Stock Review; YRC Worldwide Shares reverse from Brief Spike
YRC Worldwide Inc. (NASDAQ: YRCW) reversed from yesterday’s 26.81% gains, dropping nearly 4%to $0.750 in today’s morning session.
YRC has been trying to avert a bankruptcy, and last month completed a financial restructuring and issued notes for $100 million in new capital. The company expects the financial restructuring and additional capital to provide it with sufficient liquidity.The company also exchanged some of its loans and other obligations for new securities.
For the second quarter of 2011, the company reported a net loss of $39 million compared to a net loss of $10 million reported for the second quarter of 2010. The company’s consolidated operating revenue for the second quarter of 2011 was $1.257 billion, compared with $1.119 billion reported for the same period in the previous year.
Bill Trubeck, interim executive vice president and CFO of YRC, said last month that the company continues to see year-over-year growth in business volumes.
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