SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 12, 2018
YRC Worldwide Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
10990 Roe Avenue
Overland Park, Kansas 66211
(Address of principal executive office)(Zip Code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On September 12, 2018, YRC Worldwide Inc. issued a press release providing an update on certain operating metrics and other financial information for the third quarter of 2018. A copy of the press release is furnished as Exhibit 99.1
Item 9.01 Financial Statements and Exhibits
|99.1||Press Release dated September 12, 2018|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|YRC WORLDWIDE INC.|
|By:||/s/ Brianne L. Simoneau|
Brianne L. Simoneau
Vice President and Controller
Date: September 12, 2018
|10990 Roe Avenue|
|Overland Park, KS 66211|
|Phone 913 696 6108 Fax 913 696 6116|
YRC Worldwide Provides Quarter-To-Date Operating Data for Third Quarter 2018
OVERLAND PARK, Kan., September 12, 2018 YRC Worldwide Inc. (NASDAQ: YRCW) reported certain operating metrics for the first two months of third quarter 2018.
At YRC Freight, July 2018 tonnage per day decreased approximately 3.8% compared to July 2017 and August 2018 tonnage per day decreased approximately 3.1% compared to August 2017. Quarter-to-date through August 2018, revenue per hundredweight increased approximately 7.0% compared to a year ago. Revenue per shipment increased approximately 7.8% quarter-to-date through August 2018, compared to the same period last year.
At the Regional segment, July 2018 tonnage per day decreased approximately 6.3% compared to July 2017 and August 2018 tonnage per day decreased approximately 3.4% compared to August 2017. Quarter-to-date through August 2018, revenue per hundredweight increased approximately 8.3% compared to a year ago. Revenue per shipment increased approximately 11.3% quarter-to-date through August 2018, compared to the same period last year.
Additionally, as previously reported, third quarter results will include a non-union pension settlement charge of $7.2 million at YRC Freight. The non-cash settlement charge is related to the payment of lump sum benefits in 2018, which are paid from plan assets and therefore do not impact the Companys cash balance or liquidity. The non-cash pension settlement charge is excluded from operating income and Adjusted EBITDA, consistent with the Companys term loan agreement.
Our results are consistent with our strategy to focus on yield improvements and secure the optimal freight mix for our network. While our revenue per hundredweight statistics remain strong at each of our operating companies, they are being offset by the impacts of additional heavier-weight shipments in our network. We believe our ongoing commitment to reinvest in our equipment will position us to effectively deliver quality solutions to our customers and continue to meet the sustaining demand for freight services in this strong economic environment, commented Darren Hawkins, chief executive officer of YRC Worldwide Inc.
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This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as will, expect, intend, anticipate, believe, could, should, may, project, forecast, propose, plan, designed, estimate, enable, and similar expressions which speak only as of the date the statement was made are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, are based upon current beliefs, assumptions and expectations of Company management and current market conditions, and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond our control. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of factors, including (without limitation): general economic factors; business risks
and increasing costs associated with the transportation industry; competition and competitive pressure on pricing; the risk of labor disruptions or stoppages; increasing pension expense and funding obligations subject to interest rate volatility; increasing costs relating to our self-insurance claims expenses; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; our ability to comply and the cost of compliance with, or liability resulting from violation of, federal, state, local and foreign laws and regulations including (without limitation) labor laws and laws and regulations regarding the environment; impediments to our operations and business resulting from anti-terrorism measures; the impact of claims and litigation expense to which we are or may become exposed; failure to realize the expected benefits and costs savings from our performance and operational improvement initiatives; our ability to attract and retain qualified drivers and increasing costs of driver compensation; a significant privacy breach or IT system disruption; risks of operating in foreign countries; our dependence on key employees; seasonality; shortages of fuel and changes in the cost of fuel or the index upon which we base our fuel surcharge and the effectiveness of our fuel surcharge program in protecting us against fuel price volatility; our ability to generate sufficient liquidity to satisfy our cash needs and future cash commitments, including (without limitation) our obligations related to our indebtedness and lease and pension funding requirements, and our ability to achieve increased cash flows through improvement in operations; limitations on our operations, our financing opportunities, potential strategic transactions, acquisitions or dispositions resulting from restrictive covenants in the documents governing our existing and future indebtedness; our failure to comply with the covenants in the documents governing our existing and future indebtedness; fluctuations in the price of our common stock; dilution from future issuances of our common stock; our intention not to pay dividends on our common stock; that we have the ability to issue preferred stock that may adversely affect the rights of holders of our common stock; and other risks and contingencies, including (without limitation) the risk factors that are included in our reports filed with the SEC, including those described under Risk Factors in our annual report on Form 10-K and quarterly reports on Form 10-Q.
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About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn. Collectively, YRC Worldwide companies have one of the largest, most comprehensive LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.
Please visit our website at www.yrcw.com for more information.
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SOURCE: YRC Worldwide