Replies to post #3351 on YRC Worldwide Inc (YRCW)

[Hammer1]

THIS IS GOING HUGE......SEE STORY......Hammer

July 12, 2010YRC Worldwide Provides Second Quarter Update and Reconfirms Positive Adjusted EBITDA

OVERLAND PARK, Kan., July 12, 2010 /PRNewswire via COMTEX News Network/ -- YRC Worldwide Inc. (Nasdaq: YRCW) today provided an update on its expected second quarter results including:


•The company expects second quarter adjusted EBITDA within a range of $35 million to $45 million, excluding the YRC Logistics segment which will be reported as discontinued operations. When including the expected adjusted EBITDA loss from discontinued operations of $9 million to $11 million, the company expects second quarter adjusted EBITDA within a range of $24 million to $36 million which exceeds the $5 million covenant level required by its credit agreement. As a comparison, the company's adjusted EBITDA for the first quarter of 2010 was a loss of $53 million.
•At June 30, 2010 the company's estimated cash and cash equivalents were $142 million, unused restricted revolver reserves were $129 million and unrestricted availability was $8 million, for a total of $279 million. As a comparison, at March 31, 2010 the company's reported cash and cash equivalents were $130 million, unused restricted revolver reserves were $107 million and unrestricted availability was $4 million, for a total of $241 million.
•For the second quarter of 2010, tonnage per day for YRC National was 27,000 and for YRC Regional was 26,900 which were 11.0% and 15.2%, respectively, higher than the tonnage per day for the first quarter of 2010.
•The company expects to record an $83 million non-cash reduction to its equity-based compensation expense related to its March 2010 union equity-based awards. This expense reduction reflects the adjusted fair value of these awards which were re-measured as of the June 29, 2010 shareholder meeting when shareholders formally approved the issuance of union stock options to replace previously issued union stock appreciation rights. The expected expense reduction by segment is YRC National $64.3 million, YRC Regional $18.3 and YRC Truckload $0.4 million. During the first quarter of 2010 the company recorded a $108 million non-cash charge related to the same March 2010 union equity-based awards.

Reconciliation of GAAP Measures to Non-GAAP Financial Measures ($
amounts in millions)