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Arkansas Best Corporation Announces First Quarter 2011 Results


News provided by

Arkansas Best Corporation

Apr 25, 2011, 03:00 ET

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FORT SMITH, Ark., April 25, 2011 /PRNewswire/ -- Arkansas Best Corporation (Nasdaq: ABFS) today announced a first quarter 2011 net loss of $12.8 million, or $0.51 per share, compared to a net loss of $21.4 million, or $0.85 per share in the first quarter of 2010.

Arkansas Best's first quarter 2011 results reflect continued improvements in broader economic and LTL market conditions that provided ABF the opportunity for growth in its daily tonnage levels. While ABF was successful in adding business and improving its operating results in the first quarter, the improvements were not enough to return ABF to profitability. ABF's results for the first quarter were impacted by the lingering effects of a weaker, recessionary pricing environment. ABF's first quarter was also impacted by severe weather effects in January and early February as well as a significant increase in fuel costs that predominantly occurred during the last six weeks of the quarter. Fuel surcharge caps and non-standard fuel surcharge programs played a greater role in ABF's quarterly results than in past periods of significant fuel price increases. During March, and into the month of April, ABF has taken additional actions to increase pricing on underperforming accounts and to correct inadequate fuel surcharge programs.

"With the upturn in the economy and significantly less capacity serving the industry, the opportunities for ABF to grow profitably this year are favorable," said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. "Shippers are becoming more concerned about having transportation capacity to deliver their products. In this environment, shippers look to carriers like ABF who offer reliability, safety and a high level of customer service. ABF's reputation for dependability and consistency is valued in the transportation marketplace and is an advantage in seeking to gain additional, profitable business during this period of economic improvement."

Arkansas Best Corporation

First Quarter 2011

  • Revenue of $434.9 million, a per day increase of 19.0% from the prior year first quarter revenue of $359.9 million
  • Net loss of $0.51 per share compared to a net loss of $0.85 per share in the prior year quarter

ABF Freight System, Inc.®

First Quarter 2011

  • Revenue of $402.4 million compared to $333.0 million in first quarter 2010, a per-day increase of 18.9%
  • Tonnage per day increase of 17.4% versus first quarter 2010
  • Total billed revenue per hundredweight of $24.16 compared to $23.61 in first quarter 2010, an increase of 2.3%, including increases in fuel surcharge
  • Operating loss of $22.6 million compared to an operating loss of $35.7 million in first quarter 2010
  • Operating ratio of 105.6% compared to 110.7% in first quarter 2010

"ABF continues to retain the general rate increase that was implemented in October. The level of recently negotiated price increases on contracts and deferred pricing agreements has also improved. Though some progress in returning to adequate pricing has resulted from these actions, more work is needed to align our pricing levels with the value we provide," said Ms. McReynolds. "As a result, ABF is taking aggressive actions to improve pricing and profitability on the broad base of accounts that it serves. There are currently several internal initiatives directed at highlighting underperforming segments of business, including revisiting substandard and capped fuel surcharge programs. I am pleased to report that the positive effects of these efforts can be seen in April yield improvements."

"As the economic environment has improved, ABF's tonnage levels have continued to grow. During each month of the first quarter our rate of positive year-over-year tonnage increased," said Ms. McReynolds. "As in the past, there is an opportunity for ABF to benefit from operating leverage in its business."

In early March, ABF expanded its RPM® regional service to the western one-third of the United States, thereby offering its Dual-System Network of regional and long-haul service coast-to-coast. ABF continues to listen to the needs of its customers and respond with unique supply chain solutions. As previously announced, for the second year in a row, ABF was named the National LTL Carrier of the Year by the National Shippers Strategic Transportation Council ("NASSTRAC"), validating ABF's market excellence.

Legal and Legislative Update

On April 12, the U.S. Court of Appeals for the Eighth Circuit heard oral arguments on ABF's appeal of the dismissal of a lawsuit ABF filed in November 2010 against the International Brotherhood of Teamsters ("IBT") and various other parties. The lawsuit related to three modifications of the National Master Freight Agreement ("NMFA") that were exclusively granted to the YRC subsidiaries in 2009 and 2010. Approximately 76% of ABF's employees are covered under the NMFA. ABF believes it is an equal signatory to the NMFA which, as a national collective bargaining agreement, is designed to establish a single national standard for wages and other employment terms for all employer participants. At the conclusion of the April 12 hearing, the court stated that it expected to reach a decision by July.

ABF makes contributions to multiemployer pension plans on behalf of its union employees. Approximately half of ABF's union pension payments go toward the benefits of employees who never worked for the company. Company executives are actively participating with a broad coalition of stakeholders committed to correcting this inequity. Progress is being made in identifying legislators in Washington who are willing to work toward solving it. Though no formal proposal has been offered, ABF will continue to work diligently in pursuit of a fair resolution of this situation.

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2011 first quarter results. The call will be today, Monday, April 25, at 11:00 a.m. ET (10:00 a.m. CT). Interested parties are invited to listen by calling (800) 772-0358. Following the call, a recorded playback will be available through the end of the day on May 25, 2011. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21518748. The conference call and playback can also be accessed, through May 25, on Arkansas Best's website at arkbest.com.

Company Description

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best's largest subsidiary, has been in continuous service since 1923. ABF has evolved from a local less-than-truckload (LTL) motor carrier into a global provider of customizable supply chain solutions.  More information is available at arkbest.com and abf.com.

Forward-Looking Statements

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995:  Statements contained in this press release that are not based on historical facts are "forward-looking statements." Terms such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "plan," "predict," "prospects," "scheduled," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. Such statements are by their nature subject to uncertainties and risk including, but not limited to, recessionary economic conditions; competitive initiatives, pricing pressures and effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, the impact of any limitations on our customers' access to adequate financial resources; availability and cost of capital; shifts in market demand; weather conditions; the performance and needs of industries served by Arkansas Best Corporation's subsidiaries; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; relationships with employees, including unions; union and non-union employee wages and benefits, including changes in required contributions to multiemployer pension plans; governmental regulations and policies; future climate change legislation; costs of continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; and other financial, operational and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation's Securities and Exchange Commission ("SEC") public filings.

Contact:

Mr. David Humphrey, Vice President, Investor Relations and Corporate Communications


Telephone: (479) 785-6200

The following tables show financial data and operating statistics on Arkansas Best Corporation and its subsidiary companies.



ARKANSAS BEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS



Three Months Ended

March 31



2011


2010


(Unaudited)


($ thousands, except share and per share data)


OPERATING REVENUES

$

434,931


$

359,889







OPERATING EXPENSES AND COSTS


456,923



395,155







OPERATING LOSS


(21,992)



(35,266)







OTHER INCOME (EXPENSE)






Interest and dividend income


243



334

Interest expense and other related financing costs


(994)



(565)

Other, net


2,610



668



1,859



437







LOSS BEFORE INCOME TAXES


(20,133)



(34,829)







INCOME TAXES






Current benefit


(740)



(8,490)

Deferred benefit


(6,606)



(4,968)



(7,346)



(13,458)







NET LOSS


(12,787)



(21,371)







LESS:  NONCONTROLLING INTEREST IN

             NET INCOME OF SUBSIDIARY


21



20







NET LOSS ATTRIBUTABLE TO ARKANSAS BEST CORPORATION

$

(12,808)


$

(21,391)







LOSS PER SHARE






Basic

$

(0.51)


$

(0.85)

Diluted


(0.51)



(0.85)







AVERAGE COMMON SHARES OUTSTANDING






Basic


25,296,854



25,088,473

Diluted


25,296,854



25,088,473







CASH DIVIDENDS DECLARED PER COMMON SHARE

$

0.03


$

0.03





ARKANSAS BEST CORPORATION

CONSOLIDATED BALANCE SHEETS



March 31

2011


December 31

2010


(Unaudited)


Note


($ thousands, except share data)







ASSETS












CURRENT ASSETS






Cash and cash equivalents

$

86,784


$

102,578

Short-term investment securities


42,309



39,288

Restricted cash equivalents and short-term investments


51,693



51,661

Accounts receivable, less allowances (2011 - $5,885; 2010 - $3,944)


161,726



145,426

Other accounts receivable, less allowances (2011 - $1,291; 2010 - $1,254)


7,664



8,157

Prepaid expenses


12,098



10,258

Deferred income taxes


34,853



32,681

Prepaid and refundable income taxes


6,297



3,958

Other


5,765



5,677

TOTAL CURRENT ASSETS


409,189



399,684







PROPERTY, PLANT AND EQUIPMENT






Land and structures


244,359



243,981

Revenue equipment


531,837



530,424

Service, office and other equipment


165,587



163,732

Leasehold improvements


22,049



21,890



963,832



960,027

Less allowances for depreciation and amortization


569,027



552,781



394,805



407,246







OTHER ASSETS


53,717



54,021




















$

857,711


$

860,951







Note: The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.





ARKANSAS BEST CORPORATION

CONSOLIDATED BALANCE SHEETS – continued



March 31

2011


December 31

2010


(Unaudited)


Note


($ thousands, except share data)







LIABILITIES AND STOCKHOLDERS' EQUITY












CURRENT LIABILITIES






Bank overdraft and drafts payable

$

13,151


$

13,023

Accounts payable


69,324



62,134

Income taxes payable


129



196

Accrued expenses


153,724



144,543

Current portion of long-term debt


14,156



14,001

TOTAL CURRENT LIABILITIES


250,484



233,897







LONG-TERM DEBT, less current portion


39,059



42,657







PENSION AND POSTRETIREMENT LIABILITIES


63,466



65,421







OTHER LIABILITIES


18,237



19,827







DEFERRED INCOME TAXES


17,139



19,405







STOCKHOLDERS' EQUITY






Common stock, $0.01 par value, authorized 70,000,000 shares;

   issued 2011: 26,976,002 shares; 2010: 26,934,847 shares


270



269

Additional paid-in capital


283,236



281,169

Retained earnings


278,533



292,129

Treasury stock, at cost, 1,677,932 shares


(57,770)



(57,770)

Accumulated other comprehensive loss


(34,943)



(36,053)

TOTAL STOCKHOLDERS' EQUITY


469,326



479,744








$

857,711


$

860,951







Note: The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.





ARKANSAS BEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS



Three Months Ended

March 31


2011


2010


(Unaudited)


($ thousands)

OPERATING ACTIVITIES






Net loss

$

(12,787)


$

(21,371)

Adjustments to reconcile net loss to net cash

   provided by operating activities:






Depreciation and amortization


17,918



18,479

Other amortization


73



67

Share-based compensation expense


1,446



1,315

Provision for losses on accounts receivable


298



242

Deferred income tax benefit


(6,606)



(4,968)

Gain on sales of assets


(95)



(298)

Changes in operating assets and liabilities:






Receivables


(16,174)



(1,065)

Prepaid expenses


(1,840)



(1,573)

Other assets


(168)



(143)

Income taxes


(974)



(6,186)

Accounts payable, accrued expenses and other liabilities


12,555



9,826

NET CASH USED IN OPERATING ACTIVITIES


(6,354)



(5,675)







INVESTING ACTIVITIES






Purchases of property, plant and equipment, net of capital leases


(2,586)



(2,092)

Proceeds from asset sales


612



1,809

Purchases of short-term investment securities


(5,880)



(22,177)

Proceeds from sales of short-term investment securities


2,940



42,226

Capitalization of internally developed software and other


(1,027)



(1,170)

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES


(5,941)



18,596







FINANCING ACTIVITIES






Payments on long-term debt


(3,443)



(1,429)

Proceeds from issuance of long-term debt


-



11,416

Net change in bank overdraft


127



(12,704)

Change in restricted cash equivalents and short-term investments


(31)



130

Deferred financing costs


(127)



-

Payment of common stock dividends


(788)



(777)

Proceeds from the exercise of stock options and other


763



357

NET CASH USED IN FINANCING ACTIVITIES


(3,499)



(3,007)







NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  


(15,794)



9,914

Cash and cash equivalents at beginning of period


102,578



39,332

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

86,784


$

49,246





ARKANSAS BEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA

AND OPERATING RATIOS



Three Months Ended

March 31




2011


2010


(Unaudited)


($ thousands)

OPERATING REVENUES








ABF Freight System, Inc.(1)

$

402,359



$

333,025


Other revenues and eliminations


32,572




26,864


Total consolidated operating revenues

$

434,931



$

359,889










OPERATING EXPENSES AND COSTS

ABF Freight System, Inc.(1)








Salaries, wages and benefits

$

262,493

65.2%


$

236,440

71.0%

Fuel, supplies and expenses


79,395

19.7



60,911

18.3

Operating taxes and licenses


11,421

2.8



10,491

3.2

Insurance


6,480

1.6



4,182

1.3

Communications and utilities


3,980

1.0



3,866

1.2

Depreciation and amortization


17,244

4.3



17,798

5.3

Rents and purchased transportation


42,473

10.6



34,093

10.2

Gain on sale of property equipment


(99)

-



(298)

(0.1)

Other


1,595

0.4



1,224

0.3



424,982

105.6%



368,707

110.7%









Other expenses and eliminations


31,941




26,448










Total consolidated operating expenses and costs

$

456,923



$

395,155










OPERATING INCOME (LOSS)








ABF Freight System, Inc.(1)

$

(22,623)



$

(35,682)


Other income (loss) and eliminations


631




416


Total consolidated operating loss

$

(21,992)



$

(35,266)



(1)  Includes U.S., Canadian, and Puerto Rican operations of ABF affiliates.





ABF FREIGHT SYSTEM, INC.

OPERATING STATISTICS









Three Months Ended March 31


2011


2010

% Change


(Unaudited)





Workdays


64.0



63.0









Billed Revenue(1) / CWT

$

24.16


$

23.61

2.3%








Billed Revenue(1) / Shipment

$

339.99


$

322.57

5.4%








Shipments


1,197,910



1,034,854

15.8%








Shipments / Day


18,717



16,426

13.9%








Tonnage (tons)


842,995



706,999

19.2%








Tons / Day


13,172



11,222

17.4%


(1) Billed Revenue does not include revenue deferral required for financial statement purposes under the company's revenue recognition policy.


Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.


SOURCE Arkansas Best Corporation

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