YRC Worldwide announced today, Jan. 28, a fourth-quarter loss of $735.8 million compared with a profit of $46.5 million during the year-ago period. Revenue slipped 2.4 percent to $2.35 billion from $2.41 billion in the prior-year period.
One-time items included $12.88 per share of impairment charges, 9 cents per share of reorganization charges, 11 cents per share of technology charges, and 8 cents per share of gains related to property disposals. Most of the charges related to two companies purchased by YRC in 2003. The company disclosed its plans for these charges on Jan. 2.
For the full year, the company posted a loss of $638.4 million compared with a year-ago profit of $276.6 million. Revenue fell to $9.62 billion from $9.92 billion a year earlier.
“The economic environment was challenging throughout 2007, and it was increasingly so in the fourth quarter,” said Bill Zollars, president and chief executive officer of the Overland Park, Kan.-based company. “Looking forward, we expect the first quarter to also be difficult, given it is seasonally the softest, and we don’t anticipate the economy improving in the near term.”