Printer Friendly

YELLOW FREIGHT RELEASES FOURTH QUARTER FINANCIAL RESULTS

 YELLOW FREIGHT RELEASES FOURTH QUARTER FINANCIAL RESULTS
 OVERLAND PARK, Kan., Jan. 30 /PRNewswire/ -- George E. Powell III, president and chief executive officer of Yellow Freight System Inc. of Delaware (NASDAQ: YELL), reported to shareholders today that operating revenue for the full year of 1991 totaled $2,344,143,000, an increase of 2 percent over the prior year's revenue of $2,302,421,000. Net income, however, declined to $26,654,000, or $.95 per share, compared to $65,319,000, or $2.31 per share, in 1990. Total tonnage was up 2 percent and less-than-truckload (LTL) tonnage was up 1 percent in 1991 compared to 1990.
 Fourth quarter 1991 operating revenue of $575,097,000 was little changed from fourth quarter 1990 operating revenue of $577,810,000. Net income for the quarter was $1,419,000, or $.05 per share, versus $13,141,000, or $.47 per share, in the like quarter last year. Total tonnage for the quarter was up 2 percent and LTL tonnage was up 1 percent compared to the prior year.
 The decline in net income for both the fourth quarter and the year was primarily due to weak economic conditions compounded by industry- wide price discounting, especially in the first half of the year. The rate of additional discounting did moderate during the second half of 1991 and revenue yields were essentially unchanged between the third and fourth quarters. After adjusting for a fuel surcharge that averaged 2 percent in last year's fourth quarter, revenue yields were up 1 percent in the fourth quarter of 1991.
 According to Powell, "Yellow remains focused on improving profitability. Operating as well as general and administrative expenses have been reduced through lower employment levels, load average improvements and strict budgetary controls. The impact of these measures should become even more evident as 1992 progresses. The need to emphasize cost control, however, will not change Yellow's commitment to unparalleled customer satisfaction and the highest levels of customer service.
 "Because cost control alone will not return the company to a satisfactory level of profitability, Yellow implemented a rate increase of approximately 5 percent effective January 1, 1992. This increase, which had an initial impact on revenue of about 3 percent, will help insure that Yellow receives fair compensation for the value we provide our customers. Yellow is committed to retaining this increase."
 The Board of Directors declared a quarterly dividend today of 23 1/2 cents per share to be paid February 24 to shareholders of record on February 10. The annual report to shareholders, which will discuss 1991 results in greater detail, will be mailed in March.
 STATEMENTS OF CONSOLIDATED INCOME
 Yellow Freight System Inc. of Delaware and Subsidiaries
 For the Quarter and 12 Months Ended Dec. 31, 1991 and 1990
 (Unaudited)
 Fourth Quarter Twelve Months
 1991 1990 1991 1990
 (In Thousands Except Per Share Data)
 OPERATING REVENUE $575,097 $577,810 $2,344,143 $2,302,421
 OPERATING EXPENSES:
 Sal wages employ benef $394,771 $376,274 $1,592,594 $1,511,971
 Oper expenses & supp 79,127 85,670 320,825 310,912
 Oper taxes & licenses 21,662 19,013 85,056 75,050
 Claims & insurance 15,512 14,303 57,052 53,265
 Communications & util 8,047 7,589 32,037 30,835
 Depreciation 30,404 31,174 124,687 128,134
 Purch transport & rent 19,694 19,841 74,985 72,480
 Total oper expenses $569,217 $553,864 $2,287,236 $2,182,647
 INCOME FROM OPERATIONS $ 5,880 $ 23,946 $ 56,907 $ 119,774
 NONOPERATING EXPENSES:
 Interest expense $ 3,577 $ 3,357 $ 14,159 $ 15,763
 Other, net 121 418 2,400 2,106
 Nonoper expenses, net $ 3,698 $ 3,775 $ 16,559 $ 17,869
 INCOME BEF INCOME TAX $ 2,182 $ 20,171 $ 40,348 $ 101,905
 PROV FOR INCOME TAX $ 763 $ 7,030 $ 13,694 $ 36,586
 NET INCOME $ 1,419 $ 13,141 $ 26,654 $ 65,319
 AVER COMMON SHARES OUT 28,088 28,090 28,090 28,331
 EARNINGS PER SHARE $ .05 $ .47 $ .95 $ 2.31
 OPERATING RATIO 99.0 95.9 97.6 94.8
 -0- 1/30/92
 /CONTACT: Phillip A. Spangler of Yellow Freight System Inc. of Delaware, 913-345-1020/
 (YELL) CO: Yellow Freight System Inc. ST: Kansas IN: TRN SU: ERN


MC -- DV003 -- 5146 01/30/92 10:24 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 30, 1992
Words:723
Previous Article:IMMUNOMEDICS COMPLETES OFFERING OF 2 MILLION SHARES OF COMMON STOCK COMPANY EXPANDS FACILITIES
Next Article:STATE DEPARTMENT OFFICIAL FOR NEAR EASTERN AFFAIRS TO SPEAK AT POINT PARK ON FEB. 4
Topics:


Related Articles
YELLOW FREIGHT EXPECTS BREAKEVEN RESULTS IN FOURTH QUARTER
YELLOW FREIGHT RELEASES SECOND QUARTER FINANCIAL RESULTS
YELLOW FREIGHT RELEASES FOURTH QUARTER FINANCIAL RESULTS
PRESTON REPORTS RESULTS
YELLOW EXPECTS BREAKEVEN FIRST QUARTER; SEPARATELY ANNOUNCES WAGE REDUCTION PROGRAM AT PRESTON TRUCKING CO.
YELLOW CORPORATION RELEASES FOURTH QUARTER RESULTS
YELLOW CORPORATION ANNOUNCES FIRST QUARTER RESULTS
YELLOW CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Yellow Freight Completes Organization Redesign
Yellow Corporation Announces Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters