OVERLAND PARK, Kan., Oct 18, 2010 /PRNewswire via COMTEX/ -- YRC Worldwide Inc. /quotes/comstock/15*!yrcwd/quotes/nls/yrcwd (YRCWD 4.16, +0.46, +12.38%) today provided an update on its expected third quarter results including:
For the third quarter of 2010, tonnage per day for YRC National and YRC Regional was 1.2% and 2.1%, respectively, higher than the tonnage per day for the second quarter of 2010. Revenue per shipment during the third quarter of 2010 for YRC National and YRC Regional was 1.9% and 3.7%, respectively, higher than the third quarter of 2009.
The company expects third quarter 2010 positive adjusted EBITDA within a range of $42 million to $46 million. For the second and third quarters of 2010, the company expects cumulative adjusted EBITDA within a range of $82 million to $86 million, which exceeds the $50 million covenant level required by its credit agreement. The company expects a third quarter 2010 operating loss within a range of $18 million to $22 million. As a comparison, the company reported an operating loss of approximately $35 million for the second quarter of 2010 when excluding an $83 million non-cash benefit from an adjustment to the fair value of the March 2010 union employee equity award.
At September 30, 2010, the company's estimated cash and cash equivalents were $115 million, restricted revolver reserves were $123 million, and unrestricted availability was $46 million, for a total of $284 million. During the third quarter of 2010 the company repaid $25 million of outstanding borrowings on its asset-backed securitization facility.
Third Quarter Earnings Call
The company will hold a conference call for the investment community on Friday, November 5, 2010, beginning at 9:30am ET, 8:30am CT. Third quarter earnings will be released the same day, Friday, November 5, 2010, prior to the opening of the market. The conference call will be open to listeners live and by recorded playback via the YRC Worldwide Internet site yrcw.com.