SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 3, 2003
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YELLOW CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-12255 48-0948788
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10990 Roe Avenue, Overland Park, Kansas 66211
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (913) 696-6100
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No Changes.
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(Former name or former address, if changed since last report.)
Item 5. Other Events
Yellow Corporation (NASDAQ: YELL) announced today that its board of directors
has approved a stock repurchase program that authorizes the company to
repurchase up to $25 million of common stock.
"The repurchase program reiterates our confidence in the growth strategy for
Yellow," said Bill Zollars, Chairman, President and CEO of Yellow Corporation.
"Through the disciplined execution of our strategy, we believe we will deliver
long-term value to shareholders."
Item 9. Regulation FD Disclosure
Yellow also reconfirmed previously issued first quarter 2003 earnings guidance
of $.15 to $.20 per share and full year 2003 guidance of $2.25 to $2.35 per
share. "First quarter results have been significantly impacted by bad weather,"
said Zollars. "So far this year, there have only been 9 days when all of our
facilities have been open at the same time. These weather disruptions will have
a one-time effect on the first quarter and consequently our results are likely
to be at the lower end of our guidance range."
"However, the first quarter represents only a small portion of our annual
earnings and we remain comfortable with our full year earnings guidance,"
Zollars continued. "Yellow Transportation and Meridian IQ are performing very
well and we are effectively executing our one-stop shopping strategy."
This news release (and oral statements made regarding the subjects of this
release) contain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The words "expect," "believe," "intend," and
similar expressions are intended to identify forward-looking statements. It is
important to note that the company's actual future results could differ
materially from those projected in such forward-looking statements because of a
number of factors, including (without limitation), labor relations, inclement
weather, price and availability of fuel, competitor pricing activity, expense
volatility, changes in and customer acceptance of new technology and a downturn
in general or regional economic activity.
Certain information in the Current Report is being furnished pursuant to Item 9
and shall not be deemed "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section. The information in the Current Report shall not be incorporated by
reference into any registration statement pursuant to the Securities Act of
1933, as amended. The furnishing of the information in the Current Report is not
intended to, and does not, constitute a representation that such furnishing is
required by Regulation FD or that the information this Current Report contains
is material investor information that is not otherwise publicly available.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
YELLOW CORPORATION
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(Registrant)
Date: March 3, 2003 /s/ Donald G. Barger, Jr.
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Donald G. Barger, Jr.
Senior Vice President and
Chief Financial Officer