Printer Friendly

ARKANSAS BEST CORPORATION ANNOUNCES THIRD QUARTER 1993 OPERATING RESULTS

 FORT SMITH, Ark., Oct. 19 /PRNewswire/ -- Arkansas Best Corporation (NASDAQ-NMS: ABFS) (the "company") had consolidated revenues of $267.1 million for the third quarter of 1993 compared to $248.6 million for the third quarter of 1992.
 Net income for the third quarter of 1993 was $8.8 million, or $.38 per common share, compared to net income of $7.0 million, or $.30 per common share for the third quarter of 1992. Earnings per common share for the third quarter of 1993 gives consideration to preferred stock dividends accrued of $1.1 million. Average common shares outstanding for the third quarter of 1993 were 23.0 million shares compared to 23.5 million for the third quarter of 1992. Per share earnings reflect full dilution.
 Net income for the third quarter of 1993 was reduced by $825,000, or $.04 per common share (assuming full dilution), to reflect the retroactive increase in the corporate federal tax rate under the Revenue Reconciliation Act of 1993 signed by the president on Aug. 10. The increased tax expense includes the amount applicable to deferred taxes accounted for under Statement of Financial Accounting Standard No. 109 adopted by the company on Jan. 1.
 For the nine months ended Sept. 30, the company had consolidated revenues of $740.9 million compared to $719.4 million for the nine months ended Sept. 30, 1992. Net income for the nine months ended Sept. 30 was $15.0 million, or $.64 per common share, compared to a net loss of $(4.2) million, or $(.23) per common share for the nine months ended Sept. 30, 1992. Income before extraordinary item was $15.3 million, or $.65 per common share, for the nine months ended Sept. 30, compared to income before extraordinary item and cumulative effect of accounting change of $15.1 million, or $.82 per common share, for the nine months ended Sept. 30, 1992. During the nine months ended Sept. 30, the company recorded an extraordinary loss of $329,000 (net of income tax benefit of $201,000), or $.01 per common share, for the net loss on extinguishments of debt. During the nine months ended Sept. 30, 1992, the company recorded an extraordinary loss of $(15.9) million (net of income tax benefit of $9.7 million), or $(.87) per common share, for the net loss on extinguishments of debt. Also, during the nine months ended Sept. 30, 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 $(.18) per common share. Earnings per common share for the nine months ended Sept. 30 gives consideration to preferred stock dividends accrued of $2.8 million. Average common shares outstanding for the nine months ended Sept. 30 were 19.2 million shares compared to 18.3 million for the nine months ended Sept. 30, 1992. Per share earnings reflect full dilution.
 Net income for the nine months ended Sept. 30 was reduced by $825,000, or $.04 per common share (assuming full dilution), to reflect the increased corporate federal tax rate on current and deferred income taxes, effective retroactive to Jan. 1, as discussed above.
 Third quarter 1993 revenues from the carrier operations segment were $233.2 million, compared to $220.5 million for the third 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 third quarter of 1993 was $16.8 million compared to $12.9 million for the third quarter of 1992. ABF's ICC operating ratio was 93.4 percent for the third quarter of 1993 compared to 94.6 percent for the third quarter of 199F?or the third quarter of 1993, ABF's total tonnage increased 5.9 percent, consisting of a 5.0 percent increase in less-than- truckload ("LTL") tonnage and an 8.9 percent increase in truckload compared to the third quarter of 1992.
 Revenues from the carrier operations segment were $657.5 million for the nine months ended Sept. 30, compared to $644.1 million for the nine months ended Sept. 30, 1992. Operating profit from the carrier operations segment for the nine months ended Sept. 30 was $31.5 million compared to $38.0 million for the nine months ended Sept. 30, 1992. ABF's ICC operating ratio was 95.8 percent for the nine months ended Sept. 30, compared to 94.4 percent for the nine months ended Sept. 30, 1992. For the nine months ended Sept. 30, ABF's total tonnage increased 2.4 percent, consisting of a 1.4 percent increase in LTL tonnage and a 5.7 percent increase in truckload compared to the nine months ended Sept. 30, 1992.
 The company is engaged through its 46-percent-owned consolidated subsidiary, Treadco, Inc. (NASDAQ-NMS: TRED), in truck tire retreading and new tire sales. For the third quarter of 1993, the company reported revenues from tire operations of $32.7 million, compared to $26.6 million for the third quarter of 1992. Operating profit from the tire operations segment was $3.0 million for the third quarter of 1993, compared to $2.6 million for the third quarter of 1992.
 For the nine months ended Sept. 30, the company reported revenues from tire operations of $79.8 million, compared to $71.4 million for the nine months ended Sept. 30, 1992. Operating profit from the tire operations segment was $6.8 million for the nine months ended Sept. 30, compared to $6.4 million for the nine months ended Sept. 30, 1992.
 The following table compares financial data by business segment:
 ARKANSAS BEST CORPORATION
 Consolidated Statements of Operations
 (Unaudited)
 (Dollars in thousands except share and per-share data)
 For the 3 mos. ended Sept. 30 1993 1992
 Operating revenues
 Carrier operations $233,222 $220,511
 Tire operations 32,663 26,649
 Other 1,221 1,413
 Total 267,106 248,573
 Operating profit (loss)
 Carrier operations 16,755 12,883
 Tire operations 3,041 2,624
 Other (247) 437
 Total operating profit 19,549 15,944
 Minority interest 933 838
 Interest expense 1,732 2,426
 Income before income taxes,
 extraordinary item, and
 cumulative effect of accounting change 16,884 12,680
 Provision for income taxes 8,130 5,724
 Income before extraordinary item and
 cumulative effect of accounting change 8,754 6,956
 Extraordinary item:
 Net loss on extinguishment of debt --- ---
 Cumulative effect on prior years of
 change in recognition of revenue --- ---
 Net income (loss) $ 8,754 $ 6,956
 Earnings per common share:
 Primary:
 Income before extraordinary item
 and cumulative effect
 of accounting change $ 0.40 $ 0.30
 Extraordinary item:
 Net loss on extinguishments of debt --- ---
 Cumulative effect on prior years of accounting
 change in recognition of revenue --- ---
 Net income (loss) $ 0.40 $ 0.30
 Average common shares
 outstanding 19,163,682 23,514,818
 Fully diluted:
 Income before extraordinary
 item and cumulative effect of
 accounting change $ .38 $ .30
 Extraordinary item:
 Net loss on extinguishments of debt --- ---
 Cumulative effect on prior years of
 accounting change in recognition
 of revenue --- ---
 Net income (loss) $ .38 $ .30
 Average common shares
 outstanding 22,971,916 23,514,818
 For the 9 mos. ended Sept. 30 1993 1992
 Operating revenues
 Carrier operations $657,487 $644,136
 Tire operations 79,808 71,374
 Other 3,643 3,862
 Total 740,938 719,372
 Operating profit (loss)
 Carrier operations 31,465 38,042
 Tire operations 6,845 6,370
 Other (769) 533
 Total operating profit 37,541 44,945
 Minority interest 2,103 2,043
 Interest expense 5,783 14,756
 Income before income taxes,
 extraordinary item, and
 cumulative effect of accounting change 29,655 28,146
 Provision for income taxes 14,308 13,086
 Income before extraordinary item and
 cumulative effect of accounting change 15,347 15,060
 Extraordinary item:
 Net loss on extinguishment of debt (329) (15,853)
 Cumulative effect on prior years of
 change in recognition of revenue --- (3,363)
 Net income (loss) $ 15,018 $(4,156)
 Earnings per common share:
 Primary:
 Income before extraordinary item
 and cumulative effect
 of accounting change $ 0.65 $ 0.82
 Extraordinary item:
 Net loss on extinguishments of debt (.01) (.87)
 Cumulative effect on prior years of accounting
 change in recognition of revenue --- (.18)
 Net income (loss) $ 0.64 $ (.23)
 Average common shares
 outstanding 19,161,780 18,287,313
 Fully diluted:
 Income before extraordinary
 item and cumulative effect of
 accounting change $ .65 $ .82
 Extraordinary item:
 Net loss on extinguishments of debt (.01) (.87)
 Cumulative effect on prior years of
 accounting change in recognition
 of revenue --- (.18)
 Net income (loss) $ .64 $ (.23)
 Average common shares
 outstanding 19,161,780 18,287,313
 -0- 10/19/93
 /CONTACT: Randall Loyd of Arkansas Best, 501-785-6200/
 (ABFS TRED)


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

RA-BN -- AT002 -- 3776 10/19/93 09:07 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:Oct 19, 1993
Words:1492
Previous Article:NEW LEAD RECOVERY SYSTEM SUCCEEDS AT ARMY AMMUNITION PLANT
Next Article:TREADCO ANNOUNCES THIRD QUARTER 1993 OPERATING RESULTS
Topics:

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