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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
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