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NEWS
Yellow Roadway Corporation Releases Third Quarter Financial & Operating Results
10/28/2005
Yellow Roadway Corporation announced third quarter 2005 adjusted diluted earnings per share ("EPS") of $1.53 compared to last year's third quarter of $1.38. Third quarter 2005 EPS includes $.04 per share of dilution from the company's contingent convertible notes based on an average YELL stock price of $48.84 for the quarter. No related dilution was included in the third quarter of 2004. Adjusted diluted EPS for the third quarter 2005 excludes $.04 for executive severance, $.05 of acquisition charges, and $.02 for losses on property disposals. The company excludes these charges when evaluating performance and does not consider them part of core operations. Reported diluted EPS for the third quarter 2005 was $1.42 per share compared to reported third quarter 2004 diluted EPS of $1.15 per share.
Yellow Roadway reported the following consolidated results for the third quarter of 2005:
Operating revenue of $2.49 billion compared to third quarter 2004 revenue of $1.77 billion. The third quarter of 2005 included the results of the USF companies, which were not included in third quarter 2004.
Adjusted operating income of $168 million compared to third quarter 2004 adjusted operating income of $120 million. Adjustments in the third quarter 2005 totaled $11 million and related to executive severance, acquisition charges and property disposals. Reported operating income was $157 million compared to reported operating income of $121 million in the third quarter of 2004.
For the nine months ended September 30, 2005, Yellow Roadway reported the following consolidated results:
Adjusted diluted EPS of $3.88, up 42% compared to $2.73 for the same period last year. Reported diluted EPS of $3.77 compared to $2.50 for the same period in 2004.
Operating revenue of $6.26 billion compared to $4.99 billion in the same period last year.
Adjusted operating income of $392 million compared to $250 million for the same period in 2004, an increase of $142 million. Adjustments in 2005 totaled $9 million and related to executive severance, acquisition charges and property disposals. Reported operating income was $383 million compared to reported operating income of $250 million for the same period last year.
-- Yellow Transportation
Record quarterly revenue of $892 million, up 7.7% from third quarter last year.
Record quarterly operating income of $73 million.
LTL tonnage growth of 0.1% from third quarter 2004.
LTL revenue per hundred weight, including fuel surcharge, up 7.2%, and excluding fuel surcharge and adjustments for business mix, up 1.6%, when compared to third quarter 2004.
-- Roadway Express
Third quarter revenue of $858 million, up 5.7% from third quarter last year.
Third quarter adjusted operating income of $60 million. Reported operating income of $58 million.
Adjusted operating ratio of 93.0% and reported operating ratio of 93.2%.
LTL revenue per hundred weight, including fuel surcharge, up 6.9%, and excluding fuel surcharge and adjustments for business mix, up 1.6%, when compared to third quarter 2004.
-- YRC Regional Transportation
Third quarter revenue of $607 million.
Adjusted operating income of $33 million. Reported operating income of $28 million.
LTL revenue per hundred weight, including fuel surcharge, up 6.0%, and excluding fuel surcharge, up 1.4% when compared to third quarter 2004.
LTL tonnage per day up 10.5% from third quarter 2004.
-- Meridian IQ
Third quarter revenue of $142 million, up 149% from third quarter last year when including USF Logistics. Third quarter revenue up 37% when excluding USF Logistics.
Operating income of $6.3 million compared to $1.1 million in third quarter 2004.
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