YRC Worldwide restructuring officer Lamar gets $80,000 a month

The leader of YRC Worldwide Inc.’s efforts to rebuild its finances is receiving $80,000 a month and will get a $500,000 payday if he brings the company in for a successful landing, as defined by the company’s board.

Chief Restructuring Officer John Lamar, whom the board assigned to the position in November and who has been lead director since May, also will continue to receive his regular compensation for sitting on the board. The assignment is good for a year.

Jim Kissinger, executive vice president of human resources, detailed the terms in a letter to Lamar, dated Nov. 8, which was included in the company’s annual report. Full Story......

Harry Wilson Tapped By Teamsters To Rescue Ailing Trucking Company And Union Jobs

Harry Wilson, last year’s Republican candidate for state comptroller, made a name for himself by helping rescue General Motors from bankruptcy. Now, months after an election he narrowly lost, he has turned his attention from the vehicles to the drivers.

The International Brotherhood of Teamsters recently invited Wilson to help restructure the ailing trucking and freight company, YRC Worldwide, in what they billed as an effort to help save thousands of unionized jobs and prevent the company from going under.

One of the largest trucking companies in the country, YRC had racked up a sizeable debt in recent years, endangering over 20,000 union jobs, the Teamsters said. According to a source with knowledge of the agreement, the union reached out to Wilson the first week in January to devise a rescue. Full Story........

YRCW Industry News: Our Take

RETAILERS EXCITED ABOUT SALES ACTIVITY

It may seem like years since there was something to get excited about, but retail sales could be one of the bright spots for 2010.

Our take:

Even if it seems a little incredible to believe, analysts believe that this could be the strongest retail season on record. Customer Growth Partners stated that this year could surpass a record established in 2007 of more than $508 billion in holiday sales. Current trajectory would show that online retail sales were to grow nearly 14 percent for the season while brick-and-mortar sales were up nearly 10 percent. These views are more aggressive than others offered over the last several weeks, and considerably more positive than the actual government figures on retail sales. But the optimism that it gives to the broader economy is likely to be significant. Full Story.....

YRC Worldwide Ranks 62 on 2009 InformationWeek 500

YRC Worldwide Inc. announced today that the company has ranked 62 on the 2009 InformationWeek 500, an annual listing of the nation's most innovative users of business technology. The 2009 InformationWeek 500 companies were revealed on September 14, 2009 at an awards ceremony held during the InformationWeek 500 Conference at the St. Regis Monarch Beach Resort in Dana Point, California.

"This award is an affirmation of our continued steps to develop and advance technology that enables our employees to excel and better service our customers," said Mike Naatz, Chief Information Officer, YRC Worldwide. "It is a pleasure and honor to be acknowledged by InformationWeek again this year for our continual innovation in providing technology solutions for the transportation and supply chain industries."

YRC Worldwide Technologies was recognized by InformationWeek for its new application, the Pricing and Activity Management System (PAMS). YRC Worldwide IT, Pricing and Sales teams collaborated to develop this ground-breaking new application. YRC Worldwide was determined to cut the waiting time for customers requesting a pricing bid. YRC Worldwide wanted to retire the legacy systems used by Roadway and Yellow (now YRC). With PAMS, YRC has the ability to respond to bid requests promptly, with customized pricing agreements. In its first four months of full deployment, PAMS drove a reduction of 25% in the closure rate of pricing requests. YRC now completes most simple pricing requests in a day.

"For over 20 years, the InformationWeek 500 has honored the most innovative users of business technology," said InformationWeek Editor-in-Chief Rob Preston. "Year after year, InformationWeek 500 companies harness technology to improve efficiency, boost productivity, drive revenue, and establish a competitive advantage. We applaud this year's winners, and the CIOs and other executives whose ingenuity and risk taking are at the center of business technology innovation."

Teamster Freight Members at New Penn Approve Job Security Plan

Drivers, Dockworkers Ratify Plan Aimed at Preserving Their Jobs, Benefits

Teamster members at New Penn have overwhelmingly approved a Job Security Plan that provides economic relief to its parent company, YRC Worldwide, Inc., as it tries to recover from a recession that is pummeling the freight business.

In the revote, New Penn members--as well as members covered by all mechanics and office agreements--approved the plan 912-334. In the first vote, New Penn members rejected the plan while a majority of other YRCW employees ratified the plan. About 1,500 New Penn workers were eligible to vote.

"The New Penn local union leaders did a great job explaining the negative
consequences if this revote was not successful," said Tyson Johnson, Director
of the Teamsters National Freight Division. "The New Penn members realized
that hundreds of jobs were at stake in this vote."

The Job Security Plan provides YRCW with over $1.2 billion of cost savings over the remaining 43-month term of the agreement and greatly enhances YRCW's financial position. While the wage reduction and pension terminations are effective immediately, they will not remain in effect unless:

1) YRCW and its bank group amend their loan agreements in order to provide the company with sufficient liquidity and flexibility to complete its restructuring and take advantage of the upturn in freight demand anticipated in 2010; and

2) affiliated Teamster Pension Funds approve the "deferral/termination" arrangement.

The plan calls for a reduction in gross wages of 15 percent from the full
National Master Freight Agreement rates. This includes the 10 percent wage
reduction previously ratified by the membership in January 2009.

Additionally, the plan will allow the company to terminate pension fund contributions effective from July 1, 2009 through December 31, 2010, but employees will not lose accrued benefits or credits previously earned during this period.

Lenders ease YRC Worldwide’s liquidity requirement

YRC Worldwide Inc. and its lenders have finalized another credit agreement amendment, signaling continued support of the trucking giant through financial losses.

Overland Park-based YRC wrapped up the agreement with JPMorgan Chase Bank N.A. and other lenders on Friday, according to a Monday filing with the Securities and Exchange Commission. The agreement maintains a $950 million credit facility for YRC and a senior loan of about $111.5 million, but it suspends until Oct. 13 a requirement that YRC always have liquidity of $100 million or more. It also puts off until Oct. 12 the prepayment of outstanding revolving loans from the proceeds of real estate asset sales; half of any prepayment will increase the revolver reserve amount.

On Aug. 31, the revolver reserve amount was about $100 million; it was not increased by the first $50 million of net cash YRC got from selling real estate since July 30.

The amendment also allows YRC to sell certain property for as much as $400 million in net cash proceeds.

Lenders had to rework credit agreements as a condition of the International Brotherhood of Teamsters’ acceptance of an extra 5 percent pay cut and forfeiting 18 months of pension payments. Most union workers agreed to the concessions early this month.

YRC reported a $309 million loss in the second quarter, coming on the heels of a $257.4 million first-quarter loss.

The company has taken steps that include selling property, integrating subsidiaries, closing facilities, laying off workers and repeatedly amending agreements with lenders in an attempt to maintain liquidity and ride out the recession.

YRC Worldwide expands guaranteed delivery services

YRC Worldwide Inc. is expanding its guaranteed delivery-time services throughout all its operating companies in response to supplier delivery requirement changes by leading retailers.

In a Friday release, the Overland Park-based trucking company (Nasdaq: YRCW) said the guaranteed-delivery services are designed to help retail suppliers avoid costly charge-backs when deliveries are late. The services also help retailers accurately project and accept delivery of merchandise in their distribution centers, warehouses and stores.

The company didn’t say how much revenue it expects the expanded services to generate.

A YRC spokeswoman sent the following statement to the Kansas City Business Journal:

“A significant portion the company’s revenue is attributed to the retail segment, and time-critical and guaranteed windows have become big elements in this space. Retail suppliers need to hit precise windows in order to avoid penalties and fees. The expanded offering continues the company’s expertise in supply-chain solutions, and attracts and retains customers who need to meet these narrow windows of opportunity with retailers.”

YRC Inc., the largest transportation unit of YRC Worldwide, offers a standard or guaranteed Multiday Window delivery service throughout North America.

YRC’s Holland operating company started offering retail suppliers in the central United States single-hour, multihour, single-day and multiday delivery window capabilities in January. YRC’s Reddaway operating company in May introduced the same capabilities to regional customers in the West, and New Penn offers the service to customers in the Northeast.

“We continue to see a rise in the number of major retailers implementing ‘must arrive by date’ ... and delivery window supplier requirements,” John Garcia, executive vice president and chief sales officer for YRC Worldwide, said in the release. “With our recent portfolio expansions, all YRC Worldwide companies offer solutions that precisely address delivery window needs, providing our customers with unmatched flexibility and reliability.”

YRC gets little interest in sale of New Penn

YRC Worldwide Inc. has been exploring sales of subsidiaries that include New Penn Motor Express Inc. but has received little interest, its union said.

That leaves New Penn union workers with little choice if they want to keep the subsidiary operating past September, the International Brotherhood of Teamsters members said in a letter to New Penn members. Falling trucking valuations and the potential of having to cover unpaid pension payments have kept most potential buyers away, the union said in the letter, dated Aug. 18.

The union sent a second set of ballots to New Penn Teamsters on Aug. 19. The group was among a minority that last month voted down concessions to Overland Park-based YRC (Nasdaq: YRCW), and the union has said YRC is looking into merging regional carrier New Penn into its national unit, which could eliminate hundreds of jobs. That prompted the revote, due Sept. 9.

“Unfortunately, we have been formally notified by YRCW’s vice president of labor relations, and have also accumulated evidence from the field, that YRCW is prepared to shut down New Penn entirely and rebrand all remaining equipment and terminals as YRC exclusively going forward,” the letter said. “As difficult and distasteful as a revote is to conduct, it is our firm belief that New Penn Motor Express will not exist as a motor carrier past September if the (concessions are) rejected again.”

New Penn workers have railed against an extra 5 percent pay cut and giving up 18 months of pension payments, in part because their unit has been profitable for years. But they’re lumped in with a group of regional carriers — including Holland and Reddaway — whose revenues through June have dropped 33 percent from the same period last year and which posted an operating loss of more than $120 million in the first half of 2009, the union said.

New Penn represents about 4 percent of all employees and revenue for YRC, so it doesn’t add enough profitability to prompt YRC to exempt its workers from the companywide cuts, the union said.

If YRC were to file for bankruptcy or change hands, the concessions would end.

The trucking company has been deferring and eliminating pension payments, laying off thousands of workers, selling property, renegotiating lender agreements, integrating subsidiaries, seeking union concessions and taking various other steps so that it can keep enough cash to continue operating.

S & P Removes YRC Worldwide from CreditWatch List

Credit ratings firm acknowledges progress at YRC, but underscores continued weakness in LTL market

Credit ratings firm Standard & Poor’s removed YRC Worldwide from its CreditWatch list this month, but maintained a “negative outlook” for the trucking company as weak volumes and competitive pricing pressure less-than-truckload carriers.

S&P pulled YRC Worldwide off CreditWatch Aug. 14 after Teamsters employees at YRCW’s largest less-than-truckload subsidiaries accepted wage and benefits cuts.

The financial intelligence division of McGraw-Hill placed YRC — the largest less-than-truckload operator in the U.S., when ranked by 2008 revenue — on its CreditWatch list with “negative implications” in April.

YRC Worldwide, burdened by debt as well as falling demand for its services amid intense competition, has lost more than $2 billion since 2007.

However, the carrier recently negotiated a second round of wage and benefit cuts with the Teamsters union that would save it more than $800 million by the end of next year. A majority of Teamsters at the company's largest subsidiaries approved those cuts Aug. 7.

S&P maintained its negative outlook on YRC Worldwide, rating its corporate credit as "CCC." A CCC rating means a company is "vulnerable," according to S&P, and "dependent upon favorable business, financial, and economic conditions to meet its financial commitments."

YRC carrier votes again after rejecting concessions

About 1,500 drivers and dockworkers at New Penn, a YRC Worldwide Inc. regional carrier, rejected the concessions accepted by most YRC Teamsters members earlier this month.

A revote began last week. This time, declining to accept the revised contract that reduces wages 5 percent more could cost many New Penn employees their jobs, the union said.

New Penn is a regional less-than-truckload company that operates mainly in the Northeast. Its employees are covered by a contract separate from the national agreement most freight industry Teamsters work under. YRC’s biggest units, YRC Inc. and USF Holland, approved the cuts to the national contract, including allowing YRC to suspend monthly pension fund payments until January 2011.

In a letter to New Penn union workers last week, Teamsters national freight director Tyson Johnson said YRC requested an emergency meeting with the union’s national bargaining team after the vote count.

“During the Aug. 11 meeting, the company indicated that it plans to call for a change of operations in the near future to merge New Penn into YRCW,” Johnson said. “Because the merger could cost hundreds of Teamsters jobs, the majority of New Penn local unions have also requested a revote by New Penn members.”

Essentially, industry observers said New Penn would be closed if it were to merge with YRC’s other carriers, a prospect that most likely will change the vote’s outcome this time.

Members of three Teamsters locals in the Chicago area, also under their own contracts with YRC, also rejected the concessionary proposal. They most likely will also hold revotes facing the same prospect of job losses.

YRC said bargaining units representing less than 10 percent of the company’s union employees have not yet ratified the contract revisions.

“The company and the Teamsters are addressing employee concerns for these smaller bargaining units to reconsider the modifications,” YRC said. “The company has not filed any change of operations affecting the network status of New Penn.”

The mailed ballots for the New Penn revote are expected to be counted on Sept. 9.

Bringing a smile to a child's face

YRC, a subsidiary of YRC Worldwide and Christina’s Smile Children’s Dental Clinic offered free dental care to needy children Aug. 5 at the YRC, Inc. terminal in Akron. Dr. Garza provided free dental care to children throughout the day.

In Akron, the dental clinic was conducted in conjunction with the WGC-Bridgestone Invitational. The children were selected and organized by St. Bernard’s Church.

Christina’s Smile Children’s Dental Clinic is a program that delivers dental treatment to disadvantaged children at no charge to them, their parents, or the identifying agencies.

The clinic travels in two 53-foot trailers. Each trailer houses three fully equipped dental suites. Local dentists volunteer to provide dental care to children selected by charitable organizations in each community the clinic visits.

In 2009, 21 Clinics will be conducted to treat more than 2,400 children and provide more than $1,500,000 worth of dentistry to children who might not otherwise receive the care they so desperately need.

YRC, Inc. has supported Christina’s Smile for the past 20 years by moving and maintaining the 53-foot trailers that house the mobile dental clinics free of charge.

Teamster's vote only a start on YRC Worldwide overhaul

YRC Worldwide Inc.’s union workers unloaded at least $45 million in monthly costs for the company when they approved a second round of concessions.

“This is an important step forward in our comprehensive recovery plan,” YRC Chairman and CEO Bill Zollars said in an online video to customers.

But the vote probably means only about a $7 million a month incremental cash benefit, leaving the trucking titan with plenty of weight to shift — including improving its freight volumes — to roll out from under its financial woes. Some analysts still doubt YRC can avoid bankruptcy much past the end of the year.

On Aug. 7, International Brotherhood of Teamsters members agreed, among other things, to forfeit 18 months of pension payments and take an extra 5 percent pay cut, for a total 15 percent cut this year. Because YRC already deferred about $128 million in pension payments in the second quarter, the concessions bring only an incremental cash benefit, analysts said. Other variables, some of which YRC has little control of, have to cooperate for it to survive and head to black.

Results must improve each quarter, shipping volumes need to stabilize or recover each quarter, and cost-saving measures and cash-building arrangements have to proceed as expected, YRC said in an Aug. 10 Securities and Exchange Commission filing. A key hurdle — without which the union can terminate concessions — is resolving almost $387 million of bonds in the first half of 2010. Pension funds also must allow YRC to skip 18 months of pension payments.

Key unknowns remain: customer decisions about continuing to ship with YRC and freight economy recovery, particularly the less-than-truckload (LTL) segment in which YRC leads.

An area third-party logistics provider, who asked not to be named, said a local client shipped about 40 percent of freight with YRC last year and by June had cut that to 25 percent, with the intention of reaching zero. The shift began because of service concerns and now is based on YRC’s finances, the source said.

Should YRC fail, the source said, it would be “unbelievably devastating to the local economy.”

YRC senior managers are spending the second and third weeks of August on the road, trying to reassure key customers.

Freight tonnages have yet to show promise. In June, the most recent month for which data is available, the American Trucking Associations’ truck tonnage index fell 2.4 percent, after a 3.2 percent rise in May.

“We did a dramatic fall off a cliff, and it appears we’re just sort of bouncing around on the bottom now,” ATA Chief Economist Bob Costello said. “But it’s a volatile bottom if we’re really at the bottom.”

He predicted a slow recovery, with growth beginning sometime this year and remaining slow into next year.

Recovery for the hard-hit LTL industry, which hauls consolidated small loads, probably will lag the overall industry, Costello said.

John Wagner Jr., president of North Kansas City logistics company Wagner Industries Inc., said he’s seeing stabilization in the freight market.

Although he said he expects a mild seasonal uptick in the fall, it would be up to YRC to recapture business and demonstrate improvement.

He said he’s heard stories of “dirty sales tactics” by carriers trying to scare customers away from YRC. However, small and midsize shippers are swayed more by price and service.

“Right now, price is the name of the game,” Wagner said.

Analyst predicts YRC bankruptcy

An industry analyst is raising strong doubts about whether trucking company YRC Worldwide Inc. will be able to avoid bankruptcy, even with the latest labor contract concessions from its 35,000 Teamsters employees.

''Bankruptcy, in our view, is not imminent, but we do believe it is becoming increasingly likely,'' wrote transportation analyst David Ross of Baltimore-based Stifel Nicolaus. Other industry analysts have also said YRC could file for bankruptcy.

In the report issued Wednesday, Ross downgraded YRC shares from ''hold'' to ''sell,'' saying company stock is basically worthless. It is likely that the first quarter of 2010 — typically the industry's weakest time of the year — will be the company's last, he said.

Company employees now own ''35 percent of zero,'' Ross said in an interview.

Shares of YRC on Wednesday fell 25 cents to $2.05. Shares are down 28.6 percent since Jan. 1 and are down 89.5 percent from a year ago.

YRC executives have been saying that they are cutting costs and making other changes to improve company finances. Chief Executive Officer Bill Zollars called the Teamsters vote on the latest concessions ''game changing.''

The company issued a statement Wednesday in response to the analyst report:

''YRC Worldwide continues to report significant progress on its comprehensive plan to manage through the economic recession. Through the ongoing support of its key stakeholders including its lender group, union and non-union employees and pension funds, the company is moving forward with its strategic plans to restore financial strength and position its operating companies for future success.

Full Story..........

YRC Worldwide expects union vote results Friday

Results of a union vote that will play a key role in YRC Worldwide Inc.’s future are expected Friday afternoon.

In a Thursday memo to freight local unions, Tyson Johnson, freight division director for the International Brotherhood of Teamsters, said an overwhelming number of ballots were cast regarding the concessions, meaning sorting would continue Friday morning, with a result announcement likely in the afternoon.

The concessions, the second proposed this year, include forfeiting 18 months of pension payments — which would not have to be repaid — and taking an extra 5 percent wage cut to save the trucking giant at least $45 million a month. YRC offered considerations such as options for an additional 20 percent stake in the company and a union-appointed board seat.

In a July 30 conference call, YRC executives expressed confidence in a positive outcome. Chairman and CEO Bill Zollars called it a “game-changing event” for YRC.

“All eyes now are on the Teamsters,” Jason Seidl, a Dahlman Rose & Co. LLC analyst, said in a Wednesday interview. “If this doesn’t happen, there is no Plan B. B probably stands for bankruptcy.”

In January, workers approved a 10 percent wage cut and were offered a 15 percent stake in YRC.

If the union concessions pass, then bondholders and lenders will have to do their part, and YRC will have to win back some of the business it lost, Seidl said Wednesday.

Last week, YRC reported a $309 million loss in the second quarter. The company has taken steps that include selling property, integrating subsidiaries, closing facilities, laying off workers and amending agreements with lenders in an attempt to ride out the recession.

YRCW Ballot Count

The Independent Election Supervisor has announced that due to an overwhelming number of ballots cast, the YRCW ballot count will not be completed until Friday, August 7, 2009.

The ballots are currently being sorted according to Local Union number and company. The balloting process will resume Friday morning with results expected to be announced Friday afternoon.

Results of the balloting process will be posted on www.teamster.org

New Penn Introduces New Guaranteed Levels of Precision

YRC Worldwide Inc. announced today that New Penn, one of its regional operating companies, will introduce a new and improved suite of guaranteed service offerings featuring superior reliability and value. All guaranteed service shipments are backed by the New Penn no-hassle guarantee to be complete and on-time or the invoice will automatically be reduced to zero dollars with no need for the customer to file a claim.

One of the primary enhancements is a new guaranteed by 9 a.m. service that provides customers with a level of morning precision that is typically found only with air freight or dedicated delivery carriers.

The other key enhancement is a new day-definite service offering that is guaranteed to deliver by 3:30 p.m., rather than end of day like most competitive offerings. By offering earlier guaranteed delivery times, customers are able to get goods into production or for sale to clients the same day the shipment arrives rather than traditional guaranteed delivery by 5 p.m. in which shipments often cannot be incorporated into the supply chain until the following day.

With the enhancements, the New Penn Guaranteed Precision suite of award-winning service offerings now includes:

Guaranteed Delivery By 9 a.m.
Guaranteed Delivery By Noon
Guaranteed Delivery By 3:30 p.m. (Day-Definite)
Guaranteed Delivery Within a Single-Hour Window
Guaranteed Delivery Within a Multi-Hour Window

"We are constantly reviewing our services in order to provide highly customizable solutions that meet the demands of our customers and their tightened supply chains," said Steve Gast, president of New Penn. "We have aligned the needs of our customers with the highly reliable capabilities of the New Penn network to provide our customers with an expanded set of guaranteed service options - all backed with the no-hassle, New Penn delivery assurance guarantee."

Is November the End for YRC Worldwide?

YRC Worldwide, the nation's largest trucking company by revenue, continues to post huge losses on declining revenue. The Overland Park, Kan.-based LTL carrier posted a $309 million loss in the second quarter, compared with $35.8 million earnings in the year-ago period, on a 45 percent decline in revenue to $1.33 billion. YRC CEO and Chairman Bill Zollars says he continues to have "guarded optimism" about the future of his company.

YRC Worldwide continues to bleed red ink. Its second-quarter loss of $309 million means the company has lost in excess of $2.1 billion in the last 10 operating quarters.

How long can this continue?

YRC Chairman and CEO Bill Zollars says in a press release announcing the results that he has "guarded optimism" and that his LTL company "appears to have stabilized." Yet he candidly admitted there is no growth prospects for either this year or 2010.

Which begs the question: if not now, when?

The second and third quarters are usually the best times for trucking companies. Most of YRC's rivals either have swung back to profitability (Con-way, for instance) or have narrowed their losses (Arkansas Best Corp.'s ABF Freight System unit)s. YRC has done either.

Zollars insisted to the Wall Street Journal that his company has retained "the vast majority" of its customer base. Yet, his own revenue figures would seem to belie that fact. Revenue fell 45 percent in the second quarter to $1.33 billion. That would mean on an annual basis that YRC, which was about a $9.6 billion company just two years ago, is now on a 12-month run rate to post just over $5 billion in sales.

Perhaps Zollars knows something we don't know. Perhaps at $5 billion YRC will be more profitable than it was at $9.6 billion.

But I know this: the market place is alive with rumors. Competitors are viciously selling against YRC to customers, warning of a possible fourth-quarter shutdown of what is still the nation's largest trucking company.

Respected trucking analyst David Ross of Baltimore-based Stifel Nicolaus, who has long had the best read on YRC's rather murky financial projections, is warning in a note to investors that unless YRC's terminal and other asset sales "come through big," the company may run aground of its minimum liquidity covenants in November. That basically means YRC runs out of cash.

YRC's lenders have been more than patient. Even now, they have allowed YRC to waive the minimum $100 million liquidity covenant for August and will allow YRC to keep all (up to $50 million) of its proceeds from ongoing asset sales. This will allow further "wiggle room" as YRC decides if it can sell more assets (its Holland and New Penn regional LTL units might fetch a suitor but industry overcapacity means any sales price will be depressed).

The company's 33,000 active Teamsters currently are voting on another wage concession and pension freeze package. Together, this might save the company as much as $900 million over the next 12 months.

Look for the Teamsters to approve the wage cut, but not by the overwhelming 82 percent majority that the early 10 percent wage cut passed. This will be closer, but will still pass, according to sources within the union. Results will be announced around Aug. 6. But even with those concessions, YRC is far from being "out of the woods" as its financial noose continues to tighten.

YRC Driver is Indiana Truck Driving Champion

Dabiel Ferenczi, a driver for YRC Worldwide, was named the best professional truck driver in Indiana after winning the four axle competition and receiving the highest overall score in the eight competing categories at the 2009 Indiana Truck Driving Championships. The annual event is sponsored by the Indiana Motor Truck Association.

Ferenczi, who resides in Niles, Mich., now qualifies to compete in the American Trucking Associations' National Truck Driving Championships August 18-22, 2009 in Pittsburgh, Penn. -- also known as the "Super Bowl of Safety." The winners from each of the seven other categories are also eligible to compete in the national championship.

Nearly 400 drivers from all 50 states will compete in Pittsburgh for four days, challenging their driving skills, and knowledge of safety, equipment and the industry. From 18-wheeler five axle sleepers to tank trucks to twin trailers -- they will drive a course that recreates situations truck drivers face daily. These maneuvers may include: an alley dock, a rear line stop, a side park, a scale stop, a right turn, a front line stop, and straight line driving through a diminishing clearance.

On Saturday night, August 22, one contestant will drive away as the 2009 National Grand Champion Truck Driver.

"The Truck Driving Championships represent the culmination of the industry's dedication to safety," said Indiana Motor Truck Association President & CEO Kenny Cragen. "I congratulate all the contestants and I hope Indiana cheers for our drivers as they move on to Nationals in Pittsburgh."

Indiana participants at Nationals for each category include:

Wm "Neal" Belton, YRC Worldwide, Avon, Ind. (Straight Truck)

Brian Clark, FedEx Express, Pittsboro, Ind. (Three-Axle)

Aaron McCormick, Con-way Freight, Muncie, Ind. (Four-Axle)

Don Conklin, YRC Worldwide, LaPorte, Ind. (Five-Axle)

Ron Marker, Wal-Mart Transportation, Washington, Ky. (Five-Axle Sleeper)

Daniel Ferenczi, YRC Worldwide, Niles, Mich. (Tankers)

Ronald Tobin, J.E.T. Transit, Huntingburg, Ind. (Flatbed)

Ralph Bogue, Styline Logistics, New Carlisle, Ind. (Twins)

Another big loss for YRC

YRC Worldwide Inc., the struggling Overland Park trucking company, posted another big loss in the second quarter amid plunging revenues.

Including special charges, YRC lost $309 million, or $5.20 a share for the three months ended June 30. Excluding charges related to reducing and merging trucking operations, the loss was $3.53 a share.

Revenues plummeted 45 percent for the quarter to $1.33 billion, compared to $2.40 billion in the same quarter last year. Quarterly revenues had fallen 33 percent in the first quarter. The results were much worse than forecast by analysts, who on the average expected a $1.71 per share loss.

Shares in YRC closed at $1.69, up 3 cents. The earnings were released after the closing bell on Wall Street.

"The second quarter was focused on executing our comprehensive plan to realize efficiencies from the YRC integration, restore financial strength and position our operating companies for future success," said YRC chairman and CEO Bill Zollars in a statement.

YRC lost $257 million in the first quarter and accumulated $1.6 billion in losses in 2008 and 2007.

Many analysts have speculated whether YRC can survive the economic downturn without filing for bankruptcy. The company's future may hinge on whether its union drivers and dock workers accept more compensation cuts that could save the company $825 million through 2010.

Voting on those concessions will conclude next week.

In addition, YRC said its lending group today agreed to eliminate operating earnings requirements for the third quarter. The banks now will require the company to post operating earnings of $15 million and $20 million for the fourth quarter and 2010 first quarter, respectively.

The company had $164.5 million in cash and cash equivalents on June 30, compared to $325.3 million at the start of the quarter.

Arizona Crowns State Truck Driving Champion

Nine Drivers Continue on to National Competition

Gregory Nauertz, of Peoria, was named the best professional truck driver in Arizona after winning the five axle competition and receiving the highest overall score in the nine competing categories at the 2009 Arizona Truck Driving Championships. The annual event is sponsored by the Arizona Trucking Association.

Nauertz, who drives for YRC Worldwide, now qualifies to compete in the American Trucking Associations' National Truck Driving Championships August 18-22, 2009 in Pittsburgh, Penn. -- also known as the "Super Bowl of Safety." The winners from each of the eight other categories are also eligible to compete in the national championship.

Nearly 400 drivers from all 50 states will compete in Pittsburgh for four days, challenging their driving skills, and knowledge of safety, equipment and the industry. From 18-wheeler five axle sleepers to tank trucks to double trailers -- they will drive a course that recreates situations truck drivers face daily. These maneuvers may include: an alley dock, a rear line stop, a side park, a scale stop, a right turn, a front line stop, and straight line driving through a diminishing clearance.

On Saturday night, August 22, one contestant will drive away as the 2009 National Grand Champion Truck Driver.

"The Truck Driving Championships represent the culmination of the industry's dedication to safety," said Arizona Trucking Association President & CEO Karen Rasmussen. "I congratulate all the contestants and I hope Arizona roots for our drivers as they move on to Nationals in Pittsburgh."

Arizona participants at National for each category include:

Joseph Gross, FedEx Ground, Chandler, Ariz. (Straight Truck)

Jerry Baker, Con-way Freight, Flagstaff, Ariz. (Three-Axle)

Jose "Manny" Franco, UPS Freight, Avondale, Ariz. (Four-Axle)

Gregory Nauertz, YRC Worldwide, Peoria, Ariz. (Five-Axle)

Rafael Palomino, Swift Transportation, Goodyear, Ariz. (Five-Axle Sleeper)

Tim Grogan, Shamrock Foods Company, Goodyear, Ariz. (Tankers)

David Messmer, YRC, Phoenix, Ariz. (Flatbed)

Brad Clyne, FedEx Freight, Sahuarita, Ariz. (Doubles)

Sean Saxon, FedEx Ground, Mesa, Ariz. (Step Van)