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million in the first quarter as the freigh t recession continues to weigh down The loss, which amounted to $4.34 a share, comparede with a loss of $46.37 million, or 82 centsw a share, in the same quartef a year earlier, the Overland Park-based truckingy company (Nasdaq: YRCW) said in a release aftefr the market closed on The loss would have been $2.63 a shar e without $164 million, or $1.71 a share, in chargea — primarily for networkm integration, severance, reserve accruals and pension settlement and union employee stock awards. Revenue was $1.5 billioh for the three monthds that endedMarch 31, down 32.7 percenrt from $2.23 billion in the same quarter of 2008.
Even excludingh the charges, earnings resultws fell far below analysts’ expectations. Twelvd analysts surveyed by reported a consensus estimate for a lossof $1.90 a shar e for YRC. “We made significant investments in our company duriny the first quarter to enhance our position in the marke and improve our future operating YRC Chairman and CEO Bill Zollarw said inthe “Unfortunately, the economy progressively weakened throughout the making it more challenging to get ahead of the volume declines.
With that the March 1 integration of our nationalp networks allowed us to removed substantial capacity and reset the volume needxs ofour network, while significantly enhancinbg our service offering to the “Our volumes were impacted by multiple factors, most notabl y the economy and business diversion due to customer anxiety surrounding the integration of Yellow and Roadway,” Zollars said in the release.
“Some customers have already returned business, which was temporarily but it is difficult to predict at what levela or how quickly the rest will come The company also hasbeen , and has been sellin g company-owned real estate, raising $176 million of cash in salea and sale-leaseback deals in the firsft quarter. YRC said that it closefd a $32 million sale-leaseback deal with on for a total ofabour $150 million in such deals with Esteas this year. YRC did not provid an earningsforecast Thursday, though Zollars said the company would offer updates as the outlook becomes YRC ranks No.
2 on the Kansas City Business Journal ’s list of area public
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