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Arkansas Freightways Corp.

ARKANSAS FREIGHTWAYS CORP.

Announces First Quarter Results

HARRISON, AR, April 18, 1991 -- Arkansas Freightways Corp. (NASDAQ NMS:AFWY) announced today that operating revenues for the quarter ended March 31, 1991 were $39,107,000, up 25.7 percent, compared to $31,122,000 for the quarter ended March 31, 1990.

Operating income for the three months ended March 31, 1991, was $2,338,000, up 9.7 percent from $2,131,000 for the same period of 1990.

Net non-operating expenses for the first quarter of 1991 were $1,198,000 compared to $418,000 in the first quarter of 1990. Net non-operating expenses for the quarter ended March 31, 1991, included approximately $315,000 of one time charges associated with the prepayment of approximately $21,000,000 of debt during this period.

Net income for the quarter ended March 31, 1991, was $741,000 (13 cents per share) compared to $1,054,000 (19 cents per share) in the same quarter of 1990. Average shares outstanding for the first quarter of 1991 and 1990 were 5,797,040 and 5,575,539, respectively.

On March 4, 1991, the Company opened 12 new terminals to expand its territory to include eastern Tennessee, Alabama and the Atlanta metropolitan area. On March 7, 1991, the Company issued an additional 1,200,000 shares of common stock which provided proceeds of approximately $28,800,000.

Arkansas Freightways Corp. is a scheduled, for-hire, common and contract motor carrier transporting primarily less-than-truckload shipments of general commodities, serving all points in Alabama, Arkansas, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Texas, Tennessee and the metropolitan areas of Atlanta and Chicago.

Arkansas Freightways operates a fleet of over 5,200 pieces of revenue equipment from 112 terminals.

Contact: James R. Dodd, Chief Financial Officer, Arkansas Freightways Corporation, P.O. Box 840, Harrison, AR 72602-0840, (501) 741-9000.
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Title Annotation:Public Company Corporate Reports
Publication:Arkansas Business
Date:May 6, 1991
Words:307
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