Wednesday, transportation holding company Arkansas Best Corporation (ABFS) reported a loss for the second quarter, stating that the current economic recession and lower freight levels resulted in increased pressure on industry pricing during the second quarter.
"In addition, our results were affected by unusual increases in nonunion healthcare and pension, workers' compensation and third-party casualty insurance claims costs versus last year," said Robert Davidson, president and chief executive officer.
For the quarter, the Fort Smith, Arkansas-based company reported a net loss of $15.44 million or $0.62 per share compared to a profit of $16.16 million or $0.63 per share in the prior-year quarter.
The second quarter results include a $0.12 per share of additional costs in relation to nonunion healthcare and pension, workers' compensation and third-party casualty insurance claims compared to the year-ago quarter.
On an average, 10 analysts polled by Thomson Reuters expected the company to post a loss of $0.27 per share. Analysts' estimates typically exclude special items.
Operating revenues for the quarter slid to $362.64 million from $498.51 million in the year-ago quarter, a per-day decrease of 26.7%. Five analysts expected the company to post revenues of $377.24 million during the quarter.
Revenues from the company's largest subsidiary, ABF Freight System, Inc., fell to $343.81 million from $479.52 million, , a per-day decrease of 27.7%. Other revenues and eliminations were $18.83 million compared to $18.99 million in the second quarter of 2008.
For the six-months ended June 30, the company made a loss of $33.60 million or $1.35 per share against a profit of $24.70 million or $0.96 per share in the same period last year.
Year-to-date, operating revenues declined to $702.31 million from $946.03 million in the comparable period prior year.
"Our on-going financial strength gives us the foundation to navigate through this difficult time while offering the opportunity to achieve our long-term goals when things finally improve," added Davidson.
ABFS closed Tuesday's regular trading at $25.66 per share on the Nasdaq.
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