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Yellow | Concession Package makes a HUGE difference

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Goldwing

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How much difference does the new concession make????

According to the Wall Street Journal the total 2nd QTR loss was $309 million... When removing the restructuring and other one time charges, the operating loss for the Quarter was $209 million or approximately $70 million per month...

While in the 2nd Qtr the pension payments were deferred but the cost actually incurred so that expense would be included in the operating losses... The expense would be shown but instead of crediting cash for payment, a long term debt was credited instead... Simply, the pension costs would be included in the 2nd Qtr loss...

The new concession package is not a deferral but a temporary withdrawal so no expense would be incurred... This concession savings should equal to $50 million of the $70 million monthly loss... Of course that still leaves $20 million in losses per month... That $20 million must be realized through the reductions of costs during the 2nd quarter which have not shown up in operating costs yet along with other cost savings measures... Also, hopefully, the drastic decline in freight will finally stabilize...

The conession package does make a huge difference... Will it save the company??? That's definitely debatable but at least there will be a chance of survival...

A chance to survive is better than looking at unemployment in the immediate future...
 
They pissed away our 10%. What makes you think they won't **** away another 5% at pension? Fool me once, shame on me. Try to Fool me twice, FU
 
bookwyrm said:
Well put Goldwing. For those that disagree please post a sensible arguement instead of useless banter.
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They can't because they don't have the ability to do that! They're just a bunch of malcontents and with their attitudes any company would be better off without them. :TR10driving03:
 
yea why dont the 20 at the top take a 1 million $ cut apiece and then we break even without killing the bottom feeder teamsters .
im sure they could cut $20,000.000 from all the execs and they wouldnt even miss it
 
I believe that the members that have voted no including myself.have felt that several entities have lied.yes the economy is slow but I myself still see truckstops filled to the max at night.albeit not all of them trucks are filled to capacity or are fetching incredible rates.we see lack a dazacal effort by mgmt.you and I see it.does that bode well for another 5% paycut.I myself believe that it does not.yes I can do the math.and yes that is a considerable savings.I don't like to hark on history.but we all saw what happened to cf and they still had freight on the dock and in the system.if yrcw was in the same situation as cf was on that fateful day.it wouldn't matter if we threw in our first born child.because yrcw is going to what it wants to do.regardless of concessions or not....
 
Goldwing said:
How much difference does the new concession make????

According to the Wall Street Journal the total 2nd QTR loss was $309 million... When removing the restructuring and other one time charges, the operating loss for the Quarter was $209 million or approximately $70 million per month...

While in the 2nd Qtr the pension payments were deferred but the cost actually incurred so that expense would be included in the operating losses... The expense would be shown but instead of crediting cash for payment, a long term debt was credited instead... Simply, the pension costs would be included in the 2nd Qtr loss...

The new concession package is not a deferral but a temporary withdrawal so no expense would be incurred... This concession savings should equal to $50 million of the $70 million monthly loss... Of course that still leaves $20 million in losses per month... That $20 million must be realized through the reductions of costs during the 2nd quarter which have not shown up in operating costs yet along with other cost savings measures... Also, hopefully, the drastic decline in freight will finally stabilize...

The conession package does make a huge difference... Will it save the company??? That's definitely debatable but at least there will be a chance of survival...

A chance to survive is better than looking at unemployment in the immediate future...
Click to expand...

please pass me another glass of yellow koolaid:biglaugh:, they could sell you anything:nutkick:
 
I had come up with the same numbers goldwing did. I read and read and re-read. What brothered me was the fact the banks seem to be happy, so I read more. The union seems to see some daylight. I read more put the numbers down. Wondered why the investors are still hanging in there. I thought something was looking good. I then realized the pension funds non payment could not show as a plus, because the deal was not done and votes not in, so they had to be showing as a debt or loss. Now things are starting to make sense. You know guys and gals, there may be some light at the end of the tunnel. maybe not. I do believe they have it figured out, after all. I really hope so ! I know you will all say I am doing wishful thinking also. But I am an american and can either think positive or negitive, I choose to think positive. :shift: Thursday we will all know weather they get another chance or not. I do hope they survive.
 
bookwyrm said:
Well put Goldwing. For those that disagree please post a sensible arguement instead of useless banter.
Click to expand...

:popcorn:Kinda like robbing from Peter to pay Paul.If there is a light at the end of the tunnel :shift:It seems like it is slowly diminishing:TR10driving03:now let me explain it to you in terms you might understand.let's say you own a home with a mortgage on it but you need extra cash,you go to the bank and do a refinance depending on your credit will be the rate you would assume,now incorporated into the loan would be the points you would assume Now that your assets are lower because of all of the garage sales you have had the bank tells you,you have to pay more up front just to redo your loan.Well it is like this. How many times do you think YRC can keep going back to the well for more money:popcorn:
 
ESP said:
I had come up with the same numbers goldwing did. I read and read and re-read. What brothered me was the fact the banks seem to be happy, so I read more. The union seems to see some daylight. I read more put the numbers down. Wondered why the investors are still hanging in there. I thought something was looking good. I then realized the pension funds non payment could not show as a plus, because the deal was not done and votes not in, so they had to be showing as a debt or loss. Now things are starting to make sense. You know guys and gals, there may be some light at the end of the tunnel. maybe not. I do believe they have it figured out, after all. I really hope so ! I know you will all say I am doing wishful thinking also. But I am an american and can either think positive or negitive, I choose to think positive. :shift: Thursday we will all know weather they get another chance or not. I do hope they survive.
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YRCW: Summary for YRC Worldwide, Inc. - Yahoo! Finance
 
Personally, I'm very skeptical about YRC surviving long term and needless to say I'm not happy with the path senior management has pursued the last several years.. Neither am I happy about the necessity of the sacrifices that the union and nonunion employees are making and I definitely don't see leadership in that regard with our senior management... Even so, I still think the concessions give us a chance for survival...

Even though we disagree it's great to see someone such as yourself voice your opinions in such a professional manner... So many posts on this site contain personal derogatory comments towards individuals they don't even know and are just simply profane and childest...
 
YOU KNOW, WIFEY, " A STIRRER" is what reminds us of what we once were. a union willing to stand and demand recourse.
not fall at the feet of employers emptying our pockets while begging for crumbs.
remember, if we voted no and stopped work under threats of closure, they would pull magic rabbits from their butts that we never knew existed in order keep moving. NO NEED FOR GIVEBACKS.
youve bought into it hook , line. ........ youll see. let propaganda and fear rule you and your man. oh yea, be sure to get a flu shot for your family.
 
Goldwing said:
...it's great to see someone such as yourself voice your opinions in a proffesional manner. So many posts on this site contain personal derogatory comments towards individuals they don't even know and are just simply profane and childest...
Click to expand...

Give it time.There is an east coast contingent that will be calling you a **** sucker here before long...
 
I agree the numbers sound promising but you take for granted that the union and the co. will do the right thing. I voted yes the last time but after watching the two of them I will not be voting in favor again. they both cannot be trusted and I do not wish to help bankroll managments golden parachute
 
bookwyrm said:
Well put Goldwing. For those that disagree please post a sensible arguement instead of useless banter.
Click to expand...

Writeoffs my @$$. What happened to all the millions that came from the terminal sales and the 33 million from corporate office sale? Even more millions this coming quarter for leasebacks. Savings based on more employees then they have so saving won't be no where near as high as projected. Revenue down sharply in coming quarter because of customers fears. Theres not to much more left to sell to pump shady millions into that gaping hole in the hull thats taking on water. Well, perhaps all the yes men could stick their heads in it if they could get them out of their @$$e$ long enough. Captain zollars says full speed ahead. HAHA.
 
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