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"To address these injury related issues, we have implemented the most robust employee safety training program in recent company history, and we are already seeing meaningful improvements in safety performance. This continued commitment to safety is the most important long-term investment we can make in our employees. With our intense focus on safety improvements, we anticipate workers' compensation claims will continue to decrease," Welch said.
"I continue to be pleased by the performance trends at Holland, Reddaway, and New Penn. All three of our regional carriers are providing best-in-class service and have improved the operational components of their companies," Welch said. "I am really proud of the employees at all three of these companies. They are bringing our vision of industry leadership to life for all to see. Our emphasis now will be on improving our market share and capitalizing on our operating leverage to continue increasing profitability," stated Welch.
"Having set in motion
"The redesigned network sets the blueprint for continuing gains in efficiency and customer service for YRC Freight. Nearly every day, I hear from an employee of YRC Freight who is experiencing the results of our initial progress. I am proud of their drive to bring customers back and serve them like never before," stated Rogers.
At March 31, 2012, the company's cash, cash equivalents and availability under its $400 million multi-year asset-based loan facility ("ABL") were $240.7 million, which marks the best first quarter liquidity position the company has reported since 2009. The ABL borrowing base was $343.3 million as of March 31, 2012 as compared to $360.5 million as of December 31, 2011. As a comparison, the company's cash, cash equivalents and availability under its ABL were $276.6 million at December 31, 2011 and $164.8 million of cash and availability at March 31, 2011. For the three months ended March 31, 2012, cash used in operating activities was $17.1 million as compared to $46.3 million for the three months ended March 31, 2011, an improvement of $29.2 million. This improvement in cash used for operations in 2012 was inclusive of a year-over-year increase of $21.0 million of cash paid for interest, an approximate $21.0 million of cash paid for multi-employer pension plans and a one-time payout of executive severance benefits to former executives of $12.3 million.
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