YRC Worldwide (NASDAQ: YRCW) reported Friday that the company suffered an operating loss in the fourth-quarter due to the weak economy and internal financial struggles, according to Associated Press.
The company was closed to filing for bankruptcy protection last year, but received support from several of its customers, such as Toys R Us, Dole (NASDAQ: DOLE), Neiman Marcus and Anheuser-Busch (NYSE: BUD).
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The company, one of the country's largest trucking companies, had just $98 million in cash as of Dec. 31 and more than $1.07 billion in liabilities. YRC has access to $160 million from a credit line, and expects to get more cash when the debt swap closes this quarter.
YRC, which operates trucks under the Yellow, Roadway, Holland and New Penn names, reported an operating loss of $95.4 million in the fourth quarter, compared with a year-ago operating loss of $335.3 million.
YRC did not provide net income or per-share figures, saying it was still working on its income-tax provision.
Revenue dropped to $1.15 billion from $1.93 billion a year earlier. Analysts polled by Thomson Reuters predicted sales of $1.22 billion.
Average shipments per day fell 40 percent in the company's national freight segment.
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