Saturday, November 05, 2011

YRC on the road back to basics

With its finances under control again, YRC Worldwide Inc. has returned to “Freight 101” to win back customers, CEO James Welch said Friday.

Welch, who this week completed 100 days on the job, outlined several changes the Overland Park-based trucking company embraced to repair the poor service and inefficient operations he found upon returning to the company. Welch had been head of the company’s national freight operation when he left in 2007.

“We kind of lost our focus on Freight 101,” Welch said during a conference call with analysts after the trucker reported a $120 million loss in the third quarter, or nearly twice as much as it had a year earlier. Full Story....

YRC Worldwide Reports Third Quarter 2011 Results

- YRC National tons per day up 4.2%, revenue per hundredweight up 7.5%, operating revenue up 11.5%

- Regional tons per day up 5.6%, revenue per hundredweight up 8.2%, operating revenue up 14.3%

- New leadership at YRC National; organization changes at parent company and shared services

YRC Worldwide Inc. today reported financial results for the third quarter of 2011.

Consolidated operating revenue for the third quarter of 2011 was $1.276 billion, up 12.3% over 2010, and consolidated operating loss was $24 million, which included $12 million of restructuring professional fees and a $15 million non-cash charge for union employee equity awards. As a comparison, the company reported consolidated operating revenue of $1.137 billion for the third quarter of 2010 and a consolidated operating loss of $19 million, which included $7 million of restructuring professional fees.

The company also reported positive operating cash flow for the third quarter of 2011 of $9 million and gross capital expenditures of $14 million resulting in free cash flow usage of $5 million, which included $12 million of restructuring professional fees. As a comparison, the company generated free cash flow for the third quarter of 2010 of $3 million which included $7 million of restructuring professional fees.

As previously announced, Jeff Rogers, formerly president of Holland, was named president of YRC, Mike Naatz, formerly chief customer officer of YRC Worldwide, has been named president of Holland, and Jamie Pierson has been named executive vice president and chief financial officer of YRC Worldwide. The enterprise-wide shared services functions, largely supporting YRC, now report directly to Jeff Rogers as we have redeployed the specific shared services resources supporting the regional companies back to each operating company. This change in organization structure is designed to dramatically improve the alignment of critical sales and marketing, human resources, customer service and operational support functions with each operating company's delivery of services to customers and provide greater autonomy for each operating company. The streamlined parent company will consist primarily of the traditional corporate financial and legal functions. Full Report....

Friday, November 04, 2011

YRC Worldwide Appoints Jamie G. Pierson as Chief Financial Officer

YRC Worldwide Inc. today announced that Jamie G. Pierson, 42, has been appointed the company's executive vice president and chief financial officer effective immediately. Pierson recently served as the company's interim chief financial officer since August 2011.

"We are extremely pleased and very fortunate that Jamie has agreed to come on board," said James Welch, chief executive officer - YRC Worldwide. "Jamie knows our business thoroughly bringing exceptional technical knowledge and financial acumen to this role. His outside perspective will be instrumental as we shape the future of our company."

"I am truly excited to be a member of YRC Worldwide and James' leadership team," said Pierson. "Over the past three years, I have been involved in all aspects of our financial restructuring working closely with our lenders, shareholders, other stakeholders and the company's finance team. We have made great strides over the past several months and fully expect that we will continue to do so into the foreseeable future. I am privileged to be given this opportunity and corresponding responsibility, appreciate James' and the board's confidence in me and look forward to supporting the company's future strategy and its 32,000 union and non-unionized employees."

Previously, Pierson was a Managing Director with Alvarez & Marsal North America LLC where he focused on out-of-court restructurings and senior management advisory. Prior to joining A&M, he was Vice President of Corporate Development and Integration with Greatwide Logistics Services and immediately preceding that was a Managing Director with FTI Capital Advisors, the wholly-owned investment banking unit of FTI Consulting, Inc., where he provided in- and out-of-court restructuring services to the nation's largest syndication agent including capital structure analysis, asset disposition plan review, evaluation, development and negotiation of financial covenants and reporting requirements and subsequent compliance. Previously, he was with Houlihan Lokey Howard & Zukin where he worked in the firm's financial advisory group.

Pierson earned a Bachelor's degree in Business Administration, with a concentration in Finance and Accounting, and a Master's degree in Business Administration, with a concentration in Finance and Entrepreneurship, both from the University of Texas.

"As we position the company for future growth and return YRC Worldwide to a more traditional, leaner holding company, Jamie will be invaluable and exceptionally qualified to oversee our financial strategy," added Welch.

Tuesday, November 01, 2011

ABF No. 30 Chevrolet Ready For Texas

Home sweet home in the Lone Star state… James Buescher won’t have to travel far to race this weekend; the Plano, Texas-native currently resides in Katy, Texas, just outside Houston. The 21-year-old has a long and storied history at Texas Motor Speedway, winning his first championship in a Bandolero car at the track when he was 14-years-old. In 2010, he claimed Turner Motorsports first NASCAR pole in the November NASCAR Nationwide Series event and also grabbed the pole in the NASCAR Camping World Truck Series June stop at the track.

Where it all began… Like Buescher, Turner Motorsports calls TMS their home track, winning their first championship at the track with Steve Turner’s youngest daughter, Kris, driving a Bandolero in 2004. The organization was headquartered in Hallettsville, Texas until making the move into NASCAR and to Mooresville, N.C. in 2009.Testing the NASCAR waters in 2009, the organization made their NCWTS debut at their home track. In 2010, the team went full time NCWTS racing, fielding entries for Ricky Carmichael and Buescher. In late 2010, the organization made the announcement from the TMS media center that they had acquired Braun Racing and would run three NCWTS and four NNS entries in 2011. That same weekend, Buescher grabbed Turner Motorsports’ first-ever pole award. Full Story....

UPS Freight Takes the Guesswork Out of LTL Pickups

Company Is First To Provide Full Visibility For Freight Pickups

UPS today announced the launch of UPS Freight Pickup Notifications for LTL, providing an unprecedented level of pickup control for the less-than-truckload industry.

The new feature for LTL shipments provides customers visibility of the pickup process by confirming when a pickup is scheduled, informing them when the UPS Freight driver is en-route to the pickup location and notifying them when the pickup is made.

UPS Freight is the first major LTL carrier to provide this level of visibility and control for the LTL pickup process. With this enhancement, customers arranging their LTL freight pickup online can opt to receive near-real time notifications to up to five different email addresses, keeping all parties associated with the shipment fully informed.

"The pickup process is a key part of shipping LTL freight," said Jack Holmes, president of UPS Freight. "Whether you are a shipper, receiver or third party, insight into the pickup process is powerful information that allows businesses to stay informed and run more efficiently. This capability is another example of how UPS Freight is continuously investing in industry-leading technology that allows our customers to manage their logistics more effectively."

The Pickup Notifications for LTL feature is free and available today to customers who log onto to schedule their LTL pickups. Beginning in January 2012, this new capability also will be available for customers scheduling LTL freight pickups in UPS WorldShip and My LTL Freight. The feature is available for online pickups that are scheduled in the 48 contiguous states where UPS Freight provides direct service.

Arkansas Best Corporation Names James A. Ingram Senior Vice President - Strategic Development

Arkansas Best Corporation announces the appointment of James A. Ingram to the position of Senior Vice President – Strategic Development, effective today. Mr. Ingram, who is 44 years old, has been with the corporation for 21 years and currently serves as Arkansas Best's Vice President – Strategic Development.

In this role, Mr. Ingram has responsibility for the strategic growth initiatives of Arkansas Best Corporation, leading the continued development and diversification of the company's logistics service offerings. Additionally, Mr. Ingram will retain his current line management responsibilities for the transportation brokerage and logistics subsidiaries of Arkansas Best.

"Throughout much of his career at our company, Jim Ingram has been directly involved in the development and growth of new initiatives that broaden the scope of services we offer our customers," said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. "Going forward, he will direct our corporate efforts to enhance and expand existing offerings and to review potential transportation-related acquisition opportunities. Jim's leadership in these areas will be critical in leveraging dedicated resources to grow our company in order to best serve the supply chain needs of our customers."

Since April 2010 Mr. Ingram has served Arkansas Best as Vice President of Strategic Development. Prior to that, beginning in February 2006, he was Vice President of Market Development overseeing specialized services and development of new products. He began his career with the corporation in 1990 as an analyst in ABF®'s pricing department. He held various positions within that department before being named ABF's Director of Quotation Services in 2000.