YRC Worldwide announces new agreement with Zollars, financial report

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YRC Worldwide has announced that Bill Zollars — the company’s chairman, president and chief financial officer — has agreed to a new five-year employment agreement.

“The board believes this agreement is beneficial to our shareholders as it ensures that Bill will continue to lead the execution of our growth strategy,” says Dennis E. Foster, chairman of the compensation committee of YRC Worldwide’s board of directors.

YRC Worldwide, based in Overland Park, Kan., is the holding company for a portfolio of brands, including Yellow Transportation, Roadway Express, Reimer Express, Meridian IQ, USF Holland, USF Reddaway, USF Bestway, USF Glen Moore and New Penn Motor Express. The enterprise provides global transportation services, transportation management solutions and logistics management.

“I appreciate the confidence of the board, and I look forward to continue leading the company and having the opportunity to enhance shareholder value,” Zollars says.

YRC Worldwide also reported the following consolidated results for the full year 2005:

  • Record operating revenue of $8.74 billion compared to 2004 record revenue of $6.77 billion.
  • Record adjusted operating income of $544 million compared to 2004 record adjusted operating income of $357 million, an increase of $187 million. Adjustments in 2005 totaled $8 million and related to acquisition charges, executive severance and property disposals.
  • Reported operating income of $536 million compared to reported operating income of $362 million in 2004.
  • Adjusted operating ratio of 93.8 percent, 90 basis points better than last year, and a reported operating ratio of 93.9 percent.
  • For the fourth quarter 2005, YRC Worldwide reported the following consolidated results:

  • Operating revenue of $2.48 billion compared to $1.77 billion in the same period last year.
  • Adjusted operating income of $152 million compared to $107 million for fourth quarter 2004. Adjustments in fourth quarter 2005 totaled $2 million and related to acquisition charges and property disposals. Reported operating income was $154 million compared to reported operating income of $111 million for fourth quarter last year.
  • YRC noted the 2005 full year results include the USF companies since May 25, 2005; full-year and fourth-quarter 2004 results do not include the USF companies.

    “We had another excellent year in 2005, both financially and strategically,” Zollars says. “Our business units performed well and delivered solid financial results, which are even more impressive considering we added the USF companies to our portfolio and realigned our regional service coverage.”

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