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YRC Worldwide Inc. Message Board

  • notaness notaness Mar 16, 2010 5:59 PM Flag

    here you go ken...

    Today we filed our 10-K annual report for 2009 with the SEC. It’s the official wrap-up of a year that tested our strength as a corporation. Not only did we survive the worst business downturn since the Great Depression, we positioned YRC Worldwide to grow financially and operationally, and we proved the cynics wrong.

    In 2009, our comprehensive recovery plan helped us integrate and right-size our national networks; turn around our regional business; reduce costs and make process improvements; and convert debt to equity through our exchange offer, which improved our balance sheet and liquidity. In so doing, we gained new investors who have a renewed faith in the power of partnership with us.

    As you would expect, the 10-K annual report focuses primarily on last year – and not on progress we’ve already seen this year. The 10-K also includes cautionary language from our auditors that reflects the challenges we faced in 2009 as well as uncertainties posed by the operating environment and overall economy. We included similar language in our fall 10-Q filing, and it is similar to language that has been disclosed by other companies significantly impacted by the recession. It is customary for auditors to use certain language when there is uncertainty of future events. But because reports like the 10-K are largely a snapshot of past results, remember they are not predictive of what can occur in the future.

    We see a much brighter future. We intend to deliver on our customer commitments, and we’re taking aggressive actions in our plans to keep our organization headed in the right direction. In spite of seasonal lows and unusually harsh winter weather that had an impact on us in January and February, we’re seeing positive trends and we’re using every opportunity to build upon them.

    It’s a new year and, in many ways, we are a new company – leaner, more efficient, and moving toward profitability. Your commitment to customers remains critical to our success, and we continue to win back their business and gain new customers every day.

    Every shipment they give us is a vote of confidence.

    Thank you,
    Bill Zollars
    Chairman & CEO
    YRC Worldwide

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