Printer Friendly

ARKANSAS BEST CORPORATION ANNOUNCES FIRST QUARTER 1993 OPERATING RESULTS

 FORT SMITH, Ark., April 20 /PRNewswire/ -- Arkansas Best Corporation (the "Company") (NASDAQ-NMS: ABFS) had consolidated revenues of $229.2 million for the first quarter of 1993 compared to $229.1 million for the first quarter of 1992.
 Net income for the first quarter of 1993 was $2.0 million, or $.07 per common share, compared to $458,000, or $.04 per share, for the first quarter of 1992. Income before extraordinary item and cumulative effect of accounting change was $2.2 million, or $.08 per common share, for the first quarter of 1993, compared to $3.8 million, or $.30 per share, for the first quarter of 1992. During the first quarter of 1993, the Company recorded an extraordinary loss of $167,000 (net of income tax benefit of $102,000), or $.01 per common share, for the net loss on extinguishment of debt. During the first quarter of 1992, the Company recorded a charge for the cumulative effect on prior years of an accounting change in the recognition of revenue of $3.4 million (net of income tax benefit of $2.1 million), or $.26 per share. Earnings per common share for the first quarter of 1993 gives consideration to preferred stock dividends accrued of $681,000. Average shares outstanding for the first quarter of 1993 increased to 19.2 million shares from 12.8 million for the first quarter of 1992.
 The severe weather raised operating costs and adversely affected tonnage levels during the quarter. Pricing within the trucking industry came under more pressure as the quarter progressed due to increased discounting. The first quarter of 1993 had one less business day than the first quarter of 1992.
 First quarter 1993 revenues from the carrier operations segment were $207.1 million, compared to $208.2 million for the first quarter of 1992. ABF Freight System, Inc. ("ABF"), the Company's largest subsidiary, accounted for 98 percent of the carrier operations segment's revenues. Operating profit from the carrier operations segment for the first quarter of 1993 was $6.0 million compared to $13.5 million for the first quarter of 1992. ABF's ICC operating ratio was 97.6 percent for the first quarter of 1993 compared to 93.8 percent for the first quarter of 1992. For the first quarter of 1993, ABF's total tonnage increased 1.1 percent, consisting of a 0.7 percent decrease in less-than-truckload ("LTL") tonnage and a 7.7 percent increase in truckload compared to the first quarter of 1992.
 The company is engaged through its 46.4 percent-owned consolidated subsidiary, Treadco, Inc. (NASDAQ-NMS: TRED), in truck tire retreading and new tire sales. For the first quarter of 1993, the Company reported revenues from tire operations of $21.0 million, a 5.9 percent increase from $19.8 million for the first quarter of 1992. Operating profit from the tire operations segment was $1.5 million for each of the first quarters of 1993 and 1992.
 The following table compares financial data by business segment:
 ARKANSAS BEST CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 ($ in thousands, except share and per share data)
 3 mos. ended March 31 1993 1992
 Operating revenues
 Carrier operations $207,053 $208,160
 Tire operations 20,967 19,804
 Other 1,190 1,145
 Total 229,210 229,109
 Operating profit (loss)
 Carrier operations 6,047 13,509
 Tire operations 1,532 1,492
 Other (316) 13
 Total operating profit 7,263 15,014
 Minority interest 469 473
 Interest expense 2,333 7,249
 Income before income taxes, extraordinary
 item and cumulative effect
 of accounting change 4,461 7,292
 Provision for income taxes 2,299 3,471
 Income before extraordinary item and
 cumulative effect of accounting change 2,162 3,821
 Extraordinary item:
 Net loss on extinguishment of debt (167) ---
 Cumulative effect on prior years of change
 in recognition of revenue --- (3,363)
 Net income $ 1,995 $ 458
 Earnings per common share:
 Income before extraordinary item
 and cumulative effect of
 accounting change $ .08 $ .30
 Extraordinary Item:
 Net loss on extinguishment of debt (.01) ---
 Cumulative effect on prior years of
 change in recognition of revenue --- (.26)
 Net income $ .07 $ .04
 Average common shares outstanding 19,194,595 12,800,000
 -0- 4/20/93
 /CONTACT: Randall Loyd of Arkansas Best, 501-785-6200/
 (ABFS)


CO: Arkansas Best Corporation ST: Arkansas IN: TRN SU: ERN

RA-BR -- AT001 -- 7757 04/20/93 07:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:729
Previous Article:CRAGIN FIRST QUARTER EARNINGS INCREASE 21 PERCENT TO $10.2 MILLION BEFORE ACCOUNTING CHANGE
Next Article:TREADCO ANNOUNCES FIRST QUARTER 1993 OPERATING RESULTS
Topics:


Related Articles
CANNON EXPRESS REPORTS RESULTS
ARKANSAS BEST CORPORATION ANNOUNCES SECOND QUARTER 1993 OPERATING RESULTS
YELLOW CORPORATION ANNOUNCES SECOND QUARTER RESULTS
ARKANSAS BEST CORPORATION ANNOUNCES 1993 OPERATING RESULTS
J.B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES AND EARNINGS FOR FIRST QUARTER 1994
P.A.M. TRANSPORTATION SERVICES INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1994
ARKANSAS BEST CORPORATION ANNOUNCES
ARKANSAS BEST CORPORATION ANNOUNCES THIRD QUARTER 1994 OPERATING RESULTS
ARKANSAS BEST CORPORATION ANNOUNCES 1996 FIRST QUARTER OPERATING RESULTS
Arkansas Best Corporation First Quarter Earnings Per Share From Continuing Operations Increased by Nearly 130%.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters