Roadway Corp. announced that its operating subsidiaries are performing as expected, and the company anticipates earnings per share from continuing operations to be at the upper end
of its previously announced range of $.60 to $.70 per share excluding costs associated with the company's pending acquisition by Yellow Corp.
During the quarter, the company will recognize approximately $.88 per share in one-time charges related to the accelerated vesting of stock and other compensation under various Roadway benefit plans triggered by the pending transaction, other costs related to the transaction and an increase in the effective tax rate arising from these charges. As a result, the company expects to report a third quarter loss in the range of $.16 to $.21 per share.
Roadway has declared Oct. 16, 2003 as the record date for Roadway stockholders in connection with the pending Yellow/Roadway transaction. Stockholders of Roadway common stock as of the close of trading on Oct. 16, 2003, will have the right to participate in a special meeting of stockholders to approve matters related to the acquisition of Roadway by Yellow. The shareholder meeting is expected to occur in December 2003.