Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - ARCBEST CORP /DE/ | a11-23220_18k.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION ANNOUNCES
SECOND QUARTER 2011 PROFIT OF $0.20/SHARE
(Fort Smith, Arkansas, August 2, 2011) — Arkansas Best Corporation (Nasdaq: ABFS) today announced second quarter 2011 net income of $5.3 million, or $0.20 per share, compared to a net loss of $7.4 million, or $0.30 per share, in the second quarter of 2010.
Arkansas Best’s second quarter 2011 return to profitability was primarily a result of ABF’s healthy tonnage levels combined with an emphasis on increased account pricing. ABF improved its operating ratio by over five operating points versus the same period last year and nearly seven and a half operating points versus the previous quarter.
“We are pleased with the improvement in our company’s performance and the steps we have taken toward restoring Arkansas Best’s historical profit margins,” said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. “However, the progress made so far does not produce sufficient returns for our shareholders nor does it allow us to adequately recapitalize our business. Further profitability gains should result from improved pricing on ABF’s existing account base and from continuing efforts to achieve a more competitive cost structure. Our focus on growing business with customers who value ABF’s high level of service and wide range of logistics offerings should also positively impact our profitability.”
Arkansas Best Corporation
Second Quarter 2011
· Revenue of $498.6 million, a per day increase of 21.2% from the prior year second quarter revenue of $411.3 million
· Net income of $0.20 per share compared to a net loss of $0.30 per share in the prior year quarter
ABF Freight System, Inc.®
Second Quarter 2011
· Revenue of $458.5 million compared to $379.4 million in second quarter 2010, a per-day increase of 20.8%
· Tonnage per day increase of 9.9% versus second quarter 2010
· Total billed revenue per hundredweight of $25.83 compared to $23.59 in second quarter 2010, an increase of 9.5%, including increases in fuel surcharge
· Operating income of $8.2 million compared to an operating loss of $12.6 million in second quarter 2010
· Operating ratio of 98.2% compared to 103.3% in second quarter 2010
“Last quarter I described various initiatives that were under way to address inadequate pricing and improve the profitability on a large number of accounts. Throughout the second quarter, ABF held firm on requests to better match individual customer revenues with the high level of service and superior value that ABF offers. Though these pricing actions have caused some business to go to other carriers, the success of our efforts is reflected in ABF’s return to profitability,” said Ms. McReynolds.
Legal Update
On July 6, 2011, the U.S. Court of Appeals for the Eighth Circuit reversed a lower court’s previous dismissal of a lawsuit ABF filed in November 2010 against the International Brotherhood of Teamsters and various other parties. The lawsuit was remanded back to the lower court. 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. The intent of ABF’s original lawsuit was to level the playing field relative to the cost structures of all parties to the NMFA. ABF is very pleased with the Eighth Circuit’s ruling and will work through the next steps of the legal process to validate its rights under the NMFA.
Final Remarks
“We are encouraged by the positive results of the second quarter and we are pleased with the progress ABF has made,” said Ms. McReynolds. “However, we know we have a lot of work left to do. Our employees continue to work efficiently and productively to overcome our higher cost structure and to deliver the superior customer service for which ABF is known. As we move through the remainder of the year, we expect to make further progress toward consistently achieving the historical returns of our company.”
Conference Call
Arkansas Best Corporation will host a conference call with company executives to discuss the second quarter 2011 results. The call will be today, Tuesday, August 2, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 926-9192. Following the call, a recorded playback will be available through the end of the day on August 31, 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 21532122. The conference call and playback can also be accessed, through August 31, 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.
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 |
|
Six Months Ended |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
(Unaudited) |
| ||||||||||
|
|
|
($ thousands, except share and per share data) |
| ||||||||||
|
|
|
|
| ||||||||||
|
OPERATING REVENUES |
|
$ |
498,550 |
|
$ |
411,347 |
|
$ |
933,481 |
|
$ |
771,237 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING EXPENSES AND COSTS |
|
489,552 |
|
422,157 |
|
946,475 |
|
817,313 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING INCOME (LOSS) |
|
8,998 |
|
(10,810 |
) |
(12,994 |
) |
(46,076 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
| ||||
|
Interest and dividend income |
|
273 |
|
274 |
|
516 |
|
608 |
| ||||
|
Interest expense and other related financing costs |
|
(932 |
) |
(434 |
) |
(1,927 |
) |
(999 |
) | ||||
|
Other, net |
|
281 |
|
(457 |
) |
2,892 |
|
211 |
| ||||
|
|
|
(378 |
) |
(617 |
) |
1,481 |
|
(180 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
8,620 |
|
(11,427 |
) |
(11,513 |
) |
(46,256 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
INCOME TAXES |
|
|
|
|
|
|
|
|
| ||||
|
Current provision (benefit) |
|
3,132 |
|
(847 |
) |
2,392 |
|
(9,336 |
) | ||||
|
Deferred provision (benefit) |
|
37 |
|
(3,232 |
) |
(6,569 |
) |
(8,200 |
) | ||||
|
|
|
3,169 |
|
(4,079 |
) |
(4,177 |
) |
(17,536 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
NET INCOME (LOSS) |
|
5,451 |
|
(7,348 |
) |
(7,336 |
) |
(28,720 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
LESS: NONCONTROLLING INTEREST IN NET INCOME OF SUBSIDIARY |
|
153 |
|
96 |
|
174 |
|
116 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO ARKANSAS BEST CORPORATION |
|
$ |
5,298 |
|
$ |
(7,444 |
) |
$ |
(7,510 |
) |
$ |
(28,836 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
EARNINGS PER COMMON SHARE(1) |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
$ |
0.20 |
|
$ |
(0.30 |
) |
$ |
(0.30 |
) |
$ |
(1.15 |
) |
|
Diluted |
|
0.20 |
|
(0.30 |
) |
(0.30 |
) |
(1.15 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
25,411,339 |
|
25,182,579 |
|
25,358,130 |
|
25,137,886 |
| ||||
|
Diluted |
|
25,411,942 |
|
25,182,579 |
|
25,358,130 |
|
25,137,886 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.03 |
|
$ |
0.03 |
|
$ |
0.06 |
|
$ |
0.06 |
|
(1) The Company uses the two-class method for calculating earnings per share. This method 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.
ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS
|
|
|
June 30 |
|
December 31 |
| ||
|
|
|
(Unaudited) |
|
Note |
| ||
|
|
|
($ thousands, except share data) |
| ||||
|
|
|
|
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
CURRENT ASSETS |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
114,834 |
|
$ |
102,578 |
|
|
Short-term investments |
|
37,579 |
|
39,288 |
| ||
|
Restricted cash equivalents and short-term investments |
|
51,681 |
|
51,661 |
| ||
|
Accounts receivable, less allowances (2011 – $5,737; 2010 – $3,944) |
|
170,660 |
|
145,426 |
| ||
|
Other accounts receivable, less allowances (2011 – $1,214; 2010 – $1,254) |
|
7,415 |
|
8,157 |
| ||
|
Prepaid expenses |
|
9,422 |
|
10,258 |
| ||
|
Deferred income taxes |
|
35,596 |
|
32,681 |
| ||
|
Prepaid and refundable income taxes |
|
2,209 |
|
3,958 |
| ||
|
Other |
|
5,221 |
|
5,677 |
| ||
|
TOTAL CURRENT ASSETS |
|
434,617 |
|
399,684 |
| ||
|
|
|
|
|
|
| ||
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
| ||
|
Land and structures |
|
241,082 |
|
243,981 |
| ||
|
Revenue equipment |
|
551,411 |
|
530,424 |
| ||
|
Service, office and other equipment |
|
167,329 |
|
163,732 |
| ||
|
Leasehold improvements |
|
21,198 |
|
21,890 |
| ||
|
|
|
981,020 |
|
960,027 |
| ||
|
Less allowances for depreciation and amortization |
|
582,686 |
|
552,781 |
| ||
|
|
|
398,334 |
|
407,246 |
| ||
|
|
|
|
|
|
| ||
|
OTHER ASSETS |
|
54,564 |
|
54,021 |
| ||
|
|
|
|
|
|
| ||
|
|
|
$ |
887,515 |
|
$ |
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
|
|
|
June 30 |
|
December 31 |
| ||
|
|
|
(Unaudited) |
|
Note |
| ||
|
|
|
($ thousands, except share data) |
| ||||
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
CURRENT LIABILITIES |
|
|
|
|
| ||
|
Bank overdraft and drafts payable |
|
$ |
15,820 |
|
$ |
13,023 |
|
|
Accounts payable |
|
82,950 |
|
62,134 |
| ||
|
Income taxes payable |
|
348 |
|
196 |
| ||
|
Accrued expenses |
|
157,589 |
|
144,543 |
| ||
|
Current portion of long-term debt |
|
15,386 |
|
14,001 |
| ||
|
TOTAL CURRENT LIABILITIES |
|
272,093 |
|
233,897 |
| ||
|
|
|
|
|
|
| ||
|
LONG-TERM DEBT, less current portion |
|
38,160 |
|
42,657 |
| ||
|
|
|
|
|
|
| ||
|
PENSION AND POSTRETIREMENT LIABILITIES |
|
65,204 |
|
65,421 |
| ||
|
|
|
|
|
|
| ||
|
OTHER LIABILITIES |
|
17,713 |
|
19,827 |
| ||
|
|
|
|
|
|
| ||
|
DEFERRED INCOME TAXES |
|
17,878 |
|
19,405 |
| ||
|
|
|
|
|
|
| ||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2011: 27,099,819 shares; 2010: 26,934,847 shares |
|
271 |
|
269 |
| ||
|
Additional paid-in capital |
|
284,771 |
|
281,169 |
| ||
|
Retained earnings |
|
283,034 |
|
292,129 |
| ||
|
Treasury stock, at cost, 1,677,932 shares |
|
(57,770 |
) |
(57,770 |
) | ||
|
Accumulated other comprehensive loss |
|
(33,839 |
) |
(36,053 |
) | ||
|
TOTAL STOCKHOLDERS’ EQUITY |
|
476,467 |
|
479,744 |
| ||
|
|
|
|
|
|
| ||
|
|
|
$ |
887,515 |
|
$ |
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
|
|
|
Six Months Ended |
| ||||
|
|
|
2011 |
|
2010 |
| ||
|
|
|
(Unaudited) |
| ||||
|
|
|
($ thousands) |
| ||||
|
OPERATING ACTIVITIES |
|
|
|
|
| ||
|
Net loss |
|
$ |
(7,336 |
) |
$ |
(28,720 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
35,971 |
|
36,096 |
| ||
|
Other amortization |
|
123 |
|
133 |
| ||
|
Pension settlement expense |
|
— |
|
178 |
| ||
|
Share-based compensation expense |
|
3,699 |
|
2,158 |
| ||
|
Provision for losses on accounts receivable |
|
1,122 |
|
303 |
| ||
|
Deferred income tax benefit |
|
(6,569 |
) |
(8,200 |
) | ||
|
Gain on sale of property and equipment |
|
(873 |
) |
(72 |
) | ||
|
Changes in operating assets and liabilities: |
|
|
|
|
| ||
|
Receivables |
|
(25,756 |
) |
(20,857 |
) | ||
|
Prepaid expenses |
|
836 |
|
1,399 |
| ||
|
Other assets |
|
146 |
|
706 |
| ||
|
Income taxes |
|
2,417 |
|
21,605 |
| ||
|
Accounts payable, accrued expenses and other liabilities |
|
29,352 |
|
14,499 |
| ||
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
33,132 |
|
19,228 |
| ||
|
|
|
|
|
|
| ||
|
INVESTING ACTIVITIES |
|
|
|
|
| ||
|
Purchases of property, plant and equipment, net of capital leases and notes payable |
|
(18,766 |
) |
(3,399 |
) | ||
|
Proceeds from sales of property and equipment |
|
3,370 |
|
2,676 |
| ||
|
Purchases of short-term investments |
|
(12,250 |
) |
(27,542 |
) | ||
|
Proceeds from sales of short-term investments |
|
14,125 |
|
57,916 |
| ||
|
Capitalization of internally developed software and other |
|
(2,183 |
) |
(2,293 |
) | ||
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
(15,704 |
) |
27,358 |
| ||
|
|
|
|
|
|
| ||
|
FINANCING ACTIVITIES |
|
|
|
|
| ||
|
Payments on long-term debt |
|
(6,994 |
) |
(3,011 |
) | ||
|
Proceeds from issuance of long-term debt |
|
— |
|
11,416 |
| ||
|
Net change in bank overdraft |
|
2,797 |
|
(11,844 |
) | ||
|
Change in restricted cash equivalents and short-term investments |
|
(20 |
) |
(983 |
) | ||
|
Deferred financing costs |
|
(133 |
) |
— |
| ||
|
Payment of common stock dividends |
|
(1,585 |
) |
(1,554 |
) | ||
|
Proceeds from the exercise of stock options and other |
|
763 |
|
515 |
| ||
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(5,172 |
) |
(5,461 |
) | ||
|
|
|
|
|
|
| ||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
12,256 |
|
41,125 |
| ||
|
Cash and cash equivalents at beginning of period |
|
102,578 |
|
39,332 |
| ||
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
114,834 |
|
$ |
80,457 |
|
ARKANSAS BEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA
AND OPERATING RATIOS
|
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||||||||||
|
|
|
(Unaudited) |
| ||||||||||||||||||
|
|
|
($ thousands) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
$ |
458,521 |
|
|
|
$ |
379,443 |
|
|
|
$ |
860,880 |
|
|
|
$ |
712,468 |
|
|
|
|
Other revenues and eliminations |
|
40,029 |
|
|
|
31,904 |
|
|
|
72,601 |
|
|
|
58,769 |
|
|
| ||||
|
Total consolidated operating revenues |
|
$ |
498,550 |
|
|
|
$ |
411,347 |
|
|
|
$ |
933,481 |
|
|
|
$ |
771,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING EXPENSES AND COSTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Salaries, wages and benefits |
|
$ |
273,262 |
|
59.6 |
% |
$ |
248,985 |
|
65.6 |
% |
$ |
535,755 |
|
62.2 |
% |
$ |
485,424 |
|
68.1 |
% |
|
Fuel, supplies and expenses |
|
88,327 |
|
19.3 |
|
64,729 |
|
17.1 |
|
167,722 |
|
19.5 |
|
125,641 |
|
17.6 |
| ||||
|
Operating taxes and licenses |
|
11,572 |
|
2.5 |
|
10,718 |
|
2.8 |
|
22,993 |
|
2.7 |
|
21,209 |
|
3.0 |
| ||||
|
Insurance |
|
6,513 |
|
1.4 |
|
5,929 |
|
1.6 |
|
12,993 |
|
1.5 |
|
10,111 |
|
1.4 |
| ||||
|
Communications and utilities |
|
3,731 |
|
0.8 |
|
3,313 |
|
0.9 |
|
7,711 |
|
0.9 |
|
7,179 |
|
1.0 |
| ||||
|
Depreciation and amortization |
|
17,376 |
|
3.8 |
|
16,908 |
|
4.5 |
|
34,620 |
|
4.0 |
|
34,706 |
|
4.9 |
| ||||
|
Rents and purchased transportation |
|
48,384 |
|
10.6 |
|
39,849 |
|
10.5 |
|
90,857 |
|
10.6 |
|
73,941 |
|
10.4 |
| ||||
|
Gain on sale of property and equipment |
|
(784) |
|
(0.2) |
|
(126 |
) |
— |
|
(884 |
) |
(0.1 |
) |
(424 |
) |
(0.1 |
) | ||||
|
Other |
|
1,951 |
|
0.4 |
|
1,734 |
|
0.3 |
|
3,548 |
|
0.4 |
|
2,958 |
|
0.5 |
| ||||
|
|
|
450,332 |
|
98.2 |
% |
392,039 |
|
103.3 |
% |
875,315 |
|
101.7 |
% |
760,745 |
|
106.8 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other expenses and eliminations |
|
39,220 |
|
|
|
30,118 |
|
|
|
71,160 |
|
|
|
56,568 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total consolidated operating expenses and costs |
|
$ |
489,552 |
|
|
|
$ |
422,157 |
|
|
|
$ |
946,475 |
|
|
|
$ |
817,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
OPERATING INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
ABF Freight System, Inc.(1) |
|
$ |
8,189 |
|
|
|
$ |
(12,596 |
) |
|
|
$ |
(14,435 |
) |
|
|
$ |
(48,277 |
) |
|
|
|
Other income (loss) and eliminations |
|
809 |
|
|
|
1,786 |
|
|
|
1,441 |
|
|
|
2,201 |
|
|
| ||||
|
Total consolidated operating income (loss) |
|
$ |
8,998 |
|
|
|
$ |
(10,810 |
) |
|
|
$ |
(12,994 |
) |
|
|
$ |
(46,076 |
) |
|
|
(1) Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.
ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS
|
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
| ||||||||||||
|
|
|
2011 |
|
2010 |
|
% Change |
|
2011 |
|
2010 |
|
% Change |
| ||||
|
|
|
(Unaudited) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Workdays |
|
63.5 |
|
63.5 |
|
|
|
127.5 |
|
126.5 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Billed Revenue (1) / CWT |
|
$ |
25.83 |
|
$ |
23.59 |
|
9.5 |
% |
$ |
25.02 |
|
$ |
23.60 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Billed Revenue (1) / Shipment |
|
$ |
368.76 |
|
$ |
339.17 |
|
8.7 |
% |
$ |
354.68 |
|
$ |
331.23 |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shipments |
|
1,250,896 |
|
1,130,062 |
|
10.7 |
% |
2,448,806 |
|
2,164,916 |
|
13.1 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shipments / Day |
|
19,699 |
|
17,796 |
|
10.7 |
% |
19,206 |
|
17,114 |
|
12.2 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Tonnage (tons) |
|
893,010 |
|
812,355 |
|
9.9 |
% |
1,736,005 |
|
1,519,354 |
|
14.3 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Tons / Day |
|
14,063 |
|
12,793 |
|
9.9 |
% |
13,616 |
|
12,011 |
|
13.4 |
% | ||||
(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 |
END OF RELEASE