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YRC Freight recorded $21.1 million in positive operating income in the fourth quarter which was a $47.8 million year-over-year increase and the second consecutive positive operating income quarter. The operating ratio improved 600 basis points over the comparable prior year period to a six-year, fourth quarter low of 97.3. "The improvement in profitability is the result of intense focus on productivity improvements at each individual terminal and the continuation of our strategy to improve our customer mix," stated Jeff Rogers, president of YRC Freight. "We have made solid gains in customer service, safety and freight handling efficiencies, and now our financial results are starting to tell the story. We are entering 2013 from a position of strength, and we will continue building on our momentum by executing on our operational plans and strategies this year. I can feel the confidence of our team, and it is bolstered by the positive feedback we have received from our customers," Rogers said. "During the fourth quarter of 2012, our Regional group continued to deliver solid results," stated Welch. "Our Regional group consistently produces results that are competitive within the industry and each successive quarter they continue to build on their profitability with operational improvements and efficiencies. Through the dedication of its employees, our Regional group delivered full-year operating income of $70.0 million and a 95.7 operating ratio, which led the way for our company and is one of the best operating ratios in the public LTL industry. I'm very proud of the accomplishments of the Holland, Reddaway and New Penn teams," Welch said. Liquidity At December 31, 2012, the company's liquidity, including cash, cash equivalents and availability under its $400 million multi-year asset-based loan facility (ABL), was $251.3 million. The ABL borrowing base was $369.8 million as of December 31, 2012 as compared to $375.9 million as of September 30, 2012. As a comparison, the company's liquidity, including cash, cash equivalents and availability under its ABL, was $237.5 million at September 30, 2012. For the year ended December 31, 2012, cash used in operating activities was $25.9 million as compared to $26.0 million for the year ended December 31, 2011, an improvement of $0.1 million. This improvement in cash used in operations in 2012 was inclusive of a year-over-year increase of $53.0 million of cash paid for interest, $21.3 million of cash paid for letter of credit fees, $39.3 million of cash paid to multi-employer pension plans and $45.0 million of cash paid to single-employer pension plans that was not paid in the prior comparable period. "Total liquidity increased approximately $14 million since the end of last quarter to end the year at $251 million, which is a great joint accomplishment of operational improvement and good balance sheet governance. It is the highest level of liquidity we've had during 2012 and close to the highest level over the most recent four-year period," stated Jamie Pierson, chief financial officer of YRC Worldwide. http://finance.yahoo.com/news/...ports-positive-annual-132900323.html
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