Introduction Home Yellow is Number One Three components. One company. One-Stop Shopping Shareholders' Letter Management's Discussion and Analysis Financial Summary Consolidated Balance Sheets Statements of Consolidated Operations Statements of Consolidated Cash Flows Statements of Shareholders' Equity Statements of Comprehensive Income Notes to Financial Statements Independent Auditors' Report Supplementary Information Glossary Officers Corporate Information Board of Directors Back Cover

Consolidated Balance Sheets

Consolidated Balance Sheets Yellow Corporation and Subsidiaries December 31, 2002 and 2001 (in thousands except per share data)   2002     2001   Assets Current Assets: Cash and cash equivalents     $ 28,714       $ 19,214   Accounts receivable, less allowances of $15,731 and $7,695   327,913     124,880   Prepaid expenses and other   68,726     75,858   Current assets of discontinued operations   -     92,458   Total current assets   425,353     312,410   Property and equipment, net of accumulated   depreciation of $1,114,120 and $1,096,766   564,976     559,532 Goodwill and other assets   52,656     15,345 Noncurrent assets of discontinued operations   -     398,490 Total assets $ 1,042,985   $ 1,285,777   Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $ 114,989   $ 97,528 Wages, vacations, and employees' benefits   159,998     103,990 Other current and accrued liabilities   101,111     96,740 ABS borrowings   50,000     - Current maturities of long-term debt   24,261     6,281 Current liabilities of discontinued operations   -     64,669 Total current liabilities   450,359     369,208 Long-term debt, less current portion   50,024     213,745 Claims and other liabilities   182,644     144,194 Noncurrent liabilities of discontinued operations   -     67,641 Commitments and contingencies Shareholders' Equity: Common stock, $1 par value per share-authorized 120,000 shares,   issued 31,825 and 31,028 shares   31,825     31,028 Capital surplus   80,610     41,689 Retained earnings   325,474     537,496 Accumulated other comprehensive loss   (35,596 )   (6,252 ) Unamortized restricted stock awards   (1,053 )   -   Treasury stock, at cost (2,244 and 6,163 shares)   (41,302 )     (112,972 )   Total shareholders' equity   359,958     490,989   Total liabilities and shareholders' equity $ 1,042,985   $ 1,285,777   The notes to consolidated financial statements are an integral part of these statements.

Consolidated Balance Sheets