Arkansas Best Reports 4Q Loss

Arkansas Best Corp. said Thursday it lost $88.7 million, or $3.54 per share, in the fourth quarter, compared with a loss of $11 million, or 44 cents, a year earlier.

Excluding special charges, the company said it lost $22.1 million, or 88 cents per share. Revenue fell 5% to $371.6 million.

The company’s largest unit, less-than-truckload carrier ABF Freight System, posted an operating loss of $32.4 million excluding charges, compared with an operating loss of $15.2 million a year ago. Revenue fell to $347.7 million, from $375.2 million.

The results “illustrate the impact of an extremely weak and uncertain freight environment that has continued now for forty months,” said Judy McReynolds, the company’s chief executive officer.

“This economic recession has been unprecedented in its length and depth. Its impact on the LTL industry has accelerated the level of price competition throughout 2009, and the fourth quarter was no exception,” she said in a statement.

For the full year, Arkansas Best lost $127.9 million, or $5.12 per share, compared with a profit of $29.2 million, or $1.14, in 2008.

ABF Freight had an operating lost of $99.9 million excluding charges for the full year, compared with operating income of $49.1 million in 2008.

Arkansas Best Corp. is ranked No. 18 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.