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TRUCKING INDUSTRY * USA - Nasdaq Warns YRC On Listing
* New York - Company has until Aug. 30 to raise share price above $1
New York,NY,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 8, 2010: -- YRC Worldwide must boost the value of its stock above $1 per share by Aug. 30 or face delisting, the Nasdaq Stock Market exchange warned the carrier... The company hopes a reverse stock split that will reduce the number of outstanding shares from more than 1 billion to about 40 million to 200 million will do just that... Nasdaq issued its warning March 3, the company said, noting YRC Worldwide’s stock had been trading at below $1 per share for more than 30 days... YRC’s stock last traded above $1 on Jan. 12. It hit a low of 36 cents on Feb. 22, a week after shareholders approved a debt-for-equity swapped that created more than a billion new shares. The stock climbed to 47 cents a share by March 5... Under Nasdaq rules, securities trading below $1 for an extended period are delisted from the exchange. After that, most wind up traded as penny stocks... In a statement, YRC Worldwide said it planned to complete a reverse stock split after April 24, boosting its share price in the second half of the year... (Photo from thefinancialphysician: YRC's loaded trucks)
* YRC Worldwide's CEO Foresees More Layoffs
Overland Park,KN,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 9, 2010: -- Company trims workforce, aims for pre-tax profit, Zollars says... YRC Worldwide cut its payroll 34.5 percent last year and a further 5.5 percent so far in 2010, reducing its workforce from 55,000 to 34,000 employees... The nation's largest trucking operator eliminated 2,000 jobs since the end of 2009, and the cuts probably aren't over, Chairman and CEO, William D. Zollars, said... Speaking at a J.P. Morgan investment analyst conference in New York, Zollars said YRC Worldwide wants to trim another $300 million in annual costs this year...* Minnesota - C.H. Robinson Carrier Roster Shrinks. Brokerage company’s list of capacity providers falls by 3,000
Minneapolis,MINN,USA -The Journal of Commerce Online -Mar 9, 2010: -- Freight brokerage giant C.H. Robinson says its base of carriers shrank 6 percent, or 3,000 carriers, in 2009 as the recession took a toll on transportation capacity providers... The figure from the United States’ largest truck broker, which counts on motor carriers with fewer than 100 tractors for 75 percent of its capacity, suggests the spreading effect the economic downturn had on smaller companies... The contraction in Robinson’s carrier base came as the company added 3,000 customers during the year, a 9.3 percent gain over 2008... C.H. Robinson saw its transportation net revenue fall 0.4 percent in 2009 from the year before, with volume declining across all its service except for a 27 percent gain in less-than-truckload volume... (Images from businessweek)
* Arkansas - C. Bean drivers brace for ‘massive layoffs’
Hot Springs,AR,USA -Land Line Magazine, by Clarissa Kell-Holland -March 9, 2010: -- Flatbedder Richard Rush is the first to admit he hasn’t had good luck with his job choices so far in his three-year trucking career... His first truck driving job was for Arrow Trucking, which collapsed in December 2009. Then he says he received word on Tuesday, March 9, that his current employer, C. Bean Transport Inc. of Fort Smith, AR, was “laying everybody off”. Rush told Land Line on Tuesday that a Qualcomm message earlier in the day alerted him that there was going to be “massive layoffs at C. Bean.” He was to turn in his truck to TruckCenter.com in Blue Mound, TX, as soon as possible... According to the Federal Motor Carrier Safety Administration’s Web site, C. Bean had 226 power units and 208 drivers as of Feb. 16, 2010...
* FedEx Ally Blocks Aviation Measure in Fight With UPS
Washington,DC,USA -Teamsters -March 8, 2010: -- Senator Bob Corker, who represents FedEx Corp.’s home state of Tennessee, said he will block legislation funding the Federal Aviation Administration because a provision may be added later making it easier for workers at the company to join unions... Corker’s action extends a years-long fight in Washington between the mostly non-union FedEx and its unionized rival United Parcel Service Inc. over how workers at both companies should be treated under U.S. labor laws...
Labels: trucking industry news USA
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