YELLOW CORP. POSTS SOLID FIRST-QUARTER RESULTS

YELLOW CORP. POSTS SOLID FIRST-QUARTER RESULTS

      Yellow Corp. said net income for the first quarter ended March 31 was $10.5 million, up 116 percent from the year-earlier quarter

   Revenue was up 21 percent to $882.1 million. Operating income jumped 115 percent to $25.3 million    First quarter 1999 results do not include the purchase of Jevic in July 1999.

   Yellow Freight System, the company's trucking subsidiary, reported first-quarter operating income of $21.7 million, up 142 percent from the year-earlier quarter. Revenue was up 11 percent to $680.4 million. The first-quarter operating ratio was 96.8 percent, compared with 98.5 percent a year earlier.

   Less-than-truckload tonnage increased 7.8 percent and the number of LTL shipments improved 5.4 percent. Revenue per LTL shipment rose 6 percent. The carrier benefited from a 5-percent general rate increase implemented in the fall 1999 shipping season. The company also implemented a fuel surcharge in the first quarter of 2000 to offset rising fuel prices.

   The regional carrier group, which comprises Saia Motor Freight Line, Jevic Transportation, WestEx and Action Express, reported combined operating income of $7.5 million, up 61 percent from the year-earlier period. Revenue was up 77 percent, to $196.4 million.

   Yellow anticipates a second-quarter launch of Transportation.com, an Internet transportation services company funded by Yellow Corp. and venture capital firms TL Ventures and EnerTech Capital Partners.

   Yellow said earlier last week that Samuel K. Skinner, former Secretary of Transportation and White House Chief of Staff under President George Bush, would join Transportation.com as chairman.