OVERLAND PARK, Kan., Aug. 03, 2020 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW) reported results for the second quarter ended June 30, 2020. Operating revenue was $1.015 billion and operating loss was $4.6 million, which included a $6.0 million net gain on property disposals. In comparison, operating revenue in the second quarter of 2019 was $1.273 billion and operating income was $14.3 million, which included a $6.2 million net gain on property disposals.
Net Loss for second quarter 2020 was $37.1 million, or $1.09 per share, compared to net loss of $23.6 million, or $0.71 per share, in second quarter 2019.
On July 7th, the Company successfully secured a loan with the United States Department of Treasury (the “UST”) for up to $700 million (the “UST Loan”) under the CARES Act. The significant terms of which are as follows:
Tranche A of up to $300 million to satisfy previously deferred short-term contractual obligations such as healthcare payments and some lease obligations with the remaining amount going to fund an increase in liquidity.
Tranche B of up to $400 million to reinvest back into the business via purchases of tractors and trailers. Read more.....
Net Loss for second quarter 2020 was $37.1 million, or $1.09 per share, compared to net loss of $23.6 million, or $0.71 per share, in second quarter 2019.
On July 7th, the Company successfully secured a loan with the United States Department of Treasury (the “UST”) for up to $700 million (the “UST Loan”) under the CARES Act. The significant terms of which are as follows:
Tranche A of up to $300 million to satisfy previously deferred short-term contractual obligations such as healthcare payments and some lease obligations with the remaining amount going to fund an increase in liquidity.
Tranche B of up to $400 million to reinvest back into the business via purchases of tractors and trailers. Read more.....