Arkansas Best Corporation Announces Fourth Quarter and Full Year 2009 Results

Jan 28, 2010, 03:00 ET from Arkansas Best Corporation

FORT SMITH, Ark., Jan. 28 /PRNewswire-FirstCall/ -- Arkansas Best Corporation (Nasdaq: ABFS) today announced a fourth quarter 2009 net loss of $88.7 million, or $3.54 per share.  These results include previously disclosed charges for non-cash goodwill impairment of $2.55 per share and supplemental pension settlements of $0.11 per share.  Excluding these charges, Arkansas Best had a fourth quarter 2009 net loss of $22.1 million, or $0.88 per share, compared to a net loss of $11.0 million, or $0.44 per share, in the fourth quarter of 2008.

"Arkansas Best's fourth quarter results illustrate the impact of an extremely weak and uncertain freight environment that has continued now for forty months," said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer.  "This economic recession has been unprecedented in its length and depth.  Its impact on the LTL industry has accelerated the level of price competition throughout 2009, and the fourth quarter was no exception."  

"Although the economy has presented us with extreme challenges, the strength of our balance sheet and the depth and experience of the ABF team have allowed us to continue our focus on enhancing our services to customers.  A high standard of dependability, superior cargo care and adaptability to customer-specific requirements are the important elements of that focus," said Ms. McReynolds.

Arkansas Best Corporation

Results of Operations

Fourth Quarter 2009

  • Revenue of $371.6 million, a per day decrease of 5.8% from prior year quarter of    $391.2 million
  • Net loss of $0.88 per share, excluding goodwill impairment and pension settlement charges, compared to a net loss of $0.44 per share in the prior year quarter

Full Year 2009

  • Revenue of $1.47 billion, a per-day decrease of 19.3% from 2008 revenue of $1.83 billion
  • Net loss of $2.46 per share, excluding goodwill impairment and pension settlement charges, compared to income of $1.18 per share in 2008

Capital Expenditures

  • Total net capital expenditures
    • 2009 – $43.1 million
    • 2010 – estimated to be between $45 million and $50 million
      • This includes road and city equipment replacements totaling approximately $35 million
  • Depreciation and amortization
    • 2009 – $75.2 million
    • 2010 – estimated to be approximately $70 million to $75 million

ABF Freight System, Inc.®

Results of Operations

Fourth Quarter 2009

  • Revenue of $347.7 million compared to $375.2 million in fourth quarter 2008, a per-day decrease of 8.1%
  • Tonnage per day decrease of 1.6% versus fourth quarter 2008
  • Total billed revenue per hundredweight of $23.58 compared to $25.09 in fourth quarter 2008, a decrease of 6.0%
  • Operating loss of $32.4 million, excluding goodwill impairment and pension settlement charges, compared to an operating loss of $15.2 million in fourth quarter 2008
  • Operating ratio of 109.3%, excluding goodwill impairment and pension settlement charges, compared to 104.0% in fourth quarter 2008

Full Year 2009

  • Revenue of $1.38 billion compared to $1.76 billion in 2008, a per-day decrease of 21.0%
  • Tonnage per day decrease of 11.4% versus 2008
  • Total billed revenue per hundredweight of $23.81 compared to $26.70 in 2008, a decrease of 10.8%
  • Operating loss of $99.9 million, excluding goodwill impairment and pension settlement charges, compared to operating income of  $49.1 million in 2008
  • Operating ratio of 107.2%, excluding goodwill impairment and pension settlement charges, compared to 97.2% in 2008

"Our 2010 operating performance will continue to be challenged until some positive change occurs such as a better freight economy, improved pricing or some other industry catalyst.  In the meantime, our company has responded to this environment by reducing headcount, equipment levels and costs in a number of areas in relation to available business levels.  Our employees are doing more with less while maintaining a superior level of productivity and equipment utilization," said Ms. McReynolds. "In addition to our regular, daily management of personnel and assets, we have recently addressed our cost structure further.  Because of actions we have taken, improvements in the financial markets and other events, we anticipate lower 2010 expenses in several areas of nonunion fringe benefit costs."

These items include:

  • Suspension of the 401(k) company match
  • Lower costs associated with pension and postretirement plans
  • Structural changes to company health care plans
  • Change to certain executive benefit plans to further align our executive compensation with the performance of the company

"We anticipate that the annual savings associated with these changes will be in a range of $15 - $18 million on a pre-tax basis," said Ms. McReynolds.  "We firmly believe we have the best employees in the industry and it is worth noting that they have made sacrifices for the long-term future success of Arkansas Best Corporation."

Capital Structure and Financial Resources

"Our financial strength and stability have been valuable assets that have allowed us to endure the extended freight recession," said Ms. McReynolds.  "We continue to carefully manage our balance sheet and recognize the opportunities that it presents for our company.  We previously disclosed actions we took to secure our letters of credit and to enter into an accounts receivable securitization program.  These actions, combined with our existing cash and short-term investments, provide our company with a level of flexibility and liquidity that is necessary to address both the opportunities and challenges of an ever-changing environment."  

"An additional step our Board of Directors has taken to preserve and manage liquidity in this uncertain environment is to reduce our quarterly cash dividend from $0.15 per share to $0.03 per share," said Ms. McReynolds.  "We believe this dividend reduction is a prudent and responsible course of action and is in the best interest of Arkansas Best and our shareholders."

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2009 fourth quarter and full year results.  The call will be today, Thursday, January 28, at 11:00 a.m. ET (10:00 a.m. CT).  Interested parties are invited to listen by calling (877) 275-1257 or (706) 634-6529 (for international callers).  Following the call, a recorded playback will be available through the end of the day on Thursday, February 18, 2010.  To listen to the playback, dial (800) 642-1687 or (706) 645-9291 (for international callers).  The conference call ID for the playback is 48841303.  The conference call and playback can also be accessed, through February 18, on Arkansas Best's Web site 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 provides transportation of less-than-truckload ("LTL") general commodities throughout North America.  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, current adverse economic conditions; 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; costs of continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; competitive initiatives, pricing pressures and the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates; 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.

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         Year Ended
                                      December 31            December 31
                                      -----------            -----------
                                   2009        2008        2009       2008
                                   ----        ----        ----       ----
                                                  (Unaudited)
                                ($ thousands, except share and per share data)
    
    OPERATING REVENUES           $371,631    $391,211  $1,472,901  $1,833,052
    
    OPERATING EXPENSES AND 
     COSTS(1)                     472,201     407,013   1,641,607   1,784,528
                                  -------     -------   ---------   ---------
    
    OPERATING INCOME (LOSS)      (100,570)    (15,802)   (168,706)     48,524
    
    OTHER INCOME (EXPENSE)
      Interest and dividend 
       income                         454       1,178       2,853       5,937
      Interest expense and other  
       related financing costs     (1,348)       (300)     (2,389)     (1,181)
      Other, net                      379      (2,196)      2,724      (3,370)
                                      ---      ------       -----      ------
                                     (515)     (1,318)      3,188       1,386 
                                     ----      ------       -----       ----- 
    
    INCOME (LOSS) BEFORE 
     INCOME TAXES                (101,085)    (17,120)   (165,518)     49,910
    
    FEDERAL AND STATE 
     INCOME TAXES (2)
      Current (benefit) 
       provision                   (7,540)    (20,538)    (33,054)      8,171
      Deferred (benefit) 
       provision                   (4,873)     14,391      (4,942)     12,571
                                   ------      ------      ------      ------
                                  (12,413)     (6,147)    (37,996)     20,742
                                  -------      ------     -------      ------
    
    NET INCOME (LOSS)             (88,672)    (10,973)   (127,522)     29,168
    
    LESS: NONCONTROLLING 
     INTEREST IN NET INCOME
     OF SUBSIDIARY                     44           –         367           –
                                      ---         ---         ---         ---
    
    NET INCOME (LOSS) 
     ATTRIBUTABLE TO   
     ARKANSAS BEST 
     CORPORATION                 $(88,716)   $(10,973)  $(127,889)    $29,168
                                 ========    ========   =========     =======
    
    EARNINGS (LOSS) PER 
     SHARE (3)
      Basic                        $(3.54)     $(0.44)     $(5.12)      $1.14
      Diluted                       (3.54)      (0.44)      (5.12)       1.14
                                    =====       =====       =====        ====
    
    AVERAGE COMMON SHARES 
     OUTSTANDING
      Basic                    25,054,389  25,023,794  25,052,303  24,976,412
      Diluted                  25,054,389  25,023,794  25,052,303  25,110,539
                               ==========  ==========  ==========  ==========
    
    CASH DIVIDENDS DECLARED
     AND PAID PER COMMON 
     SHARE                          $0.15       $0.15       $0.60       $0.60
                                    =====       =====       =====       =====
    
    (1) The three months and year ended December 31, 2009 include a $64.0 
        million goodwill impairment charge.
    (2) Effective tax benefit rates for the three months and year ended 
        December 31, 2009 were impacted by the goodwill impairment charge 
        which is not tax deductible.
    (3) Effective January 1, 2009, the Company adopted new accounting guidance
        that requires an allocation of dividends paid and a portion of 
        undistributed net income to unvested restricted stock for calculating 
        per share amounts. As a result, per share amounts for periods prior to 
        2009 have been retrospectively adjusted to be consistent with the 2009 
        presentation.
    
    
    ARKANSAS BEST CORPORATION
    CONSOLIDATED BALANCE SHEETS 
    
                                                    December 31   December 31
                                                       2009           2008
                                                       ----           ----
                                                    (Unaudited)       Note
                                                          ($ thousands)
    ASSETS
    
    CURRENT ASSETS
      Cash and cash equivalents                       $39,332      $100,880
      Short-term investment securities                 93,861       117,855
      Restricted cash equivalents and short-term
       investments                                     50,857         2,299
      Accounts receivable, less allowances
       (2009 – $3,470; 2008 – $3,513)                 115,459       111,452
      Other accounts receivable, less 
       allowances (2009 – $1,149; 2008 – $1,001)        6,749         6,611
      Prepaid expenses                                 10,390        10,670
      Deferred income taxes                            39,035        36,079
      Prepaid and refundable income taxes              24,726        17,661
      Other                                             4,333         4,683
                                                        -----         -----
        TOTAL CURRENT ASSETS                          384,742       408,190
    
    PROPERTY, PLANT AND EQUIPMENT
      Land and structures                             240,185       235,861
      Revenue equipment                               514,481       514,503
      Service, office and other equipment             157,885       150,524
      Leasehold improvements                           21,839        21,697
                                                       ------        ------
                                                      934,390       922,585
      Less allowances for depreciation and 
       amortization                                   505,538       473,010
                                                      -------       -------
                                                      428,852       449,575
    
    OTHER ASSETS                                       52,292        50,636
    
    GOODWILL                                            3,660        63,897
                                                        -----        ------
    
                                                     $869,546      $972,298
                                                     ========      ========
    
    Note:  The balance sheet at December 31, 2008 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
    
                                                    December 31   December 31
                                                       2009          2008
                                                       ----          ----
                                                    (Unaudited)      Note
                                                          ($ thousands)
    LIABILITIES AND STOCKHOLDERS' EQUITY
    
    CURRENT LIABILITIES
      Bank overdraft and drafts payable               $21,941       $15,189
      Accounts payable                                 59,386        51,646
      Income taxes payable                                826           758
      Accrued expenses                                150,799       147,540
      Current portion of long-term debt                 3,603           159
                                                        -----           ---
        TOTAL CURRENT LIABILITIES                     236,555       215,292
    
    LONG-TERM DEBT, less current portion               13,373         1,457
    
    PENSION AND POSTRETIREMENT LIABILITIES             67,445        89,472
    
    OTHER LIABILITIES                                  20,254        17,314
    
    DEFERRED INCOME TAXES                              31,023        24,017
    
    STOCKHOLDERS' EQUITY
      Common stock, $.01 par value, authorized
       70,000,000 shares; issued 2009: 26,749,265
       shares;  2008: 26,702,222 shares                   267           267
      Additional paid-in capital                      274,663       268,396
      Retained earnings                               327,948       471,360
      Treasury stock, at cost, 1,677,932 shares       (57,770)      (57,770)
      Accumulated other comprehensive loss            (44,212)      (57,507)
                                                      -------       -------
        TOTAL STOCKHOLDERS' EQUITY                    500,896       624,746
                                                      -------       -------
    
                                                     $869,546      $972,298
                                                     ========      ========
    
    Note: The balance sheet at December 31, 2008 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 
    
                                                          Year Ended
                                                          December 31
                                                      2009           2008
                                                      ----           ----
                                                           (Unaudited)
                                                          ($ thousands)
    OPERATING ACTIVITIES
      Net income (loss)                             $(127,522)      $29,168
      Adjustments to reconcile net income 
       (loss) to net cash provided by 
       operating activities:
        Depreciation and amortization                  75,226        76,872
        Other amortization                              1,278           293
        Goodwill impairment charge                     63,958             –
        Pension settlement expense                      4,588         1,540
        Share-based compensation expense                6,157         6,106
        Provision for losses on accounts receivable     2,587         1,623
        Deferred income tax provision (benefit)        (4,942)       12,571
        Gain on sales of assets                        (1,409)       (3,720)
        Excess tax benefits from share-based 
         compensation                                       –          (692)
      Changes in operating assets and liabilities:
        Receivables                                    (3,735)       30,568
        Prepaid expenses                                  429           573
        Other assets                                      790        11,087
        Accounts payable, taxes payable, accrued
         expenses and other liabilities                (5,615)      (60,652)
                                                       ------       -------
    NET CASH PROVIDED BY OPERATING ACTIVITIES          11,790       105,337
                                                       ------       -------
    
    INVESTING ACTIVITIES
      Purchases of property, plant and
       equipment, net of capital leases               (48,044)      (58,729)
      Proceeds from asset sales                         4,913        17,073
      Purchases of short-term investment securities  (109,806)     (146,655)
      Proceeds from sales of short-term investment 
       securities                                     133,800       107,404
      Business acquisition, net of cash acquired       (4,873)            –
      Capitalization of internally developed
       software and other                              (5,176)       (5,325)
                                                       ------        ------
    NET CASH USED BY INVESTING ACTIVITIES             (29,186)      (86,232)
                                                      -------       -------
    
    FINANCING ACTIVITIES
      Payments on long-term debt                       (1,433)         (295)
      Proceeds from issuance of long-term debt         14,958             –
      Net change in bank overdraft                      6,752           (59)
      Change in restricted cash equivalents
       and short-term investments                     (48,558)            –
      Deferred financing costs                           (817)            –
      Payment of common stock dividends               (15,523)      (15,344)
      Excess tax benefits from share-based 
       compensation                                         –           692
      Proceeds from the exercise of stock 
       options and other                                  469         2,976
                                                          ---         -----
    NET CASH USED BY FINANCING ACTIVITIES             (44,152)      (12,030)
                                                      -------       -------
    
    NET INCREASE (DECREASE) IN CASH AND CASH
     EQUIVALENTS                                      (61,548)        7,075
      Cash and cash equivalents at beginning 
       of period                                      100,880        93,805
                                                      -------        ------
    CASH AND CASH EQUIVALENTS AT END OF PERIOD        $39,332      $100,880
                                                      =======      ========
    
    
    ARKANSAS BEST CORPORATION 
    FINANCIAL STATEMENT OPERATING SEGMENT DATA
    AND OPERATING RATIOS 
    
               Three Months Ended                 Year Ended
                   December 31                    December 31
              2009            2008           2009              2008
              ----            ----           ----              ----
                                     (Unaudited)
                                    ($ thousands)
    OPERATING 
     REVENUES
    ABF 
     Freight 
     System, 
     Inc.
     (1)    $347,738        $375,188       $1,384,419        $1,758,780
    Other 
     revenues 
     and 
     elimin-
     ations   23,893          16,023           88,482            74,272
              ------          ------           ------            ------
    Total
     consol-
     idated
     operating
     rev-
     enues  $371,631        $391,211       $1,472,901        $1,833,052
            ========        ========       ==========        ==========
    
    
    
    OPERATING 
     EXPENSES 
     AND COSTS
    ABF Freight
     System, 
     Inc. (1)
      Salaries,
       wages 
       and
       bene- 
       fits $243,865  70.1% $246,818  65.8%  $970,523  70.1% $1,048,779  59.6%
      Fuel, 
       supplies
       and 
       expen-
       ses    59,714  17.2    68,914  18.4    221,732  16.0     341,826  19.4
      Operating 
       taxes 
       and
       lic-
       enses  10,657   3.1    11,310   3.0     42,314   3.1      47,088   2.7
      Insur-
       ance    4,308   1.2     5,471   1.5     20,356   1.5      21,370   1.2
      Communi-
       cations 
       and
       util-
       ities   3,404   1.0     3,721   1.0     14,393   1.0      15,102   0.9
      Deprec-
       iation 
       and
       amorti-
       zation 18,071   5.2    18,681   5.0     72,180   5.2      74,000   4.2
      Rents 
       and 
       purchased
       transport-
       ation  39,007  11.2    34,715   9.3    136,826   9.9     158,943   9.0
      Gain on 
       sale of 
       property
       and 
       equip-
        ment    (197) (0.1)     (726) (0.2)    (1,412) (0.1)     (3,723) (0.2)
      Pension 
       settle-
       ment
       expense 4,430   1.3         –     –      4,588   0.4         691     –
      Other    1,331   0.4     1,435   0.2      7,426   0.5       6,269   0.4
      Goodwill 
       impair-
       ment
       charge 63,958  18.4         –     –     63,958   4.6           –     –
              ------  ----       ---   ---     ------   ---         ---   ---
             448,548 129.0%  390,339 104.0% 1,552,884 112.2%  1,710,345  97.2%
             ------- -----   ------- -----  --------- -----   ---------  ----
    Other 
     expenses
     and
     elimin-
     ations   23,653          16,674           88,723            74,183
              ------          ------           ------            ------
    
    Total
     consol-
     idated
     operating
     expenses
     and 
     costs  $472,201        $407,013       $1,641,607        $1,784,528
            ========        ========       ==========        ==========
    
    OPERATING 
     INCOME 
     (LOSS)
    ABF 
     Freight
     System, 
     Inc.
     (1)   $(100,810)       $(15,151)       $(168,465)          $48,435
    Other 
     income 
     (loss) 
     and
     elim-
     inations    240            (651)            (241)               89
                 ---            ----             ----               ---
    Total 
     Consol-
     idated
     operating 
     income 
     (loss)$(100,570)       $(15,802)       $(168,706)          $48,524
          
    
    (1) Includes U.S., Canadian, and Puerto Rican operations of ABF 
        affiliates.
    
    
    ARKANSAS BEST CORPORATION 
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    
                                         Three Months Ended      Year Ended
                                            December 31          December 31
                                          2009      2008        2009    2008
                                          ----      ----        ----    ----
                                                      (Unaudited)
                                       ($ thousands, except per share data)
    ABF Freight System, Inc. 
    ------------------------
    Operating Income (Loss)
      Amounts on a GAAP basis         $(100,810) $(15,151) $(168,465) $48,435
      Goodwill impairment charge,
       pre-tax and after-tax are
       the same                          63,958         –     63,958        –
      Pension settlement expense,
       pre-tax                            4,430         –      4,588      691
                                          -----       ---      -----      ---
      Non-GAAP amounts                 $(32,422) $(15,151)  $(99,919) $49,126
                                       ========  ========   ========  =======
    
    Operating Ratio
      Amounts on a GAAP basis             129.0%    104.0%     112.2%    97.2%
      Goodwill impairment charge,
       pre-tax and after-tax are
       the same                            18.4         –        4.6        –
      Pension settlement expense, 
       pre-tax                              1.3         –        0.4        –
                                            ---       ---        ---      ---
      Non-GAAP amounts                    109.3%    104.0%     107.2%    97.2%
                                          =====     =====      =====     ====
    
    
    Arkansas Best Corporation - 
     Consolidated
    ---------------------------
    
    Operating Income (Loss)
      Amounts on a GAAP basis         $(100,570) $(15,802) $(168,706) $48,524
      Goodwill impairment charge,
       pre-tax and after-tax are 
       the same                          63,958         –     63,958        –
      Pension settlement expense, 
       pre-tax                            4,430         –      4,588    1,540
                                          -----       ---      -----    -----
      Non-GAAP amounts                 $(32,182) $(15,802) $(100,160) $50,064
                                       ========  ========  =========  =======
    
    Net Income (Loss) Attributable 
     to Arkansas Best Corporation
      Amounts on a GAAP basis          $(88,716) $(10,973) $(127,889) $29,168
      Goodwill impairment charge, 
       pre-tax and after-tax are 
       the same                          63,958         –     63,958       –
      Pension settlement expense, 
       after-tax                          2,692         –      2,788      936
                                          -----       ---      -----      ---
      Non-GAAP amounts                 $(22,066) $(10,973)  $(61,143) $30,104
                                       ========  ========   ========  =======
    
    Diluted Earnings (Loss) Per Share
      Amounts on a GAAP basis            $(3.54)   $(0.44)    $(5.12)   $1.14
      Goodwill impairment charge, 
       pre-tax and after-tax are 
       the same                            2.55         –       2.55        –
      Pension settlement expense, 
       after-tax                           0.11         –       0.11     0.04
                                           ----       ---       ----     ----
      Non-GAAP amounts                   $(0.88)   $(0.44)    $(2.46)   $1.18
                                         ======    ======     ======    =====
    
    Non-GAAP Financial Measures. The company reports its financial results in
    accordance with generally accepted accounting principles ("GAAP").  
    However, management believes that certain non-GAAP performance measures 
    and ratios utilized for internal analysis provide financial statement 
    users meaningful comparisons between current and prior period results, as
    well as important information regarding performance trends.  Certain 
    information discussed in the scheduled conference call could be considered
    non-GAAP measures.  Non-GAAP financial measures should be viewed in 
    addition to, and not as an alternative for, the company's reported 
    results.
    
    
    ABF FREIGHT SYSTEM, INC. 
    OPERATING STATISTICS
    
                              Three Months                Year Ended 
                           Ended December 31              December 31
                       2009      2008  % Change    2009       2008    % Change
                       ----      ----  --------    ----       ----    --------
    
    Workdays           61.5      61.0              251.5      252.5
    
    Billed
     Revenue(1)/CWT  $23.58    $25.09   (6.0)%     $23.81     $26.70   (10.8)%
    
    Billed  
     Revenue(1)/
     Shipment       $322.62   $328.43   (1.8)%    $314.83    $350.55   (10.2)%
    
    Shipments     1,073,794 1,131,195   (5.1)%  4,396,293  5,017,807   (12.4)%
    
    Tonnage 
     (tons)         734,608   740,379   (0.8)%  2,907,163  3,293,411   (11.7)%
    
    Tons/Day         11,945    12,137   (1.6)%     11,559     13,043   (11.4)%
    
    (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.
    
    
    Contact: Mr. David Humphrey, Vice President, Investor Relations and
             Corporate Communications
             Telephone: (479) 785-6200

SOURCE Arkansas Best Corporation



RELATED LINKS

http://www.arkbest.com