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ARKANSAS BEST HOLDINGS CORP. ANNOUNCES FIRST QUARTER 1992 OPERATING RESULTS

 ARKANSAS BEST HOLDINGS CORP. ANNOUNCES
 FIRST QUARTER 1992 OPERATING RESULTS
 FORT SMITH, Ark., April 21 /PRNewswire/ -- Arkansas Best Holdings Corp. (the "Company"), formerly Arkansas Best Corporation, reported consolidated revenues for the first quarter of 1992 of $229.1 million, a 10.6 percent increase from $207.1 million for the first quarter of 1991.
 For the first quarter of 1992, the company reported income of $3.8 million before the cumulative effect of an accounting change, compared to a loss of $(3.7) million for the first quarter of 1991. Pursuant to a pronouncement by the Emerging Issues Task Force of the Financial Accounting Standards Board, effective Jan. 1, the company changed its accounting method whereby revenue is allocated between reporting periods based on relative transit time in each reporting period with expenses continuing to be recognized as incurred. This change in accounting method resulted in a charge to earnings in the first quarter of 1992, having a cumulative effect of $3.4 million (net of income taxes of $2.1 million). After recognizing the cumulative effect of the change in accounting method, consolidated net income for the first quarter was $458,000 compared to a consolidated net loss of $(3.7) million for the first quarter of 1991.
 First quarter 1992 revenues from the carrier operations segment were $208.2 million, a 10.0 percent increase from $189.2 million for the first quarter of 1991. Revenues for the first quarter of 1992 were positively impacted by a freight rate increase which went into effect on Jan. 1. Operating profit for the first quarter of 1992 was $13.5 million compared to $3.1 million for the first quarter of 1991. ABF Freight System, Inc. ("ABF"), the company's largest subsidiary, accounted for 98 percent of the carrier operations segment's revenues. ABF's ICC operating ratio for the first quarter of 1992 was 93.8 percent compared to 98.0 percent for the first quarter of 1991.
 For the first quarter of 1992, the company reported revenues from tire operations of $19.8 million, a 17.2 percent increase from $16.9 million for the first quarter of 1991. Operating profit from the tire operations segment was $1.5 million during the first quarter of 1992 compared to $804,000 for the first quarter of 1991.
 The following table compares financial data by business segment:
 ARKANSAS BEST CORPORATION
 (in thousands)
 3 mos. ended March 31 1992 1991
 Operating revenues
 Carrier operations $208,160 $189,223
 Tire operations 19,804 16,893
 Other 1,145 959
 Total 229,109 207,075
 Operating profit (loss)
 Carrier operations 13,509 3,100
 Tire operations 1,492 804
 Other 13 (48)
 Total operating profit 15,014 3,856
 Minority interest 473 ---
 Interest expense 7,249 9,174
 Income (loss) before income taxes and
 cumulative effect of accounting change 7,292 (5,318)
 Provision for income taxes 3,471 (1,634)
 Income (loss) before cumulative effect
 of accounting change 3,821 (3,684)
 Cumulative effect on prior years of change
 in revenue recognition method (3,363) ---
 Net income (loss) $ 458 $ (3,684)
 Earnings per share:
 Income (loss) before cumulative effect
 of accounting change $ .30 $ (.29)
 Cumulative effect on prior years of
 change in revenue recognition method (.26) ---
 Net income (loss) $ .04 $ (.29)
 Average shares outstanding 12,797,218 12,626,926
 -0- 4/21/92
 /CONTACT: Randall Loyd of Arkansas Best, 501-785-6200/ CO: Arkansas Best Corporation ST: Arkansas IN: TRN SU: ERN


BR-BN -- AT017 -- 0893 04/21/92 16:59 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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