Arkansas Best 3Q Suffers
by October 29, 2001 12:00 am 70 views
Arkansas Best Corp. of Fort Smith on Oct. 18 announced its third quarter 2001 net income of $13 million, or 52 cents per diluted common share, compared with last year’s net income of $23.3 million, or 97 cents per diluted common share.
The trucking firm said this year’s third-quarter earnings per share figure includes an after-tax gain of $2.8 million, or 11 cents per diluted common share, resulting from the sale of G.I. Trucking Co.
“Considering the economic effects of a significant business downturn and the tragic events resulting from the Sept. 11 terrorist attacks, I am pleased with our company’s third-quarter results,” said Robert A. Young III, president and CEO of Arkansas Best. “ABF produced an operating ratio of 93.3 percent, once again leading the long-haul, LTL industry.”
Young said that proceeds from the sale of G.I., about $33 million, were used to further reduce long-term debt to a Sept. 30 level of $115.1 million.
Arkansas Best said that third quarter 2001 revenues at ABF were $330 million, compared with $358 million during the third quarter of 2000. In the first nine months of this year, ABF’s revenues were $980 million versus $1.034 billion through the first nine months of last year.
Shares of the company were trading at $23 on Oct. 24 after closing at $18.95 on Oct. 1.