Yrc Worldwide Inc

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YRC Worldwide Inc.10990 Roe Avenue

Phone: (913) 696-6100 Overland Park, KS 66211 United States Ticker: YRCW

Latest Financial Statements as of 12/31/2008

Business Summary

YRC Worldwide Inc. (YRC Worldwide) is a holding company, through its wholly owned operating subsidiaries offers

the customers a range of transportation services. The Company's operating subsidiaries includes YRC National

Transportation (National Transportation), YRC Regional Transportation (Regional Transportation), YRC Logistics, and

YRC Truckload (Truckload). National Transportation is the reporting unit for the transportation service providers

focused on business opportunities in regional, national, and international services. Regional Transportation is the

reporting unit for the transportation service providers focused on business opportunities in the regional and next-day

delivery markets. YRC Logistics plans and coordinates the movement of goods worldwide to provide customers a

single source for logistics management solutions. Truckload reflects the results of Glen Moore, a provider of

truckload services throughout the United States.

(Source: 10-K)

Employees: 55,000 (as of 12/31/2008) Federal Tax Id: 480948788

Credit Scores

FRISK2 Score 1 4/15/2009

Probability of default range: 21.0% - 50.0%

Z" Score -2.60 (Fiscal danger) 12/31/2008

Auditor Information

Last Audit: 12/31/2008

Auditors: KPMG LLP

Opinion: Unqualified with

Explanation

Agency Credit Ratings

Rating

Agency

Long Term

Rating

Outlook

Short Term

Rating

Watch

Moody's Caa3 Negative OFF

S&P CCC NM POS

Days Sales Outstanding

45.20 43.52 41.31 42.3945.71

12/07 3/08 6/08 9/08 12/08

Fourth Quarter and Year-to-Date Results

Sales for the 3 months ended 12/31/2008 decreased 17.88% to $1.93 billion from last year's comparable period

amount of $2.35 billion. Sales for the 12 months ended 12/31/2008 decreased 7.08% to $8.94 billion from $9.62

billion for the same period last year.

Gross profit margin decreased 90.93% for the period to $15.79 million (0.82% of revenues) from $174.04 million

(7.41% of revenues) for the same period last year. Gross profit margin decreased 31.99% for the year-to-date

period to $629.91 million (7.05% of revenues) from $926.24 million (9.63% of revenues) for the comparable 12

month period last year.

Operating income for the period increased 57.10% to ($335.32) million compared with operating income of

($781.60) million for the same period last year. Operating income for the year-to-date period decreased 90.07% to

($1.07) billion compared with operating income of ($565.13) million for the equivalent 12 months last year.

Net loss for the period decreased 66.78% to ($244.41) million compared with net loss of ($735.77) million for the

same period last year. Net loss for the year-to-date period increased 52.63% to ($974.39) million compared with

net loss of ($638.38) million for the equivalent 12 months last year.

Net cash from operating activities was $219.82 million for the 12 month period, compared to net cash from

operating activities of $392.60 million for last year's comparable period.

Working capital at 12/31/2008 of ($293.15) million decreased 34.47% from the prior year end's balance of

($218.01) million.

Inventories decreased by $4.33 million for the year-to-date period, compared to a $2.45 million increase in the prior

year's comparable period.

Management

#

Name

Age

Title

Title

Date

Start

Date

1. William D Zollars 61 Chaiman of the Board, President, Chief Executive Officer 11/9/1999 4/22/1999

Page 1 of 25CreditRiskMonitor Report for YRC Worldwide Inc.

4/15/2009http://www.crmz.com/Report/PrintableReport.asp?BusinessId=3671&PrintReport=Y&Aut...

2. Timothy A Wicks 43 Chief Financial Officer, Executive Vice President 10/13/2008 10/13/2008

3. Michael J Smid 53 President - YRC North American Transportation 10/25/2007 1/1/2004

4. Keith E Lovetro 53 President - YRC Regional Transportation 10/1/2007 10/1/2007

5. Daniel J Churay 46 Executive Vice President, General Counsel, Secretary 9/3/2002 9/3/2002

6. James G Kissinger 52 Executive Vice President - Human Resources 1/2/2008 1/2/2008

7. Paul F Liljegren 54 Vice President, Chief Accounting Officer, Controller 10/13/2008 1/1/2004

8. Cassandra C Carr 64 Director 1/1/1997 1/1/1997

9. Howard M Dean 71 Director 1/1/1987 1/1/1987

10. William L Trubeck 62 Director 1/1/1994 1/1/1994

11. Carl W Vogt 73 Director 1/1/1996 1/1/1996

12. Dennis E Foster 68 Director 9/19/2000 9/19/2000

Industries

Type Code Description

Sector TRANSP Transportation

Industry TRUCKS Trucking

SIC 4213 Trucking, Except Local

4700 TRANSPORTATION SERVICES

4214 Local Trucking With Storage

6719 Offices Of Holding Companies, Not Elsewhere Classified

NAICS 484121 General Freight Trucking, Long-Distance, Truckload

484122 General Freight Trucking, Long-Distance, Less Than Truckload

48411 General Freight Trucking, Local

551112 Offices of Other Holding Companies

# Address Name News S&P Moody's SEC Bkcy Suits Liens Payments

1. 10990 Roe Ave

Overland Park, KS

66211

Yellow Corp.

News

2. 10990 Roe Ave

Overland Park, KS

66211

Yellow Freight

System Inc. News

Suits Payments

3. 1077 Gorge Blvd

Akron, OH 44310

ROADWAY EXPRESS

INC SEC



Credit Ratings

Moody's Ratings

Issuer Name

Long Term

Rating

Outlook

Short Term

Rating

Watchlist

Date

Updated

YRC WORLDWIDE INC. Caa3 Negative OFF 12/24/2008

Note: Moody's ratings are continuously monitored by Moody's. Thus, a rating with no change going back in time only

reflects that, after review, Moody's has not changed the rating since that date. It does not mean there have been no

reviews since that date.

Standard & Poor's Ratings

S&P

Entity Name

Long Term

Rating

Outlook

Short Term

Rating

Credit

Watch

Date

Issued

YRC Worldwide Inc. CCC NM POS 2/17/2009

Standard & Poor's Ratings (Subsidiaries)

S&P

Entity Name

Long Term

Rating

Outlook

Short Term

Rating

Credit

Watch

Date

Issued

Note: All S&P ratings are continuously monitored by S&P. Thus, a rating with no change going back in time only

reflects that, after review, S&P has not changed the rating since that date. It does not mean there have been no S&P

reviews since that date.

LEGEND:

Financially sound: 2.60 or higher

Neutral: 1.10 to 2.60

Fiscal danger: less than 1.10

Z" Score

1.65

2.02 1.93 1.65 1.67

(0.24) (0.37) (0.42) (2.18) (2.60)

9/06 12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08

Altman's Z"-Score The Z"-Score was developed by Dr. Edward I. Altman of New York University in the early-1990's. This

model is applicable to firms in the manufacturing, merchandising and service sectors. The Z"-Score calculates and combines 4

financial ratios, assigning each a different weighting.

Although the numbers that go into calculating the Z"-Score (and a company's financial soundness) are sometimes influenced by

external factors, it provides a good tool for analyzing the ups and downs of a company's financial stability over time. The score is

computed as follows:

Total Working Retained EBIT Equity Capital Earnings

Z" = -------- * 6.72 + ------------- * 1.05 + --------- * 6.56 + ---------- * 3.26 Total Total Total Total



Calculation of most recent Z"-Scores (Financial data in thousands)

* Gray shaded area(s) highlight missing Z"-Score component(s)

Assets Liabilities Assets Assets

Note that the Z"-Score is different than the original Z-score, developed by Altman in the 1960's. The original Z-Score has as one

of its variables the asset turnover ratio. As this variable is industry sensitive, the Z"-model, which omitted this variable, was

developed.

CreditRiskMonitor computes the Z"-score on a quarterly basis, provided the variables required by the scoring model are reported.

Previously, we used the company's quarterly EBIT in this calculation. Now we use the company's EBIT for the twelve trailing

months, as this provides a result that is less seasonal and less volatile.

One of the 4 variables used to compute Altman's Z"-Score is the ratio of working capital to total assets. As many of the

companies in the energy sector are highly leveraged, they generally have low working capital. Thus, we have found that their Z"-

Scores are adversely impacted and an abnormally high percentage of companies in this sector are in the neutral and fiscal danger

ranges.

Likelihood of failure

Financially sound: 2.6 or higher

Neutral: 1.1 to 2.6

Fiscal danger: less than 1.1

Component/Date 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008

EBIT(trailing-12 months) (562,957) (636,563) (669,856) (1,512,121) (1,068,872)

TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113

EBIT/TotalAssets -0.1112 -0.127 -0.1335 -0.3635 -0.2695

(EBIT/TotalAssets)*6.72 -0.7473 -0.8537 -0.8968 -2.4429 -1.811

TotalEquity 1,612,304 1,572,057 1,607,070 903,145 474,394

TotalLiabilities 3,450,319 3,438,968 3,412,410 3,256,407 3,491,719

TotalEquity/TotalLiabilities 0.4673 0.4571 0.4709 0.2773 0.1359

(TotalEquity/TotalLiabilities)*1.05 0.4907 0.48 0.4945 0.2912 0.1427

WorkingCapital (218,005) (209,729) (242,842) 108,402 (293,146)

TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113

WorkingCapital/TotalAssets -0.0431 -0.0419 -0.0484 0.0261 -0.0739

(WorkingCapital/TotalAssets)*6.56 -0.2825 -0.2746 -0.3174 0.171 -0.4849

RetainedEarnings 471,119 425,244 461,518 (258,864) (547,338)

TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113

RetainedEarnings/TotalAssets 0.0931 0.0849 0.0919 -0.0622 -0.138

(RetainedEarnings/TotalAssets)*3.26 0.3034 0.2766 0.2997 -0.2029 -0.4499

Z"-Score -0.24 -0.37 -0.42 -2.18 -2.6



FRISK2 Score - A score indicating the probability of default for a company over a 12 month horizon, based on new daily

information in the CRMZ database, as calculated by a proprietary statistical model created by Dr. Camilo Gomez, and

back-tested on 10,000 companies. (see Financial Risk (FRISK2) Score). Historical FRISK2 scores shown above may

have been updated, based on new information or improvements to the model, more recently than the dates shown.

The FRISK2 score is reported on a 1 to 10 scale:

FRISK2

Probability of default within 12 months

From To

Best 10 0% 0.3%

9 0.3% 0.4%

8 0.4% 0.9%

7 0.9% 1.9%

6 1.9% 3.7%

5 3.7% 7.4%

4 7.4% 10.1%

3 10.1% 14.1%

2 14.1% 21.0%

Worst 1 21.0% 50.0%



Annual Financial Statements

Performance Ratios - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Net Sales $ $8,940,401 $9,621,316 $9,918,690 $8,741,557 $6,767,485

% change -7.08% -3.00% 13.47% 29.17% 120.54%

Gross Margin $ $629,912 $926,240 $1,273,436 $1,200,861 $830,689

% change -31.99% -27.26% 6.04% 44.56% 151.59%

% of sales 7.05% 9.63% 12.84% 13.74% 12.27%

change as % of incremental sales n/m n/m 6.17% 18.75% 13.53%

Operating margin $ ($1,074,126) ($565,126) $545,434 $536,310 $343,322

% change -90.07% -203.61% 1.70% 56.21% 287.49%

% of sales -12.01% -5.87% 5.50% 6.14% 5.07%


EBITDA $ ($805,557) ($311,726) $814,773 $782,690 $511,005

% change -158.42% -138.26% 4.10% 53.17% 195.19%

% of sales -9.01% -3.24% 8.21% 8.95% 7.55%


Pre-tax income $ ($1,143,462) ($651,717) $455,956 $472,263 $297,663

% change -75.45% -242.93% -3.45% 58.66% 345.51%

% of sales -12.79% -6.77% 4.60% 5.40% 4.40%

change as % of incremental sales n/m n/m -1.39% 8.84% 6.24%

Net income (loss) $ ($974,392) ($638,381) $276,632 $288,130 $184,327

% change -52.63% -330.77% -3.99% 56.31% 353.08%

% of sales -10.90% -6.64% 2.79% 3.30% 2.72%


Tax expense $ ($169,070) ($13,336) $179,324 $184,133 $113,336

Effective tax rate 14.79% 2.05% 39.33% 38.99% 38.08%

Depreciation expense $ $246,800 $237,303 $251,684 $232,062 $171,468

% of sales 2.76% 2.47% 2.54% 2.65% 2.53%

% of capital expenses 152.09% 60.27% 66.64% 76.16% 84.96%

% of PP&E, net (annualized) 10.75% 10.10% 11.12% 12.12% 12.01%

Capital expenditures $ $162,276 $393,763 $377,687 $304,718 $201,818

% change -58.79% 4.26% 23.95% 50.99% 95.32%


% of working capital (annualized) -94.86% 1,900.55% -342.79% -110.48% -535.13%

Interest coverage ratio (10.34) (3.51) 9.28 12.35 11.63

% change -194.42% -137.83% -24.83% 6.24% 38.39%

Free cash flow $ $57,544 ($1,165) $154,617 $192,959 $233,900

% change 5,039.40% -100.75% -19.87% -17.50% 346.30%

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Liquidity Ratios - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Current assets $ $1,460,505 $1,377,534 $1,490,613 $1,477,632 $1,053,441

% change 6.02% -7.59% 0.88% 40.27% 19.11%

% of short-term debt 254.74% 334.39% 662.49% 394.07% 286.79%

Current liabilities $ $1,753,651 $1,595,539 $1,360,469 $1,664,774 $1,199,739

% change 9.91% 17.28% -18.28% 38.76% 38.99%

Working capital $ ($293,146) ($218,005) $130,144 ($187,142) ($146,298)

% change -34.47% -267.51% 169.54% -27.92% -788.82%

% of sales (annualized) -3.28% -2.27% 1.31% -2.14% -2.16%

Cash $ $325,349 $58,233 $76,391 $82,361 $106,489

% change 458.70% -23.77% -7.25% -22.66% 41.67%


Cash ratio 0.19 0.04 0.06 0.05 0.09

% change 408.22% -35.05% 13.54% -44.26% 1.95%

Quick assets $ $1,162,404 $1,132,148 $1,267,209 $1,246,744 $885,085

% change 2.67% -10.66% 1.64% 40.86% 14.31%


Quick ratio 0.66 0.71 0.93 0.75 0.74

% change -6.60% -23.82% 24.38% 1.52% -17.76%

Current ratio 0.83 0.86 1.10 0.89 0.88

% change -3.54% -21.20% 23.45% 1.08% -14.30%

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Efficiency Ratios - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Accounts receivable $ $837,055 $1,073,915 $1,190,818 $1,164,383 $778,596

% change -22.06% -9.82% 2.27% 49.55% 11.36%

% of sales 9.36% 11.16% 12.01% 13.32% 11.51%


Accounts receivable turnover

(annualized)8.63 8.07 8.09 8.42 8.82

% change 7.00% -0.30% -3.92% -4.45% 18.31%

Days sales outstanding 42.28 45.24 45.10 43.33 41.40

% change -6.54% 0.30% 4.08% 4.66% -15.47%

Inventory $ $24,719 $29,051 $26,600 $31,499 $20,916

% change -14.91% 9.21% -15.55% 50.60% 27.13%

% of sales 0.28% 0.30% 0.27% 0.36% 0.31%


% inventory financed by

vendors1,350.82% 1,334.69% 1,494.68% 1,250.62% 928.34%

% change 1.21% -10.70% 19.52% 34.72% -3.81%

Inventory turnover (annualized) 309.11 312.49 297.60 239.39 n/a

% change -1.08% 5.00% 24.32% n/a n/a

No. of days sales in inventory 1.18 1.17 1.23 1.52 n/a

% change 1.09% -4.76% -19.56% n/a n/a

Inventory to working capital

ratio(0.08) (0.13) 0.20 (0.17) (0.14)

% change 36.76% -165.22% 221.45% -17.69% -118.46%

Accounts payable $ $333,910 $387,740 $397,586 $393,934 $194,172

% change -13.88% -2.48% 0.93% 102.88% 22.29%

% of sales 3.73% 4.03% 4.01% 4.51% 2.87%


Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Leverage Ratios - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Total debt $ $1,360,752 $1,234,003 $1,283,496 $1,488,055 $770,852

% change 10.27% -3.86% -13.75% 93.04% -23.73%

Stockholders' equity $ $474,394 $1,612,304 $2,192,549 $1,936,488 $1,214,191

% change -70.58% -26.46% 13.22% 59.49% 21.17%

Total debt to equity ratio 2.87 0.77 0.59 0.77 0.63

% change 274.76% 30.75% -23.82% 21.03% -37.05%

Tangible net worth $ $289,625 $378,318 $174,549 ($7,970) $113,740

% change -23.44% 116.74% 2,290.08% -107.01% 238.13%

Total debt to tangible net worth 4.70 3.26 7.35 n/a 6.78

% change 44.04% -55.64% n/a n/a n/a

Total assets $ $3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169

% change -21.66% -13.49% 2.05% 58.09% 4.73%

Total debt to assets ratio 0.34 0.24 0.22 0.26 0.21

% change 40.79% 11.13% -15.49% 22.12% -27.18%

Net tangible assets $ $3,781,344 $3,828,637 $3,833,759 $3,789,731 $2,526,718

% change -1.24% -0.13% 1.16% 49.99% 6.22%

Short-term debt $ $573,337 $411,955 $225,000 $374,970 $367,317

% change 39.17% 83.09% -40.00% 2.08% 110.31%

Short-term debt % of total debt 42.13% 33.38% 17.53% 25.20% 47.65%

% change 26.21% 90.43% -30.43% -47.12% 175.76%

Short-term debt % of working

capital-195.58% -188.97% 172.89% -200.37% -251.07%

% change -3.50% -209.30% 186.28% 20.20% -130.53%

Total liabilities $ $3,491,719 $3,450,319 $3,659,210 $3,797,701 $2,412,978

% change 1.20% -5.71% -3.65% 57.39% -1.96%

Total liabilities to equity ratio 7.36 2.14 1.67 1.96 1.99

% change 243.94% 28.23% -14.90% -1.32% -19.08%

Total liabilities to tangible net

worth ratio12.06 9.12 20.96 n/a 21.21

% change 32.19% -56.50% n/a n/a n/a

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Long Term Obligations - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Long Term Obligations:

Maturing within 1 year 573,300 412,600 225,000 375,000 4,400

% of free cash flow 996.28% n/m 145.52% 194.34% 1.88%

Maturing within 2 years 156,000 101,000 377,500 n/a n/a

% of free cash flow 271.10% n/m 244.15% n/a n/a

Maturing within 3 years n/a 406,000 101,000 377,500 n/a

% of free cash flow n/a n/m 65.32% 195.64% n/a

Maturing within 4 years 626,500 n/a 156,000 101,000 227,500

Maturing within 5 years n/a 300,000 n/a 201,000 1,000

Remaining Long Term Debt n/a n/a 400,000 400,000 406,000

Total Long Term Debt 1,355,800 1,219,600 1,259,500 1,454,500 638,900

Operating Lease Obligations:

Maturing within 1 year 106,100 101,700 99,400 106,500 75,100


Maturing within 2 years 76,800 69,000 78,800 79,600 48,900






Remaining Operating Leases 17,000 19,200 23,000 14,700 9,200

Total Operating Leases 296,500 267,900 286,000 315,600 188,200

Cumulative Obligations due within 3 years:

Total Obligations Maturing

within 3 years963,600 1,130,900 928,500 995,000 158,800

% of free cash flow 1,674.54% n/m 600.52% 515.65% 67.89%

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006

NOTE: Long-term obligation information is a new addition to our database. At the current time, we may provide only the

most recent fiscal year data for a company. As we build out this capability in coming months, we will provide more

information for prior periods. We will also present an additional category, "Other". For more information, see 'What are

"Obligations?"' in our FAQ.



Rates of Return - Annual(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Return on equity -60.43% -29.12% 14.29% 23.73% 18.39%

% change -107.57% -303.82% -39.80% 29.01% 62.75%

Return on net tangible equity -257.56% -365.73% n/a 253.32% n/a

% change 29.58% n/a n/a n/a n/a

Return on total assets -20.98% -10.93% 4.70% 5.88% 5.20%

% change -91.98% -332.31% -20.03% 13.11% 100.66%

Return on net tangible assets -25.71% -16.02% 7.13% 8.69% 7.58%

% change -60.46% -324.56% -17.89% 14.65% 140.14%

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Balance Sheet - Annual - Standardized(Thousands of U.S. Dollars)

As of 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Restated

12/31/2007

Reclassified

12/31/2006

Current Assets:

Cash and short term

investments$325,349 $58,233 $76,391 $82,361 $106,489

Accounts receivable

(trade), net837,055 1,073,915 1,190,818 1,164,383 778,596

Total inventory 24,719 29,051 26,600 31,499 20,916

Prepaid expenses 139,601 175,316 162,543 94,798 80,944

Other current assets,

total133,781 41,019 34,261 104,591 66,496

Total current assets 1,460,505 1,377,534 1,490,613 1,477,632 1,053,441

Non-Current Assets:

Property/plant/equip.,

net2,200,977 2,380,473 2,269,846 2,205,792 1,422,718

Goodwill, net n/a 700,659 1,326,583 1,230,781 632,141

Intangibles, net 184,769 533,327 691,417 713,677 468,310

Other long term assets,

total119,862 70,630 73,300 106,307 50,559

Total assets $3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169

Current Liabilities:

Accounts payable $333,910 $387,740 $397,586 $393,934 $194,172

Accrued expenses 846,404 795,844 737,883 895,870 638,250

Notes payable/short

term debt147,000 180,000 225,000 374,970 112,917

Current port. LT

debt/capital leases426,337 231,955 n/a n/a 254,400

Total current liabilities 1,753,651 1,595,539 1,360,469 1,664,774 1,199,739

Non-Current Liabilities:

Long term debt 787,415 822,048 1,058,496 1,113,085 403,535

Deferred income tax 238,704 521,615 508,715 387,220 319,839

Other liabilities, total 711,949 511,117 731,530 632,622 489,865

Total liabilities 3,491,719 3,450,319 3,659,210 3,797,701 2,412,978

Shareholders' Equity:

Common stock 62,413 61,514 60,876 60,450 51,303

Additional paid-in capital 1,224,606 1,211,956 1,180,578 1,154,654 694,504

Retained

earnings/accum. deficit(547,338) 471,119 1,115,246 838,614 550,484

Treasury stock -

common(92,737) (144,614) (109,617) (89,620) (38,462)

Other equity, total (172,550) 12,329 (54,534) (27,610) (43,638)

Total equity 474,394 1,612,304 2,192,549 1,936,488 1,214,191

Total liabilities &

shareholders' equity$3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169

Supplemental Information:

Total common shares

outstanding59,334 56,712 57,197 57,292 49,237

Auditor/Opinion:

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2005



Income Statement - Annual - Standardized(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Reclassified

12/31/2005

Revenue:

Revenue $8,940,401 $9,621,316 $9,918,690 $8,741,557 $6,767,485

Total revenue 8,940,401 9,621,316 9,918,690 8,741,557 6,767,485

Operating Expense:

Cost of revenue, total 8,310,489 8,695,076 8,645,254 7,540,696 5,936,796

Depreciation/amortization 264,291 255,603 274,184 250,562 171,468

Unusual income/expense 1,048,586 804,260 26,302 13,029 18,279

Other operating expenses,

total391,161 431,503 427,516 400,960 297,620

Total expense 10,014,527 10,186,442 9,373,256 8,205,247 6,424,163

Operating income (1,074,126) (565,126) 545,434 536,310 343,322

Non-Operating Expense/Income:

Interest expense, net non-

operating(77,907) (88,760) (87,760) (63,371) (43,954)

Interest/investment income,

non-operating4,293 4,372 3,127 3,506 2,080

Other, net 4,278 (2,203) (4,845) (4,182) (3,785)

Income before tax (1,143,462) (651,717) 455,956 472,263 297,663

Income tax - total (169,070) (13,336) 179,324 184,133 113,336

Net income ($974,392) ($638,381) $276,632 $288,130 $184,327

Supplemental and Per Share Items:

Basic/primary EPS incl.

extra. items($16.92) ($11.17) $4.82 $5.30 $3.83

Diluted EPS incl. extra.

items($16.92) ($11.17) $4.74 $5.07 $3.75

Interest expense,

supplemental$77,907 $88,760 $87,760 $63,371 $43,954

Interest capitalized,

supplemental($12,600) ($26,800) ($14,700) ($8,200) ($7,300)

Depreciation/amortization,

supplemental$246,800 $237,303 $251,684 $232,062 $171,468

Auditor/Opinion:

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

KPMG LLP

Unqualified

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2006



Statement of Cash Flows - Annual - Standardized(Thousands of U.S. Dollars)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Cash Flows from Operating Activities:

Net income ($974,392) ($638,381) $276,632 $288,130 $184,327

Depreciation/depletion 264,291 255,603 274,184 250,562 171,468

Deferred taxes (158,352) 8,533 161,223 52,600 17,996

Non-cash Items 910,565 784,253 3,798 (5,388) 13,732

Changes in working

capital177,708 (17,410) (183,533) (88,227) 48,195

Total cash from

operating activities219,820 392,598 532,304 497,677 435,718

Cash Flows from Investing Activities:

Capital expenditures (162,276) (393,763) (377,687) (304,718) (201,818)

Other investing cash

flow items, total75,342 52,676 48,716 (739,577) 31,560

Total cash from

investing activities(86,934) (341,087) (328,971) (1,044,295) (170,258)

Cash Flows from Financing Activities:

Financing cash flow

items(11,404) (1,298) n/a (4,245) (3,452)

Issuance/retirement of

stock, net50 (28,467) (14,311) (38,796) 15,859

Issuance/retirement of

debt, net145,584 (39,904) (194,992) 565,531 (246,544)

Total cash from

financing activities134,230 (69,669) (209,303) 522,490 (234,137)

Net change in cash 267,116 (18,158) (5,970) (24,128) 31,323

Net cash-beginning

balance58,233 76,391 82,361 106,489 75,166

Net cash-ending balance $325,349 $58,233 $76,391 $82,361 $106,489

Supplemental Disclosures:

Cash interest paid $70,945 $84,076 $90,072 $62,145 $59,044

Cash taxes paid,

supplemental($46,463) ($48,132) $109,500 $100,354 $85,316

Auditor/Opinion:

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

with

Explanation

KPMG LLP

Unqualified

KPMG LLP

Unqualified

with

Explanation

Source:10-K

3/2/2009

10-K

2/29/2008

10-K

3/1/2007

10-K

3/15/2006

10-K

3/15/2005



Financial Statements - Sequential Quarters

Performance Ratios - Sequential Quarters(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Net Sales $ $1,928,823 $2,380,258 $2,398,728 $2,232,592 $2,348,738

% change -18.97% -0.77% 7.44% -4.95% -4.43%

Gross Margin $ $15,788 $229,230 $245,989 $138,905 $174,043

% change -93.11% -6.81% 77.09% -20.19% -33.12%

% of sales 0.82% 9.63% 10.26% 6.22% 7.41%

change as % of incremental sales n/m n/m 64.46% n/m n/m

Operating margin $ ($335,316) ($756,621) $71,254 ($53,443) ($781,599)

% change 55.68% -1,161.86% 233.33% 93.16% -991.72%

% of sales -17.38% -31.79% 2.97% -2.39% -33.28%


EBITDA $ ($265,189) ($687,785) $136,552 $11,841 ($704,138)

% change 61.44% -603.68% 1,053.21% 101.68% -572.88%

% of sales -13.75% -28.90% 5.69% 0.53% -29.98%


Pre-tax income $ ($352,510) ($775,927) $55,013 ($70,038) ($802,414)

% change 54.57% -1,510.44% 178.55% 91.27% -1,354.61%

% of sales -18.28% -32.60% 2.29% -3.14% -34.16%


Net income (loss) $ ($244,409) ($720,382) $36,274 ($45,875) ($735,771)

% change 66.07% -2,085.95% 179.07% 93.77% -1,905.84%

% of sales -12.67% -30.26% 1.51% -2.05% -31.33%


Tax expense $ ($108,101) ($55,545) $18,739 ($24,163) ($66,643)

Effective tax rate 30.67% 7.16% 34.06% 34.50% 8.31%

Depreciation expense $ $69,735 $67,808 $63,435 $63,313 $74,035

% of sales 3.62% 2.85% 2.64% 2.84% 3.15%

% of capital expenses 120.49% 247.62% 158.03% 171.69% 92.21%


Capital expenditures $ $57,874 $27,384 $40,142 $36,876 $80,289

% change 111.34% -31.78% 8.86% -54.07% 12.11%


% of working capital (annualized) -250.61% -162.95% -70.96% -68.97% -441.32%

Interest coverage ratio (12.69) (33.82) 7.54 0.64 (29.05)

% change 62.49% -548.44% 1,082.60% 102.20% -543.11%

Free cash flow $ ($869) $24,844 ($22,677) $56,246 $106,373

% change -103.50% 209.56% -140.32% -47.12% 472.18%

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Liquidity Ratios - Sequential Quarters(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Current assets $ $1,460,505 $1,416,769 $1,406,757 $1,362,046 $1,377,534

% change 3.09% 0.71% 3.28% -1.12% -21.04%


Current liabilities $ $1,753,651 $1,308,367 $1,649,599 $1,571,775 $1,595,539

% change 34.03% -20.69% 4.95% -1.49% -4.58%

Working capital $ ($293,146) $108,402 ($242,842) ($209,729) ($218,005)

% change -370.42% 144.64% -15.79% 3.80% -400.85%

% of sales (annualized) -3.80% 1.14% -2.53% -2.35% -2.32%

Cash $ $325,349 $102,623 $61,324 $59,826 $58,233

% change 217.03% 67.35% 2.50% 2.74% -71.62%


Cash ratio 0.19 0.08 0.04 0.04 0.04

% change 136.61% 110.75% -2.36% 4.38% -70.25%

Quick assets $ $1,162,404 $1,197,807 $1,177,405 $1,115,401 $1,132,148

% change -2.96% 1.73% 5.56% -1.48% -22.35%


Quick ratio 0.66 0.92 0.71 0.71 0.71

% change -27.60% 28.26% 0.59% 0.00% -18.61%

Current ratio 0.83 1.08 0.85 0.87 0.86

% change -23.10% 26.98% -1.59% 0.37% -17.24%

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Efficiency Ratios - Sequential Quarters(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Accounts receivable $ $837,055 $1,095,184 $1,116,081 $1,055,575 $1,073,915

% change -23.57% -1.87% 5.73% -1.71% -14.28%

% of sales 43.40% 46.01% 46.53% 47.28% 45.72%


Accounts receivable turnover

(annualized)7.99 8.61 8.84 8.39 8.08

% change -7.26% -2.55% 5.36% 3.86% 1.34%

Days sales outstanding 45.71 42.39 41.31 43.52 45.20

% change 7.83% 2.61% -5.08% -3.71% -1.32%

Inventory $ $24,719 n/a n/a n/a $29,051

% of sales 1.28% n/a n/a n/a 1.24%

Inventory turnover (annualized) 309.57 n/a n/a 288.28 299.43

% change n/a n/a n/a -3.73% n/a

No. of days sales in inventory 1.18 n/a n/a 1.27 1.22

% change n/a n/a n/a 3.86% n/a

Inventory to working capital ratio (0.08) n/a n/a n/a (0.13)

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Leverage Ratios - Sequential Quarters(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Total debt $ $1,360,752 $1,183,715 $1,195,085 $1,174,510 $1,234,003

% change 14.96% -0.95% 1.75% -4.82% -18.40%

Stockholders' equity $ $474,394 $903,145 $1,607,070 $1,572,057 $1,612,304

% change -47.47% -43.80% 2.23% -2.50% -29.69%

Total debt to equity ratio 2.87 1.31 0.74 0.75 0.77

% change 118.84% 76.26% -0.47% -2.39% 16.06%

Tangible net worth $ $289,625 $508,127 $382,089 $343,097 $378,318

% change -43.00% 32.99% 11.36% -9.31% 30.40%

Total debt to tangible net worth 4.70 2.33 3.13 3.42 3.26

% change 101.68% -25.52% -8.63% 4.95% -37.43%

Total assets $ $3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623

% change -4.65% -17.13% 0.17% -1.02% -18.40%

Total debt to assets ratio 0.34 0.28 0.24 0.23 0.24

% change 20.56% 19.53% 1.58% -3.82% 0.00%

Net tangible assets $ $3,781,344 $3,764,534 $3,794,499 $3,782,065 $3,828,637

% change 0.45% -0.79% 0.33% -1.22% -8.87%

Short-term debt $ $573,337 $145,500 $471,295 $351,740 $411,955

% change 294.05% -69.13% 33.99% -14.62% -10.44%

Short-term debt % of total debt 42.13% 12.29% 39.44% 29.95% 33.38%

% change 242.78% -68.83% 31.68% -10.29% 9.75%

Short-term debt % of working

capital-195.58% 134.22% -194.07% -167.71% -188.97%

% change -245.71% 169.16% -15.72% 11.25% -129.77%

Total liabilities $ $3,491,719 $3,256,407 $3,412,410 $3,438,968 $3,450,319

% change 7.23% -4.57% -0.77% -0.33% -11.79%

Total liabilities to equity ratio 7.36 3.61 2.12 2.19 2.14

% change 104.14% 69.80% -2.93% 2.22% 25.45%

Total liabilities to tangible net worth

ratio12.06 6.41 8.93 10.02 9.12

% change 88.12% -28.24% -10.90% 9.90% -32.35%

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Rates of Return - Sequential Quarters(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Return on equity -27.06% -44.83% 2.31% -2.85% -32.09%

% change 39.63% -2,042.70% 181.10% 91.13% -1,893.09%

Return on net tangible equity -48.10% -188.54% 10.57% -12.13% -253.62%

% change 74.49% -1,883.28% 187.19% 95.22% -1,764.38%

Return on total assets -6.02% -15.70% 0.72% -0.91% -13.06%

% change 61.67% -2,270.10% 179.41% 93.03% -2,058.99%

Return on net tangible assets -6.48% -19.06% 0.96% -1.21% -18.33%

% change 66.01% -2,090.62% 179.43% 93.42% -1,946.18%

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Balance Sheet - Sequential Quarters - Standardized(Thousands of U.S. Dollars)

As of 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007

Current Assets:

Cash and short term investments $325,349 $102,623 $61,324 $59,826 $58,233

Accounts receivable (trade), net 837,055 1,095,184 1,116,081 1,055,575 1,073,915

Total inventory 24,719 n/a n/a n/a 29,051

Prepaid expenses 139,601 218,962 229,352 246,645 175,316

Other current assets, total 133,781 n/a n/a n/a 41,019

Total current assets 1,460,505 1,416,769 1,406,757 1,362,046 1,377,534

Non-Current Assets:

Property/plant/equip., net 2,200,977 2,234,887 2,314,899 2,349,284 2,380,473

Goodwill, net n/a 59,462 700,546 700,393 700,659

Intangibles, net 184,769 335,556 524,435 528,567 533,327

Other long term assets, total 119,862 112,878 72,843 70,735 70,630

Total assets $3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623

Current Liabilities:

Payable/accrued $333,910 $342,583 $368,654 $386,703 $387,740

Accrued expenses 527,835 428,363 430,066 438,016 593,994

Notes payable/short term debt 147,000 142,000 140,000 120,000 180,000

Current port. LT debt/capital leases 426,337 3,500 331,295 231,740 231,955

Other current liabilities, total 318,569 391,921 379,584 395,316 201,850

Total current liabilities 1,753,651 1,308,367 1,649,599 1,571,775 1,595,539

Non-Current Liabilities:

Long term debt 787,415 1,038,215 723,790 822,770 822,048

Deferred income tax 238,704 489,431 536,913 521,700 521,615

Other liabilities, total 711,949 420,394 502,108 522,723 511,117

Total liabilities 3,491,719 3,256,407 3,412,410 3,438,968 3,450,319

Shareholders' Equity:

Common stock 62,413 62,175 62,022 61,828 61,514

Additional paid-in capital 1,224,606 1,222,338 1,218,533 1,218,123 1,211,956

Retained earnings/accum. deficit (547,338) (258,864) 461,518 425,244 471,119

Treasury stock - common (92,737) (144,614) (144,614) (144,614) (144,614)

Other equity, total (172,550) 22,110 9,611 11,476 12,329

Total equity 474,394 903,145 1,607,070 1,572,057 1,612,304

Total liabilities & shareholders'

equity$3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623

Supplemental Information:

Total common shares outstanding 59,334 59,253 57,284 57,092 56,712

Source:10-K

3/2/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Income Statement - Sequential Quarters - Standardized(Thousands of U.S. Dollars)

Period Ended3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

3 mos

12/31/2007

Revenue:

Revenue $1,928,823 $2,380,258 $2,398,728 $2,232,592 $2,348,738

Total revenue 1,928,823 2,380,258 2,398,728 2,232,592 2,348,738

Operating Expense:

Cost of revenue, total 1,913,035 2,151,028 2,152,739 2,093,687 2,174,695

Depreciation/amortization 69,735 67,808 63,435 63,313 74,035

Unusual income/expense 203,014 830,344 2,444 12,784 790,606

Other operating expenses, total 78,355 87,699 108,856 116,251 91,001

Total expense 2,264,139 3,136,879 2,327,474 2,286,035 3,130,337

Operating income (335,316) (756,621) 71,254 (53,443) (781,599)

Non-Operating Expense/Income:

Interest/investment income, non-

operating3,317 n/a n/a n/a n/a

Interest expense/income, net non-

operating(17,586) (20,334) (18,104) (18,566) (24,241)

Other, net 392 1,028 1,863 1,971 3,426

Income before tax (352,510) (775,927) 55,013 (70,038) (802,414)

Income tax - total (108,101) (55,545) 18,739 (24,163) (66,643)

Net income ($244,409) ($720,382) $36,274 ($45,875) ($735,771)

Supplemental and Per Share Items:

Basic/primary EPS incl. extra. items ($4.14) ($12.57) $0.64 ($0.81) ($12.99)

Diluted EPS incl. extra. items ($4.14) ($12.57) $0.62 ($0.81) ($12.99)

Interest expense, supplemental $20,903 $20,334 $18,104 $18,566 $24,241

Depreciation/amortization,

supplemental$69,735 $67,808 $63,435 $63,313 $74,035

Source:10-K

1/29/2009

10-Q

11/10/2008

10-Q

8/6/2008

10-Q

5/8/2008

10-K

2/29/2008



Payments

Trade Payment Summary By Month

Date

Reported

#

Total

Receivable

Current

Amount

Past

Due

1-30

Past

Due

31-60

Past

Due

61-90

Past

Due

90+

Other

Amount

Days

Beyond

Terms

4-2009 2 19,408 22,793 2,215 (5,600) 4.0

3-2009 57 764,635 638,805 285,790 (148,121) (11,672) (167) 5.0

2-2009 112 400,122 417,104 (35,597) 10,870 11,919 (4,174) 9.8

1-2009 123 1,028,387 786,256 172,906 25,363 50,440 (6,578) 25.8

12-2008 116 1,764,241 1,001,271 618,745 70,287 (6,128) 80,066 20.1

11-2008 131 2,576,520 1,905,523 549,067 28,696 8,464 84,770 13.8

10-2008 120 3,768,350 2,260,774 1,348,317 16,519 61,183 81,557 12.7

9-2008 116 3,552,990 3,015,196 393,436 57,819 4,828 81,711 8.8

8-2008 115 5,524,398 3,462,570 1,908,086 11,868 29,129 112,745 10.1

7-2008 120 4,208,717 3,574,380 477,159 36,741 (4,255) 124,692 8.1

6-2008 124 4,137,050 2,002,586 1,871,058 12,455 108,374 142,577 14.5

5-2008 122 4,819,358 3,251,489 1,299,563 15,710 105,462 147,134 11.3

4-2008 122 3,477,562 2,824,893 360,742 15,834 121,135 154,958 12.4

3-2008 119 6,302,700 3,540,118 1,803,872 490,960 292,008 175,742 15.9

2-2008 119 6,738,829 4,105,852 1,222,910 510,864 99,706 799,497 21.2

1-2008 128 6,368,153 3,906,377 1,367,008 82,357 54,219 958,192 21.7

12-2007 126 7,702,899 3,604,412 2,132,364 970,830 (39,352) 1,034,645 24.7

11-2007 180 8,074,915 4,816,563 1,961,229 (70,037) 324,000 1,043,160 20.7

10-2007 205 7,510,292 4,968,180 1,152,091 304,674 50,796 1,034,551 19.5

9-2007 186 3,598,907 1,776,477 1,173,604 225,997 85,514 337,315 19.3

8-2007 178 7,605,566 4,443,523 1,439,098 1,009,174 121,322 592,449 18.6

7-2007 190 4,330,010 2,450,819 1,368,818 151,955 94,058 264,360 15.0

6-2007 184 3,286,869 2,044,217 831,051 126,858 44,014 240,729 14.9

5-2007 185 3,130,637 1,767,322 808,668 134,195 246,520 173,932 18.2

4-2007 181 3,688,563 2,367,800 623,231 521,833 3,275 172,424 13.9

3-2007 180 3,985,847 2,181,589 1,530,196 24,610 749 248,703 12.7

2-2007 154 1,502,287 1,213,788 199,952 306 8,115 80,126 8.5

1-2007 161 1,350,180 1,027,252 185,147 15,477 27,183 95,121 11.8

12-2006 96 1,784,515 1,105,579 535,553 36,050 21,528 85,805 11.5

11-2006 90 2,091,300 1,315,282 600,011 45,888 61,020 69,099 11.0

10-2006 81 2,994,559 2,133,414 687,112 63,394 29,116 81,523 8.0

9-2006 75 2,952,925 2,107,747 633,579 52,300 25,930 133,369 9.4

8-2006 82 2,388,364 1,727,303 446,032 57,066 49,988 107,975 10.2

7-2006 97 2,639,904 2,216,787 200,042 82,241 46,174 94,660 7.7

6-2006 75 2,425,668 1,897,857 403,312 34,038 31,238 59,223 6.7

5-2006 81 2,558,778 2,023,277 414,101 65,046 17,278 39,076 5.7

4-2006 75 1,350,199 913,420 202,404 102,357 8,373 123,645 15.8

3-2006 77 982,944 641,857 196,871 16,514 7,734 119,968 17.2

2-2006 72 323,945 257,791 26,221 9,841 3,909 26,183 12.1

1-2006 72 577,227 263,946 36,973 222,617 28,310 25,381 26.6

12-2005 58 1,124,651 662,319 428,185 17,008 3,483 13,656 7.9

11-2005 60 435,294 378,569 16,861 26,371 2,624 10,869 6.4

10-2005 64 398,747 328,918 54,689 2,979 1,641 10,520 6.5

9-2005 70 720,521 561,241 146,138 1,517 (2,515) 14,140 5.4

8-2005 67 405,061 378,900 8,496 1,588 6,971 9,106 4.1

7-2005 88 293,154 228,049 41,078 10,753 1,319 11,955 8.3



6-2005 20 58,765 44,120 14,267 478 (100) 3.9

5-2005 26 301,466 113,837 166,797 9,886 2,657 8,289 13.4

4-2005 23 389,197 78,409 140,830 160,386 594 8,978 26.5

3-2005 18 280,204 70,134 191,531 17,355 1,184 13.5

2-2005 23 427,276 93,020 111,354 214,864 (38) 8,076 28.5

1-2005 20 350,594 72,303 268,524 9,767 14.4

12-2004 19 195,199 101,567 91,901 1,576 235 (80) 7.5

11-2004 19 261,294 150,447 99,035 776 7,180 3,856 9.5

10-2004 27 490,212 175,416 292,280 14,607 (446) 8,355 12.1

9-2004 23 566,373 314,445 111,832 122,817 17,279 15.9

8-2004 17 579,368 392,076 50,921 124,240 589 11,542 13.1

7-2004 16 115,750 81,708 22,053 365 5,770 5,854 12.0

6-2004 13 183,394 1,540 47,849 5,770 124,757 3,478 58.4

5-2004 13 189,224 33,996 26,201 124,760 366 3,901 34.0

4-2004 23 401,947 132,650 218,757 40,868 1,854 7,818 15.1

3-2004 29 286,265 203,877 50,849 17,233 543 13,763 10.6

2-2004 27 386,492 300,082 43,087 16,262 16,124 10,937 9.7

1-2004 27 323,710 61,411 238,173 18,667 2,349 3,110 15.3

12-2003 22 195,176 165,945 12,191 15,132 1,504 404 5.3

11-2003 25 337,232 237,743 74,776 6,947 4,115 13,651 9.5

10-2003 26 90,248 73,313 14,435 185 447 1,868 5.3

9-2003 24 254,277 237,054 2,987 11,571 665 2,000 3.3

8-2003 22 117,511 63,397 24,355 23,036 6,699 24 16.3

7-2003 21 219,964 195,194 17,588 7,562 (315) (65) 2.9

6-2003 21 128,081 111,041 16,480 701 (141) 2.5

5-2003 19 81,305 60,190 14,404 4,339 446 1,926 8.2

4-2003 19 159,216 76,187 71,230 3,434 5,788 2,577 12.1

3-2003 18 283,503 218,587 45,963 15,385 1,311 2,257 6.1

2-2003 14 63,423 49,984 12,235 1,028 176 3.9

1-2003 12 170,086 66,610 40,834 54,397 8,245 21.6

12-2002 10 103,883 55,804 40,035 8,044 9.3

11-2002 19 345,279 280,612 63,010 5,276 (3,619) 4.3

10-2002 15 140,229 97,624 34,748 7,275 298 284 6.4

9-2002 7 23,550 10,393 11,057 1,816 284 11.4

8-2002 15 240,112 187,157 49,957 2,597 401 3.8

7-2002 14 253,455 48,872 203,244 1,339 12.3

6-2002 9 47,010 35,491 11,519 3.7

5-2002 8 37,709 21,912 14,656 (936) 2,386 (309) 11.6

4-2002 3 4,248 2,117 2,131 30.0

3-2002 3 4,748 4,748 15.0

1-2002 1 0.0

12-2001 1 0.0

11-2001 1 5,264 5,264 0.0

10-2001 2 3,200 3,200 0.0



Peer Analysis

[Sector: Transportation] [Industry: Trucking] [Calendar Quarter: 2008.4]

Businesses in Peer Group: 228

Ranking

Within

Peer

Group

Number

Of

Peers

Ranked

Company

Value

Peer Group Range

Low Median High

Credit Ratings:

ZScore -- Current Quarter 63 64 (2.60) (23.97) 2.91 32.01

Performance ratios:

Net Sales (Thousands of U.S. Dollars) 1 24 1,928,823.00 37,932.00 142,493.50 1,928,823.00

Gross margin % of Sales -- Current

Quarter

93 98 0.82 (453.66) 14.34 90.98

Gross margin % of Sales -- TTM 51 61 7.05 (3.80) 19.14 88.87

SG&A % of Sales -- Current Quarter N/A 97 N/A 0.38 9.07 412.20

SG&A % of Sales -- TTM N/A 60 N/A 0.86 11.44 91.68

Operating Margin % of Sales --

Current Quarter

96 103 (17.38) (349.16) 3.57 80.14

Operating Margin % of Sales -- TTM 62 66 (12.01) (54.24) 4.99 52.59

EBITDA Margin % of Sales -- Current

Quarter

97 101 (13.75) (339.99) 6.07 282.93

EBITDA Margin % of Sales -- TTM 60 63 (9.00) (47.19) 7.83 130.85

Net Profit Margin % of Sales --

Current Quarter

96 103 (12.67) (367.08) 1.96 207.32

Net Profit Margin % of Sales -- TTM 62 66 (10.90) (49.60) 2.77 156.01

Pre-tax Income % of Sales -- Current

Quarter

97 103 (18.28) (414.19) 3.39 224.39

Effective Tax Rate 36 101 30.67 (171.16) 37.33 277.97

Depreciation % Of

Prop/Plant/Equipment

67 96 12.58 1.73 7.50 103.85

CapitalExpense % Of

Prop/Plant/Equipment

50 92 10.44 0.04 8.18 80.21

Interest Coverage -- Current Quarter 88 89 (12.69) (40.00) 11.96 989.28

Interest Coverage -- TTM 52 53 (10.33) (46.00) 8.34 3,380.34

Liquidity ratios:

Cash Ratio 55 99 0.19 0.00 0.22 20.09

Quick Ratio 73 95 0.66 0.24 0.98 21.07

Current Ratio 79 102 0.83 0.27 1.23 21.19

Efficiency ratios:

Accounts Receivable Turnover 26 96 7.99 0.01 6.13 40.51

Days Sales Outstanding 26 96 45.71 9.01 59.54 25,552.23

% Inventory Financed by vendors --

Current Quarter

N/A 65 N/A 21.17 1,738.86 85,702.35

% Inventory Financed by vendors --

TTM

19 42 1,350.82 73.29 1,126.24 29,031.37

Inventory Turnover (annualized) --

Current Quarter

19 70 309.57 0.32 146.07 3,084.53

Inventory Turnover -- TTM 11 43 309.11 0.66 130.62 1,427.05

Days Sales in Inventory 19 70 1.18 0.12 2.50 1,124.95

Inventory to Working Capital 54 71 (0.08) (7.95) 0.47 4.04

Accounts Payable Turnover

(annualized) -- Current Quarter

N/A 87 N/A 0.44 8.35 44.68

Accounts Payable Turnover -- TTM N/A 51 N/A 0.66 9.80 359.30

Leverage & debt coverage:

Total Debt to Equity Ratio 90 93 2.87 0.00 0.59 11.69



Debt to Tangible Equity Ratio 88 91 4.70 (0.87) 0.64 11.83

Total Debt to Assets Ratio 65 94 0.34 0.00 0.25 0.74

Short-Term Debt % of Total Debt 39 91 42.13 1.10 49.89 100.00

Short-Term Debt % of Working

Capital

71 91 (195.58) (8,171.05) 246.45 6,478.15

Liabilities to Net Worth Ratio 96 99 12.06 (1.48) 1.27 30.22

Total Liabilities to Equity Ratio 99 101 7.36 0.04 1.14 15.19

TTM = trailing 12 months

N/A = Not Available Green - Ranked in Upper Quartile of Peer Group

White - Ranked in the Middle Two Quartiles of Peer Group

Red - Ranked in Lower Quartile of Peer Group

Grey - Data is Not Available

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