Arkansas Best Corporation Announces Fourth Quarter 2013 Results And Full Year 2013 Results

Arkansas Best Corporation Announces Fourth Quarter 2013 Results And Full Year                                  2013 Results  - Fourth quarter 2013 net income of $10.3 million, or $0.38 per share  - ABF Freight fourth quarter profit generated by business and pricing increases and improved cost structure following implementation of its new labor agreement  - Panther's operating income nearly tripled in fourth quarter  - Emerging, non-asset-based businesses represent 25% of total 2013 consolidated revenue  PR Newswire  FORT SMITH, Ark., Jan. 30, 2014  FORT SMITH, Ark., Jan. 30, 2014 /PRNewswire/ --Arkansas Best Corporation (Nasdaq: ABFS) today reported results for the fourth quarter and full year 2013 that reflected solidly improved profitability at ABF Freight System, Inc., Panther Expedited Services and revenue growth at Arkansas Best's other emerging, non-asset based businesses.  Arkansas Best's 2013 revenue was $2.3 billion, an increase of 11% compared to $2.1billion in 2012. Arkansas Best had 2013 net income of $15.8 million, or $0.59 per share, compared to a net loss of $7.7 million, or $0.31 per share, in 2012.  Arkansas Best's fourth quarter 2013 net income was $10.3 million, or $0.38 per share, compared to a fourth quarter 2012 net loss of $7.9 million, or $0.31 per share. Excluding adjustments for non-operational items that are identified in the attached reconciliation table, Arkansas Best had fourth quarter 2013 net income of $8.4 million, or $0.31 per share. Arkansas Best's fourth quarter 2013 revenue was $578.5 million compared to revenue of $537.0 million in the fourth quarter of 2012.  "After a very challenging year in which we negotiated and implemented a new five-year labor agreement with the International Brotherhood of Teamsters, I am very pleased to report that ABF Freight ended the year with solid profitability, substantially reversing the unacceptable trend of losses in 2012," said Arkansas Best President and Chief Executive Officer Judy R. McReynolds. "While that lengthy process was ongoing, we continued to make important strategic investments in our emerging businesses, all of which reported increased revenues and are well positioned for additional growth in 2014."  McReynolds added that the company as a whole now has greater stability and resources with which to continue providing the holistic transportation and logistics solutions sought by customers. "Everyone at Arkansas Best and our operating companies is energized by the opportunities in front of us. We are working hard to offer a more easily accessible range of services along with the traditional high level of personal commitment to a job well done that our customers have come to expect."  ABF Freight System, Inc.  Increased business levels and improved account pricing were the primary factors that contributed to fourth quarter 2013 profitability at ABF Freight. A better customer shipping environment and a more stable economy provided additional shipments in the ABF Freight network. This resulted in greater capacity utilization that contributed to improved fourth quarter results. In addition, cost savings related to the early November implementation of ABF Freight's new labor agreement positively impacted the quarter.  Increased fourth quarter pricing at ABF Freight was the result of continued focus on individual account profitability and a stable yield environment throughout the LTL industry. The company believes the clarity that resulted from the resolution of ABF's labor agreement was another positive factor contributing to higher average rates on fourth quarter ABF shipments.  Emerging, Non-Asset-Based Businesses  Panther Expedited Services, Inc. experienced significant improvement in fourth quarter profitability as operating income nearly tripled on higher quarterly revenue. Increased demand for the premium services offered by Panther occurred in the majority of customer industries it serves, thus allowing for solid pricing and margin expansion throughout the fourth quarter.  All of the remaining non-asset-based businesses experienced growth in fourth quarter revenue, highlighted by the Domestic & Global Transportation Management segment that increased quarterly revenue by 43% and generated a slight increase in operating income. Strategic investments in additional personnel, information technology and other resources impacted the level of profitability in this segment and contributed to a decline in fourth quarter profitability at the Household Goods Moving Services segment. However these investments, that are important for future growth and improved customer service, are expected to positively impact the long-term results of these businesses. Additional revenue of 14% at the Emergency & Preventative Maintenance segment resulted in an operating income increase of 80% related to improved pricing and cost controls, as well as labor efficiencies associated with increased maintenance-event volume.  For full year 2013 together, Arkansas Best's emerging non-asset-based businesses demonstrated strong, positive increases in revenue and operating margins and produced positive cash flow. Because of continued growth throughout the year, these businesses now represent 25% of total consolidated revenue and contributed significantly to Arkansas Best's operating results. On a combined basis throughout 2013, the non-asset-based businesses generated earnings before interest, taxes, depreciation and amortization ("EBITDA") of $28.0 million.  Capital Expenditures  In 2013, total net capital expenditures amounted to $24 million, including approximately $3million of revenue equipment for ABF Freight. ABF Freight 2013 revenue equipment purchases were significantly below normal due to the delayed implementation of the labor contract, as described above. Depreciation and amortization costs on fixed assets equaled $84million.  For 2014, total net capital expenditures are estimated to be in the range of $90 million to $100 million. This includes approximately $60 million of revenue equipment for ABF Freight, all of which will be replacements. The remainder of expected capital expenditures includes the costs of additional equipment for ABF Freight and the other subsidiaries; real estate improvements; and technology. Depreciation and amortization costs on fixed assets in 2014 are estimated to be in a range of $85 million to $90 million.  Closing Comments  "As I look ahead to 2014, I am encouraged that we have growth opportunities in many industries and markets we serve, despite my expectations for a slow growing economy overall," said McReynolds. "Last year we achieved many significant milestones that give us a much stronger ability to compete in an ever-changing marketplace. We are positioned to effectively respond to our customers who increasingly look to us for ways to help them manage their complex transportation, supply chain and logistics needs."  Conference Call  Arkansas Best Corporation will host a conference call with company executives to discuss the 2013 fourth quarter and full year results. The call will be today, Thursday, January30, at 9:30a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 709-0218. Following the call, a recorded playback will be available through the end of the day on March 1, 2014. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21703284. The conference call and playback can also be accessed, through March 1, 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," "may," "plan," "predict," "project," "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 ABF's 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                Year Ended               December 31                       December 31               2013             2012             2013             2012               (Unaudited)               ($ thousands, except share and per share data) OPERATING     $  578,549       $  537,042       $  2,299,549     $  2,065,999 REVENUES OPERATING EXPENSES AND     565,047          548,058          2,280,479        2,080,567 COSTS OPERATING        13,502           (11,016)         19,070           (14,568) INCOME (LOSS) OTHER INCOME (EXPENSE) Interest and dividend         182              185              681              808 income Interest expense and other related    (903)            (1,409)          (4,183)          (5,273) financing costs Other, net       1,114            (76)             3,893            2,041                  393              (1,300)          391              (2,424) INCOME (LOSS) BEFORE INCOME    13,895           (12,316)         19,461           (16,992) TAXES INCOME TAX PROVISION        3,549            (4,387)          3,650            (9,260) (BENEFIT) NET INCOME    $  10,346        $  (7,929)       $  15,811        $  (7,732) (LOSS) EARNINGS (LOSS) PER COMMON SHARE^(1) Basic         $  0.38          $  (0.31)        $  0.59          $  (0.31) Diluted       $  0.38          $  (0.31)        $  0.59          $  (0.31) AVERAGE COMMON SHARES OUTSTANDING Basic            25,785,485       25,629,309       25,714,205       25,564,752 Diluted          25,793,366       25,629,309       25,714,205       25,564,752 CASH DIVIDENDS DECLARED      $  0.03          $  0.03          $  0.12          $  0.12  PER COMMON SHARE (1) The Company uses the two-class method for calculating earnings per share. This method, as calculated below, requires an allocation of dividends paid and a portion of undistributednet income (but not losses) to unvested restricted stock for calculating per share amounts. NET INCOME    $  10,346        $  (7,929)       $  15,811        $  (7,732) (LOSS) EFFECT OF UNVESTED RESTRICTED       (505)            (38)             (720)            (149)  STOCK AWARDS^(1) ADJUSTED NET INCOME (LOSS) FOR   CALCULATING $  9,841         $  (7,967)       $  15,091        $  (7,881) EARNINGS (LOSS)   PER COMMON SHARE    ARKANSAS BEST CORPORATION CONSOLIDATED BALANCE SHEETS                                               December 31         December 31                                               2013                2012                                               (Unaudited)         Note                                               ($ thousands, except share data) ASSETS CURRENT ASSETS Cash and cash equivalents                     $   105,354      $  90,702 Short-term investments                            35,906          29,054 Restricted cash, cash equivalents, and            1,902           9,658 short-term investments Accounts receivable, less allowances (2013 –      202,540         180,631 $4,533; 2012 – $5,249) Other accounts receivable, less allowances        7,272           6,539 (2013 – $1,422; 2012 – $1,334) Prepaid expenses                                  19,016          17,355 Deferred income taxes                             37,482          39,245 Prepaid and refundable income taxes               2,061           5,681 Other                                             6,952           7,185 TOTAL CURRENT ASSETS                              418,485         386,050 PROPERTY, PLANT AND EQUIPMENT Land and structures                               245,805         243,699 Revenue equipment                                 589,902         589,729 Service, office, and other equipment              124,303         119,456 Software                                          110,998         103,164 Leasehold improvements                            23,582          23,272                                                   1,094,590       1,079,320 Less allowances for depreciation and              700,193         635,292 amortization                                                   394,397         444,028 GOODWILL                                          76,448          73,189 INTANGIBLE ASSETS, NET                            75,387          79,561 OTHER ASSETS                                      52,609          51,634                                               $   1,017,326    $  1,034,462 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank overdraft and drafts payable             $   13,609       $  13,645 Accounts payable                                  89,091          84,292 Income taxes payable                              1,782           59 Accrued expenses                                  173,622         158,668 Current portion of long-term debt                 31,513          43,044 TOTAL CURRENT LIABILITIES                         309,617         299,708 LONG-TERM DEBT, less current portion              81,332          112,941 PENSION AND POSTRETIREMENT LIABILITIES            26,847          104,673 OTHER LIABILITIES                                 15,041          12,832 DEFERRED INCOME TAXES                             64,028          45,309 STOCKHOLDERS' EQUITY Common stock, $0.01 par value, authorized 70,000,000 shares;                                                   275             273  issued 2013: 27,507,241 shares; 2012: 27,296,285 shares Additional paid-in-capital                        296,133         289,711 Retained earnings                                 296,735         284,157 Treasury stock, at cost, 1,677,932 shares         (57,770)        (57,770) Accumulated other comprehensive loss              (14,912)        (57,372) TOTAL STOCKHOLDERS' EQUITY                        520,461         458,999                                               $   1,017,326    $  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                                                        Year Ended Ended                                                         December 31                                                        2013        2012                                                        (Unaudited)                                                        ($ thousands) OPERATING ACTIVITIES Net income (loss)                                      $ 15,811    $ (7,732) Adjustments to reconcile net income (loss)  to net cash provided by operating activities: Depreciation and amortization                            84,215      85,493 Amortization of intangibles                              4,174       2,261 Pension settlement expense                               2,111       – Share-based compensation expense                         5,494       6,068 Provision for losses on accounts receivable              2,065       1,524 Deferred income tax benefit                              (10,367)    (10,359) Gain on sale of property and equipment                   (153)       (735) Changes in operating assets and liabilities: Receivables                                              (24,200)    508 Prepaid expenses                                         (1,670)     305 Other assets                                             (1,015)     961 Income taxes                                             8,468       2,630 Accounts payable, accrued expenses, and other            8,571       3,610 liabilities NET CASH PROVIDED BY OPERATING ACTIVITIES                93,504      84,534 INVESTING ACTIVITIES Purchases of property, plant and equipment, net of       (26,369)    (37,278) financings Proceeds from sale of property and equipment             2,194       6,397 Purchases of short-term investments                      (39,605)    (55,858) Proceeds from sale of short-term investments             32,718      60,730 Business acquisition, net of cash acquired^(1)           (4,146)     (180,039) Capitalization of internally developed software and      (7,668)     (7,218) other NET CASH USED IN INVESTING ACTIVITIES                    (42,876)    (213,266) FINANCING ACTIVITIES Borrowing under credit facilities                        –           100,000 Payments on long-term debt                               (43,176)    (53,000) Net change in bank overdraft and other                   (37)        (7,190) Net change in restricted cash, cash equivalents, and     7,756       43,035 short-term investments Deferred financing costs                                 (71)        (1,487) Payment of common stock dividends                        (3,233)     (3,219) Proceeds from the exercise of stock options              2,785       – NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES      (35,976)    78,139 NET INCREASE (DECREASE) IN CASH AND CASH                 14,652      (50,593) EQUIVALENTS Cash and cash equivalents at beginning of period         90,702      141,295 CASH AND CASH EQUIVALENTS AT END OF PERIOD             $ 105,354   $ 90,702 NONCASH INVESTING ACTIVITIES Accruals for equipment received                        $ 324       $ 301 Equipment financed                                     $ 36        $ 37,973      During second quarter 2013, the Company acquired a privately-held (1) logistics business that has been reported within the Household Goods     Moving Services segment.    ARKANSAS BEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES                                     Three Months Ended    Year Ended                                     December 31           December 31                                     2013       2012       2013       2012                                     (Unaudited)                                     ($ thousands, except per share data) ARKANSAS BEST CORPORATION – CONSOLIDATED Net Income (Loss)  Amounts on a GAAP basis           $ 10,346   $ (7,929)  $ 15,811   $ (7,732)  Collective bargaining agreement     (1,435)    –          –          – adjustments, after tax^(1)  Tax benefits^(2)                    (670)      529        (1,436)    (3,180)  Transaction costs, after-tax^(3)    –          –          –          1,294  Pension settlement expense,         169        –          1,290      – after-tax^(4)  Non-GAAP amounts                  $ 8,410    $ (7,400)  $ 15,665   $ (9,618) Diluted Earnings (Loss) Per Share  Amounts on a GAAP basis           $ 0.38     $ (0.31)   $ 0.59     $ (0.31)  Collective bargaining agreement     (0.06)     –          –          – adjustments, after tax^(1)  Tax benefits^(2)                    (0.02)     0.02       (0.06)     (0.12)  Transaction costs, after-tax^(3)    –          –          –          0.05  Pension settlement expense,         0.01       –          0.05       – after-tax^(4)  Non-GAAP amounts                  $ 0.31     $ (0.29)   $ 0.58     $ (0.38) ARKANSAS BEST CORPORATION – CONSOLIDATED Earnings Before Interest, Taxes, Depreciation  and Amortization  Net income (loss)                 $ 10,346   $ (7,929)  $ 15,811   $ (7,732)  Interest expense                    903        1,409      4,183      5,273  Income tax provision (benefit)      3,549      (4,387)    3,650      (9,260)  Depreciation and amortization       20,819     23,764     88,388     87,754  Amortization of share-based         1,915      1,357      5,494      6,068 compensation  Amortization of actuarial losses    1,228      2,846      10,046     11,385 and pension settlement expense  EBITDA                              38,760     17,060     127,572    93,488  Transaction costs, pre-tax^(3)      –          –          –          2,129  Adjusted EBITDA                   $ 38,760   $ 17,060   $ 127,572  $ 95,617      The ABF collective bargaining agreement, which was implemented November 3, (1) 2013, provided for certain reductions in annual compensated vacation that     impacted amounts expensed but not paid in periods prior to fourth quarter     2013. (2) Tax benefit adjustments related to deferred tax asset valuation     allowances. (3) Transaction costs associated with the June 15, 2012 acquisition of Panther     Expedited Services, Inc. (4) Settlement expense related to the company's nonunion defined benefit     pension plan which was frozen effective July 1, 2013.  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                 December 31                      December 31                 2013                             2012                 Operating Depreciation           Operating Depreciation                           and          EBITDA    Income    and          EBITDA                 Income    Amortization                     Amortization Premium Logistics & Expedited       $  3,211  $   2,707    $ 5,918   $  1,118  $    2,473   $ 3,591 Freight Services^(1) Domestic & Global             1,409      191        1,600      1,357       119       1,476 Transportation Management Emergency & Preventative       907        141        1,048      505         125       630 Maintenance Household Goods    (702)      367        (335)      (107)       242       135 Moving Services Total non-asset-based $  4,825  $   3,406    $ 8,231   $  2,873  $    2,959   $ 5,832 segments                 Year Ended                       Year Ended                 December 31                      December 31                 2013                             2012                 Operating Depreciation           Operating Depreciation                           and          EBITDA    Income    and          EBITDA                 Income    Amortization                     Amortization Premium Logistics & Expedited       $  6,956  $   10,516   $ 17,472  $  2,402  $    5,438   $ 7,840 Freight Services^(1) Domestic & Global             2,973      640        3,613      3,013       364       3,377 Transportation Management Emergency & Preventative       3,274      540        3,814      1,935       497       2,432 Maintenance Household Goods    1,850      1,247      3,097      692         769       1,461 Moving Services Total non-asset-based $  15,053 $   12,943   $ 27,996  $  8,042  $    7,068   $ 15,110 segments      Depreciation and amortization consists primarily of amortization of     intangibles, including customer relationships and software, which were (1) acquired in conjunction with the purchase of Panther Expedited Services,     Inc. on June 15, 2012. Amounts for the year ended December 31, 2012     reflect the period from the date of acquisition, June 15, to December 31.      ARKANSAS BEST CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS                  Three Months Ended                 Year Ended                  December 31                        December 31                  2013             2012              2013               2012                  (Unaudited)                  ($ thousands) OPERATING REVENUES Freight          $ 436,654        $ 414,475         $ 1,761,716        $ 1,701,495 Transportation   Premium Logistics &        67,316           61,046            246,849            132,326 Expedited   Freight Services^(1) Domestic & Global Transportation     30,668           21,477            105,223            66,431   Management Emergency & Preventative       35,042           30,704            137,546            115,968   Maintenance Household Goods Moving             16,811           16,377            82,169             77,619  Services Total non-asset-based    149,837          129,604           571,787            392,344 segments Other revenues     (7,942)          (7,037)           (33,954)           (27,840) and eliminations Total consolidated     $ 578,549        $ 537,042         $ 2,299,549        $ 2,065,999  operating revenues OPERATING EXPENSES AND COSTS Freight Transportation Salaries, wages, $ 258,757 59.3%  $ 264,926 63.9%   $ 1,075,259 61.0%  $ 1,071,084 62.9% and benefits Fuel, supplies,    81,946  18.8     82,171  19.8      332,433   18.9     329,284   19.4 and expenses Operating taxes    11,072  2.5      10,823  2.6       43,865    2.5      43,336    2.5 and licenses Insurance          4,413   1.0      5,334   1.3       21,823    1.2      20,742    1.2 Communications     3,492   0.8      3,644   0.9       15,027    0.9      14,713    0.9 and utilities Depreciation and   16,810  3.8      20,269  4.9       72,971    4.1      78,672    4.6 amortization Rents and purchased                    47,453  10.9     39,897  9.6       180,689   10.3     156,810   9.2  transportation Gain on sale of property           (90)    –        (132)   –         (576)     –        (711)     –   and equipment Pension settlement         219     0.1      –       –         1,831     0.1      –         – expense Other              2,713   0.5      1,583   0.4       8,361     0.4      7,365     0.5                    426,785 97.7%    428,515 103.4%    1,751,683 99.4%    1,721,295 101.2% Premium Logistics & Expedited  Freight Services^(1) Purchased        $ 51,072  75.9%  $ 47,052  77.1%   $ 188,561   76.4%  $ 101,559   76.7% transportation Depreciation and   2,707   4.0      2,473   4.1       10,516    4.3      5,438     4.1 amortization^(1) Salaries, benefits, insurance,         10,326  15.3     10,403  17.0      40,816    16.5     22,927    17.4   and other                    64,105  95.2%    59,928  98.2%     239,893   97.2%    129,924   98.2% Domestic & Global Transportation     29,259           20,120            102,250            63,418   Management Emergency & Preventative       34,135           30,199            134,272            114,033   Maintenance Household Goods Moving             17,513           16,484            80,319             76,927  Services Total non-asset-based    145,012          126,731           556,734            384,302 segments Other expenses     (6,750)          (7,188)           (27,938)           (25,030) and eliminations Total consolidated operating        $ 565,047        $ 548,058         $ 2,280,479        $ 2,080,567   expenses and costs      Depreciation and amortization consists primarily of amortization of     intangibles, including customer relationships and software, which were (1) acquired in conjunction with the purchase of Panther Expedited Services,     Inc. on June 15, 2012. Amounts for the year ended December 31, 2012     reflect the period from the date of acquisition, June 15, to December 31. Note: See the following page for description of segments.      ARKANSAS BEST CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS – Continued                                  Three Months Ended     Year Ended                                  December 31            December 31                                  2013       2012        2013       2012                                  (Unaudited)                                  ($ thousands) OPERATING INCOME (LOSS) Freight Transportation           $ 9,869    $ (14,040)  $ 10,033   $ (19,800)                                     3,211      1,118       6,956      2,402 Premium Logistics & Expedited  Freight Services Domestic & Global Transportation                                    1,409      1,357       2,973      3,013  Management Emergency & Preventative                                    907        505         3,274      1,935  Maintenance Household Goods Moving             (702)      (107)       1,850      692  Services Total non-asset-based segments     4,825      2,873       15,053     8,042 Other income (loss) and            (1,192)    151         (6,016)    (2,810)  eliminations^(1) Total consolidated operating     $ 13,502   $ (11,016)  $ 19,070   $ (14,568)  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.   oDomestic & Global Transportation Management includes the company's     transportation brokerage services, ocean container transport, and     warehousing services operating as ABF Logistics.   oEmergency & 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 the Domestic & Global Transportation Management segment. There was no impact on consolidated amounts as a result of these reclassifications.                 Other income (loss) and eliminations for 2013 includes $1                 million of expense for workers' compensation reserves (1)             associated with an insolvent insurance carrier. 2013 also                 reflects costs of long-term incentive plans that are driven by                 the company's total shareholder return relative to its peer                 group.      ARKANSAS BEST CORPORATION OPERATING STATISTICS                                             Three Months Ended               Year Ended                                             December 31                      December 31                                             2013        2012        %Change  2013        2012        %Change                                             (Unaudited) Freight Transportation ^(1) Workdays                                      61.5        61.5                 251.5       252.0 Billed Revenue ^(2) / CWT        $ 28.46     $ 27.83     2.3%     $ 27.94     $ 27.90     0.1% Billed Revenue ^(2) / Shipment          $ 377.65    $ 379.63    (0.5)%   $ 380.25    $ 378.55    0.4% Shipments   1,143,813   1,083,479 5.6%       4,632,150   4,493,491 3.1% Shipments / Day                               18,599      17,618    5.6%       18,418      17,831    3.3% Tonnage (tons)     758,987     738,947   2.7%       3,152,042   3,048,336 3.4% Tons / Day                                    12,341      12,015    2.7%       12,533      12,097    3.6%      Based on the previously described reclassifications that have been made     to the prior year's operating segment data and statistics to conform to (1) 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: (479) 719-4358  SOURCE Arkansas Best Corporation  Website: http://www.arkbest.com  
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