Tuesday, February 14, 2006

YRC restates earnings for quarter and year

YRC Worldwide Inc. has lowered its previously reported earnings per share for the fourth quarter and all of fiscal 2005 because of the treatment of foreign currency accounting for Reimer Express, a Canadian subsidiary of YRC's Roadway Express unit.
In a Monday filing with the Securities and Exchange Commission, Overland Park-based YRC Worldwide said that it revised its earnings per share for the fourth quarter to $1.30, down from the $1.34 it had reported on Jan. 26. The revised figure for all of fiscal 2005 is $5.07 a share, down from the previously reported $5.12 a share.
The company also said it had lowered its adjusted earnings per share from the previously reported $1.39 for the fourth quarter to $1.37 and from $5.28 a share for the year to $5.25.
In the SEC filing, the company said that it had made the revision to other nonoperating expenses when finalizing its consolidated financial statements and that the revision had no impact on operating income. The company also said it has corrected its method of accounting for the currency entries "and does not expect this change to impact future earnings."
The company also revised its gross capital expenditures for 2005 to $305 million, down from the $350 million estimate it provided during its Jan. 27 earnings conference call. When including USF gross capital expenditures for the all of 2005, YRC Worldwide had total gross capital expenditures of $380 million rather than the $425 million estimate provided on the earnings call, the company said in the SEC filing.
The company said that it still expects first-quarter earnings of $1 to $1.05 a share and full-year earnings of $6.15 to $6.30 a year. Analysts surveyed by Thomson First Call reported consensus earnings estimates of $1.06 a share for the first quarter and $6.11 a share for all of fiscal 2006.

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