(RTTNews) - Transportation holding company Arkansas Best Corp. (ABFS: News ) Wednesday reported a loss for the third quarter ended September 30, 2009, hurt by lower freight levels and competitive industry pricing. Separately, the company announced the retirement of current President and Chief Executive Officer Robert Davidson and appointment of Judy McReynolds as successor.

The Fort Smith, Arkansas-based group's quarterly loss attributable to Arkansas Best was $5.57 million or $0.23 per share, versus a net income of $15.44 million or $0.60 per share earned last year. Quarterly net loss was $5.32 million compared with net income of $15.44 million in the prior year. On average, twelve analysts polled by Thomson Reuters expected loss per share of $0.36. Analysts' estimates typically exclude special items.

Arkansas Best through its key subsidiary ABF Freight System, Inc., provides transportation of less-than-truckload, or LTL general commodities throughout North America.

The group's quarterly net revenues slumped to $399 million from $496 million a year ago, yet surpassed the anticipated Street view of $382.38 million. Revenue per day declined 19.5% year-over-year.

Arkansas Best reported an operating loss of $12.23 million versus an operating profit of $25.49 million last year, despite a reduced operating costs and expenses of $411.19 million compared with $470.32 million.

During the latest third-quarter, revenue from ABF Fright System, Inc., for total workdays of 64, fell 22.4% to $369.8 million from $476.3 million, on a per day basis. Tonnage per day decreased 10.1% to 12000 from 13344 and total billed revenue per hundredweight was down 13.6% to $23.98 from $27.75, due to the steep decline in fuel surcharge. Operating loss in ABF Fright System was $14.0 million versus operating income of $25.2 million in third quarter of 2008.
For the nine-month period ended September 2009, the group reported net loss of $39.17 million or $1.58 per share, versus a profit of $40.14 million or $1.56 per share in the comparable period last year. On a year-to-date basis, operating revenues plunged to $1.10 billion from $1.44 billion a year earlier.

CEO Change

In a separate announcement, Arkansas Best said that its current President and CEO Robert Davidson would retire and also resign from its Board, effective December 31, 2009. On January 1, 2010, Judy McReynolds, current Senior Vice President, Chief Financial Officer and Treasurer would assume the roles of President and CEO, succeeding Davidson, as well as join the Board.

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