NEW YORK — After consecutive losses, struggling LTL carrier YRC Worldwide, announced that it returned to a profit in the fourth quarter of 2009.
While cautioning that it’s still dealing with financial volatility, YRC said it earned $119.5 million, compared with a $244.9 million loss at the same period of 2008.
The company hinted, though, that the first quarter of 2010 might not be as positive. In a filing with the Securities and Exchange Commission, the company reminded investors that its recovery is ongoing, reports AP.
"The uncertainty regarding the company’s ability to generate sufficient cash flows and liquidity to fund operations raises substantial doubt about the company’s ability to continue as a going concern."
Seasonally, January and February is weak for trucking and YRC said conditions were made worse by a series of eastern snowstorms.
The next few months could give a clearer picture of YRC’s future.
The company stated it needs more capital to continue operations.
So far, lendors who don’t want to take on equipment, have been lenient with YRC.
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