Yellow Corp. announced fourth quarter and full year 2002 operating results Friday that included an operating income that is four times that of the same period last year.

Income from continuing operations, excluding unusual items, was $.50 per share compared to analysts' consensus of $.49 per share and $.07 per share in the fourth quarter of 2001. Including unusual items, income from continuing operations was $.48 per share compared to a loss of $.03 per share for the fourth quarter of 2001.
Yellow Corp. reported the following consolidated results for the fourth quarter:
-- Operating revenue of $717 million, up 19% from $600 million in 2001
-- Operating income -- excluding unusual items --of $25.5 million, representing a fourfold increase over $6.3 million in 2001
-- Operating income -- including unusual items -- of $24.5 million, vs. $1.9 million in 2001
"During the fourth quarter, we brought on additional business from industry consolidation in a prudent and disciplined manner," said Bill Zollars, chairman, president and CEO of Yellow Corp.
For the year ended Dec. 31, 2002, Yellow reported the following consolidated results:
-- Earnings per share from continuing operations, excluding unusual items, of $1.03, vs. $.56 in 2001
-- Earnings per share from continuing operations, including unusual items, of $.84, vs. $.43 in 2001
-- Operating revenue of $2.62 billion, up 4.8% from $2.51 billion in 2001
-- Operating income, excluding unusual items, of $55.3 million, up from $43.6 million in 2001
-- Operating income, including unusual items, of $46.9 million, up from $38.2 million in 2001

"We accomplished several strategic objectives during 2002," Zollars said. "First, we launched and developed Meridian IQ as the foundation for our non-asset based services. Then, we completed a very successful equity offering and lastly, we executed the spin-off of SCS Transportation. In addition, we continued our investments in technologies that provide competitive advantage and enhance the customer experience. As an example, we now have over 100,000 registered users on our MyYellow.com web site. In summary, we are well positioned as we begin 2003."
Yellow Corporation is a holding company that through wholly owned operating subsidiaries offers its customers a wide range of asset and non- asset based transportation services integrated by technology. Its largest subsidiary, Yellow Transportation, offers a full range of national, regional and international services for the movement of industrial, commercial and retail goods.
Meridian IQ is a non-asset-based company using Web-native technology to provide customers a single source for transportation management solutions and global shipment management.
Yellow Technologies is a captive resource providing innovative technology solutions and services exclusively for Yellow Corp. companies. Headquartered in Overland Park, Kan., Yellow Corp. employs about 23,000 people.