Yellow Corporation

Chris Ceraso – Credit Suisse Tom Albrecht - BBT Alex Johnson – JP Morgan Jason Seidl – Dahlman Rose Scott Group – Wolfe Trahan

Good morning and thank you for joining us for the YRC Worldwide third quarter 2010 earnings call. Bill Zollars, Chairman, President and CEO of YRC Worldwide, Mike Smid, President YRC and Chief Operations Officer at YRC Worldwide and Sheila Taylor our CFO will provide comments this morning.

Now for our disclaimers. Statements made by management during this call that are not purely historical facts are forward-looking statements; this includes statements regarding the company’s expectations and intentions on strategies regarding the future.

It is important to note that the company’s future results could differ materially from those projected in such forward-looking statements due to a variety of factors. The format of this call does not allow us to fully discuss all these risk factors.

For a full discussion please refer to this morning’s earnings release and our SEC filings including our 10-K and today’s 8-K filing. In addition please see today’s release for reconciliation of our GAAP measures to non-GAAP measures such as our operating loss to adjusted EBITDA as defined in our credit agreement and our adjusted EBITDA to cash flow from operations.

During this call we will refer to the non-GAAP measure of adjusted EBITDA simply as EBITDA. Now I’ll turn the call over to Bill.

Morning, guys. It’s Scott Group in for Ed.

First can you just give an updated liquidity balance through October?

Okay, okay, so that’s helpful. And then I understand that you don’t want to talk much about some of the next steps with the banks but just directionally can you talk about have you figured out how much of the debt needs to go away and if not what’s the timing to figure out that number and then just -- so let’s start there in terms of what’s coming out?

Okay, so okay, can’t talk about that. Okay, so then next question just when I look at the yields both at national and regional they were pretty flattish sequentially over second quarter.

We’ve seen some nice yield improvements from some of the other LTLs, what’s going on where we’re not seeing the yield improvement? Is it that there’s some business that’s coming back to you that’s having some mix issues or is it tough to get the real rates out?

And what kind of impact do you think we should see in fourth quarter from the GRI’s and other rate initiatives?

Okay thanks for (inaudible).

Hi, guys. Hey Sheila, well first I just want to just congratulate you guys on being the first carrier to go out there and take and being out cycle GRI and showing leadership in the LTL industry.

I think it was much needed for the group. Now, Sheila, as we look out to 2011 I know you mentioned you wouldn’t give specific CapEx guidance but I’m assuming we’re going to have to be materially higher than $20 to $30 million.

Can you talk to us about sort the average age of some of your equipment in both your tractors and your trailing fleet to give us an idea of what might need to be spent?

Okay, that’s helpful and Bill you talked a little bit about the contractual rate increases that you were being sued, can you talk to what progression of your contract rate increases this year and how they’ve been improving sort of 3Q over 2Q over 1Q?

Okay, can I get one more in? On Reddaway, Bill, did – just so I get this right, Bill, is a customer adjusting something, did you loose some business at Reddaway, what was going on there?

Okay so it wasn’t you lost an LTL carrier it’s just that they’ve changed their distribution patterns?

All right, I appreciate the time as always everyone. Thank you.

Good morning, it’s actually Alex Johnson in for Tom.

Good morning, so the first question that – wanted to ask is in terms of the lawsuit that Arkansas Best filed, you gave some good detail there, in terms of you defense of that, are there any expenses that would be associated with defending yourselves on that that we should be aware of?

Is it the type of thing where you think that that could be resolved pretty quickly, is that the guidance that you’re getting from your legal counsel?

No idea. Okay, and then my follow up question, is in terms of just looking at some of items the working capital items within the quarter looks like payables were a use of cash in the quarter is that consistent with normal seasonality, was there anything that you know reduced the payables and found that to be a use of cash in the quarter and what does that mean for the fourth quarter?

Okay, and what’s – just one more, what’s within – what’s contained within the other liabilities that was roughly $50 million benefit to cash in the quarter?

Okay. Great, thank you very much.

Hey, good morning everyone, I just wanted to get the latest number of service centers at both national and the regional company’s.

Okay.

And are you essentially done, I mean I know a network, whether its you or others, there’s a little bit of a dynamic nature to it but I mean in terms of wholesale, plan, shrinkage, are you essentially done at this moment?

Do you have stated goal on desired or amount of properties you hope to sell, I know you gave us a – what you did in the quarter on that?

Mike, is it fair to think about your network as probably not going below 300 service centers?

Okay, thank you.

Thanks, good morning. I was hoping you could just help me understand something about this suit.

I know you can’t say too much but it – wouldn’t a win by ABS threaten Yellow solvency and if that’s true doesn’t that leave ABS holding the bag on the Central States Pension?

Okay and then another pension related question, what’s your view on the change in Congress? Does that put at risk the likelihood of getting the Orphan Pension Relief?

Is that still relevant for you?

Any update on where that stands?

Okay thank you.