their problems, we create a relationship that's strong, integrated and long-term. An important extension of doing solution-based selling really well is the ability to create cutting-edge solutions. By listening to our customers, we can evolve and design new services as customers need them. This helps us remain truly relevant as a business partner who understands business issues and designs solutions to fit.
Insight: Can you give us an example of how that might work?
Putnam: The window service we created for vendors shipping to Walmart is an excellent example--and we've expanded it for other big box retailers. Looking forward, we're hearing more about dot-com fulfillment. The models using that are growing, and require a fast cycle time. There's a great opportunity for us to develop services for the dot-com supply chain as that channel evolves.
Insight: When you do look ahead, how's the view?
Putnam: I absolutely and sincerely believe that we are on the way to rebuilding our company to be more successful than ever. I have spent a great deal of time in discussions with our customers and YRC Worldwide leadership. I am inspired by the amount of work and commitment demonstrated by our financial leadership and others throughout the company. There's a real passion for progress, for moving this company forward. We know the depths we came from last year. We are leaner and more agile now. Business is coming back and people are talking across the company like one organization. We've been through difficult times together and that has forged us into one strong organization. I am really excited about the future.
i like it!
OT: UPS raises outlook for year despite mixed economy
UPS raises forecast for year despite slow pace of recovery in US, Europe; 2nd-qtr profit soars
Thursday July 22, 2010, 8:30 am
http://finance.yahoo.com/news/UPS-raises-outlook-for-year-apf-1158274818.html?x=0
NEW YORK (AP) -- UPS is confident it can overcome a slow economic recovery in the U.S. and Europe and is once again raising its outlook for the year.
The Atlanta company said Thursday it expects adjusted earnings of $3.35 to $3.47 per share, up from a previous prediction of $3.05 to $3.30. Analysts' currently expect $3.27.
UPS Inc., the world's largest shipping company, also said Thursday its earnings in the April to June period jumped to $845 million, or 84 cents per share, compared with 445 million, or 44 cents per share a year ago. Revenue rose 13 percent to $12.2 billion.
Average daily package volume rose 1 percent.
Thomson Reuters says analysts forecast 77 cents per share on $11.98 billion in revenue.
"UPS fired on all cylinders in the second quarter even in the face of a mixed global economic environment," said CEO Scott Davis.
The company said its U.S. reorganization is producing better-than-expected results and its international segment is growing at a fast clip. That should allow UPS to report strong growth "despite the anticipated slow pace of the U.S. recovery and a cautious outlook for Europe," said finance chief Kurt Kuehn in a statement.
For the quarter that ended in May, UPS' smaller rival FedEx earned $419 million, or $1.33 per share. It said last month that economists are being too pessimistic about the pace of global recovery.
OT: Stock futures rise sharply, point to rebound
Stock futures point to rally after signs of European growth; ahead of earnings, economic data
Thursday July 22, 2010, 6:52 am
http://finance.yahoo.com/news/Stock-futures-rise-sharply-apf-2647985410.html?x=0&sec=topStories&pos=main&asset=&ccode=
NEW YORK (AP) -- Stocks are set for a strong rebound after some encouraging signs of growth in Europe and as another big batch of earnings could provide better insight into the recovery.
Futures rose sharply Thursday after a report showed growth in the 16-nation group that uses the euro.
Another batch of earnings from a wide variety of industries could also provide some clues about the pace of a recovery. Results from companies like Caterpillar, 3M, UPS, American Express and Microsoft should show how much consumers are shipping, shopping and borrowing.
@ mod: could you make this a sticky!??
YRCW is hiring...
http://www.yrcw.com/careers/jobs/
Operations: drivers, dock workers, equipment services, facilities
# Jobs 171
Professional: accounting, administrative/clerical, finance, human resources, industrial engineering, information technology, legal, operations management, procurement, security
# Jobs 85
Sales: sales, customer support/call center (sales assistants and representatives)
# Jobs 16
Notification of Preliminary Results
Date : 07/20/2010 @ 5:00AM
Source : UK Regulatory (RNS & others)
Stock : Antisoma (ASM)
http://ih.advfn.com/p.php?pid=nmona&article=43662614&symbol=L^ASM
London, UK, and Cambridge, MA: 20 July 2010 - Antisoma plc (LSE: ASM; USOTC: ATSMY) will be announcing its Preliminary Results for the year ended 30 June 2010 on Thursday 29 July 2010.
Enquiries:
Daniel Elger
VP, Marketing & Communications
Antisoma plc
+44 7909 915 068
Mark Court/Lisa Baderoon/Catherine Breen
Buchanan Communications
+44 (0)20 7466 5000
Background on Antisoma
Antisoma is a London Stock Exchange-listed biopharmaceutical company that develops novel products for the treatment of cancer. The Company has operations in the UK and the US. Please visitwww.antisoma.com for further information about Antisoma.
[HUG#1432737]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Antisoma plc via Thomson Reuters ONE
Zoom Technologies' Leimone Brand Enjoys High Acceptance by Mobile Phone Customers in China
Date : 07/21/2010 @ 12:00PM
Source : MarketWire
Stock : Zoom Technologies (ZOOM)
http://ih.advfn.com/p.php?pid=nmona&article=43688829&symbol=N^ZOOM
Zoom Technologies, Inc. (NASDAQ: ZOOM), a leading China based manufacturer of mobile phones and related products, today announced that 128,000 Leimone brand mobile phones were sold within the first half of 2010, including 16,000 units of the latest 3G design. These phones are sold through one of China's major mobile phone operators, China Telecom, and also through various retail channels. The Leimone brand phones carry a higher profit margin than the Company's contract engineering & manufacturing service (EMS) business activities.
Zoom Technologies began to manufacture and sell its Leimone brand mobile phones in the second quarter of 2009. With the successful launches of several Leimone models so far in 2010, the Company anticipates selling more than 600,000 Leimone units by the end of this year.
Mr. Leo Gu, Chairman and CEO of Zoom Technologies, commented, "Our Leimone phones are extremely popular for their ease of use and attractive price points, a great fit for the growing number of young people in China seeking mid-priced phones with sleek designs. We will continue to focus our manufacturing activities on our core business and explore potential ancillary revenue streams made available by the increasing use of China's 3G networks. We are only beginning to take advantage of the growth in China's mobile phone market for the foreseeable future. With 14 production lines, we have the capacity to manufacture up to 10 million units for our EMS customers and at the same time, produce 12 models of our own feature-rich handsets equipped with the latest technologies, including four models for the 3G networks, two of which we have already introduced this year."
About Zoom Technologies
Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry, and related software products. Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as its Own Brand Manufacturing (OBM) under the brand name of Leimone. The company's products are both exported and sold domestically.
Forward-Looking Statements
Certain statements in this press release may constitute "forward looking statements" that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions or future events. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
Exhibiting Optimism
http://insight.yrcw.com/exhibiting_optimism.html
When business picks up, tradeshows pick up. And business is picking up.
Phil Gaines, chief financial officer of YRC and senior vice president-finance for YRC Worldwide, spoke to the Exhibition Services and Contract Association (ESCA) recently, and provided some encouraging economic news.
"While the economic decline was particularly difficult for the tradeshow and events industry, with fewer attendees and exhibitors and the consolidation of some shows, the industry appears to be on the mend now," Gaines said. "For example, there's noticeable improvement in the big shows."
Gaines said the exhibit industry growth is one more sign that the worst is behind us and recovery is underway.
"We're seeing a number of signs of economic recovery," Gaines said. "If you look at the Institute for Supply Management Manufacturing Index, there's improvement in every category. Industrial production is also trending upward."
With retail inventories remaining low, Gaines told ESCA attendees there's tremendous opportunity in the transportation sector when demand returns with stronger economic growth. Volume is on the rise throughout the industry and at YRC Worldwide brands. For example, tonnage per day for the second quarter was up 11 percent for YRC and up 15.2 percent for our regional brands over the first quarter.
For exhibit shippers, YRC offers proven expertise, with a national tradeshow team of professionals on site at most major shows in North America. The team assists with moves, and takes care of last minute issues that can arise on the exhibit floor. Along with YRC Guaranteed Precision™ and Expedited Precision™ services, exhibit shippers can also tap into our patented Sealed Exhibit™ protection service.
"Almost half of our customers participate in at least one show every year," Gaines said. "Providing the best Exhibit Services in the industry is an important way to consistently deliver confidence to them. We're committed to serving the needs of the exhibit industry and are pleased to offer flexible solutions that help our customers succeed."
Keryx Biopharmaceuticals, Inc. Announces Appointment of Joseph Feczko, M.D. to Board of Directors
Date : 07/21/2010 @ 8:30AM
Source : PR Newswire
Stock : Keryx Biopharmaceuticals (MM) (KERX)
http://ih.advfn.com/p.php?pid=nmona&article=43684162&symbol=KERX
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) today announced the appointment of Joseph Feczko, M.D. to the Company's Board of Directors.
Joseph Feczko, M.D., 61, a seasoned pharmaceutical executive, joins the Keryx Board with broad industry experience across the spectrum of medical, regulatory and operational affairs. Dr. Feczko was, until his retirement in May 2009, Senior Vice President and Chief Medical Officer (CMO) of Pfizer Inc and member of the Executive Leadership Team with global responsibilities for all aspects of the company's medical, regulatory and safety activities. Following a time in private practice, he joined Pfizer in 1982 in New York, and then worked for ten years in the United Kingdom for both Pfizer and Glaxo where his responsibilities included supervising clinical research, regulatory affairs, data management and safety reporting. He returned to Pfizer in New York in 1996, where he held positions of increasing responsibility in clinical research and regulatory affairs and safety, culminating in the role of CMO. Dr. Feczko is board-certified in Internal Medicine and a specialist in Infectious Diseases. He has a B.Sc. degree from Loyola University Chicago, and an M.D. from the University of Illinois College of Medicine.
"We are very pleased to have Dr. Feczko join our board of directors," said Michael P. Tarnok, Chairman of the Board. "Dr. Feczko brings to our Board nearly 30 years of global pharmaceutical industry experience in Clinical Development, Regulatory Affairs and Licensing, and we believe that his expertise will be invaluable as we continue to develop our drug candidates with the hope of getting them to those patients that can benefit from them."
Dr. Feczko is currently chairman of the board of directors of Cardoz Pharmaceuticals AB. Additionally, Dr. Feczko is a member of the Board of Directors of the Foundation for the National Institutes of Health, Research!America and the International Longevity Center as well as the New York Academy of Medicine. He is also a member of the Board of Directors of the Accordia Global Health Foundation and the Technical Expert Committee for Trachoma on the International Trachoma Initiative of the Task Force for Global Health, as well as a member of the governing board of the Technology Strategy Board of the United Kingdom.
ABOUT KERYX BIOPHARMACEUTICALS, INC.
Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of life-threatening diseases, including cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 has demonstrated both safety and clinical efficacy in several tumor types, both as a single agent and in combination with novel therapies. KRX-0401 is currently in Phase 3 clinical development for both refractory advanced colorectal cancer and multiple myeloma, and in Phase 1 and 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 programs are being conducted under Special Protocol Assessment (SPA) agreements with the FDA. Keryx is also developing Zerenex(TM) (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex in the treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to an SPA agreement with the FDA. Keryx is headquartered in New York City.
KERYX CONTACT:
Lauren Fischer
Director - Investor Relations
Keryx Biopharmaceuticals, Inc.
Tel: 212.531.5965
E-mail: lfischer@keryx.com
SOURCE Keryx Biopharmaceuticals, Inc.
Statement of YRC WORLDWIDE, INC.
http://waysandmeans.house.gov/hearings/Testimony.aspx?TID=8256
YRC Worldwide, Inc. is one of the nation’s largest trucking companies. We employ approximately 45,000 men and women in the United States, the majority of whom are members of the International Brotherhood of Teamsters. We provide good middle class jobs with strong wages, health care, and a pension. YRCW has approximately 700,000 customers, including the Department of Defense and FEMA. In 2008, YRCW generated $22.1 billion in total output, employment for 141,158 workers, and $2.8 billion in total tax revenues for federal, state, and local governments. The Company transported goods valued at approximately $202 billion or 1.4 percent of GDP. In addition, YRCW contributed approximately $540 million to 36 multiemployer pension plans to provide pension benefits to more than 1.2 million active and retired Teamster members.
In the hearing notice, the Chairman pointed out that many companies that sponsor defined benefit plans “may find themselves simultaneously struggling to navigate an economy during a severe downturn with decreased cash flow and less access to credit while having to make up for significant losses incurred in the pension trusts that fund their workers’ pension benefits.” For companies that are part of the trucking and grocery industries, the problems are even more acute.
Prior to the start of the recession, the Company had delivered record earnings and operating margins. Since the freight recession began in the second half of 2006, however, the Company has gone from producing strong earnings to significant losses. In this exceptionally difficult business environment, YRCW now faces three inter-related problems in meeting its pension obligations: The Company funds the benefits of, and effectively acts an insurer or guarantor for, hundreds of thousands of workers who never have worked for YRCW (“non-sponsored retirees”); the multiemployer plans to which we have been contributing have suffered significant investment losses; and we face a worsening demographic challenge as fewer workers support the pension obligations of more and more retirees. Given our significant pension obligations, the downturn in business volume in the current economic environment has had especially adverse consequences for the Company. In short, our contribution burden has now grown to an unsustainable level as our business continues to suffer from the global economic meltdown.
Working with the Teamsters, we are doing what we can through self-help measures to address the challenges we face. Since the beginning of the year, for example, our union and non-union employees have agreed to a 15% reduction in wages. Management has done so as well. In addition, YRCW has taken other steps to improve the company’s cash flow and liquidity, including selling off excess property, consolidating back-office functions, and reducing overhead. In addition, we have temporarily terminated our participation in our largest plans for 18 months in order to preserve our cash flow. At the same time, the multiemployer plans to which the Company has contributed also have taken self-help measures to address the solvency challenges they face.
But unless Congress provides legislative relief this year, many of the pension plans to which YRCW has been contributing will eventually become insolvent. When that occurs, the Pension Benefit Guaranty Corporation (PBGC) will be responsible for the pension obligations of the hundreds of thousands of participants in the plans.
How did we get here? In 1980, Congress enacted two bills that, albeit seemingly unrelated, have together over time created unsustainable pension plan obligations for YRCW and other successful freight carriers. The Motor Carrier Act deregulated the trucking industry, while the Multiemployer Pension Plan Amendments Act (MPPAA) imposed an exit penalty on companies upon their withdrawal from multiemployer pension plans, including companies in the trucking industry. As a result of MPPAA, a company that withdraws from a multiemployer plan must pay its fair share of liability to fund the plan’s unfunded vested benefits.
Although seemingly similar, “termination” liability and “withdrawal” liability are fundamentally different legal concepts, and have had fundamentally different impacts in the real world. Prior to the enactment of MPPAA, if a multiemployer plan had a declining base of contributing employers, the remaining employers were required to absorb a greater share of the funding costs of benefits for non-sponsored participants, i.e., plan participants previously employed by former contributing employers. Similarly, if a multiemployer plan terminated because of a substantial decline in its contribution base, only the companies remaining in the plan at the time of termination were required to pay termination liability to the PBGC. This often resulted in a race to the exits by companies wishing to avoid termination liability upon the plan’s termination.
By substituting “withdrawal liability” for “termination liability” in MPPAA, Congress sought to provide some measure of protection for companies remaining in multiemployer plans. The rationale for the change was that, if a company had to pay a fee upon withdrawal, remaining employers would be less exposed and less inclined to race to exit the plan. But the legislation had a perverse effect instead: by imposing an exit penalty upon withdrawing companies, MPPAA acted as a deterrent to new companies entering into multiemployer agreements. The impact was particularly dramatic in a contracting industry such as the freight carrier industry.
As a result of the interplay of the two statutes, of the thousands of carriers in business in 1979, only a few are left to principally fund multiemployer pension plans today. This has created a crippling financial obligation that could lead to massive job losses and health care and pension benefits losses for hundreds of thousands of active and retired workers. To put the impact of the legislation in perspective, we have appended to our statement a list of the top 50 LTL carriers that were in business in 1979 and the handful left in business today, two of which are now part of YRCW and two of which have dropped out of the top 50.
In short, as an unintended consequence of the 1980 legislation, YRCW now supports hundreds of thousands of workers who never worked for YRCW. In fact, we have contributed more than $3 billion towards their benefits. Employer bankruptcies and recent investment losses are crippling the multiemployer plans to which YRCW has been contributing. As a result, YRCW’s contribution burden has become unsustainable and many pension funds are headed for insolvency.
Many plans have been forced to implement both benefit reductions and contribution increases as a result of the collapse in equities and the requirements of the Pension Protection Act. Many plans are “mature” plans in which retirees receiving benefits heavily outnumber participating active employees and where contributions already fall well short of paying benefits, requiring significant investment earnings each year to maintain their funding level. By themselves, these circumstances likely will require every multiemployer plan to make some kind of draconian adjustment for 2009 and beyond. Plans that are fully funded or nearly fully funded will likely be required to reduce the level of benefits they provide. Plans that are operating under an amortization extension, funding improvement plan or rehabilitation plan likely will be required to further reduce benefits or increase contributions or both for 2009 and beyond.
The failure of a major employer, such as YRCW, will exacerbate these problems. When a contributing employer fails, the plan loses the contributions attributable to the employer both for the current year and for the purposes of its actuarial calculations. Only a small percentage of withdrawal liability--the amount the defunct contributors owe for prior year benefits--is ever recovered in bankruptcy. The plan suffers an immediate reduction in actives and often a substantial and immediate increase in retirees, increasing its annual benefit payments and making it more dependent on investment income. Required adjustments become correspondingly greater. Contributions will need to be higher. Cuts will need to be deeper.
In a multiemployer plan, when one employer fails, the benefit obligations are shifted to the surviving employers, who must bear the burden not only for current participants but also for the new non-sponsored retirees. For members of the Teamsters, the remaining employers include not just industrial employers but also participating local unions and affiliated health and welfare and pension plans. At a minimum, these remaining employers will bear the added burden of the vested benefits of the failed employer’s employees. Depending on required adjustments, their employees may suffer reduced future accruals, and the employers will likely be required to pay even higher contributions. If the failure creates an immediate funding deficiency, the remaining employers, even if they have an existing collective bargaining agreement, will likely be required to pay an excise tax on top of the increased contributions.
Higher contributions and reduced benefits may prompt other employers to leave the plan, further reducing the number of active members and the contribution base, increasing the number of retirees and terminated vested members, and making the plan even more dependent on future investment returns and more unstable. In some situations, higher contributions will likely force remaining employers into bankruptcy, resulting in even more lost jobs. In the worst case, the failure of the primary plan will have a domino effect, leading to the failure of other plans in which these employers contribute and even more job losses.
Having made roughly $3 billion in contributions to fund the pension benefits of retirees not affiliated with YRCW, the Company can no longer afford to continue to serve in its role as an involuntary surrogate for the PBGC. Self-help measures will not be enough. For the sake of our Teamster employees and retirees, we need help from the Congress this year to address the challenges facing the company and the multiemployer plans to which we have long provided support.
Proposed Legislative Solution
We very much appreciate the efforts by Representative Pomeroy and other Members to address the challenges faced by multiemployer plans and companies such as YRCW. In drafting legislation this year, we urge the Ways and Means Committee to--
* Update the “partitioning rules” of current law so that the PBGC would assume the pension obligations for non-sponsored retirees while the plans continue to support the participants of current employers;
* Provide a “fresh start” for multiemployer pension plans suffering from recent investment losses; and
* Provide tax relief to offset the financial burden that employers like YRCW have borne by acting as a surrogate PBGC in funding the pension obligations of non-sponsored retirees.
Thank you for your consideration.
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Securities Registration Statement (simplified form) (S-3)
http://ih.advfn.com/p.php?pid=nmona&article=43651687&symbol=N^SNSS
175,847,950 Shares
This prospectus relates to the disposition from time to time of up to 175,847,950 shares of our common stock, including 27,552,790 shares of our common stock issuable upon the exercise of outstanding warrants, which are held by the selling stockholders named in this prospectus. The selling stockholders acquired the common stock from us in separate closings of a private placement on April 3, 2009, October 30, 2009 and June 30, 2010, respectively, and are more fully described on page 3 of this prospectus under “Private Placement.”
The selling stockholders may resell or dispose of the shares of our common stock, or interests therein, at fixed prices, at prevailing market prices at the time of sale or at prices negotiated with purchasers, to or through underwriters, broker-dealers, agents, or through any other means described in this prospectus under “Plan of Distribution.” The selling stockholders will bear all commissions and discounts, if any, attributable to the sale or disposition of the shares, or interests therein. We will bear all costs, expenses and fees in connection with the registration of the shares. We will not receive any of the proceeds from the sale of these shares of our common stock by the selling stockholders. We will, however, receive the net proceeds of any warrants exercised for cash. We provide more information about how the selling stockholders may sell their shares of common stock in the section entitled “Plan of Distribution” beginning on page 22 of this prospectus.
Our common stock is listed on The NASDAQ Capital Market under the symbol “SNSS.” The last reported sale price of our common stock on July 16, 2010 was $0.49 per share.
(1) This registration statement relates to the resale by the selling stockholders named herein of up to 175,847,950 shares of common stock, par value $0.0001 per share, of the registrant that were acquired by the selling stockholders in separate closings of a private placement, dated April 3, 2009, October 30, 2009 and June 30, 2010, respectively.
(2) Based upon the estimated maximum number of shares of common stock that may be sold by the selling stockholders. Pursuant to Rule 416 under the Securities Act, the shares being registered hereunder include such indeterminate number of shares of common stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.
(3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457 promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon the average of the high and low prices of the registrant’s common stock as reported on The NASDAQ Capital Market on July 14, 2010.
AMEX Listing Requirements
http://www.ehow.com/list_5904003_amex-listing-requirements.html
1. Before a stock can be publicly traded, it has to be listed on a stock exchange like the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX). To be listed, companies must meet certain standards established by each particular exchange. The AMEX, for example, currently has four distinct standards for companies to choose and gain listing. Since the merger with the NYSE, the AMEX has been known as NYSE Amex Equities and specializes in trading small and micro cap stocks.
Standard 1
2. The AMEX requires companies to have $750,000 in pre-tax income in the two most recent fiscal years. In addition, the minimum price of its stock must be $3 and public float must have a market value of $3 million. Public float refers to shares of stock owned by the public and not by company directors, officers or controlling interest investors. In total, the company's shareholder equity must be at least $4 million.
Standard 2
3. Similar to standard 1, the company must have a stock price of at least $3. However, the company does not have to meet income requirements. Therefore, a company can make any amount of money to gain listing on the AMEX as long as it meets the other criteria in standard 2. In addition, its public float must be at least $15 million with at least $4 million in shareholder equity. Shareholder equity is the net worth of the company--that is, the difference between assets and liabilities. Lastly, AMEX requires companies to provide at least two years of operating history.
Standard 3
4. Under this standard, the company needs to meet a minimum of $50 million in market capitalization. Market capitalization refers to the market price of the entire company. This is calculated by multiplying the number of shares in investor hands by the market price of the stock. Similar to standards 1 and 2, the company must meet a minimum $15 million market value public float and a minimum of $4 million in shareholder equity. Lastly, its share price must be at least $2.
Standard 4
5. The fourth standard has the highest monetary requirements of all standards. In this case, the company must have either $75 million in market capitalization or at least $75 million in revenue and $75 million in assets. In addition, the public float must have a minimum value of $20 million with a share price of at least $2.
Listing Standards: http://www.amex.com/equities/howToLst/Eq_HTL_ListStandards.html
Holland Selected as 2009 LTL Carrier of the Year by TTS, LLC
July 14, 2010
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=488934
OVERLAND PARK, Kan., July 14, 2010 - Holland, a subsidiary of YRC Worldwide Inc. (Nasdaq: YRCW) has been named 2009 LTL Carrier of the Year by TTS, LLC, one of the fastest growing third-party transportation and logistics providers in the industry.
In a recent ceremony, TTS presented its annual Carrier of the Year Awards to recipients in four distinct transportation categories including Rail, OTR, Drayman, and LTL.
To determine rankings, TTS rated its suppliers based on criteria such as on-time performance, ease of use, technology, and revenue for the year from TTS. Agents and employees of TTS then voted to determine the winners.
"Service quality is a top priority for our team of professionals at Holland," said Jeff Rogers, president - Holland. "It is an honor to be recognized by Total Transportation Services for doing what we have long considered to be the core of our business: providing an exceptional customer experience."
This marks the fourth time this year that Holland has been recognized for an exceptional customer experience. The company also has secured a 2009 Supplier Excellence Award for the fourth consecutive year from Eastman Chemical Company, a 2009 Regional Carrier of the Year Award from Echo Global Logistics, and a 2009 Carrier of the Year award from Hamilton Sundstrand Logistics Council.
About Holland
Holland is a YRC Worldwide company offering transportation solutions throughout the Midwestern and Southeastern United States and Eastern Canada. Holland makes claim-free deliveries a top priority, and its on-time performance has long been considered an industry standard.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is one of the largest transportation and logistics service providers in the world and the holding company for a portfolio of brands including YRC, YRC Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and Reddaway. YRC Worldwide has the largest, most comprehensive network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Media Contact:
Suzanne Dawson
Linden, Alschuler & Kaplan
212.329.1420
sdawson@lakpr.com
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
YRC Worldwide Offers Investors the Best Cash Flow in the Trucking Industry
Written on Fri, 07/16/2010 - 5:37am
http://www.mysmartrend.com/news-briefs/news-watch/yrc-worldwide-offers-investors-best-cash-flow-trucking-industry-yrcw-trbr-dt-0
Below are the top five companies in the Trucking industry as measured by the price to cash flow ratio. Often companies with the lowest ratio present the greatest value to investors.
YRC Worldwide (NASDAQ:YRCW) has a price to free cash flow ratio of 7.9x based on a current price of $0.22 and a free cash flow per share of $0.03.
Trailer Bridge (NASDAQ:TRBR) has a price to free cash flow ratio of 12.8x based on a current price of $3 and a free cash flow per share of $0.24.
Dollar Thrifty Automotive (NYSE:DTG) has a price to free cash flow ratio of 14.1x based on a current price of $46.02 and a free cash flow per share of $3.27.
Amerco (NASDAQ:UHAL) has a price to free cash flow ratio of 29.5x based on a current price of $61.63 and a free cash flow per share of $2.09.
Ryder System (NYSE:R) has a price to free cash flow ratio of 32.8x based on a current price of $41.17 and a free cash flow per share of $1.26.
Landstar's Second Quarter Climbs on Strong Volumes, Pricing
7/15/2010
http://www.truckinginfo.com/news/news-detail.asp?news_id=71015
Landstar System's second quarter revenue and net income climbed from the second quarter of 2009 on stronger volumes and pricing, the non-asset based supply chain provider said.
The company reported a 31 percent boost in revenue to $641.7 million in the 2010 quarter, up from $491.2 million in the 2009 second quarter. Net income was $24.4 million, or 49 cents a share, compared to $17.9 million, or 35 cents a share for the 2009 second quarter. Operating income was up 34 percent to $40 million, compared to $29.8 million in 2009.
"The overall freight environment continues to be strong," said Henry Gerkens, chairman, president and CEO. "Recent trends in June, and thus far in July, indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior year periods. I expect these trends to continue throughout the 2010 third quarter."
Truck transportation revenue hauled by business capacity owners and truck brokerage carriers in the 2010 quarter was $592 million, up from $453.8 million a year ago.
Gerkens said he expects the company's third quarter revenue to increase by 25 to 33 percent over the 2009 quarter, with earnings per share in the range of 47 to 52 cents.
"I would anticipate 2010 third quarter results to be similar to those experienced in the 2010 second quarter," he said.
These Cold Stocks Are Heating Up
July 15, 2010
http://www.fool.com/investing/high-growth/2010/07/15/these-cold-stocks-are-heating-up.aspx
... Tomorrow's big rig
Has trucking giant YRC Worldwide climbed to its feet again? The owner of Yellow Transportation, Roadway, and New Penn has been fending off bankruptcy protection as the economy tanked, oil prices soared, and railroads offered a seemingly better value proposition. Yet YRC Worldwide now expects to have adjusted EBITDA of as much as $45 million for the second quarter, a nice change from last quarter's adjusted EBITDA loss of $53 million.
It has boosted liquidity, shed its logistics business, and appears to be gaining a more firm financial footing. As business improves, YRC Worldwide is going to soak up more working capital, but that's not necessarily so bad because it ought to lead to better conditions later on, and management says there shouldn't be any more mass layoffs.
J.B. Hunt Transport Services, Inc. Reports Revenues and Earnings for the Second Quarter 2010
15.07.2010 22:00
http://www.finanznachrichten.de/nachrichten-2010-07/17424501-j-b-hunt-transport-services-inc-reports-revenues-and-earnings-for-the-second-quarter-2010-004.htm
* Second Quarter 2010 Revenue: $943 million; up 22%
* Second Quarter 2010 Operating Income: $91 million; up 94%*
* Second Quarter 2010 EPS: 40 cents vs. 19 cents
*2Q 2009 included a $10.3 million pretax charge to write down the value of certain tractors held for sale
J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced second quarter 2010 net earnings of $52.1 million, or diluted earnings per share of 40 cents vs. second quarter 2009 earnings of $24.0 million, or 19 cents per diluted share. Second quarter 2009 results included a pretax charge of $10.3 million, or 5 cents per diluted share, to write down the value of certain tractors held for sale. Excluding this charge, second quarter 2009 earnings were 23 cents per diluted share.
Total operating revenue for the current quarter was $943 million, a 22% increase over the $770 million reported for the second quarter 2009. The increase in operating revenue was primarily attributable to higher Intermodal segment volumes, significant growth in our Dedicated Contract Services (DCS) segment and revenue growth in our Truck segment. Utilization of assets also improved significantly as did pricing in the Truck segment. Current quarter operating revenue, excluding fuel surcharges, increased 16% over the comparable quarter 2009.
Operating income for the current quarter increased to $91.3 million vs. $47.1 million for the second quarter 2009, or $57.4 million, excluding the asset write down in 2009. This increase was primarily due to a 54% increase in Intermodal operating income, a 177% increase in DCS operating income and positive Truck operating income vs. a loss last year. Operating expenses, excluding fuel and fuel taxes and rents and purchased transportation, were all lower as a percentage of revenue. The effective income tax rate was slightly lower this year vs. last year.
"Demand for transportation services has increased fairly dramatically as we have emerged from a multi-year freight recession. Scarcity of capacity in Intermodal, Truckload and Brokerage markets was quite pronounced in the current quarter. We saw our business improve sequentially throughout the quarter as reflected in higher prices in Intermodal and Truck as the quarter unfolded. Intermodal pricing was down 2.7% from the second quarter last year, however, pricing increased 2.4% from April to June this year. Truck pricing trends were even more evident, as our overall rate per mile, excluding fuel surcharges, improved 8.3% from April to June this year. ICS margins improved from their recent bottom as contract prices started to increase, partly due to the difficulty of finding capacity. DCS continued to see growth in the Final Mile Delivery business, as new customers began to be integrated into the network. Across all segments demand was solid throughout the quarter with no evidence of renewed weakness. Shippers increasingly have exhibited concern about the supply/demand imbalance as their ability to secure adequate capacity has become more difficult," said Kirk Thompson, President and CEO.
Segment Information:
Intermodal (JBI)
* Second Quarter 2010 Segment Revenue: $526 million; up 24%
* Second Quarter 2010 Operating Income: $59.5 million; up 54% *
*2Q 2009 included a $6.6 million pretax charge to write down the value of certain tractors held for sale
JBI operating income was up 31%, compared to a year ago, excluding the asset write down in 2009. The operating ratio improved 60 basis points over a year ago to 88.7%. Overall load volume grew 19% year-over-year. Both the transcontinental volume (up 15%) and eastern volume (up 30%) continued the strong trend we experienced in the first quarter 2010. Reported industry wide equipment shortages in both the truck and intermodal markets led to opportunities to assist customers not seen since peak season 2007. While bid season is substantially over, we continue to receive requests from customers looking for new trans-loading opportunities on the west coast and peak season capacity assurances.
The strong demand was also reflected in improved pricing results. While still lower than year-ago levels, average pricing was up approximately 2% from first quarter 2010 lows. We are well positioned to capitalize on the increasing freight demands and are taking every opportunity to recover pricing lost over the last two years. Both our tractor fleet and container fleet have been substantially updated with our average age of fleet now at 1.9 years for tractors and 5.0 years for containers. The current end-of-quarter container count was approximately 41,000 and Company dray trucks approximated 2,480. While challenged with freight levels not seen in a couple years, rail service remains very consistent.
Dedicated Contract Services (DCS)
* Second Quarter 2010 Segment Revenue: $229 million; up 31%
* Second Quarter 2010 Operating Income: $22.3 million; up 177% *
*2Q 2009 included a $3.7 million pretax charge to write down the value of certain tractors held for sale
DCS revenue increased 31% during the current quarter, while revenue excluding fuel surcharge, increased 27%. This increase in revenue primarily related to a 22% increase in revenue per truck per week, excluding fuel surcharge. Along with this increase in productivity, our average truck count in the current quarter increased 4% to 4,436 compared to the same quarter in 2009. The increase in truck count related to three factors: the final implementation of the delivery network, truck additions at certain accounts that had truck reductions in 2009 and the addition of several new dedicated delivery and non-delivery contracts through the first half of 2010.
Operating income increased 177% compared to the same quarter 2009. In the second quarter 2009, DCS incurred a $3.7 million pretax charge to write down the value of certain tractors held for sale. Excluding that charge, current quarter operating income increased 89% over the second quarter 2009. The increase in current quarter operating income was due to both revenue growth and margin improvement related to our focus on services that generate appropriate returns on invested capital. The delivery channel, approximately 30% of our revenue in the current quarter, generated improved margins while adding new customers into the network. Our other channels experienced higher productivity in the current quarter primarily due to the increase in our customers' volume as discussed above. As this increase in demand has been across all channels and geographic regions, we plan to begin redeploying assets from accounts with inadequate financial returns to new business with appropriate returns.
Truck (JBT)
* Second Quarter 2010 Segment Revenue: $125 million; up 15%
* Second Quarter 2010 Operating Income: $7.2 million vs. $(4.0) million
Revenue for the current quarter increased 15% compared to the second quarter 2009. Excluding fuel surcharges, JBT revenue increased 8%, despite a 13% reduction in tractors. At the end of the current quarter, our tractor count was 2,769 compared to 3,169 in 2009.
After six consecutive quarters of decline, overall rates surpassed their 2009 comparisons, gaining 1.2% over the same period a year ago and 6.6% from the first quarter of this year. Moreover, our average length of haul in 2010 is 10% greater than a year ago, magnifying the rate change.
Firmer demand and a strengthening freight environment helped utilization improve 13% over the comparable year's quarter. Non paid empty miles per load were 14% lower in 2010 than in 2009, while demand for paid empty charges to reposition equipment was significant. Spot rates per loaded mile, excluding fuel surcharges, improved 30% on a 9% longer length of haul, compared to a year ago, and 31% sequentially from the first quarter of this year.
Only a portion of the rate improvement can be attributed to paid deadhead charges and surging spot market. Customer-initiated bid activity was largely absent during the current quarter, but our on-going comprehensive review of underperforming accounts, evaluating each for both profitability and relevance under our revised network plan, also has resulted in improvements to published pricing. Many customers with inadequate pricing provisions agreed to modified contract terms in order to secure capacity, which was in ever-shorter supply as the quarter progressed.
Integrated Capacity Solutions (ICS)
* Second Quarter 2010 Segment Revenue: $70 million; up 3%
* Second Quarter 2010 Operating Income: $2.2 million; down 48%
ICS continued to focus on achieving a more desirable balance between our contractual and transactional shipments with transactional shipments increasing to 52% in the current quarter vs. 44% in the same period 2009. We continued to see significant margin compression in our contractual shipments as we progress through a rebalancing of supply and demand. However, increased transactional volume and margin were able to offset some of the margin compression experienced in our contractual business.
The oversupply of carrier capacity that we experienced during the second quarter 2009 resulted in unusually high margins. As a result, our gross profit (gross revenue less purchased transportation expense) decreased 27% to $9.7 million and gross profit margin decreased to 13.9% in the current quarter vs. 19.5% in the second quarter 2009.
We continue to incur expenses associated with establishing new branch locations and have seen operating income improvements at some of these branches. Our customer base increased 25% and our third party carrier base increased 10%, while our employee count declined 1% during the current quarter vs. the comparable period 2009.
Cash Flow and Capitalization:
At June 30, 2010, we had a total of $617 million outstanding on various debt instruments compared to $648 million at June 30, 2009, and $565 million at December 31, 2009.
Our net capital expenditures for the six months ended June 30, 2010 approximated $104 million compared to $142 million for the same period 2009. At June 30, 2010, we had cash and cash equivalents of $7.7 million.
During the current quarter we used approximately $150 million of our previously announced $500 million share repurchase authorization to purchase approximately 4.4 million shares of our common stock. Actual shares outstanding at June 30, 2010 were approximately 123 million.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2009. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.
OT(3): J.B. Hunt Transport Services, Inc. Reports Revenues and Earnings for the Second Quarter 2010
* Second Quarter 2010 Revenue: $943 million; up 22%
* Second Quarter 2010 Operating Income: $91 million; up 94%*
* Second Quarter 2010 EPS: 40 cents vs. 19 cents
*2Q 2009 included a $10.3 million pretax charge to write down the value of certain tractors held for sale
http://www.finanznachrichten.de/nachrichten-2010-07/17424501-j-b-hunt-transport-services-inc-reports-revenues-and-earnings-for-the-second-quarter-2010-004.htm
...Demand for transportation services has increased fairly dramatically as we have emerged from a multi-year freight recession...
OT(2): JB Hunt declares quarterly dividend
http://finance.yahoo.com/news/JB-Hunt-declares-quarterly-apf-1818882588.html?x=0
LOWELL, Ark. (AP) -- Trucking company J.B. Hunt Transport Services Inc. on Thursday declared a quarterly dividend of 12 cents.
The dividend is payable Aug. 13 to shareholders of record on July 30.
OT: Landstar System Q2 Profit Rises 36%
7/14/2010 4:54 PM ET
http://www.rttnews.com/Content/EarningsNews.aspx?Id=1359195
Transportation and logistics provider Landstar System Inc. (LSTR: News ) said Wednesday its second-quarter profit increased 36% over last year, driven by stronger volumes and pricing as well as double-digit revenue growth in all the segments. Further, the company's board has raised the quarterly dividend by 11%. The company provided earnings outlook for the third quarter, which came in-line with the Street expectations.
The Jacksonville, Florida-based company reported net income of $24.4 million or $0.49 per share for the second quarter, up from $17.9 million or $0.35 per share in the prior year quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the second quarter. Analysts' estimates typically exclude special items.
Operating income for the quarter grew 34% to $40.0 million from $29.8 million in the year-ago quarter.
Second quarter revenue increased 31% to $641.7 million from $491.2 million in the same quarter last year. Sixteen analysts had a consensus revenue estimate of $600.04 million for the second quarter.
Truck transportation revenue hauled by business capacity owners and truck brokerage carriers was $592.0 million in the second quarter, up 30.5% from $453.8 million a year ago.
Landstar's Chairman, President and CEO, Henry Gerkens, said, "The total number of truck transportation loads hauled by business capacity owners and truck brokerage carriers in the 2010 second quarter was the highest reported number of truck transportation loads hauled by business capacity owners and truck brokerage carriers in any quarter of any year in Landstar's history."
Revenue hauled by rail, air and ocean cargo carriers grew 24% to $35.0 million from $28.2 million in the previous year quarter.
Total costs and expenses increased to $602.0 million from $461.6 million in the prior year quarter.
Further, Landstar said its board has declared a quarterly dividend of $0.05 per share, an 11% increase. The dividend is payable on August 27, 2010 to stockholders of record at the close of business on August 9, 2010.
During the second quarter, the company purchased 510,062 shares of its common stock at a total cost of $20.6 million. Under the company's authorized share purchase program, the company currently has a total of 745,000 shares of its common stock available for purchase.
For the first-half of 2010, Landstar posted net earnings of $41.6 million or $0.83 per share, up from $31.8 million or $0.61 per share in the previous year period.
Revenue for the period increased to $1.2 billion from $960.4 million in the prior year period.
For the third quarter, Landstar anticipates earnings in the range of $0.47 to $0.52 per share, and revenue to increase in a range of 25% to 33% over the third quarter 2009. Street expects the company to earn $0.50 per share on revenue of $609.85 million for the third quarter.
Looking ahead, Gerkens said, "Recent trends in June, and thus far in July, indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior year periods. I expect these trends to continue throughout the 2010 third quarter."
Landstar's peer, Lowell, Arkansas-based JB Hunt Transport Services Inc. (JBHT: News ) is slated to release its second quarter results on July 15. Analysts expect the company to report earnings of $0.36 per share on revenue of $911.62 million for the second quarter.
NMT Medical to Release Second-Quarter 2010 Financial Results on July 29
Date : 07/15/2010 @ 9:15AM
Source : Business Wire
Stock : NMT Medical (NMTI)
http://ih.advfn.com/p.php?pid=nmona&article=43616090&symbol=N^NMTI
NMT Medical, Inc. (NASDAQ: NMTI) today announced that it will release its second-quarter 2010 financial results before the market opens on Thursday, July 29, 2010.
Management will host a conference call at 9:30 a.m. (ET) that morning to review the Company’s financial results and provide a business update. Individuals interested in listening to the live webcast of the conference call should log onto the “Investors” section of NMT’s website, www.nmtmedical.com.
The call also may be accessed by dialing (877) 407-5790 or (201) 689-8328. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About NMT Medical, Inc.
NMT Medical is an advanced medical technology company that designs, develops, manufactures and markets proprietary implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures. NMT is currently investigating the potential connection between a common heart defect that allows a right-to-left shunt or flow of blood through a defect like a patent foramen ovale (PFO) and brain attacks such as embolic stroke, transient ischemic attacks (TIAs) and migraine headaches. A common right-to-left shunt can allow venous blood, unfiltered and unmanaged by the lungs, to enter the arterial circulation of the brain, possibly triggering a cerebral event or brain attack. More than 33,000 PFOs have been treated globally with NMT's minimally invasive, catheter-based implant technology.
For more information about NMT Medical, please visit www.nmtmedical.com.
Sunesis Issued European Patent Covering Voreloxin Combination
Date : 07/15/2010 @ 8:00AM
Source : MarketWire
Stock : Sunesis Pharmaceuticals, Inc. (SNSS)
http://ih.advfn.com/p.php?pid=nmona&article=43614381&symbol=SNSS
Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) today announced that the European Patent Office (EPO) has granted a European patent covering combinations of the Company's lead drug candidate, voreloxin, with cytarabine. Cytarabine is the standard-of-care treatment for Acute Myeloid Leukemia (AML), and the therapy used in combination with voreloxin in a fully enrolled Phase 2 trial in patients with relapsed and/or refractory AML. Sunesis has also announced plans to initiate a multinational, randomized, double-blind, placebo-controlled, pivotal Phase 3 clinical trial of voreloxin in combination with cytarabine in a relapsed/refractory AML patient population in the second half of this year. European Patent No. 1 729 770 B1, titled "SNS-595 [voreloxin] and Methods of Using the Same," following completion of the patent validation process, will provide patent coverage for such combination products in 30 member states of the European Patent Convention, including the major European markets, through 2025. Corresponding patent applications are pending in major markets throughout the world including Australia, Canada, Japan and the United States.
"This patent is an important new addition to our intellectual property estate, as it covers the combination of voreloxin and cytarabine, the contemplated initial market application," stated Daniel Swisher, Chief Executive Officer of Sunesis. "We are pursuing a sophisticated and deliberate strategy to provide exclusive coverage in the voreloxin patent estate out to 2030. Beyond our granted patents, we have filed patent applications covering formulations, combination uses, dosing, manufacturing processes and composition of matter claims. We look forward to the successful prosecution of these patent applications in multiple territories around the world."
Sunesis Issued European Patent Covering Voreloxin Combination
Date : 07/15/2010 @ 8:00AM
Source : MarketWire
Stock : Sunesis Pharmaceuticals, Inc. (SNSS)
http://ih.advfn.com/p.php?pid=nmona&article=43614381&symbol=SNSS
Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) today announced that the European Patent Office (EPO) has granted a European patent covering combinations of the Company's lead drug candidate, voreloxin, with cytarabine. Cytarabine is the standard-of-care treatment for Acute Myeloid Leukemia (AML), and the therapy used in combination with voreloxin in a fully enrolled Phase 2 trial in patients with relapsed and/or refractory AML. Sunesis has also announced plans to initiate a multinational, randomized, double-blind, placebo-controlled, pivotal Phase 3 clinical trial of voreloxin in combination with cytarabine in a relapsed/refractory AML patient population in the second half of this year. European Patent No. 1 729 770 B1, titled "SNS-595 [voreloxin] and Methods of Using the Same," following completion of the patent validation process, will provide patent coverage for such combination products in 30 member states of the European Patent Convention, including the major European markets, through 2025. Corresponding patent applications are pending in major markets throughout the world including Australia, Canada, Japan and the United States.
"This patent is an important new addition to our intellectual property estate, as it covers the combination of voreloxin and cytarabine, the contemplated initial market application," stated Daniel Swisher, Chief Executive Officer of Sunesis. "We are pursuing a sophisticated and deliberate strategy to provide exclusive coverage in the voreloxin patent estate out to 2030. Beyond our granted patents, we have filed patent applications covering formulations, combination uses, dosing, manufacturing processes and composition of matter claims. We look forward to the successful prosecution of these patent applications in multiple territories around the world."
About Voreloxin
Voreloxin is a first-in-class anticancer quinolone derivative, or AQD, a class of compounds that has not been used previously for the treatment of cancer. Voreloxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Voreloxin is currently being evaluated in a fully enrolled single agent Phase 2 clinical trial (known as the REVEAL-1 trial) in previously untreated elderly AML patients and in a fully enrolled Phase 2 clinical trial combining voreloxin with cytarabine for the treatment of patients with relapsed/refractory AML. A Phase 2 single agent clinical trial in platinum-resistant ovarian cancer has also completed enrollment. Sunesis plans to initiate a multinational, randomized, double-blind, placebo-controlled, pivotal Phase 3 clinical trial of voreloxin in combination with cytarabine in a relapsed/refractory AML patient population in the second half of this year.
About Acute Myeloid Leukemia
AML is a rapidly progressing cancer of the blood characterized by the uncontrolled proliferation of immature blast cells in the bone marrow. The National Cancer Institute estimated that nearly 13,000 new cases of AML were diagnosed and approximately 9,000 deaths from AML occurred in the U.S. in 2009. Additionally, it is estimated that prevalence of AML is approximately 25,000 in the U.S. AML is generally a disease of older adults, and the median age of a patient diagnosed with AML is about 67 years. AML patients with relapsed or refractory disease and newly diagnosed AML patients over 60 years of age with poor prognostic risk factors typically die within one year, resulting in an acute need for new treatment options for these patients.
About Sunesis Pharmaceuticals
Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, voreloxin, in multiple indications to improve the lives of people with cancer. For additional information on Sunesis Pharmaceuticals, please visit http://www.sunesis.com.
This press release contains forward-looking statements, including without limitation statements related to the prosecution of patent applications and Sunesis' plans to initiate a pivotal Phase 3 clinical trial of voreloxin in the second half of this year. Words such as "evaluate," "planned," "will," "look forward" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis' current expectations. Forward-looking statements involve risks and uncertainties. Sunesis' actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include without limitation, risks related to Sunesis' need for additional funding to fully finance the planned voreloxin pivotal trial, the risk that Sunesis' development activities for voreloxin could be halted or significantly delayed for various reasons, the risk that Sunesis' clinical studies for voreloxin may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, the risk that Sunesis' nonclinical studies and clinical studies may not satisfy the requirements of the FDA or other regulatory agencies, risks related to the conduct of Sunesis' clinical trials, risks related to the manufacturing of voreloxin, and the risk that Sunesis' proprietary rights may not adequately protect voreloxin. These and other risk factors are discussed under "Risk Factors" and elsewhere in Sunesis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 and other filings with the Securities and Exchange Commission. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
SUNESIS and the logo are trademarks of Sunesis Pharmaceuticals, Inc.
Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
Zoom's Planned Acquisition, Leimone Culture, Delivers First Series of New Media Content to CCTV
Date : 07/14/2010 @ 12:00PM
Source : MarketWire
Stock : Zoom Technologies (ZOOM)
http://ih.advfn.com/p.php?pid=nmona&article=43602241&symbol=ZOOM
Zoom Technologies, Inc. (NASDAQ: ZOOM), a leading China-based manufacturer of mobile phones and related products, today announced that its acquisition target, Beijing Leimone Shengtong Culture Development Company ("Leimone Culture"), delivered its first 3G mobile media content to China Central Television ("CCTV"). This initial content consists of a 30-episode comedy series, with each episode running 5 to 8 minutes. The theme of the series centers on three young women and their comedic challenge to gain stardom on a very popular "Chinese Idol" program.
Mr. Leo Gu, Chairman and CEO of Zoom Technologies, commented, "The delivery of this first content series to CCTV marks another major milestone for Leimone Culture and underscores both our commitment to innovation and leadership in new media service designed for the young mobile phone user. Zoom is positioned to benefit from the outstanding growth expected in the business of delivering new media content to mobile phones. China's continuing economic expansion and the strength of our manufacturing business also gives us confidence in achieving significant revenue growth. This comedy series is just the beginning of media content Leimone Culture is developing for CCTV. In addition, we have sports, music concerts, short films and other entertainment content for future delivery to CCTV. We expect the acquisition to be finalized in the 2nd half of 2010."
CCTV is the major State television broadcaster in China with 19 channels and more than one billion viewers. CCTV is also the largest program provider of "new media" for mobile handsets. Leimone Culture is the first company officially contracted by CCTV to supply new mobile media service. Upon the acquisition of Leimone Culture, Zoom Technologies will generate revenue based on viewership of media programs supplied by Leimone Culture onto CCTV's mobile TV program access link at CCTV.com The first series delivered by Leimone Culture is aimed at the largest segment of China's mobile phone users -- teenagers and young adults.
Leimone Culture has been a provider of mobile video services to China's top tier mobile phone service providers, including China Mobile since 2005 and China Unicom since 2007. Since the advent of 3G in China in mid-2009, Leimone Culture has captured revenues from advertisements loaded onto new phones, value-added applications provided to the mobile operators, the production of mobile short films, and web-based ad sales.
About Zoom Technologies
Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry, and related software products. Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as its Own Brand Manufacturing (OBM) under the brand name of Leimone. The company's products are both exported and sold domestically.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions or future events, including the acquisition of Leimone, which may require shareholder approval which cannot be assured. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.