YRC freight improves, cash burn continues

YRC Worldwide Inc. said that June freight volume is surpassing that of last month and that the company still should report an adjusted profit in the second quarter.

But the Overland Park, Kan.-based trucking and logistics company also said Monday that its day-to-day operations were continuing to burn through cash and that it was taking steps to boost liquidity. Full Story.....

Aikman named ABF chief of marketing

ABF Freight System, Inc. named Russ Aikman as director of marketing and public relations, the company announced today in a release.

Aikman replaces Danny Loe, who recently became ABF's vice president of yield management.

Aikman, an 11-year veteran of ABF, will be responsible for market strategy, new product development, Internet and intranet initiatives, advertising and public relations, the company said.

YRC cites good volume, but also liquidity pressure

U.S. trucker YRC Worldwide said on Monday that business volumes were increasing in June after better-than-expected gains in shipping volume in May, but the company was facing liquidity pressure amid the revived growth in its business.

YRC, which narrowly averted a bankruptcy filing in December and has been undertaking a broad restructuring of operations and its finances, said it expects to achieve positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization expenses) on a consolidated basis and positive operating income for its regional transportation segment for the second quarter of 2010. Full Story......

Arkansas Best Corporation to Appear at the Bank of America Merrill Lynch Global Transportation Conference

Arkansas Best Corporation will appear at the Bank of America Merrill Lynch Global Transportation Conference in New York City on Tuesday, June 15, from 10:55 a.m. until 11:30 a.m. ET. Judy R. McReynolds, President and Chief Executive Officer will make a company presentation. The live program will be webcast (in a listen-only mode) and an archive will be available following the presentation.

To access the live audio, please go to the company's website at arkbest.com. This presentation will be archived through July 15.

YRC Worldwide is Among the Companies in the Trucking Industry With the Highest Level of Efficiency

Below are the top five most-efficient companies in the Trucking industry as ranked by Revenue Per Employee (RPE). Analysts use RPE as a measure to compare the productivity of companies in the same industry.

YRC Worldwide (NASDAQ:YRCW) ranks first with an RPE of $2.03M; Landstar System (NASDAQ:LSTR) ranks second with an RPE of $1.53M; and Universal Truckload Services (NASDAQ:UACL) ranks third with an RPE of $0.78M.

Trailer Bridge (NASDAQ:TRBR) follows with an RPE of $0.51M and Quality Distribution (NASDAQ:QLTY) rounds out the top five with an RPE of $0.37M.

Goldman resigns as Teamsters Central States fiduciary

Goldman Sachs Asset Management resigned as a named fiduciary of the $19.8 billion Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill.

The pension fund plans to transfer the 30% of plan assets that Goldman Sachs controlled to Northern Trust Global Advisors, the fund’s other named fiduciary, then move 10% of the plan’s assets to passively managed index funds, according to a filing in U.S. District Court in Chicago. Full Story......

Arkansas Best Gets New CFO

Michael Newcity will become the chief financial officer of Arkansas Best Corp. effective Tuesday.

According to a company news release, he currently serves as its director of economic analysis, leading a group that provides critical analysis on topics including costing and profitability methods, incentive systems, business metrics and forecasting.

Newcity, 40, has held a variety of positions with ABF Freight System Inc. and Data-tronics Corp., both subsidiaries of Fort Smith-based Arkansas Best.

He has been "instrumental in the development and implementation of internal management systems," the release states.

In 1993, he began his career at Arkansas Best, and he has a master's degree in business administration and a bachelor's degree in computer information systems, both from the University of Arkansas.

"At a very important time in Arkansas Best's history, Michael brings a unique combination of analytical skills and innovative thinking into the CFO position," Judy McReynolds, Arkansas Best president and CEO, stated in the release.

McReynolds served as CFO from February 2006 until Dec. 31 when she succeeded Bob Davidson as CEO and president. The CFO position has been open since that time.