Stubblefield Goes Out On A High Note For ABF
by February 17, 2003 12:00 am 208 views
Arkansas Best Corp. on Jan. 21 reported a surge in net income for the fourth quarter ended Dec. 31, although the Fort Smith company fell just short of analysts’ estimates in its fourth-quarter earnings.
The performance was still strong enough to send retiring ABF Freight System Inc. President David Stubblefield off in good fashion. Stubblefield retired Jan. 31 after 43 years with the firm.
ABF is Arkansas Best’s largest subsidiary, producing 90 percent of the company’s revenues.
“ABF is the company that it is today in large part because of Dave’s positive influence throughout these many years,” Young said.
Arkansas Best had fourth-quarter net income of $14.5 million, or 57 cents per diluted common share, a 53 percent increase over fourth quarter 2001 net income of $9.5 million, or 38 cents per diluted common share. Analysts had estimated 59 cents.
The surge in profit was greatly influenced by the closing of rival trucking firm Consolidated Freightways. Consolidated, of Vancouver, Wash., shut down its United States operations in early October and filed for bankruptcy protection.
“Arkansas Best’s solid performance during 2002 validated its position as the company with the strongest financial position in the long-haul, [less-than-truckload] industry,” said Robert A. Young III, president and CEO of Arkansas Best.
For the full year of 2002, ABF’s revenue was $1.28 billion, about the same as in 2001.