YRC Worldwide Inc. today announced 2005 adjusted diluted earnings per share ("EPS") of $5.28 compared to last year's $3.96, an increase of 33%. Adjustments for 2005 were $.10 of acquisition charges, $.04 for executive severance, $.06 for gains on property disposals, and $.08 for an unanticipated increase in the effective tax rate. The company excludes these charges when evaluating performance and does not consider them part of core operations. 2005 adjusted EPS includes $.18 of dilution from the company's contingent convertible notes based on an average YRCW stock price of $50.66 for the year. No related dilution was included in the 2004 adjusted EPS. Reported EPS for 2005 was $5.12 compared to prior year's reported EPS of $3.75, an increase of 37%.
For the fourth quarter 2005, YRC Worldwide reported adjusted EPS of $1.39 compared to fourth quarter 2004 of $1.24. Adjustments for fourth quarter 2005 were $.03 of acquisition charges, $.05 of gains on property disposals, and $.07 for the increase in the effective tax rate. Fourth quarter 2005 adjusted EPS includes $.03 of dilution from the contingent convertible notes based on an average YRCW stock price of $44.85 for the quarter. No related dilution was included in the fourth quarter 2004 adjusted EPS. Reported EPS for fourth quarter 2005 was $1.34 compared to fourth quarter 2004 of $1.24.
"We had another excellent year in 2005 both financially and strategically," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "Our business units performed well and delivered solid financial results, which are even more impressive considering we added the USF companies to our portfolio and realigned our regional service coverage."