YRC Worldwide Widens Loss, CEO Zollars Retires

YRC Worldwide (NASDAQ:YRCW) said on Friday that its second-quarter loss deepened and its long-time leader, Bill Zollars, will step down.

Friday marks the deadline for the companys comprehensive turnaround plan. Zollars said he will be retiring now as he previously said he would once that plan was completed.

The restructuring leaves YRC with net cash proceeds from the $100 million of new notes and a new $400 million asset-backed loan that the company says will enhance its liquidity position.

YRC chief financial officer Bill Trubeck said the company intends to achieve year-over-year revenue growth and adjusted operating income for the remainder of the year.

The Overland Park, Kan.-based provider of transportation services from apparel and food to automotive parts and textiles posted a second-quarter net loss of $38.7 million, or 81 cents a share, compared with a loss of $9.5 million, or 24 cents a share, in the same quarter last year.

Despite widening its loss, which includes restructuring costs, the results were slightly better than the 92-cent loss predicted on average by analysts in a Thomson Reuters poll.

We are pleased with the continued year-over-year growth in business volumes and improvements in earnings as we achieved consolidated adjusted operating income for the second quarter, Trubeck said.

Revenue for the three months ended June 30 was $1.26 billion, up from $1.12 billion a year ago, trumping the Streets view of $1.22 billion. Regional shipments were per day were up 4.7%, while national shipments were up 7.1%.