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Arkansas Best gains require union wage cuts, pension reform

R-14Driver

Well-Known Member
The good news is that the most recent analyst report says Fort Smith-based Arkansas Best Corp. may have hit bottom and could see positive earnings in fiscal 2011. But even with that, the economic future of Arkansas Best depends largely on the company’s success in gaining wage and pension relief from Teamsters and Congress, respectively.

Arkansas Best is the parent company of ABF Freight System, a less-than-truckload carrier that is the second-largest in an estimated $29 billion LTL market in the U.S. The company employs about 9,500 nationwide, which includes about 7,000 unionized drivers.

The company posted a 2009 net income loss of $127.52 million, compared to a $29.168 million gain in 2008. (The 2009 income loss includes a non-cash accounting charge of $64 million for the impairment of goodwill.) Total revenue in 2009 was $1.472 billion, a 19.6% dip from 2008 revenue of $1.833 billion. In the second quarter of 2010, the company posted a net income loss of $7.4 million, an improvement compared to a $15.4 million loss in the 2009 period. Also, total revenue during the quarter was $411.3 million, up 13.4% compared to the same quarter of 2009............

Arkansas Best gains require union wage cuts, pension reform | The City Wire
 
R

Ranger309

Guest
The good news is that the most recent analyst report says Fort Smith-based Arkansas Best Corp. may have hit bottom and could see positive earnings in fiscal 2011. But even with that, the economic future of Arkansas Best depends largely on the company
 

Jeff

Sole Proprietor
Administrator
Super Administrator
The good news is that the most recent analyst report says Fort Smith-based Arkansas Best Corp. may have hit bottom and could see positive earnings in fiscal 2011. But even with that, the economic future of Arkansas Best depends largely on the company’s success in gaining wage and pension relief from Teamsters and Congress, respectively.
Arkansas Best is the parent company of ABF Freight System, a less-than-truckload carrier that is the second-largest in an estimated $29 billion LTL market in the U.S. The company employs about 9,500 nationwide, which includes about 7,000 unionized drivers.
Arkansas Best gains require union wage cuts, pension reform | The City Wire
 

Vwaggs

Well-Known Member
Hows that for propaganda. The company will thrive if our workers take a pay cut while management continues to have large salaries.
 

stickman

Active Member
Forget the propaganda,the give back scheme was a win win for management.Get the give back-make money,No give back-start hauling freight again and look like heros (we saved the day) this entire thing was orchestrated by management
 

truckchick1

Well-Known Member
I look at it as their easy way out. The people at the Fort know how to manage money. If we had voted in the concessions it would have just made their lives easier. Now maybe they will really have to earn their million plus saleries and figure it out.
 
I am a retired Teamster - retired from ABF Freight System. I can tell you that management with ABF has taken pay cuts for the last couple years - absolutely no increase in salaries & co-pays for their benefits have increased a good bit. The union did not work with ABF so they did what they could with lay-offs & cutting back on management. We went from 3 supervisors to 1 supervisor at our terminal. Just so you know ABF has been the only one hanging out there with no help from anyone - I was proud to work for that company - they totally changed the way they treated their union employees. We had guys come over from CF when it went under & they couldn't believe the respect they got from management at ABF - they said it was a different world. So if ABF is looking for some help now, it's been a long time coming. I pray they survive this economy.
 
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