YRC Worldwide Authorizes Stock Repurchase

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RC Worldwide Friday said its board approved a stock repurchase program authorizing the company to repurchase up to $100 million of its common stock.

YRC, formerly Yellow Roadway Corp., may repurchase its shares in the open market based on its capital requirements, the market price and availability of its stock, regulatory and other constraints, and general market conditions, the company said.

The company did not set an expiration date for the rebuys. Its stock has dropped from $50.01 on Jan. 30 to $38.29 on Thursday.

“We believe that our stock remains significantly undervalued in the market and we continue to have confidence in the long-term value of our organization,” said Bill Zollars, YRC’s Chairman and Chief Executive Officer.

“Our plans to pay down $100 million of debt in 2006 remain unchanged,” he said in a statement.

YRC is ranked No. 3 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.