Friday, January 27, 2006

Wal-Mart Union Foe 'Absolutely, Positively' Takes on FedEx

One of the labor unions deeply involved in the campaigns against the Wal-Mart retail chain has launched a new project, "standing with FedEx workers to demand dignity, respect and good pay." A representative for FedEx called the effort part of the union's "long history of using distortions and misinformation."The International Brotherhood of Teamsters union, which has 1.4 million members and is one of the sponsors of Wal-Mart Watch, launched FedEx Watch in mid-December. The website declares its support for "workers who are among tens of thousands of nonunion parcel delivery employees who are exploited on a daily basis by their employers."According to its own website, FedEx is "a worldwide network of companies" -- including FedEx Ground and FedEx Express -- providing customers and businesses with "the broadest array of supply chain, transportation, business and related information services." The corporation is also known for its copyrighted slogan, "When it absolutely, positively has to be there overnight."Teamsters General President James Hoffa has lashed out at FedEx for allegedly building "much of its empire on low-cost business models and other unsavory practices." Full story here.........

Quarterly profit jumps 24% at Arkansas Best

Decreased tonnage and increased prices marked the end of Arkansas Best Corp. ’s fourth quarter.
The Fort Smith-based carrier reported Thursday that it had $ 30. 2 million, or $ 1. 18 per share, in net income for the quarter ending Dec. 31. That’s a 24 percent increase compared with $ 24. 4 million, or 95 cents per share, in 2004 ’s fourth quarter.
It reported revenues of $ 496. 4 million, a 9 percent increase over $ 454. 5 million for the year-ago period.
Arkansas Best, whose primary operating subsidiaries are ABF Freight System Inc. and Clipper Group, beat the average earnings estimate of $ 1. 08 per share from nine analysts surveyed by Thomson Financial. Full story here........

YRC Worldwide's shares dip as much as 3% after results

Shares of YRC Worldwide Inc., one of the largest trucking companies in the U.S., fell as much as 3% on Friday as investors digested its fourth-quarter results and 2006 profit forecast.
The company said after the markets closed Thursday that fourth-quarter net income rose to $79.8 million, or $1.34 a share, compared with $63.3 million, $1.24 a share, earned in the year-earlier period. Full story here.......

YRC Worldwide Delivers Another Record Year

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."

Wednesday, January 25, 2006

Hoffa 'outraged' by Baucus comments

International Brotherhood of Teamsters President James Hoffa sent a letter to Sen. Max Baucus expressing "outrage" at comments the Democrat reportedly made about the outsourcing of American jobs while on a recent trade mission to India.
"Your recent comments seem to suggest that offshoring is simply a result of globalization and of America's workers not able to compete," Hoffa wrote. "This statement is grossly inaccurate and an insult to hard working Americans everywhere." Full story here.......

Roadway to add 80 jobs

Roadway Express is hauling new jobs to its Copley Township regional source center.
The 80 or so dockworker, truck driver, mechanic and related jobs that the Akron area will gain are part of a much larger shake-up taking place across the Akron company's nationwide locations. Executives say the changes are aimed at helping the division of YRC Worldwide (formerly named Yellow Roadway) keep up with the evolving needs of its customers.
``This change will involve more than 1,000 people,'' said Mike Smid, who was named president and chief executive of Akron-based Roadway Express last fall. The process will play out over the first three months of the year. Full story here.......

Monday, January 23, 2006

YRC’s New Penn unit picks new CEO

YRC Worldwide Inc. today said its New Penn Motor Express has selected Steven D. Gast as president and chief executive officer.
New Penn, based in Lebanon, Pa., is part of the Akron-based YRC Regional Transportation unit that also includes the USF operations.
Gast joined New Penn in 1997 and has served as vice president of corporate planning and vice president of finance and administration.

YRC tells shareholders: Reject mini-tender offer

YRC Worldwide Inc. has recommended that its shareholders reject an unsolicited mini-tender offer by TRC Capital Corp. to buy as many as 1 million shares of YRC common stock, or about 1.75 percent of its outstanding shares as of Dec. 31
In a written release late Friday, Overland Park-based YRC Worldwide said Toronto-based TRC Capital's offer of $46.75 a share is 4 percent less than YRC Worldwide's closing price of $48.71 on Jan. 9, the day before the offer started. YRC Worldwide stock closed on Friday at $47.19.
The Securities and Exchange Commission defines a mini-tender offer as one for less than 5 percent of a company's shares. Purchases of less than 5 percent of a company's shares aren't subject to SEC disclosure and procedural rules that apply to other tender offers.
YRC Worldwide said in the release that it urges its stockholders to get current market quotations for their common shares, consult with a broker or financial adviser and exercise caution with TRC Capital's offer. YRC Worldwide said that it is in no way affiliated with TRC Capital or its offer.