Your the one talking that BS about how you would give to be equal when you now know it can't happen to you. You are so easy to see thru. All talk and no action. A bunch of what if and maybes. If you don't have something positive to add to this thread leave and post your BS in the Get it off your chest thread where you belong. And for your information I have but one vote in any contract offer. For you to sit there hiding behind your computer and throw rocks makes me more confident than ever about what kind of person you are. I was spot on. I'm Just saying.
ABF | What the non union carriers think of us at ABF.
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Maybe I am....and that was my very first question. Am I misreading it? Even asked if I hit a nerve with the question. Now I'm done with you on this and I'm not gonna get into days on end with Muler either. I've said my piece....If I broke a rule he has recourse and at this point you got no say.
I have given him his last warning for disrupting this thread. He will take it to the get it off your chest thread or else. Last warning. There are ABF people on this thread trying to come to understandings and we damn sure don't need his attacks from behind like he always does.
Like always you read everything wrong on these ABF Threads because you are filled with HATE!
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Docker
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Don't even try and tell me that I have no say! I say that your posts are sneaky and cowardly! Now...Ive said my piece and if you don't like that we can go to the Get it off your chest thread.
:GrowUp:
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Docker
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:GrowUp:
That's right...get juvenile on me now...get out the crayons and coloring book...lol
nothumbleenough
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nothumbleenough
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If you have a question about truck brokerage income, review the portion of the financial statement for ABC which is separated from ABF and part of your so-called consolidated statement. If you have a question about emergency maintenance income, review the portion of the financial statement for ABC which is separated from ABF and part of your so called consolidated statement.
If you have a question about ABF, a LTL trucking company look at the financial statement and you will clearly see an operating ratio of 98.1 You get this by dividing 447555/455997 and you get 98.1.
This entire discussion is about comparing apples to apples, such as LTL companies to LTL companies and who has the better operating ratios. ABF, YRC regional and YRC freight are all LTL companies. If you want an apples to oranges discussion, we can talk about Albert Moving Company or any of the other brands incorporated under ABC and compare their numbers to other freight companies. I don't know the point of such a conversation but that is the argument you're making.
In the 3Q12, YRC which is one company but many different brands for the first time ever put forth a better operating ratio than ABF. http://arkbest.com/news/pr/PDF/2012/3Q_12_Earnings_Release.pdf
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Docker
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You really are dense…aren’t you? First off all…I was referring to you having a job at YRC which was having financial hardships to say the least…decided to leave there and instead of getting a job at FedEx or Conway which you believe to be prosperous companies…you get a job at ABF believing that it is barely treading water. The question is why…which you refuse to answer.
After all…the workers have no say over there and the company can do as they please…but no…you choose to come to ABF and try getting the workers to accept concessions and throw their pensions out the windows. Again…the question is why?
Since you did bring up ABF losing 155 million in the last three years…lets’ look at that shall we…but not from your gloom and doom standpoint.
2009 - a net loss of $127.9 million… which included a goodwill impairment charge of $64 million .
2010- a net loss of $32.7 million
2011- a $6.8 million profit
Mr. Nothumbleenough’s view…the company is barely treading water and has lost $155 million the last three years.
Docker’s view… the company lost $160 million in the two years which includes … a goodwill impairment charge of $64 million...in 2009 and 2010 recovering from the financial crisis of 2008. ABF returned to profit in 2011 with a $6.8 million profit and purchases Panther for a cool $180 million…Albert Moving for $4 million and gives ABC’s CEO Judy McReynolds a $455,000 raise for swinging the company back into profit.
Also...let's look ahead for 2013:
What's going to change in 2013
Pricing should improve for both general trucking rates and fuel surcharges. This has been an exceptionally volatile year with regard to fuel prices, and I just don't foresee next year offering nearly as wide a swing in prices. With better sector visibility and generally newer fleets, truckers should be able to pass along rising costs more efficiently to their customers. Arkansas Best (Nasdaq: ABFS ) actually did this in June, when it boosted its general rates by 6.9%.
My top pick: Arkansas Best
I've singled out Arkansas Best on a few occasions now because of its incredibly low valuation relative to its peers (just nine times forward earnings) and its ability to pass along price increases to its customers while its larger peers have struggled to do the same. Furthermore, the addition of Panther Expedited in June for $181 million should improve its logistics operations drastically and aid in its efforts to keep costs down. Finally, of Arkansas Best's team of 11 executives, all but two have been with the company for less than 10 years. Cohesive management teams are what create great companies, and I feel Arkansas Best could be in line for a big rebound in 2013.
3 Sectors Poised for a Big Rebound in 2013: Part 1 (ABFS, FDX, HTLD, JBHT, MRTN, YRCW)
While labor costs are significant,they are not the big ticket items. Clearly the biggest gains are to be had by some form of relief in the areas of pension and insurance. That being said, I completely agree with docker,passing out a fat raise to Judy and shelling out a large sum of cash to buy another company and then crying poverty and wanting concessions leaves a bad taste labors mouth. It appears almost Marie Antoinette-ish (IF THEY WANT CAKE LET THEM EAT CAKE) and we all know how well that went over with the french peasantry.
nothumbleenough
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There is a reason the capital market (stock market) has let ABF drop in value as much as it has the last year from roughly $24 to under $9 a share. Arkansas Best Corp., ABFS Stock Quote - (NASDAQ) ABFS, Arkansas Best Corp. Stock Price
The prospect of future value is greatly in question unless some sort of relief is passed on to the company, especially in the pension area. I read lots of investment letters and not one of them are hopeful about ABF future stock value unless concessions are given in the next contract. Do you believe ABF has future value if no concessions are made in the next contract?
Secondly, "goodwill impairment charge" is a phrase mentioned many times by ex-YRC CEO Bill Zollars as the company slid into finanicial oblivion. It means nothing more than the company lost money. I certainly hope your not buying into the philosophies of Bill Zollars who was always trying to make sound like YRC was turning the corner every quarter. But, never did.
I would like to know your solution to solving the pension issue. Would this solution protect ABF members, and will it guarantee the members already retired. Will it guarantee the pension payments to those who are getting ready to retire without any reduction.
nothumbleenough
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I have clearly advocated for pension relief to ABF. If you review the pension question canned by Moderator Gerbals, 67% of the respondants of that poll are open to such scenarios. So my position is not that far from the consensus within these pages. The bottom line if ABF gets to pay less and current benefits are not cut, I'm of the opinion that is good. I'm also of the opnion that ABF is the one with the ammunition in this negotiation. So in the worst case scenario, pension benefits just might have to be cut for future retirees just like they were cut at YRC as Moderator Gerbals refers to such benefits whereby "many years added to the funds life." Remember, 1 active Teamster working for 4 retired Teamsters is a desperate equation that calls for action. At least Social Security has 2.5 workers for every 1 retired and its broke.
Fear seems to be your motivating factor not to do anything. All this will do is get you run-over just like a deer in the head-lights.
If you're open as I believe you have stated previously to pension reform, why don't you put out some ideas instead of being critical of those that do!
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Docker
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First of all...I see that you don't know diddly squat about a "goodwill impairment charge"...but...like always...babble on like you do. Now...listen up...and pay attention:
Goodwill and Amortization Charges on the Income Statement
While it sounds like a lot of money to lose, a $64 million write-off for the “impairment of the value of goodwill” by Fort Smith-based Arkansas Best Corp. is an accounting entry and does not reflect a true cash loss on the company’s earnings.
ABC, the parent company of ABF Freight System, said Friday (Jan. 22) the $64 million noncash charge would be recorded in the company’s fourth quarter 2009 report and “ is a result of extremely challenging freight conditions resulting from a deep and prolonged recessionary period.”
Arkansas Best removes $64 million in
2009 Goodwill Impairment
Prior to December 31, 2009, the Company had a goodwill balance of $64.0 million attributable to ABF as a result of a 1988
leveraged buyout. The goodwill impairment test performed in the fourth quarter of 2009 resulted in a goodwill impairment
charge of $64.0 million for the entire balance of ABF’s goodwill. This impairment charge resulted from several factors,
including ABF’s significant fourth quarter 2009 operating loss, a lower cash flow forecast due to the challenging industry
environment as reflected in historically low daily tonnage levels, an aggressive pricing environment and significant
deterioration in equity valuations for other similar LTL industry participants. The goodwill impairment charge, which was
not tax deductible, was included in operating expenses within the Freight Transportation segment. The noncash goodwill
impairment charge did not directly impact the Company’s normal business operations, liquidity or credit availability under its
existing facilities, although the factors leading to the goodwill impairment have negatively impacted the Company’s
operating results.
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&sqi=2&ved=0CC0QFjAA&url=http%3A%2F%2F216.139.227.101%2Finteractive%2Fabfs2011%2Fpf%2Fpage_070.pdf&ei=CRHJUMzEA9PE2QWpp4Fg&usg=AFQjCNGQ3OqQUD2yqabva1NR0v_e2uAhlQ
Now...let's look at your wacky definition...you say "It means nothing more than the company lost money" and nothing more than a phrase used by Bill Zollars.
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Docker
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Yes...I do! I race to the bottom is not the answer! What do you think the non unions will do if we take concessions? I'll tell you...they'll follow right in line with some of their own...and guess what...that won't even have to come to a vote!
See that...This is how you answer a question...why can't you answer questions put to you?
nothumbleenough
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Yes, a partial answer. Since raising the tide through more unionization is not happening in the LTL market, I need more from you on what to do since you consider allowing ABF to pay less into the pension as a concession. As a reminder, in 2012 they will have paid roughly 130 million into union pensions, when 45 million of that 130 million goes to employees who never worked a day for ABF.
More importantly do you think ABF will continue to pay anywhere close to 130 million into the union pensions under any circumstances going forward?
Well to tell you the truth this is not a good solution, I am not with YRCW, and ABF has been paying in to the pension fund on our behalf. I will not except pension cuts, or reductions like that has happen to our YRC brothers and sisters. I asked for a solution that will not penalize those who are about to retire, not being able to retire, or take less for my retirement is not a good option.
Ok you ask for my solution, If ABF wants a reduction in payments, I would suggest that they look hard into the new hybrid pension plan. And again if it means taking a reduction or having to wait to take my retirement then it is not a good option either. I have worked for way to long to just have it taking away. I know the pension means nothing to you, but it is something that has been bargained for and I don't expect it to be taking away just because we are getting close to our right to retire.
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Docker
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You want more...how about you leaving ABF and either go to FedEx or ConWay where they already have their pension under control...where you should of went all along! But no...you come here after YRC's concessions...now campaigning for ABF's consessions. Like I have asked you numerous times and which you refuse to answer...why did you come to this company when you truly believed that it was barely treading water?
Now...why did you pretend to know what a goodwill impairment charge was when it was obvious that you did not?