It appears that yellow has been doing their DOG AND PONY SHOW for a long time.
Does this article sound like something the current yrc Teamsters have heard lately.?
OVERLAND PARK, Kan., June 1 /PRNewswire/ -- Yellow Corporation (Nasdaq:
YELL) announced today that it has reached agreement in principle to sell
Preston Trucking Company to a management group of three senior Preston
Trucking officers. The three senior officers of Preston who are buying the
company include David J. Letke, President; J. Sean Callahan, Senior Vice
President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice
President and Chief Operating Officer.
The sale is subject to successful negotiation of a new five-year labor
agreement for Preston with the International Brotherhood of Teamsters and the
Preston management group securing financing for future working capital needs.
"We are informed that the sale is being positively viewed by the Teamsters and
that labor negotiations are scheduled to commence no later than June 11. The
new owners are in the process of finalizing lending arrangements with a major
financial institution," said A. Maurice Myers, Chairman, President and CEO of
Yellow Corporation.
The financial impact of the sale is estimated to result in a second
quarter non-recurring charge of between $55 and $65 million. Yellow
Corporation estimates it will realize positive net cash flow principally from
income tax benefits of approximately $20 million. In addition, Yellow
Corporation will restate its historical results to segregate Preston results
from continuing operations. For example, in the first quarter of 1998, the
loss of $.02 per share will be presented as net income from continuing
operations of $.14 per share and a net loss of $.16 per share from
discontinued operations.
Preston is a regional carrier serving the Northeast, Mid-Atlantic and
Central States. It currently operates 62 terminals and substations. Preston
delivered 2.4 million tons of freight in 1997, and serves approximately
190,000 customers. "We look forward to providing the outstanding level of
service our customers have come to expect," Letke said, "not only now, but
well into the next century."
Yellow Corporation is a holding company with operating subsidiaries
specializing in national, regional and international less-than-truckload
transportation. Headquartered in Overland Park, Kansas, Yellow employs
approximately 34,000 people, including 5,700 Preston Trucking employees.
http://www.prnewswire.com/news-rele...o-sell-preston-trucking-company-78002332.html
DATE PUBLISHED: JUNE 01, 1998
Does this article sound like something the current yrc Teamsters have heard lately.?
OVERLAND PARK, Kan., June 1 /PRNewswire/ -- Yellow Corporation (Nasdaq:
YELL) announced today that it has reached agreement in principle to sell
Preston Trucking Company to a management group of three senior Preston
Trucking officers. The three senior officers of Preston who are buying the
company include David J. Letke, President; J. Sean Callahan, Senior Vice
President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice
President and Chief Operating Officer.
The sale is subject to successful negotiation of a new five-year labor
agreement for Preston with the International Brotherhood of Teamsters and the
Preston management group securing financing for future working capital needs.
"We are informed that the sale is being positively viewed by the Teamsters and
that labor negotiations are scheduled to commence no later than June 11. The
new owners are in the process of finalizing lending arrangements with a major
financial institution," said A. Maurice Myers, Chairman, President and CEO of
Yellow Corporation.
The financial impact of the sale is estimated to result in a second
quarter non-recurring charge of between $55 and $65 million. Yellow
Corporation estimates it will realize positive net cash flow principally from
income tax benefits of approximately $20 million. In addition, Yellow
Corporation will restate its historical results to segregate Preston results
from continuing operations. For example, in the first quarter of 1998, the
loss of $.02 per share will be presented as net income from continuing
operations of $.14 per share and a net loss of $.16 per share from
discontinued operations.
Preston is a regional carrier serving the Northeast, Mid-Atlantic and
Central States. It currently operates 62 terminals and substations. Preston
delivered 2.4 million tons of freight in 1997, and serves approximately
190,000 customers. "We look forward to providing the outstanding level of
service our customers have come to expect," Letke said, "not only now, but
well into the next century."
Yellow Corporation is a holding company with operating subsidiaries
specializing in national, regional and international less-than-truckload
transportation. Headquartered in Overland Park, Kansas, Yellow employs
approximately 34,000 people, including 5,700 Preston Trucking employees.
http://www.prnewswire.com/news-rele...o-sell-preston-trucking-company-78002332.html
DATE PUBLISHED: JUNE 01, 1998
