ABF | Can someone please explain?

Anotherabfwife

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Page 73 of the 2009 annual report shows net income losses of 18 million in the first quarter, 15 million in the second quarter, 5 million in the third quarter and 88 million in the fourth quarter.

Is that not 'coincidental' that the fourth quarter loss corresponded to the October 2009 opening of their non-union, moving company division?

By the way, although we have a mortgage and young children, my husband voted 'no'. Getting informed via an Internet blog about the closing of CF years ago is still too painful; the company had no kahunas to even contact the employees via telephone telling them the company had closed.

However, I don't feel that ABF is in nearly-as-bad financial trouble as CF was years ago. I also feel that as struggling families we should not be 'loaning' money to ABF to pad their bank account so that they don't have to borrow money for their needs. Will they be giving the interest they gain while the money sits back to the employees? I hardly think so.

This was on the news Monday regarding executives getting windfalls on their stock options: http://www.newsobserver.com/2010/05/10/475321/stocking-up-on-stock-options-pays.html. This article said that some of these executives' stock value has risen by a factor of ten since 2009.
 
Kudos for catching on fast Anotherabfwife.

Also...
The first three losses could have been due to the costs associated w/starting the "New" business before they transferred the income. There is very likely a subsidiary sitting out there w/major, major cash reserves accumulating in reserved accounts.
 
Great job researching Anotherabfwife!!! It's refreshing to hear from a wife that actually did research on ABF on their own instead of just watching the dvd and forming an opinion! If you keep going through the Sec filings,you'll find more lies that we were told or not the whole truth,if you will.The more you dig, the more you will see that ABF is not telling the whole truths here and it will keep getting you more upset.
 
Could someone please tell me the name of this moving company they have bought,or started because I sure cant find any thing about one. There is something on a Movebuilders which has the same address as ABF but it is not like Mayflower, Bekins or any of the other van lines that I can tell.
 
Fat, from what I can gather, movebuilders provides moving services such as packing, unpacking,storage Etc for the customer. We, Abf drivers, provide the cubes and transport them from point A to B. It is my understanding that ABF bought this comapny because as a freight mover we couldn't provide these services with the relocubes as they fall under household regs. I could be wrong, But I'm just a driver who drives the truck :dance: :dance: :dance: :dance: :dance: :dance: There is some question if it is a union company(I don't know ) or how the profits are shown from these services
 
I have been told that move builders helps people who want someone to come in and pack all there stuff and load it into and ABF trailer or relocube. Then ABF drivers will still do the pickup and or delivery of said trailers/relocubes. Supposedly it will make no difference to ABF drivers and staff. The first person who sees that a jippo is hauling the trailers/relocubes needs to scream loud and clear.
 
[quote author=Anotherabfwife link=topic=80135.msg829459#msg829459 date=1273765212]
Page 73 of the 2009 annual report shows net income losses of 18 million in the first quarter, 15 million in the second quarter, 5 million in the third quarter and 88 million in the fourth quarter.

Is that not 'coincidental' that the fourth quarter loss corresponded to the October 2009 opening of their non-union, moving company division?

By the way, although we have a mortgage and young children, my husband voted 'no'. Getting informed via an Internet blog about the closing of CF years ago is still too painful; the company had no kahunas to even contact the employees via telephone telling them the company had closed.

However, I don't feel that ABF is in nearly-as-bad financial trouble as CF was years ago. I also feel that as struggling families we should not be 'loaning' money to ABF to pad their bank account so that they don't have to borrow money for their needs. Will they be giving the interest they gain while the money sits back to the employees? I hardly think so.

This was on the news Monday regarding executives getting windfalls on their stock options: http://www.newsobserver.com/2010/05/10/475321/stocking-up-on-stock-options-pays.html. This article said that some of these executives' stock value has risen by a factor of ten since 2009.
[/quote]88 million dollar loss with a 61 million "goodwill charge" which isn't even real money!! interesting time to take the one time charge!! so it's actually 27 million not 88
 
Fat Albert, here is what we've researched.

The new subsidiary is called Movebuilder at www.movebuilder.com. If you note at the bottom of the page, the company has the same physical address in Fort Smith as ABF (3801 Greenwood Road). This site states that they are using ABF drivers to transport the items being moved: http://www.movebuilder.com/compare-movers/safety-rating.asp

The bottom of this site states that MoveBuilder is a service of Moving Solutions, Inc. based out of California, so I don't get the connection. Is Movebuilder using ABF drivers (to pick up and transport relo cubes and showing the profits under Movebuilder? Their site is here: http://www.movingsolutionsinc.com/contacts.html.

From ABF's main web site, there is a link to U-Pack Services and mentions Movebuilder right on this link: http://www.upack.com/.

Here is a comparison of the executives of both ABF and Movebuilder. I am happy to see that none of ABFs executives are focusing their efforts on Movebuilder, but now there are two more executives that the drivers are paying for out of their salaries: http://www.bbb.org/arkansas/business-reviews/movers/moving-solutions-in-fort-smith-ar-90236502 and http://www.abfs.com/about/press/executives.asp?NCHK=SPLM. As I mentioned earlier, I found it very 'coincidental' that the opening of Movebuilder coincided with the huge loss reported by ABF in the 4th quarter of 2009.

I don't understand the difference from U-Pack services and Movebuilder though. U-Pack is stating their services are under ABF where Movebuilder is its own entity.

It dismays me the way management is trying to pull the wool over the drivers' eyes and treat them like they are not knowledgeable and able to understand what is happening. I also have not appreciated receiving pre-recorded telephone calls from Tyson Johnson all hours of the night urging us to vote 'yes'.

By the way I have an advanced degree from higher education and can see very clearly what the ABF management is attempting to accomplish.

Good luck drivers; I hope you win!
 
Movebuilders is suppose to be full service moving company that utilizes ABF drivers and equipment. The question is, where are the profits going? My wife also has a master degree in education and a minor in business, and she also sees the wool that ABF is trying to pull over our eyes.
 
By the way, I also have a young family like yours. I have been a teamster for 25 years with Yellow, Cf , UPS , and now ABF. I have been through 2 strikes, 4 hard layoffs, 4 change of ops ....chasing work and picketing Overnite.The money and benefits have been great for my family and I . I tried to look at the facts of this vote, I looked at what the analyists have been reporting ,and the Teamsters endorse this consession plan. The company can not continue to lose millions of dollars a month. What are the facts behind the NO vote. Drivers and workers want to complain the company is trying to "screw us" ...how so??? Show me some facts of why we should put our families on the line. I have worked some non-union companies during my layoffs and experienced the beatdown they get for half the money. Their attitude is leave if you don't like it. I would rather take the consessions and receive top benefits. I do not want to drive for 20 to 30 cents a mile ,with no bene's and be gone for 4 weeks at a time. That is why I am voting YES. No hard feelings over this issue , I wish the best for all of our hard working families.
 
Thank you everyone for the response I was wondering if I had missed something all I could find was movebuilders also, had many a fellow co workers telling me that it was American Red Ball but I never could find anything that verified that.If I remember right they said that they had bought a logistics company last year for a couple of million I new it could not have been Red Ball but I was just trying to make sure.
 
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