Arkansas Best Reports Good 4Q Despite Downturn

Arkansas Best Corp. (ABFS) on Tuesday announced a strong fourth quarter in a “outstanding” year, but added lower freight levels stemming from business slowdowns at customer facilities affected ABF Freight System, its national less-than-truckload carrier.

Arkansas Best reported income from continuing operations for the fourth quarter of $21.9 million, or $0.90 per diluted common share, representing a 32.5% increase from a year earlier.

For the 2000 fiscal year, the company reported income from continuing operations of $76.2 million, or $3.17 per diluted common share, up considerably from $51.2 million ($2.14 per diluted common share) in 1999.

Compared to last year, regional less-than-truckload carrier G.I. Trucking's fourth-quarter operating income improved by $974,000, while ABF’s fourth-quarter income dipped 5% to $32.8 million. The Clipper subsidiary posted a fourth-quarter operating loss of $106,000 loss in the fourth quarter.

ABF's operating ratio for 2000 was 90.3%, its best since 1973 and an improvement from 91.6% in 1999. The LTL carrier’s fiscal-year operating income rose 25% over 1999. G.I. Trucking’s operating ratio for 2000 improved to 97.6% versus 98.5% in 1999, while operating income for the year rose 17%. Clipper’s operating ratio was at 98.8%, about the same as 1999, as income rose 11%, Arkansas Best said.

The Fort Smith, Ark.-based company is 12th on the Transport Topics 100. Transport Topics