Yellow Corporation Reports Second Quarter 2023 Results
NASHVILLE, Tenn., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) reported results for the second quarter ended June 30, 2023. Operating revenue was $1.127 billion and operating income was $38.9 million which included a $75.9 million gain on property disposals. In comparison, operating revenue in the second quarter of 2022 was $1.424 billion and operating income was $99.2 million which included a $3.2 million net gain on property disposals.
Net loss for second quarter 2023 was $14.7 million, or $0.28 per share, compared to net income of $60.0 million, or $1.17 per share in the second quarter 2022.
Following a substantial workforce reduction impacting all areas of the organization, on August 6th, the Company and its domestic subsidiaries filed voluntary petitions (the "Chapter 11 Cases") in the United States Bankruptcy Court for the district of Delaware seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code.
Investor Contact: investor@myyellow.com
Media Contact: media@myyellow.com
| CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 112.8 | $ | 235.1 | ||||
| Restricted amounts held in escrow | 19.6 | 3.9 | ||||||
| Accounts receivable, net | 535.1 | 599.7 | ||||||
| Prepaid expenses and other | 151.1 | 75.4 | ||||||
| Total current assets | 818.6 | 914.1 | ||||||
| Property and Equipment: | ||||||||
| Cost | 3,065.9 | 3,109.0 | ||||||
| Less - accumulated depreciation | (1,926.2 | ) | (1,940.0 | ) | ||||
| Net property and equipment | 1,139.7 | 1,169.0 | ||||||
| Deferred income taxes, net | — | 0.3 | ||||||
| Pension | 35.5 | 34.5 | ||||||
| Operating lease right-of-use assets | 123.1 | 139.7 | ||||||
| Other assets | 30.7 | 21.7 | ||||||
| Total Assets | $ | 2,147.6 | $ | 2,279.3 | ||||
| Liabilities and Shareholders' Deficit | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 175.7 | $ | 188.6 | ||||
| Wages, vacations and employee benefits | 235.1 | 221.4 | ||||||
| Current operating lease liabilities | 43.0 | 53.1 | ||||||
| Other current and accrued liabilities | 188.3 | 182.1 | ||||||
| Current maturities of long-term debt | 1,274.5 | 71.8 | ||||||
| Total current liabilities | 1,916.6 | 717.0 | ||||||
| Other Liabilities: | ||||||||
| Long-term debt, less current portion | 202.9 | 1,466.2 | ||||||
| Deferred income taxes, net | 0.5 | — | ||||||
| Pension and postretirement | 137.4 | 134.0 | ||||||
| Operating lease liabilities | 89.2 | 94.6 | ||||||
| Claims and other liabilities | 248.8 | 249.0 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders' Deficit: | ||||||||
| Cumulative preferred stock, $1 par value per share | — | — | ||||||
| Common stock, $0.01 par value per share | 0.5 | 0.5 | ||||||
| Capital surplus | 2,396.6 | 2,393.4 | ||||||
| Accumulated deficit | (2,522.5 | ) | (2,453.2 | ) | ||||
| Accumulated other comprehensive loss | (229.7 | ) | (229.5 | ) | ||||
| Treasury stock, at cost | (92.7 | ) | (92.7 | ) | ||||
| Total shareholders' deficit | (447.8 | ) | (381.5 | ) | ||||
| Total Liabilities and Shareholders' Deficit | $ | 2,147.6 | $ | 2,279.3 | ||||
