Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Thomas Wadewitz - JP Morgan Securities, Inc.
Thomas Wadewitz - JP Morgan Securities, Inc.
Bill, I wanted to see if you could give us a sense of the progression and tonnage through the quarter so if you could just give us the tonnage at national on a year-over-year basis in April, May, and June, and then if you had any thoughts on what tonnage looked like so far in July.
William D. Zollars
It’s been remarkably consistent. Normally we would have a little bit of a seasonal drop in July. We’re seeing about what we’d normally expect which is a couple of percent lower but really apart from the seasonal decline in July which is consistent with history, it’s been remarkably consistent through the quarter.
Thomas Wadewitz - JP Morgan Securities, Inc.
What did the year-over-year tonnage look like in national in June compared to what it was in May? Did it improve or was it quite similar? How would you characterize that?
William D. Zollars
I would kind of describe this quite similar. Every month over the quarter, year-over-year.
Thomas Wadewitz - JP Morgan Securities, Inc.
So is July down less than 40% in tonnage?
William D. Zollars
Yes. There isn’t really anything remarkably different from month to month when you look at the year-over-year comparisons.
Thomas Wadewitz - JP Morgan Securities, Inc.
Okay. If you look at the operating income trends in the quarter, did you see a material difference in the way operating income? what operating income was in each month of the quarter?
William D. Zollars
We continue to get more traction as we work our way through the quarter from a pure operating standpoint but clouding that a little bit is the cost associated with continuing to downsize the network. So we had costs as we closed facilities throughout the quarter. Most of the cost was in June from the closures. We closed 38 facilities in June and so we had a little bit more back end loaded costs from closure but apart from that, we continue to get pretty good traction on the underlying operating costs.
Thomas Wadewitz - JP Morgan Securities, Inc.
What about on the bank agreement, can you give us a little more detail in terms of the revolver and the size of the revolver? I think prior to the two week extension it looked like the revolver was going to be squeezed down in size because you had paid down some of the revolver size with some of the escrow proceeds so can you give us a sense of what happened with the revolver and also what happens with the revolver reserve which I think is still $95.9.
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