Saturday, October 02, 2010

ATA safety panel honors ABF, Dupre, TCW/Tennessee Express

ABF Freight System, Dupré Logistics and TCW/Tennessee Express have been awarded the American Trucking Association’s President’s Trophy for the best overall safety program.

ATA’s Safety Management Council awarded the honors at its Safety and Human Resources National Conference and Exhibition at Rogers, Ark., this week.

The ATA President’s Trophy annual recognizes the three companies whose fleets have been judged to have the best overall safety programs from the Truck and Industrial Safety Contests.

These Contests judge motor carriers from across the U.S. on safety accomplishments and safety records relative to others within their operation type and size and honor them for superior safety achievements, outstanding commitment to industry-wide safety and extensive promotion of safety among all highway users, the ATA said

ABF Freight System of Fort Smith, Ark., won in the 100 million miles annually category, Dupré Logistics of Lafayette, La., won in the 25-100 million miles category and TCW/Tennessee Express won in the under 25 million miles category.

YRC Worldwide triggers reverse-stock split; share price jumps

YRC Worldwide Inc. shares surged, then plummeted Friday after the company executed a reverse-stock split.

Shares for the Overland Park-based company converted from 25 cents a share at the end of trading Thursday to $6.25, reflecting the 1-for-25 share split.
By the end of Friday, however, the share price had fallen 86 cents, or almost 14 percent, to $5.39.

YRC is pursuing a new game plan — including potentially extended union concessions — for getting the company through a multiyear slump. Part of that plan included triggering a 1-for-25 reverse-stock split Friday to cut the ballooning number of shares and boost their value, keeping YRC shares from being delisted.

The split reduced the number of outstanding common shares from 1.2 billion to 48 million. More important, the company wanted to bring its stock price to exceed the benchmark of $1 so it could continue to be listed on the Nasdaq exchange.

YRC has scheduled an Oct. 7 hearing to appeal Nasdaq’s move to delist the stock.
Although the stock price is well above the previous 52-week high, at least one analyst fears that later plans to convert debt into stock might dilute the stock again and had advised clients on Thursday to sell their shares after the reverse-stock split was complete.

Also Friday, Nasdaq temporarily changed YRC’s stock symbol from YRCW to YRCWD. Nasdaq said on its website that the suffix “D” is a new tool indicating “a stock split or some type of reorganization.” The symbol will revert back to YRCW on Oct. 28.

Thursday, September 30, 2010

ABF Becomes Only Six-Time Winner of the ATA President's Trophy for Safety

ABF Freight System, Inc. has become the only six-time winner of the transportation industry's most prestigious safety award, the American Trucking Associations President's Trophy. The award was presented during the ATA Safety Management Council's Safety and Human Resources National Conference and Exhibition in Rogers, Ark., September 29, 2010.

"The ATA President's Trophy is the highest safety award available to motor carriers in the United States," said Susan Chandler, ATA executive director. "ABF has been judged most outstanding on the basis of its safety record, programs and community outreach activities."

The President's Trophy is awarded each year to carriers in three categories based on cumulative miles driven annually: under 25 million miles; 25 million to 100 million miles; and more than 100 million miles. ABF now has earned recognition in the more than 100 million miles category in 1984, 1989, 1993, 1998, 2003, and 2010. This year, ABF also placed third in the less-than-truckload category for local carriers of general commodities, 50 million to 100 million miles.

"Naturally, ABF is proud to be recognized again with this prestigious honor. Our reputation is earned by the consistent performance of employees, who bring value to the supply chains of our customers. So it is particularly rewarding to see their efforts recognized as exceptional," said ABF President and Chief Executive Officer Wes Kemp. "Moreover, our customers will be pleased to learn that their supply chain partner has once again earned the admiration of its industry peers."

YRC Worldwide Board of Directors Approves Tentative Labor Agreement and Reverse Stock Split

Agreement designed to improve YRCW long-term market competitiveness and provide for re-entry into multi-employer pension funds

Ratification targeted for completion by late October 2010

YRC Worldwide Inc today announced that its board of directors has approved a tentative agreement with the International Brotherhood of Teamsters, and the Teamsters approved submitting the tentative agreement to the company's Teamster represented employees for ratification. The agreement is designed to significantly improve the company's competitive position in the marketplace.

Additionally, the agreement provides for re-entry of the YRCW operating companies into the multi-employer pension plans to which they contribute in a manner that provides important member benefits while maintaining an improved competitive market position for the company. Additional details regarding the terms of the tentative agreement can be found in the Form 8-K current report filed today with the Securities and Exchange Commission.

As previously announced, the ratification of the agreement by company's employees represented by the Teamsters is targeted for completion by late October 2010.

The company plans to amend its certificate of incorporation on September 30, 2010 to implement a reverse stock split with a ratio of 1:25. The reverse stock split will be effective on the NASDAQ exchange on October 1, 2010.

The reverse stock split will reduce the number of authorized common shares to 80 million from the current 2 billion and reduce the number of outstanding common shares to approximately 48 million from the current approximately 1.2 billion.

Tuesday, September 28, 2010

Zollars to Retire from YRC Worldwide Following Completion of Comprehensive Recovery Plan

YRC Worldwide Inc. announced today that William D. Zollars, chairman, president and chief executive officer, has informed the company's board of directors of his decision to retire from the company upon the successful completion of YRC Worldwide's comprehensive recovery plan. Zollars and the board have agreed that he will retain his current positions through the finalization of the process and until a new CEO is named.

"Upon the successful resolution of many of our recent business challenges, the time would be right for me to hand over the reins to new leadership," said Zollars. "I am particularly proud of all we, as an organization, have accomplished over the past two years. We have faced unprecedented challenges and had to deal with the most difficult economic environment our industry has ever experienced. I am especially grateful to my team and the many stakeholders who partnered with us to put the company on an operationally and financially stable path to recovery. By informing the board now of my decision, we will have sufficient time to identify my successor and ensure a seamless transition to new leadership."

John A. Lamar, lead director for YRC Worldwide, commenting for the board, said, "We are grateful to Bill for his exemplary leadership, first directing the company's business expansion over more than a decade, and most recently switching gears to help navigate the organization through its most challenging period. We are pleased that he will remain at the helm through this process as we work together to identify his successor."

The company said it would seek candidates from both inside and outside the organization.

Zollars, 62, leads one of the largest and most recognizable global transportation providers. He was named to his current position in November 1999. Prior to that, Zollars was president of Yellow Transportation, Inc., a predecessor company of YRCW. He serves on the boards of CIGNA Corporation, Cerner Corporation, The Business Roundtable, National Association of Manufacturers, United Way of Greater Kansas City, American Trucking Associations and The Carlson School of Management at the University of Minnesota.


One Nation Working Together Rally in Washington on 10-2-10

Teamsters General President Jim Hoffa today urged Teamsters to attend the Oct. 2 march in Washington for jobs, justice and education. Download video.

“On October 2, people who love America and want good jobs will come to Washington to make their voices heard,” Hoffa said. “It’s important that the Teamsters make their presence known at this historic march. We need to Put America To Work and Pull America Back Together.

“I urge Teamsters who can travel to Washington on Saturday to make the effort to reclaim an America where everyone who wants a good job can get one. We’ve moved too far away from that dream.

“Let’s meet in Washington and demand change. When it comes to our national priorities, we need to put people first. Investments in people must come before investments in Wall Street or the big corporations.”

The march is sponsored by One Nation Working Together, a coalition of unions, human rights groups, religious groups, civil rights groups and environmentalists.

For information, contact your local or check the One Nation Working Together website,

Growing Support for Change in Board Leadership at FedEx

Teamster Shareholder Proposal for Independent Board Chair Receives High Vote

At FedEx Corporation's annual meeting today the Teamsters' shareholder proposal to appoint an independent board chairman received 35 percent support according to results announced at the meeting. This marks a big leap in investor support for the proposed reform which received 27 percent support in 2009.

Excluding shares held by FedEx founder, Chairman and CEO Fred Smith and his business enterprises, 38 percent of the votes cast were in favor of the Teamsters' proposal—a significant vote for change on the FedEx Board.

"Shareholders are growing tired of Chairman Smith's stranglehold on the FedEx board," said Teamsters General Secretary-Treasurer C. Thomas Keegel. "It's time for independent board leadership at FedEx."