AVERAGE shares outstanding used for computing eps was 22 million.
Shares outstanding are now about 35.2 million.
Last year, YRCW had $9.9 million operating income in the 1st Q of 2013 and this year in 2014 had a $32.4 million operating loss. After interest expense, it was a $69 million loss that would have been even worse, but for the benefits from restructuring the debt.
The first Q of 2013 benefited from everything going right and from good weather. The stock moved up in a massive short covering rally from 7 to 36. Speculators who shorted the stock above 30 made money as YRCW went back down to 7 less than six months later.
In retrospect, the first Q of 2013 was a lucky fluke. Nearly all the quarters before and since, there have been negative earnings surprises.
1st q 2014 revenue was nearly the same as 1st q 2013 revenue.
Tonnage shipped rose 2.5%
Operating expenses plus interest paid increased by $109 million, about 9%. Most of that increase is $44 million in salaries and wages, $17 million in purchased transportation, and $16 million in operating expenses.
The regional companies were able to capture higher rates in the spot market and made more money.
YRCW Freight paid higher rates for purchased transportation in the spot market and made LESS money. Also, the trucks driving slow in the snow cost more to run and the drivers were paid overtime.
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