Arkansas Best Takes $24 Million Charge
by March 18, 2002 12:00 am 84 views
Arkansas Best Corp. of Fort Smith said on March 4 that it will take a first-quarter non-cash charge of $23.9 million as a goodwill impairment charge.
The trucking firm said the charge is due to required changes in accounting rules that mean it can no longer amortize goodwill.
Arkansas Best said its annual goodwill amortization for 2001 reduced earnings per diluted share by 14 cents.
The charge eliminates all the $37.5 million of its Chicago-based Clipper division goodwill from its balance sheet.
ABF Freight System Inc., is the largest subsidiary of Arkansas Best Corp.