Yellow Roadway Corp. (Nasdaq: YELL), Overland Park, Kan. announced first quarter 2005 adjusted earnings per share of $.92, a 142% increase from last year's first quarter earnings

per share of $.38. First quarter 2005 earnings per share includes $.05 per share of dilution from the company's contingent convertible notes based on an average company stock price of $57.10 for the quarter. No related dilution was included in the first quarter of 2004. Adjusted earnings per share for the first quarter 2005 excludes $.04 related to gains on property disposals, which the company does not consider part of its core operations. Reported earnings per share for the first quarter 2005 was $.96 per share compared to reported first quarter 2004 earnings per share of $.38 per share.
Yellow Roadway reported the following consolidated results for the first quarter of 2005:
-- Operating revenue of $1.68 billion compared to first quarter 2004 revenue of $1.55 billion, an 8.1% increase.
-- Adjusted operating income of $87 million, more than double first quarter 2004 adjusted operating income of $42 million. Adjustments in the first quarter of 2005 and 2004 related entirely to property disposals. Reported operating income was $90 million compared to reported operating income of $41 million in the first quarter of 2004.
Selected Segment Highlights for First Quarter 2005
-- Yellow Transportation
* Record first quarter revenue of $791 million, up 7.7% from first quarter last year
* Record first quarter adjusted operating income of $46 million ($18 million more than the previous record set in 1989) and reported operating income of $49 million
* Adjusted operating ratio of 94.2% and reported operating ratio of 93.8%
* LTL revenue per hundred weight, excluding fuel surcharge, up 3.4%, and with further adjustments for business mix, up 4.6%, when compared to first quarter 2004
-- Roadway Express
* Record first quarter revenue of $767 million, up 6.9% from first quarter last year
* Record first quarter operating income of $37 million, up $21 million from first quarter 2004
* Operating ratio of 95.2%
* LTL revenue per hundred weight, excluding fuel surcharge, up 2.2%, and with further adjustments for business mix, up 2.8%, when compared to first quarter 2004
-- New Penn Motor Express
* Record first quarter revenue of $65 million, up 16.6% from first quarter of 2004
* Operating ratio of 87.7%
* LTL tonnage per workday up 9.7%, when compared to first quarter last year
-- Meridian IQ
* Record first quarter revenue of $56 million, up 23.5% from first quarter last year
* Operating income of $1.0 million compared to $0.6 million in first quarter 2004
For complete statistical information, refer to the company's website at http://www.yellowroadway.com under Investor Relations and then select Earnings Releases & Operating Statistics.