Arkansas Best Corporation Announces Second Quarter 2013 Results

       Arkansas Best Corporation Announces Second Quarter 2013 Results  - Revenue rises to $576.9 million from $510.5 million  - Second quarter 2013 profit of $4.9 million, or $0.18 per share  - Six-month 2013 net loss of $8.5 million  - All emerging, non-asset-based businesses generate second quarter operating income on revenue growth  - ABF labor contract recently ratified; work continues on approval of remaining supplemental agreements  PR Newswire  FORT SMITH, Ark., Aug. 9, 2013  FORT SMITH, Ark., Aug. 9, 2013 /PRNewswire/ --Arkansas Best Corporation (Nasdaq: ABFS) today reported second quarter 2013 net income but continued to sustain losses for the first six months of the year as costs for salaries, wages and benefits at LTL carrier subsidiary ABF Freight System, Inc. offset improving revenue and tonnage trends. Arkansas Best's emerging businesses continued to see growth and improved margins.  Arkansas Best's second quarter 2013 revenue was $576.9 million compared to revenue of $510.5 million in the second quarter of 2012. Second quarter 2013 net income was $4.9 million, or $0.18 per share, compared to second quarter 2012 net income of $11.8 million, or $0.44 per share.  The second quarter 2012 results included a tax benefit of $8.0 million, or $0.31 per share, related to the reversal of previously established deferred tax asset valuation allowances, and transaction costs of $2.1 million ($1.3 million, after tax), or $0.05 per share, associated with the June 15, 2012 acquisition of Panther Expedited Services, Inc. Excluding both of these items, Arkansas Best had second quarter 2012 net income of $5.2 million, or $0.18 per share.  For the first half of 2013, Arkansas Best's net loss was $8.5 million or $0.33 per share on revenue of $1.1 billion compared to a net loss of $6.3 million, or $0.25 per share on revenue of $951.4 million during the first half of 2012. Excluding the tax and transaction items mentioned above, Arkansas Best's net loss was $0.33 per share in the first six months of both years.  ABF's second quarter 2013 revenue rose slightly, but higher costs for salaries, wages and benefits continued to weigh on results, as has been the case in recent quarters. For the first six months of 2013, ABF's operating loss was $17.1 million compared to $14.2 million in the first half of 2012. The June27, 2013 ratification of the ABF National Master Freight Agreement by its Teamster employees is a major step toward returning the company to consistent profitability. Once the new contract is implemented, following the ratification of the remaining supplements, the combined effect of immediate cost reductions plus lower cost increases in affected areas should put ABF on a path to improved financial performance.  "We achieved a major milestone for our company in recent weeks with the ratification of a national five-year labor contract at ABF and most supplemental agreements. We expect to obtain employee ratification of all remaining supplements in the coming weeks," said Arkansas Best President and Chief Executive Officer Judy R. McReynolds. "Once this important process is concluded, it will represent a pivotal moment for Arkansas Best, as we will be able to turn our undivided attention to driving improved profitability at ABF, while continuing the expansion and growth of our emerging businesses. As our customers look to us for total solutions to their complex supply chain needs, we are now better positioned than at any time in our history to fulfill those requirements."  At ABF, total second quarter revenue per hundredweight equaled that of the same period last year. However, when considering year-over-year changes in freight profile and account mix, ABF's pricing improved, reflecting the positive effects of the general rate increase ABF implemented in late May.  As in the first quarter 2013, Arkansas Best's emerging, non-asset-based businesses continued to show revenue growth, operating profit and cash flow generation. These businesses represented 23% of total corporate revenue during the quarter, and are on track to account for a greater proportion of total revenue going forward. The company's freight brokerage segment led the emerging businesses in revenue gains, with a 63% increase. Emergency and preventive maintenance increased second quarter revenue by more than 9% and improved its operating income by nearly 17%. The household goods moving services segment raised its second quarter operating income by nearly five times on a small increase in revenue. Though Panther Expedited Services, Inc. continued to be affected by reduced customer demand for expedited services and the effects of ongoing investments made in sales and service locations for future growth, revenue and margin trends improved throughout the quarter. On a combined basis, Panther and all of the other non-asset-based businesses generated second quarter 2013 earnings before interest, taxes, depreciation and amortization ("EBITDA") of $7.1 million, versus $2.8 million of EBITDA in the second quarter of 2012.  Status of ABF Labor Contract  As previously announced, the five-year ABF National Master Freight Agreement was approved by ABF employees represented by the International Brotherhood of Teamsters. The full contract will be implemented once the remaining supplemental agreements are approved. It will run through March 31, 2018. The agreement achieves the stated goals of lowering ABF's costs and better serving its customers while putting it on a path for improved profitability. With the new labor contract, ABF also continues to provide the best-paying jobs and benefits package for its Teamster employees when compared with their union and non-union counterparts.  ABF Freight System, Inc., and the Teamsters reached another contract extension that runs through August 31, 2013. The extension will allow for the conclusion of the voting process for the remaining six supplemental agreements to the ABF National Master Freight Agreement. Ballots for the remaining supplemental agreements were mailed earlier this week and they will be counted on August 28, 2013. After full ratification of the new labor contract and all supplements is achieved, further details on expected future cost savings at ABF will be provided.  Nonunion Defined Benefit Pension Plan Freeze  As previously announced, Arkansas Best amended its nonunion defined benefit pension plan in June 2013 to freeze the accrual of future benefits beginning July 1, 2013. The changes to the plan were accounted for as a plan curtailment at the end of second quarter 2013, resulting in a $46.3 million reduction in the pension liabilities, a $28.3 million increase to equity, and an $18.0 million decrease in related deferred tax assets. The change to the plan had no effect on second quarter nonunion pension expense. Beginning in third quarter 2013, nonunion pension expense will decrease as a result of the plan freeze. However, these savings may be offset, in part, by discretionary contributions to Arkansas Best's nonunion defined contribution plan.  Closing Comments  "As economic growth remains moderate and inconsistent, Arkansas Best continues to make progress in positioning each of its companies for future success," said McReynolds. "ABF now looks toward a better future with lower costs and greater operational flexibility. Investments made in emerging, non-asset-based businesses are positively impacting our bottom line by improving the way we go to market as customers seek more end-to-end logistics solutions. We are excited about the upcoming prospects for Arkansas Best and the future opportunity we have to benefit our customers, employees and shareholders."  Conference Call  Arkansas Best Corporation will host a conference call with company executives to discuss the 2013 second quarter results. The call will be today, Friday August 9, at 9:30a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 893-3796. Following the call, a recorded playback will be available through the end of the day on September 8, 2013. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21661649. The conference call and playback can also be accessed, through September 8, on Arkansas Best's website at arkbest.com.  Company Description  Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a freight transportation services and solutions provider. Through its various subsidiaries, Arkansas Best offers a wide variety of logistics solutions including: domestic and global transportation of less-than-truckload ("LTL") and full load shipments, expedited ground and time-definite delivery solutions, freight forwarding services, freight brokerage, oversight of roadside assistance and equipment services for commercial vehicles, and household goods moving market services for consumers, corporations, and the military. More information is available at arkbest.com, abf.com and pantherexpedite.com.  Forward-Looking Statements  The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this report that are not based on historical facts are "forward-looking statements." Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "on track," "plan," "predict," "prospects," "scheduled," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. Such statements are by their nature subject to uncertainties and risk including, but not limited to, a workforce stoppage by our employees covered under our collective bargaining agreement or unfavorable terms of future collective bargaining agreements; relationships with employees, including unions; general economic conditions and related shifts in market demand that impact the performance and needs of industries served by Arkansas Best Corporation's subsidiaries and/or limit our customers' access to adequate financial resources; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; competitive initiatives, pricing pressures and the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates and the inability to collect fuel surcharges; availability of fuel; default on covenants of financing arrangements and the availability and terms of future financing arrangements; availability and cost of reliable third-party services; disruptions or failures of services essential to the use of information technology platforms in our business; availability, timing, and amount of capital expenditures; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; governmental regulations and policies; future climate change legislation; potential impairment of goodwill and intangible assets; the impact of our brand and corporate reputation; the cost, timing, and performance of growth initiatives; the cost, integration, and performance of any future acquisitions; the costs of continuing investments in technology, a failure of our information systems, and the impact of cyber incidents; weather conditions; and other financial, operational, and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation's Securities and Exchange Commission public filings.  The following tables show financial data and operating statistics on Arkansas Best Corporation and its subsidiary companies.    ARKANSAS BEST CORPORATION  CONSOLIDATED STATEMENTS OF OPERATIONS             Three Months Ended          Six Months Ended              June 30                     June 30             2013          2012          2013          2012             (Unaudited)             ($ thousands, except share and per share data) OPERATING   $ 576,899     $ 510,543     $ 1,097,586   $ 951,410 REVENUES OPERATING EXPENSES      568,482       503,342       1,112,520     967,196 AND COSTS OPERATING INCOME        8,417         7,201         (14,934)      (15,786) (LOSS) OTHER INCOME (EXPENSE) Interest and           161           215           332           469 dividend income Interest expense and other         (1,079)       (1,112)       (2,286)       (2,255) related financing costs Other, net    366           (220)         1,450         1,120               (552)         (1,117)       (504)         (666) INCOME (LOSS) BEFORE        7,865         6,084         (15,438)      (16,452) INCOME TAXES INCOME TAX PROVISION     2,987         (5,757)       (6,921)       (10,131) (BENEFIT) NET INCOME  $ 4,878       $ 11,841      $ (8,517)     $ (6,321) (LOSS) EARNINGS (LOSS) PER COMMON SHARE^(1) Basic       $ 0.18        $ 0.44        $ (0.33)      $ (0.25) Diluted     $ 0.18        $ 0.44        $ (0.33)      $ (0.25) AVERAGE COMMON SHARES OUTSTANDING Basic         25,694,327    25,544,455    25,666,484    25,496,871 Diluted       25,694,327    25,544,455    25,666,484    25,496,871 CASH DIVIDENDS DECLARED    $ 0.03        $ 0.03        $ 0.06        $ 0.06  PER COMMON SHARE (1) The Company uses the two-class method for calculating earnings per share. This method requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for calculating per share amounts. NET INCOME  $ 4,878       $ 11,841      $ (8,517)     $ (6,321) (LOSS) EFFECT OF UNVESTED RESTRICTED    (215)         (549)         (74)          (75)  STOCK AWARDS^(1) ADJUSTED NET INCOME (LOSS) FOR CALCULATING $ 4,663       $ 11,292      $ (8,591)     $ (6,396) EARNINGS (LOSS) PER COMMON SHARE  ARKANSAS BEST CORPORATION  CONSOLIDATED BALANCE SHEETS                       June 30      December 31                        2013         2012                       (Unaudited)  Note                       ($ thousands, except share data) ASSETS CURRENT ASSETS Cash and cash         $ 88,553     $ 90,702 equivalents Short-term              29,879       29,054 investments Restricted cash, cash equivalents, and        1,901        9,658 short-term investments Accounts receivable, less allowances (2013   206,168      180,631 – $5,439; 2012 – $5,249) Other accounts receivable, less allowances (2013 –      6,615        6,539 $1,427; 2012 – $1,334) Prepaid expenses        16,346       17,355 Deferred income taxes   42,293       39,245 Prepaid and refundable income       6,232        5,681 taxes Other                   7,306        7,185 TOTAL CURRENT ASSETS    405,293      386,050 PROPERTY, PLANT AND EQUIPMENT Land and structures     245,148      243,699 Revenue equipment       590,445      589,729 Service, office, and    120,848      119,456 other equipment Software                107,195      103,164 Leasehold               23,442       23,272 improvements                         1,087,078    1,079,320 Less allowances for depreciation and        673,074      635,292 amortization                         414,004      444,028 GOODWILL                76,448       73,189 INTANGIBLE ASSETS,      77,474       79,561 NET OTHER ASSETS            51,381       51,634                       $ 1,024,600  $ 1,034,462 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank overdraft and    $ 15,672     $ 13,645 drafts payable Accounts payable        94,770       84,292 Income taxes payable    162          59 Accrued expenses        170,414      158,668 Current portion of      37,030       43,044 long-term debt TOTAL CURRENT           318,048      299,708 LIABILITIES LONG-TERM DEBT, less    96,946       112,941 current portion PENSION AND POSTRETIREMENT          51,941       104,673 LIABILITIES OTHER LIABILITIES       12,558       12,832 DEFERRED INCOME TAXES   63,954       45,309 STOCKHOLDERS' EQUITY Common stock, $0.01 par value, authorized 70,000,000 shares;                         274          273  issued 2013: 27,390,446 shares; 2012: 27,296,285 shares Additional              290,355      289,711 paid-in-capital Retained earnings       274,027      284,157 Treasury stock, at cost, 1,677,932         (57,770)     (57,770) shares Accumulated other       (25,733)     (57,372) comprehensive loss TOTAL STOCKHOLDERS'     481,153      458,999 EQUITY                       $ 1,024,600  $ 1,034,462 Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  ARKANSAS BEST CORPORATION  CONSOLIDATED STATEMENTS OF CASH FLOWS                       Six Months Ended                        June 30                       2013        2012                       (Unaudited)                       ($ thousands) OPERATING ACTIVITIES Net loss              $ (8,517)   $ (6,321) Adjustments to reconcile net loss to net cash provided by operating activities:  Depreciation and    43,914      39,970 amortization  Amortization of     2,087       200 intangibles  Share-based         2,485       3,342 compensation expense  Provision for losses on accounts      1,312       729 receivable  Deferred income     (5,761)     (8,520) tax benefit  Gain on sale of property and            (391)       (516) equipment  Changes in operating assets and liabilities:  Receivables     (26,617)    (20,885)  Prepaid         1,402       1,363 expenses  Other assets    (297)       (452)  Income taxes    163         522  Accounts payable, accrued        18,152      4,740 expenses, and other liabilities^(1) NET CASH PROVIDED BY    27,932      14,172 OPERATING ACTIVITIES INVESTING ACTIVITIES Purchases of property, plant, and    (8,638)     (18,401) equipment, net of financings Proceeds from sale of property and            1,430       2,692 equipment Purchases of short-term              (6,692)     (22,143) investments Proceeds from sale of short-term              5,914       9,555 investments Business acquisition,   (4,146)     (180,793) net of cash acquired Capitalization of internally developed    (4,050)     (3,435) software and other NET CASH USED IN        (16,182)    (212,525) INVESTING ACTIVITIES FINANCING ACTIVITIES Borrowing under         –           100,000 credit facilities Repayments on           (22,009)    (12,303) long-term debt Net change in bank      2,026       (5,510) overdraft and other Change in restricted cash, cash equivalents, and        7,758       31,668 short-term investments Deferred financing      (61)        (1,574) costs Payment of common       (1,613)     (1,605) stock dividends NET CASH PROVIDED BY (USED IN) FINANCING     (13,899)    110,676 ACTIVITIES NET DECREASE IN CASH AND CASH                (2,149)     (87,677) EQUIVALENTS Cash and cash equivalents at          90,702      141,295 beginning of period CASH AND CASH EQUIVALENTS AT END OF $ 88,553    $ 53,618 PERIOD NONCASH INVESTING ACTIVITIES Accruals for          $ 268       $ 7,416 equipment received Equipment financed    $ –         $ 21,370   (1) 2013 and 2012 includes $9.0 million and $18.0 million, respectively, in contributions to the Company's nonunion pension plan.    ARKANSAS BEST CORPORATION  RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES                                  Three Months Ended      Six Months Ended                                   June 30                 June 30                                  2013         2012       2013       2012                                  (Unaudited)                                  ($ thousands, except per share data) ARKANSAS BEST CORPORATION – CONSOLIDATED Net Income (Loss) Amounts on a GAAP basis          $  4,878     $ 11,841   $ (8,517)  $ (6,321) Tax benefits^(1)                    –           (7,973)    –          (3,333) Transaction costs, after-tax^(2)    –           1,294      –          1,294 Non-GAAP amounts                 $  4,878     $ 5,162    $ (8,517)  $ (8,360) Diluted Earnings (Loss) Per Share Amounts on a GAAP basis          $  0.18      $ 0.44     $ (0.33)   $ (0.25) Tax benefits^(1)                    –           (0.31)     –          (0.13) Transaction costs, after-tax^(2)    –           0.05       –          0.05 Non-GAAP amounts                 $  0.18      $ 0.18     $ (0.33)   $ (0.33) ARKANSAS BEST CORPORATION – CONSOLIDATED Earnings Before Interest, Taxes, Depreciation  and Amortization Net income (loss)                $  4,878     $ 11,841   $ (8,517)  $ (6,321) Interest expense                    1,079       1,112      2,286      2,255 Income tax provision (benefit)      2,987       (5,757)    (6,921)    (10,131) Depreciation and amortization       22,807      20,850     46,001     40,170 Amortization of share-based         1,181       1,900      2,485      3,342 compensation Amortization of actuarial losses    2,912       2,846      5,824      5,693 EBITDA                              35,844      32,792     41,158     35,008 Transaction costs, pre-tax^(2)      –           2,129      –          2,129 Adjusted EBITDA                  $  35,844    $ 34,921   $ 41,158   $ 37,137 (1) Tax benefit adjustments related to deferred tax asset valuation allowances. (2) Transaction costs associated with the June 15, 2012 acquisition of Panther Expedited Services, Inc. Non-GAAP Financial Measures. The company reports its financial results in accordance with generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide financial statement users meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results. Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure financial performance and ability to service debt obligations. However, these financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as defined by generally accepted accounting principles. Other companies may calculate EBITDA differently, and therefore the Company's EBITDA may not be comparable to similarly titled measures of other companies.    ARKANSAS BEST CORPORATION  RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES              Three Months Ended               Three Months Ended               June 30                          June 30               2013                             2012              Operating                        Depreciation           Operating Depreciation              Income    and          EBITDA    Income    and          EBITDA                        Amortization           (Loss)    Amortization              (Loss) Premium Logistics & Expedited    $  1,506  $    2,594   $ 4,100   $  480    $    473     $ 953 Freight Services^(1) Truck Brokerage       692         99        791        655         68        723 and Management Emergency and             810         130       940        694         130       824 Preventative Maintenance Household Goods Moving    948         285       1,233      165         179       344 Services Total non-asset    $  3,956  $    3,108   $ 7,064   $  1,994  $    850     $ 2,844 based segments              Six Months Ended                 Six Months Ended               June 30                          June 30               2013                             2012              Operating                        Depreciation           Operating Depreciation              Income    and          EBITDA    Income    and          EBITDA                        Amortization           (Loss)    Amortization              (Loss) Premium Logistics & Expedited    $  642    $    5,144   $ 5,786   $  480    $    473     $ 953 Freight Services^(1) Truck Brokerage       1,459       191       1,650      1,049       132       1,181 and Management Emergency and             1,522       262       1,784      558         249       807 Preventative Maintenance Household Goods Moving    717         525       1,242      (626)       358       (268) Services Total non-asset    $  4,340  $    6,122   $ 10,462  $  1,461  $    1,212   $ 2,673 based segments (1) Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software, which were acquired in conjunction with the purchase of Panther Expedited Services, Inc. on June 15, 2012. Amounts for the three and six months ended June 30, 2012 reflect the period from the date of acquisition, June 15, to June 30.  ARKANSAS BEST CORPORATION  FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS                  Three Months Ended                Six Months Ended                   June 30                           June 30                  2013             2012             2013                2012                  (Unaudited)                   ($ thousands) OPERATING REVENUES Freight          $ 446,750        $ 440,351        $ 854,031           $ 836,864 Transportation Premium Logistics & Expedited          60,431           10,835           113,683             10,835 Freight Services^(1) Truck Brokerage    16,335           10,021           30,939              18,060 & Management Emergency and Preventative       32,935           30,101           65,457              52,479   Maintenance Household Goods    21,252           20,479           34,828              35,531 Moving Services Total non-asset-based    130,953          71,436           244,907             116,905 segments Other revenues     (804)            (1,244)          (1,352)             (2,359) and eliminations Total consolidated     $ 576,899        $ 510,543        $ 1,097,586         $ 951,410 operating revenues OPERATING EXPENSES AND COSTS Freight Transportation Salaries, wages, $ 272,641 61.0%  $ 268,995 61.1%  $ 539,819   63.2%   $ 534,057 63.8% and benefits Fuel, supplies,    82,441  18.5     82,696  18.8     165,773   19.4      163,336 19.5 and expenses Operating taxes    10,939  2.4      10,823  2.5      21,929    2.6       21,624  2.6 and licenses Insurance          6,068   1.4      5,585   1.3      10,552    1.2       10,466  1.3 Communications     3,879   0.9      3,459   0.8      7,812     0.9       7,258   0.9 and utilities Depreciation and   18,967  4.2      19,464  4.4      38,541    4.5       38,037  4.5 amortization Rents and purchased          44,260  9.9      39,681  9.0      82,729    9.7       72,897  8.7 transportation Gain on sale of property and       (182)   –        (231)   (0.1)    (394)     –         (513)   (0.1) equipment Other              2,240   0.5      2,258   0.5      4,322     0.5       3,940   0.5                    441,253 98.8%    432,730 98.3%    871,083   102.0%    851,102 101.7% Premium Logistics & Expedited  Freight Services^(1) Purchased        $ 46,233  76.5%  $ 8,247   76.1%  $ 87,270    76.8%   $ 8,247   76.1% transportation Depreciation and   2,594   4.3      473     4.4      5,144     4.5       473     4.4 amortization^(1) Other              10,098  16.7     1,635   15.1     20,627    18.1      1,635   15.1                    58,925  97.5%    10,355  95.6%    113,041   99.4%     10,355  95.6% Truck Brokerage    15,643           9,366            29,480              17,011 & Management Emergency and Preventative       32,125           29,407           63,935              51,921   Maintenance Household Goods Moving             20,304           20,314           34,111              36,157  Services Total non-asset-based    126,997          69,442           240,567             115,444 segments Other expenses     232              1,170            870                 650 and eliminations Total consolidated operating        $ 568,482        $ 503,342        $ 1,112,520         $ 967,196   expenses and costs (1) Amounts for the three and six months ended June 30, 2012 reflect the period from the purchase of Panther Expedited Services, Inc. on June 15, 2012 to June 30. Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software, which were acquired in conjunction with the acquisition. Note: See the following page for description of segments.  ARKANSAS BEST CORPORATION  FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS – Continued                 Three Months Ended      Six Months Ended                  June 30                 June 30                 2013        2012        2013         2012                 (Unaudited)                  ($ thousands) OPERATING INCOME (LOSS) Freight         $ 5,497     $ 7,621     $ (17,052)   $ (14,238) Transportation   Premium Logistics &       1,506       480         642          480 Expedited  Freight Services Truck Brokerage   692         655         1,459        1,049 & Management Emergency and Preventative      810         694         1,522        558   Maintenance Household Goods Moving            948         165         717          (626)  Services Total non-asset-based   3,956       1,994       4,340        1,461 segments Other income (loss) and        (1,036)     (2,414)     (2,222)      (3,009)  eliminations Total consolidated operating       $ 8,417     $ 7,201     $ (14,934)   $ (15,786)  income (loss) Description of Segments:    oFreight Transportation includes the results of operations of Arkansas Best's largest     subsidiary, ABF Freight System, Inc.®.   oPanther Expedited Services, Inc., which was acquired on June 15, 2012, is reported as     Premium Logistics & Expedited Freight Services.   oTruck Brokerage and Management includes the transportation brokerage services operating     as FreightValue®.   oEmergency and Preventative Maintenance includes the roadside vehicle assistance and     commercial equipment services subsidiary FleetNet America, Inc.   oHousehold Goods Moving Services includes Albert Companies, Inc. and Moving Solutions,     Inc. which provide services to the consumer, corporate, and military household goods     moving market.    Certain reclassifications have been made to the prior year's operating segment data to conform to the current year presentation. The operating results of Global Supply Chain Services and Supply Chain Services, businesses which provide ocean container transport and warehousing services, have been reclassified from the Freight Transportation segment to "Other and Eliminations." There was no impact on consolidated amounts as a result of these reclassifications.    ARKANSAS BEST CORPORATION  OPERATING STATISTICS                                             Three Months Ended              Six Months Ended                                             June 30                         June 30                                             2013        2012        %       2013        2012        %                                                                     Change                          Change                                             (Unaudited) Freight Transportation ^(1) Workdays                                      64.0        63.5                126.5       127.5 Billed Revenue ^(2) / CWT        $ 27.79     $ 27.79     –       $ 27.35     $ 27.66     (1.1)% Billed Revenue ^(2) / Shipment         $ 380.70    $ 377.02    1.0%    $ 376.71    $ 371.77    1.3% Shipments   1,190,678   1,173,825 1.4%      2,286,356   2,268,844 0.8% Shipments / Day                               18,604      18,485    0.6%      18,074      17,795    1.6% Tonnage (tons)     815,695     796,212   2.4%      1,574,584   1,524,677 3.3% Tons / Day                                    12,745      12,539    1.6%      12,447      11,958    4.1% (1) Based on the previously described reclassifications that have been made to the prior year's operating segment data and statistics to conform to the current year presentation, operations of Global Supply Chain Services and Supply Chain Services are excluded from key operating statistics for the Freight Transportation Segment. (2) Billed Revenue does not include revenue deferral required for financial statement purposes under the company's revenue recognition policy.  Contact: Investors: Mr. David Humphrey, Vice President, Investor Relations          Telephone: (479) 785-6200          Media: Ms. Kathy Fieweger, Vice President, Marketing and Corporate          Communications          Telephone: (847) 903-8806    SOURCE Arkansas Best Corporation  Website: http://arkbest.com