Arkansas Best Corporation Announces Third Quarter 2013 Results
- Third quarter 2013 revenue increases 7.9% to $623.4 million from $577.5 million

FORT SMITH, Ark., Nov. 11, 2013 /PRNewswire/ -- Arkansas Best Corporation (Nasdaq: ABFS) today reported higher third quarter 2013 net income in the seasonally strong business environment for ABF Freight System, Inc., while Arkansas Best's emerging businesses continued to experience revenue growth and positive margins.  

Arkansas Best's third quarter 2013 revenue was $623.4 million compared to revenue of $577.5 million in the third quarter of 2012. Third quarter 2013 net income was $14.0 million, or $0.52 per share, compared to third quarter 2012 net income of $6.5 million, or $0.24 per share.  The third quarter 2013 results included pension settlement charges of $0.04 per share related to Arkansas Best's nonunion defined benefit pension plan which, as previously announced, was amended to freeze the accrual of future benefits of nonunion employees beginning July 1, 2013.  In addition, third quarter 2013 results included a tax benefit of $0.02 per share related to the reversal of previously established deferred tax asset valuation allowances.  Excluding both of these items, Arkansas Best had third quarter 2013 net income of $14.5 million, or $0.54 per share.  

"This was our strongest quarter of the year thanks to the solid performances of our emerging businesses and a tonnage uptick for ABF Freight," said Arkansas Best President and Chief Executive Officer Judy R. McReynolds.  "In particular, Panther Expedited Services, which we acquired in June 2012, showed improved demand in several of the industries it serves."

ABF Freight's revenue increased during the traditionally strong third quarter.  However, union salary wage and benefit costs remained unacceptably high as the previous national labor agreement remained in place.  This was the result of operating under several extensions of the previous labor agreement pending final resolution of all regional supplemental agreements to the new ABF National Master Freight Agreement ("ABF NMFA"), which was implemented on November 3.

ABF's third quarter 2013 total billed revenue per hundredweight was $28.67 compared to $28.46 in the same period last year.  Without the impact of year-over-year changes in third quarter freight profile and account mix, which was similar to what ABF has experienced in the last several quarters, the level of ABF's yield improvement was even greater.

For the first nine months of 2013, ABF Freight's operating income was just above break-even, reflecting the high cost structure associated with the previous labor agreement. In addition, year-to-date capital expenditures for ABF Freight were minimal while the contract resolution process continued, resulting in lower than normal depreciation expense for an asset-intensive LTL business. ABF Freight also benefitted from lower retirement plan costs for nonunion employees as a result of the previously described pension amendment.   

Consistent with trends throughout this year, Arkansas Best's emerging, non-asset-based businesses continued to experience growing revenue, operating margins, and cash flow generation.  During the third quarter, these expanding businesses equaled 26% of total consolidated revenue, reflecting an increase in this measure during each quarter of this year.  On a combined basis, Panther and all other non-asset-based businesses generated third quarter 2013 earnings before interest, taxes, depreciation and amortization ("EBITDA") of $9.7 million, a 45% increase over EBITDA generated in the third quarter of 2012.  "We are pleased that our strategy of utilizing the strengths of our companies to offer end-to-end logistics solutions is benefitting our customers and positively contributing to our financial results," said McReynolds. 

ABF Labor Contract

As reported on October 30, the new ABF NMFA for employees represented by the International Brotherhood of Teamsters ("IBT") was implemented on November 3, 2013, and runs through March 31, 2018.  Full ratification of the new contract represents a major milestone for ABF. "While this is a significant step toward increasing ABF's profitability, there are other initiatives underway intended to improve operational efficiency," McReynolds noted. As previously announced, the level of cost savings achieved from the labor contract impacts the depth and analysis of future network improvements. Because there are additional opportunities to more cost effectively serve ABF's customers and further savings are needed in order to return to historic profitability, ABF currently has an active network analysis underway, the results of which are expected to be announced in the first half of 2014. 

During the third quarter, the United States Court of Appeals for the Eighth Circuit affirmed the lower court's decision to dismiss ABF's complaint against the IBT and various YRC subsidiaries. ABF decided not to seek further review of the lawsuit, and as a result the legal process has now ended.

Closing Comments

"While our third quarter results improved on prior quarter trends and reflected strides in our emerging businesses, we remain focused on returning ABF Freight to its historic profitability," said McReynolds.  "After a long and complex labor negotiation process at ABF Freight, we are pleased to have an implemented contract that allows us to lower costs while still providing the best-paying jobs in the industry. Going forward, we will continue with initiatives at ABF and all of our operating companies that will enable us to better serve our customers in the rapidly evolving transportation and logistics marketplace."

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2013 third quarter results.  The call will be today, Monday, November 11, at 9:30 a.m. ET (8:30 a.m. CT).  Interested parties are invited to listen by calling (800) 768-3350.  Following the call, a recorded playback will be available through the end of the day on December 11, 2013.  To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers).  The conference call ID for the playback is 21675784.  The conference call and playback can also be accessed, through December 11, on Arkansas Best's website at arkbest.com.

Company Description

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a freight transportation services and solutions provider. Through its various subsidiaries, Arkansas Best offers a wide variety of logistics solutions including: domestic and global transportation of less-than-truckload ("LTL") and full load shipments, expedited ground and time-definite delivery solutions, freight forwarding services, freight brokerage, oversight of roadside assistance and equipment services for commercial vehicles, and household goods moving market services for consumers, corporations, and the military. More information is available at arkbest.com, abf.com and pantherexpedite.com.

Forward-Looking Statements

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995:  Statements contained in this report that are not based on historical facts are "forward-looking statements." Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "predict," "project," "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, a workforce stoppage by our employees covered under ABF's collective bargaining agreement or unfavorable terms of future collective bargaining agreements; relationships with employees, including unions; general economic conditions and related shifts in market demand that impact the performance and needs of industries served by Arkansas Best Corporation's subsidiaries and/or limit our customers' access to adequate financial resources; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; 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 the inability to collect fuel surcharges; availability of fuel; default on covenants of financing arrangements and the availability and terms of future financing arrangements; availability and cost of reliable third-party services; disruptions or failures of services essential to the use of information technology platforms in our business; availability, timing, and amount of capital expenditures; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; governmental regulations and policies; future climate change legislation; potential impairment of goodwill and intangible assets; the impact of our brand and corporate reputation; the cost, timing, and performance of growth initiatives; the cost, integration, and performance of any future acquisitions; the costs of continuing investments in technology, a failure of our information systems, and the impact of cyber incidents; weather conditions; and other financial, operational, and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation's Securities and Exchange Commission 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

September 30


Nine Months Ended

September 30





2013


2012


2013


2012



(Unaudited)



($ thousands, except share and per share data)




OPERATING REVENUES

$

623,414


$

577,546


$

1,720,999


$

1,528,956















OPERATING EXPENSES AND COSTS


602,912



565,313



1,715,431



1,532,509















OPERATING INCOME (LOSS)


20,502



12,233



5,568



(3,553)















OTHER INCOME (EXPENSE)













Interest and dividend income


167



155



499



623


Interest expense and other related financing costs


(993)



(1,609)



(3,279)



(3,863)


Other, net


1,328



997



2,778



2,117




502



(457)



(2)



(1,123)















INCOME (LOSS) BEFORE INCOME TAXES


21,004



11,776



5,566



(4,676)















INCOME TAX PROVISION (BENEFIT)


7,022



5,258



101



(4,873)















NET INCOME

$

13,982


$

6,518


$

5,465


$

197















EARNINGS PER COMMON SHARE(1)













Basic

$

0.52


$

0.24


$

0.20


$


Diluted

$

0.52


$

0.24


$

0.20


$















AVERAGE COMMON SHARES OUTSTANDING













Basic


25,736,810



25,613,315



25,690,184



25,535,969


Diluted


25,736,810



25,613,315



25,690,184



25,535,969















CASH DIVIDENDS DECLARED
  PER COMMON SHARE

$

0.03


$

0.03


$

0.09


$

0.09




(1)  The Company uses the two-class method for calculating earnings per share. This method, as calculated below, requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for calculating per share amounts.















NET INCOME

$

13,982


$

6,518


$

5,465


$

197















EFFECT OF UNVESTED RESTRICTED
  STOCK AWARDS(1)


(585)



(309)



(243)



(113)















ADJUSTED NET INCOME FOR CALCULATING

  EARNINGS PER COMMON SHARE

$

13,397


$

6,209


$

5,222


$

84















 

ARKANSAS BEST CORPORATION

CONSOLIDATED BALANCE SHEETS



September 30

2013


December 31

2012



(Unaudited)


Note



($ thousands, except share data)


ASSETS














CURRENT ASSETS







Cash and cash equivalents

$

107,611


$

90,702


Short-term investments


28,573



29,054


Restricted cash, cash equivalents, and short-term investments


1,902



9,658


Accounts receivable, less allowances (2013 – $4,645; 2012 – $5,249)


212,946



180,631


Other accounts receivable, less allowances (2013 – $1,402; 2012 – $1,334)


9,532



6,539


Prepaid expenses


15,980



17,355


Deferred income taxes


47,038



39,245


Prepaid and refundable income taxes


2,186



5,681


Other


8,882



7,185


   TOTAL CURRENT ASSETS


434,650



386,050









PROPERTY, PLANT AND EQUIPMENT







Land and structures


245,207



243,699


Revenue equipment


591,367



589,729


Service, office, and other equipment


122,057



119,456


Software


109,111



103,164


Leasehold improvements


23,524



23,272




1,091,266



1,079,320


Less allowances for depreciation and amortization


691,730



635,292




399,536



444,028


GOODWILL


76,448



73,189


INTANGIBLE ASSETS, NET


76,431



79,561


OTHER ASSETS


51,058



51,634










$

1,038,123


$

1,034,462









LIABILITIES AND STOCKHOLDERS' EQUITY














CURRENT LIABILITIES







Bank overdraft and drafts payable

$

11,645


$

13,645


Accounts payable


95,609



84,292


Income taxes payable


2,868



59


Accrued expenses


181,197



158,668


Current portion of long-term debt


35,353



43,044


   TOTAL CURRENT LIABILITIES


326,672



299,708









LONG-TERM DEBT, less current portion


88,893



112,941


PENSION AND POSTRETIREMENT LIABILITIES


38,040



104,673


OTHER LIABILITIES


13,560



12,832


DEFERRED INCOME TAXES


71,275



45,309









STOCKHOLDERS' EQUITY







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

    issued 2013: 27,408,046 shares; 2012: 27,296,285 shares


274



273


Additional paid-in-capital


291,445



289,711


Retained earnings


287,204



284,157


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


(57,770)



(57,770)


Accumulated other comprehensive loss


(21,470)



(57,372)


   TOTAL STOCKHOLDERS' EQUITY


499,683



458,999










$

1,038,123


$

1,034,462




Note: The balance sheet at December 31, 2012 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





Nine Months Ended

September 30



2013


2012



(Unaudited)



($ thousands)


OPERATING ACTIVITIES







Net income

$

5,465


$

197


Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization


64,439



62,772


Amortization of intangibles


3,130



1,218


Pension settlement expense


1,834




Share-based compensation expense


3,579



4,711


Provision for losses on accounts receivable


1,658



1,314


Deferred income tax benefit


(5,770)



(3,795)


Gain on sale of property and equipment


(486)



(582)


Changes in operating assets and liabilities:







   Receivables


(36,513)



(28,956)


   Prepaid expenses


1,768



2,940


   Other assets


(1,557)



(591)


   Income taxes


6,868



938


   Accounts payable, accrued expenses, and other liabilities(1)


21,836



7,942


NET CASH PROVIDED BY OPERATING ACTIVITIES


66,251



48,108









INVESTING ACTIVITIES







Purchases of property, plant, and equipment, net of financings


(13,078)



(31,923)


Proceeds from sale of property and equipment


1,857



5,126


Purchases of short-term investments


(21,230)



(38,708)


Proceeds from sale of short-term investments


21,713



25,018


Business acquisition, net of cash acquired(2)


(4,146)



(180,793)


Capitalization of internally developed software and other


(5,959)



(5,379)


NET CASH USED IN INVESTING ACTIVITIES


(20,843)



(226,659)









FINANCING ACTIVITIES







Borrowing under credit facilities




100,000


Repayments on long-term debt


(31,775)



(22,606)


Net change in bank overdraft and other


(2,002)



(7,808)


Change in restricted cash, cash equivalents, and short-term investments


7,757



42,895


Deferred financing costs


(61)



(1,472)


Payment of common stock dividends


(2,418)



(2,412)


NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES


(28,499)



108,597









NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     


16,909



(69,954)


Cash and cash equivalents at beginning of period


90,702



141,295


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

107,611


$

71,341









NONCASH INVESTING ACTIVITIES







Accruals for equipment received

$

264


$

34


Equipment financed

$

36


$

37,973


(1)

2013 and 2012 were impacted by $17.8 million and $18.0 million, respectively, in contributions made to the Company's nonunion defined benefit pension plan.


(2)

During second quarter 2013, the Company acquired a privately-held logistics business that has been reported within the Household Goods Moving Services segment.


 


ARKANSAS BEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES





Three Months Ended

September 30


Nine Months Ended

September 30





2013


2012


2013


2012



(Unaudited)



($ thousands, except per share data)


ARKANSAS BEST CORPORATION – CONSOLIDATED















Net Income (Loss)













Amounts on a GAAP basis

$

13,982


$

6,518


$

5,465


$

197


Tax benefits(1)


(550)



(396)



(766)



(3,729)


Transaction costs, after-tax(2)








1,294


Pension settlement expense, after-tax(3)


1,115





1,115




Non-GAAP amounts

$

14,547


$

6,122


$

5,814


$

(2,238)















Diluted Earnings (Loss) Per Share













Amounts on a GAAP basis

$

0.52


$

0.24


$

0.20


$


Tax benefits(1)


(0.02)



(0.02)



(0.03)



(0.15)


Transaction costs, after-tax(2)








0.05


Pension settlement expense, after-tax(3)


0.04





0.04




Non-GAAP amounts

$

0.54


$

0.22


$

0.21


$

(0.10)



ARKANSAS BEST CORPORATION – CONSOLIDATED




Earnings Before Interest, Taxes, Depreciation
   and Amortization













Net income

$

13,982


$

6,518


$

5,465


$

197


Interest expense


993



1,609



3,279



3,863


Income tax provision (benefit)


7,022



5,258



101



(4,873)


Depreciation and amortization


21,569



23,820



67,569



63,990


Amortization of share-based compensation


1,095



1,369



3,579



4,711


Amortization of actuarial losses and pension settlement expense


2,994



2,846



8,818



8,539


EBITDA


47,655



41,420



88,811



76,427















Transaction costs, pre-tax(2)








2,129


Adjusted EBITDA

$

47,655


$

41,420


$

88,811


$

78,556















(1)

Tax benefit adjustments related to deferred tax asset valuation allowances.


(2)

Transaction costs associated with the June 15, 2012 acquisition of Panther Expedited Services, Inc.


(3)

Settlement expense related to the Company's nonunion defined benefit pension plan which was frozen effective July 1, 2013.




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. Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure financial performance and ability to service debt obligations. However, these financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as defined by generally accepted accounting principles. Other companies may calculate EBITDA differently, and therefore the Company's EBITDA may not be comparable to similarly titled measures of other companies.

 


 


ARKANSAS BEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES



Three Months Ended
September 30
2013


Three Months Ended

September 30

2012


Operating Income

Depreciation and Amortization

EBITDA


Operating Income

Depreciation and Amortization

EBITDA






Premium Logistics & Expedited Freight Services(1)

$

3,102

$

2,665

$

5,767


$

804

$

2,491

$

3,295

Domestic & Global Transportation Management


541


171


712



671


91


762

Emergency & Preventative Maintenance


845


138


983



872


124


996

Household Goods Moving Services


1,835


354


2,189



1,425


169


1,594

Total non-asset-based segments

$

6,323

$

3,328

$

9,651


$

3,772

$

2,875

$

6,647
















Nine Months Ended

September 30

2013


Nine Months Ended

September 30

2012


Operating

Income

Depreciation and Amortization

EBITDA


Operating Income

Depreciation and Amortization

EBITDA















Premium Logistics & Expedited Freight Services(1)

$

3,745

$

7,809

$

11,554


$

1,284

$

2,965

$

4,249

Domestic & Global Transportation Management


1,564


449


2,013



1,657


245


1,902

Emergency & Preventative Maintenance


2,367


400


2,767



1,430


373


1,803

Household Goods Moving Services


2,552


880


3,432



798


527


1,325

Total non-asset-based segments

$

10,228

$

9,538

$

19,766


$

5,169

$

4,110

$

9,279















(1)

Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software, which were acquired in conjunction with the purchase of Panther Expedited Services, Inc. on June 15, 2012. Amounts for the nine months ended September 30, 2012 reflect the period from the date of acquisition, June 15, to September 30.

 


ARKANSAS BEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS



Three Months Ended

September 30



Nine Months Ended

September 30







2013



2012



2013



2012



(Unaudited)

($ thousands)

OPERATING REVENUES
















Freight Transportation

$

471,031



$

450,156



$

1,325,062



$

1,287,020


 

Premium Logistics & Expedited

   Freight Services(1)


65,851




60,445




179,533




71,280


Domestic & Global Transportation

   Management


28,669




17,342




74,554




44,954


Emergency & Preventative

   Maintenance


37,047




32,785




102,504




85,264


Household Goods Moving
   Services


30,530




25,702




65,358




61,233


Total non-asset-based segments


162,097




136,274




421,949




262,731


















Other revenues and eliminations


(9,714)




(8,884)




(26,012)




(20,795)


Total consolidated
   operating revenues

$

623,414



$

577,546



$

1,720,999



$

1,528,956


















OPERATING EXPENSES AND COSTS

Freight Transportation















Salaries, wages, and benefits

$

276,683

58.7%


$

272,102

60.4%


$

816,502

61.6%


$

806,158

62.6%

Fuel, supplies, and expenses


84,714

18.0



83,777

18.6



250,486

18.9



247,113

19.2

Operating taxes and licenses


10,864

2.3



10,890

2.4



32,793

2.5



32,514

2.5

Insurance


6,858

1.5



4,942

1.1



17,410

1.3



15,408

1.2

Communications and utilities


3,724

0.8



3,811

0.8



11,535

0.9



11,069

0.9

Depreciation and amortization


17,621

3.7



20,366

4.5



56,162

4.2



58,403

4.5

Rents and purchased transportation


50,507

10.7



44,015

9.8



133,236

10.1



116,912

9.1

Gain on sale of property

   and equipment


(93)



(65)



(487)



(578)

Pension settlement expense


1,612

0.3





1,612

0.1



Other


1,325

0.3



1,841

0.5



5,649

0.4



5,781

0.4



453,815

96.3%



441,679

98.1%



1,324,898

100.0%



1,292,780

100.4%

















Premium Logistics & Expedited

Freight Services(1)















Purchased transportation

$

50,220

76.3%


$

46,260

76.5%


$

137,489

76.6%


$

54,507

76.5%

Depreciation and amortization(1)


2,665

4.0



2,491

4.1



7,809

4.3



2,965

4.2

Salaries, benefits, insurance,

   and other


9,864

15.0



10,890

18.1



30,490

17.0



12,524

17.5



62,749

95.3%



59,641

98.7%



175,788

97.9%



69,996

98.2%

















Domestic & Global Transportation

   Management


28,128




16,671




72,990




43,297


Emergency & Preventative

   Maintenance


36,202




31,913




100,137




83,834


Household Goods Moving
   Services


28,695




24,277




62,806




60,435


Total non-asset-based segments


155,774




132,502




411,721




257,562


















Other expenses and eliminations


(6,677)




(8,868)




(21,188)




(17,833)


Total consolidated operating

   expenses and costs

$

602,912



$

565,313



$

1,715,431



$

1,532,509


(1)

Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software, which were acquired in conjunction with the purchase of Panther Expedited Services, Inc. on June 15, 2012. Amounts for the nine months ended September 30, 2012 reflect the period from the date of acquisition, June 15, to September 30.

Note: See the following page for description of segments.

 


ARKANSAS BEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS – Continued



Three Months Ended

September 30



Nine Months Ended

September 30







2013



2012



2013



2012



(Unaudited)

($ thousands)

OPERATING INCOME (LOSS)
















Freight Transportation

$

17,216



$

8,477



$

164



$

(5,760)


 

Premium Logistics & Expedited
   Freight Services


3,102




804




3,745




1,284


Domestic & Global Transportation

   Management


541




671




1,564




1,657


Emergency & Preventative

   Maintenance


845




872




2,367




1,430


Household Goods Moving
   Services


1,835




1,425




2,552




798


Total non-asset-based segments


6,323




3,772




10,228




5,169


















Other income (loss) and
   eliminations(1)


(3,037)




(16)




(4,824)




(2,962)


Total consolidated operating
   income (loss)

$

20,502



$

12,233



$

5,568



$

(3,553)


















(1)

Other income (loss) and eliminations for 2013 includes a $1.4 million reserve adjustment related to workers' compensations claims associated with an insolvent insurance carrier.

 

 

Description of Segments:

  • Freight Transportation includes the results of operations of Arkansas Best's largest subsidiary, ABF Freight System, Inc.®.
  • Panther Expedited Services, Inc., which was acquired on June 15, 2012, is reported as Premium Logistics & Expedited Freight Services.
  • Domestic & Global Transportation Management includes the company's transportation brokerage services, ocean container transport, and warehousing services operating as ABF Logistics.
  • Emergency & Preventative Maintenance includes the roadside vehicle assistance and commercial equipment services subsidiary FleetNet America, Inc.
  • Household Goods Moving Services includes Albert Companies, Inc. and Moving Solutions, Inc. which provide services to the consumer, corporate, and military household goods moving market.

Certain reclassifications have been made to the prior year's operating segment data to conform to the current year presentation. The operating results of Global Supply Chain Services and Supply Chain Services, businesses which provide ocean container transport and warehousing services, have been reclassified from the Freight Transportation segment to the Domestic & Global Transportation Management segment. There was no impact on consolidated amounts as a result of these reclassifications.

 


ARKANSAS BEST CORPORATION

OPERATING STATISTICS




Three Months Ended



Nine Months Ended



September 30



September 30



2013


2012

% Change



2013


2012

% Change


(Unaudited)

Freight Transportation (1)
























Workdays


63.5


63.0




190.0


190.5














Billed Revenue (2) / CWT           

$

28.67

$

28.46

0.7%


$

27.78

$

27.92

(0.5)%













Billed Revenue (2) / Shipment    

$

390.44

$

391.47

(0.3)%


$

381.11

$

378.21

0.8%













Shipments                                  


1,201,981


1,141,168

5.3%



3,488,337


3,410,012

2.3%













Shipments / Day


18,929


18,114

4.5%



18,360


17,900

2.6%













Tonnage (tons)                           


818,471


784,713

4.3%



2,393,055


2,309,390

3.6%













Tons / Day


12,889


12,456

3.5%



12,595


12,123

3.9%













(1)

Based on the previously described reclassifications that have been made to the prior year's operating segment data and statistics to conform to the current year presentation, operations of Global Supply Chain Services and Supply Chain Services are excluded from key operating statistics for the Freight Transportation Segment.

(2)

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

 

Contact:    

Investors: Mr. David Humphrey, Vice President, Investor Relations


Telephone: (479) 785-6200




Media:  Ms. Kathy Fieweger, Vice President, Marketing and Corporate Communications


Telephone:  (479) 719-4358

 

SOURCE Arkansas Best Corporation

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