EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION
ANNOUNCES THIRD QUARTER RESULTS;
ABF(R)'S THIRD QUARTER OPERATING RATIO
IMPROVES TO 91.9%
(Fort Smith, Arkansas, October 20, 2003) -- Arkansas Best Corporation
(Nasdaq: ABFS) today announced third quarter 2003 net income of $17.0 million,
or $0.67 per diluted common share. For the third quarter of 2002, net income was
$18.3 million, or $0.73 per diluted common share. Excluding three items of note,
third quarter 2002 earnings were $0.54 per diluted common share. The three items
of note during the third quarter of 2002 included: an earnings increase of $0.12
per diluted common share related to a favorable settlement with the Internal
Revenue Service, an earnings increase of $0.09 per diluted common share
associated with the after-tax gains on sales of excess freight facilities at ABF
and an earnings decrease of $0.02 per diluted common share relating to increased
liability reserves associated with the liquidation of an insurer who provides
excess workers' compensation insurance for claims that arose from 1993 through
1999. Arkansas Best's revenue, during the third quarter of 2003, was $402.9
million, an increase of 7.3% over the third quarter of 2002.
ABF FREIGHT SYSTEM, INC.(R)
ABF Freight System, the company's largest subsidiary, had third quarter
2003 revenue of $360.6 million, a per-day increase of 7.5% compared to third
quarter 2002 revenue of $335.5 million. ABF's third quarter 2003 operating ratio
was 91.9% versus an operating ratio of 92.9% during the third quarter of 2002.
This year's third quarter operating ratio at ABF was the third best for any
third quarter in the last twenty-five years. Billed LTL revenue per
hundredweight, including fuel surcharge, was $24.39, an increase of 6.5% over
last year's third quarter figure of $22.91. Billed LTL revenue per
hundredweight, excluding fuel surcharge, was $23.60, an increase of 5.4% over
last year's third quarter figure of $22.39. Approximately one-half of the yield
increase, excluding fuel surcharge, was a result of changes in the freight
profile since the early September 2002 demise of Consolidated Freightways (CF).
"We remain encouraged by the
positive pricing environment currently experienced by our industry," said Robert
A. Young III, Arkansas Best President and Chief Executive Officer. "ABF's
increases on contracts and deferred pricing agreements continue to be favorable
by historical standards and retention of the July 14 general rate increase has
been good."
ABF's third quarter LTL tonnage per day increased 0.5% compared to the
same period last year. Versus the second quarter of 2003, ABF's third quarter
LTL tonnage per day increased 2.8%. "ABF's sequential LTL tonnage change
compared to this year's second quarter was in line with expected changes given
normal seasonal trends from the second quarter to the third quarter," said Mr.
Young. Comparisons of third quarter 2003 LTL tonnage to the same figures in the
third quarter of 2002 include additional business in September of both years
associated with CF's closing. "Our business does not yet reflect much of a
change in the overall economy of our country. I continue to be encouraged about
the positive signs and comments from others regarding the improving economic
environment. If the economy does improve, this should eventually translate into
more business for ABF. Regardless of economic conditions, ABF will continue to
emphasize excellent customer service while managing costs to provide superior
value to its customers," said Mr. Young.
"ABF's third quarter operating ratio of 91.9% compares very favorably
to this year's second quarter operating ratio of 95.7%," said Mr. Young. "This
was due, primarily, to yield improvements but also reflects some positive
operational effects from seasonal increases in tonnage and revenue without the
addition of an equivalent amount of costs."
"Productivity measures at ABF were slightly below levels for the same
period last year. These figures continue to be affected by additional shipment
handling related to ABF's concentration on transit time improvements and premium
services provided at pickup and delivery," said Mr. Young. "These measures were
the same as in the second quarter of this year."
RECOGNITION OF EXCELLENCE AT ABF
Continuing its long pattern of recognition for superior industry
achievement, ABF and its employees were recently recognized with two more
prestigious safety awards. In mid-September, the American Trucking Associations
(ATA) named ABF as the winner of its 2003 President's Trophy for safety. This is
the highest safety award in the motor carrier industry. ABF is the only carrier
to have won this award five times.
Earlier this month, the ATA also named Jim McFarlin, director of safety
and security for ABF, as the 2003 Safety Director of the Year. This award is
presented annually to the motor carrier safety executive whose professional
qualifications, safety programs and achievements are considered outstanding. Jim
also won the Outstanding Service Award for safety in 2000. "Safety is a very
high priority at ABF. It is gratifying to have our employees and safety programs
continue to be recognized as the very best in the trucking industry," said Mr.
Young.
ABF'S REDESIGNED WEB SITE
In early August, ABF announced the launch of its re-engineered Web site
at abf.com which offers a simpler graphical interface, streamlined applications
and industry-first advances in automated personalization. This new design allows
for the matching of the most relevant online tools and shipment information to
the specific site user.
CLIPPER
For the third quarter of 2003, Clipper had revenues of $34.0 million
compared to $32.4 million in the third quarter of 2002, an increase of 4.9%.
Clipper's third quarter 2003 operating ratio was 98.2% versus 97.7% during the
same period last year. "During the third quarter, the intermodal portion of
Clipper's dry freight, full-load business continued to experience significant
year-over-year increases in revenues and margins," said Mr. Young. "However,
this was offset by revenues and profit declines at Clipper's
temperature-controlled division. These declines were caused by continued
softness in the demand for produce moving off the West Coast," said Mr. Young.
"In addition, competition from truckload operators reduced the margins per load
Clipper experienced during this year's third quarter as compared to the same
period last year."
COMMON STOCK PURCHASE
During the third quarter of 2003, Arkansas Best did not make any open
market purchases of its common stock. In total, as a part of Arkansas Best's
previously announced program to repurchase up to a maximum of $25 million of its
common stock, the company has purchased 200,000 shares totaling $4.8 million
during 2003.
CREDIT AGREEMENT EXTENSION
As previously reported, as of Friday, September 26, 2003, Arkansas Best
amended and restated its existing $225 million Credit Agreement. The agreement
was extended for two years and is now scheduled to mature on May 15, 2007.
Arkansas Best continues to have a strong balance sheet and closed the third
quarter with total debt below $20 million.
CONFERENCE CALL
Arkansas Best Corporation will host a conference call with company
executives to discuss the 2003 third quarter results. The call will be today,
Monday, October 20, at 11:00 a.m. EDT (10:00 a.m. CDT). Interested parties are
invited to listen by calling (877) 275-1257. Following the call, a recorded
playback will be available through the end of October. To listen to the
playback, dial (800) 642-1687. The conference call ID for the playback is
3083550. The conference call and playback can also be accessed, through Friday,
October 31, on Arkansas Best's Web site at www.arkbest.com.
COMPANY DESCRIPTION
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a
diversified transportation holding company with two primary operating
subsidiaries. ABF Freight System, Inc., in continuous service since 1923,
provides national transportation of less-than-truckload ("LTL") general
commodities throughout North America. Clipper is an intermodal marketing company
that provides domestic freight services utilizing rail and over-the-road
transportation.
FORWARD-LOOKING STATEMENTS
THE FOLLOWING IS A "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995: Statements contained in this press release that
are not based on historical facts are "forward-looking statements." Terms such
as "estimate," "forecast," "expect," "predict," "plan," "anticipate," "believe,"
"intend," "should," "would," "scheduled," 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, union relations; availability and cost of
capital; shifts in market demand; weather conditions; the performance and needs
of industries served by Arkansas Best's subsidiaries; actual future costs of
operating expenses such as fuel and related taxes; self-insurance claims and
employee wages and benefits; actual costs of continuing investments in
technology; the timing and amount of capital expenditures; competitive
initiatives and pricing pressures; general economic conditions; and other
financial, operational and legal risks and uncertainties detailed from time to
time in the Company's Securities and Exchange Commission ("SEC") 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 INCOME (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
---------------------------- ----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
($ THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
OPERATING REVENUES ........................................... $ 402,878 $ 375,397 $ 1,140,330 $ 1,040,732
OPERATING EXPENSES AND COSTS ................................. 374,233 351,450 1,088,291 998,710
------------ ------------ ------------ ------------
OPERATING INCOME ............................................. 28,645 23,947 52,039 42,022
OTHER INCOME (EXPENSE)
Net gains (losses) on sales of property and other ......... (217) 3,721 (211) 3,721
Gain on sale - Wingfoot ................................... -- -- 12,060 --
IRS interest settlement(1) ................................ -- 5,221 -- 5,221
Fair value changes and payments on interest rate swap(2) .. (51) -- (10,333) --
Interest expense .......................................... (434) (2,053) (2,941) (6,108)
Other, net ................................................ 613 332 311 (178)
------------ ------------ ------------ ------------
(89) 7,221 (1,114) 2,656
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES ................................... 28,556 31,168 50,925 44,678
FEDERAL AND STATE INCOME TAXES
Current ................................................... 8,034 12,811 11,895 10,828
Deferred .................................................. 3,546 10 7,598 7,560
------------ ------------ ------------ ------------
11,580 12,821 19,493 18,388
------------ ------------ ------------ ------------
INCOME BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE ............................. 16,976 18,347 31,432 26,290
------------ ------------ ------------ ------------
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, NET OF TAX BENEFITS OF $13,580(3) ............... -- -- -- (23,935)
------------ ------------ ------------ ------------
NET INCOME ................................................... $ 16,976 $ 18,347 $ 31,432 $ 2,355
============ ============ ============ ============
NET INCOME (LOSS) PER COMMON SHARE
BASIC:
Income before cumulative effect of change in
accounting principle ..................................... $ 0.68 $ 0.74 $ 1.26 $ 1.07
Cumulative effect of change in accounting principle,
net of tax ............................................... -- -- -- (0.97)
------------ ------------ ------------ ------------
NET INCOME PER SHARE ......................................... $ 0.68 $ 0.74 $ 1.26 $ 0.10
------------ ------------ ------------ ------------
AVERAGE COMMON SHARES
OUTSTANDING (BASIC): ...................................... 24,787,831 24,783,674 24,861,966 24,710,743
============ ============ ============ ============
DILUTED:
Income before cumulative effect of change in
accounting principle ..................................... $ 0.67 $ 0.73 $ 1.24 $ 1.04
Cumulative effect of change in accounting principle,
net of tax ................................................ -- -- -- (0.95)
------------ ------------ ------------ ------------
NET INCOME PER SHARE ......................................... $ 0.67 $ 0.73 $ 1.24 $ 0.09
------------ ------------ ------------ ------------
AVERAGE COMMON SHARES
OUTSTANDING (DILUTED): .................................... 25,287,271 25,296,694 25,339,629 25,312,753
============ ============ ============ ============
CASH DIVIDENDS PAID PER COMMON SHARE ......................... $ 0.08 $ -- $ 0.24 $ --
============ ============ ============ ============
</Table>
(1) In the third quarter of 2002, the Company recognized other income of $3.1
million, net of taxes, due to a favorable settlement with the Internal
Revenue Service.
(2) The nine months ended September 30, 2003 includes a pre-tax non-cash
charge of $8.9 million, due to no longer forecasting interest payments on
$110.0 million of borrowings.
(3) In the first quarter of 2002, the Company recognized a non-cash impairment
loss of $23.9 million, net of taxes, due to the write-off of Clipper
goodwill.
ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SEPTEMBER 30 DECEMBER 31
2003 2002
------------ ------------
(UNAUDITED) NOTE
($ THOUSANDS)
ASSETS
CURRENT ASSETS
Cash and cash equivalents ............................................ $ 2,988 $ 39,644
Accounts receivable, less allowances (2003 - $3,264; 2002 - $2,942) .. 140,845 130,769
Prepaid expenses ..................................................... 11,454 7,787
Deferred income taxes ................................................ 26,798 26,443
Federal and state income taxes prepaid ............................... 612 --
Other ................................................................ 3,119 3,729
------------ ------------
TOTAL CURRENT ASSETS .............................................. 185,816 208,372
PROPERTY, PLANT AND EQUIPMENT
Land and structures .................................................. 223,135 223,107
Revenue equipment .................................................... 371,319 343,100
Service, office and other equipment .................................. 106,656 91,054
Leasehold improvements ............................................... 12,977 12,983
------------ ------------
714,087 670,244
Less allowances for depreciation and amortization .................... 350,475 330,841
------------ ------------
363,612 339,403
INVESTMENT IN WINGFOOT .................................................. -- 59,341
PREPAID PENSION COSTS ................................................... 35,669 29,017
OTHER ASSETS ............................................................ 65,597 53,225
ASSETS HELD FOR SALE .................................................... 5,641 3,203
GOODWILL, less accumulated amortization (2003 and 2002 - $32,037) ....... 63,861 63,811
------------ ------------
$ 720,196 $ 756,372
============ ============
</Table>
Note: The balance sheet at December 31, 2002 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 BALANCE SHEETS - CONTINUED
- --------------------------------------------------------------------------------
<Table>
<Caption>
SEPTEMBER 30 DECEMBER 31
2003 2002
------------ ------------
(UNAUDITED) NOTE
($ THOUSANDS)
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank overdraft and drafts payable ..................................... $ 10,588 $ 7,808
Accounts payable ...................................................... 70,279 58,442
Federal and state income taxes ........................................ -- 5,442
Accrued expenses ...................................................... 130,253 123,294
Current portion of long-term debt ..................................... 340 328
------------ ------------
TOTAL CURRENT LIABILITIES .......................................... 211,460 195,314
LONG-TERM DEBT, less current portion ..................................... 19,561 112,151
FAIR VALUE OF INTEREST RATE SWAP ......................................... 7,743 9,853
OTHER LIABILITIES ........................................................ 65,391 59,938
DEFERRED INCOME TAXES .................................................... 32,605 23,656
FUTURE MINIMUM RENTAL COMMITMENTS, NET
(as of September 30, 2003 - $50,142) ................................... -- --
OTHER COMMITMENTS AND CONTINGENCIES ...................................... -- --
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, authorized 70,000,000 shares;
issued 2003: 25,071,141; 2002: 24,972,086 shares ................. 251 250
Additional paid-in capital ............................................ 212,839 211,567
Retained earnings ..................................................... 179,929 154,455
Treasury stock, at cost, 2003: 259,782 shares; 2002: 59,782 shares .. (5,807) (955)
Accumulated other comprehensive loss .................................. (3,776) (9,857)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY ......................................... 383,436 355,460
------------ ------------
$ 720,196 $ 756,372
============ ============
</Table>
Note: The balance sheet at December 31, 2002 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 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
NINE MONTHS ENDED
SEPTEMBER 30
2003 2002
------------ ------------
($ THOUSANDS)
OPERATING ACTIVITIES
Net income ................................................... $ 31,432 $ 2,355
Adjustment to reconcile net income to net cash
provided by operating activities:
Change in accounting principle, net of tax ................ -- 23,935
Depreciation and amortization ............................. 37,483 36,972
Other amortization ........................................ 259 189
Provision for losses on accounts receivable ............... 1,057 1,189
Provision for deferred income taxes ....................... 7,598 7,560
Fair value of interest rate swap .......................... 7,743 --
(Gain) loss on sales of assets and other .................. 183 (3,664)
Gain on sale of Wingfoot .................................. (12,060) --
Changes in operating assets and liabilities:
Receivables ............................................ (11,106) (26,418)
Prepaid expenses ....................................... (3,668) (4,308)
Other assets ........................................... (19,280) (2,254)
Accounts payable, bank drafts payable, taxes payable,
accrued expenses and other liabilities ............... 16,494 22,829
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES ....................... 56,135 58,385
------------ ------------
INVESTING ACTIVITIES
Purchases of property, plant and equipment,
less capitalized leases and notes payable .................. (63,935) (49,130)
Proceeds from asset sales .................................... 2,525 11,641
Proceeds from sale of Wingfoot ............................... 71,309 --
Capitalization of internally developed software and other .... (2,854) (3,528)
------------ ------------
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES ................ 7,045 (41,017)
------------ ------------
FINANCING ACTIVITIES
Borrowings under revolving credit facilities ................. 207,200 61,200
Payments under revolving credit facilities ................... (299,500) (61,200)
Payments on long-term debt ................................... (278) (15,142)
Retirement of bonds .......................................... -- (4,983)
Net increase (decrease) in bank overdraft .................... 2,796 (1,471)
Dividends paid on common stock ............................... (5,958) --
Purchase of preferred stock .................................. (4,852) --
Other, net ................................................... 756 1,918
------------ ------------
NET CASH USED BY FINANCING ACTIVITIES ........................... (99,836) (19,678)
------------ ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS ....................... (36,656) (2,310)
Cash and cash equivalents at beginning of period ............. 39,644 14,860
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ...................... $ 2,988 $ 12,550
============ ============
</Table>
ARKANSAS BEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA
AND OPERATING RATIOS (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2003 2002 2003 2002
--------- --------- ---------- -----------
($ THOUSANDS)
OPERATING REVENUES
ABF Freight System, Inc.(1)
LTL ........................ $ 331,571 $ 307,553 $ 942,313 $ 855,057
TL ......................... 29,038 27,963 79,666 77,160
--------- --------- ---------- -----------
Total ...................... 360,609 335,516 1,021,979 932,217
--------- --------- ---------- -----------
Clipper ....................... 33,980 32,399 95,446 88,634
Other revenues and
eliminations ................ 8,289 7,482 22,905 19,881
--------- --------- ---------- -----------
Total consolidated
operating revenues .......... $ 402,878 $ 375,397 $1,140,330 $ 1,040,732
========= ========= ========== ===========
OPERATING EXPENSES AND COSTS
ABF FREIGHT SYSTEM, INC. (1)
Salaries and wages ......... $ 229,552 63.7% $ 217,987 65.0% $ 671,782 65.7% $ 626,412 67.2%
Supplies and expenses ...... 45,097 12.5 40,926 12.2 133,323 13.0 115,131 12.4
Operating taxes and
licenses ................. 9,840 2.7 10,070 3.0 29,568 2.9 29,923 3.2
Insurance .................. 6,158 1.7 5,862 1.7 17,801 1.7 17,008 1.8
Communications and
utilities ................ 3,516 1.0 3,545 1.1 10,985 1.1 10,283 1.1
Depreciation and
amortization ............. 11,116 3.1 10,391 3.1 31,788 3.1 31,137 3.3
Rents and purchased
transportation ........... 25,215 7.0 21,836 6.5 69,044 6.8 58,001 6.2
Other ...................... 1,055 0.3 1,217 0.3 2,758 0.3 2,812 0.3
(Gain) on sale of
equipment ................ (228) (0.1) (31) -- (28) -- (255) --
--------- -------- --------- -------- ---------- -------- ----------- -----
331,321 91.9% 311,803 92.9% 967,021 94.6% 890,452 95.5%
--------- -------- --------- -------- ---------- -------- ----------- -----
CLIPPER
Cost of services ........... 29,292 86.2% 27,634 85.3% 82,480 86.4% 76,121 85.9%
Selling, administrative
and general .............. 4,064 12.0 4,029 12.4 12,108 12.7 11,645 13.1
Loss on sale of
equipment ................ 6 -- 3 -- 1 -- 67 0.1
--------- -------- --------- -------- ---------- -------- ----------- -----
33,362 98.2% 31,666 97.7% 94,589 99.1% 87,833 99.1%
--------- -------- --------- -------- ---------- -------- ----------- -----
Other expenses and
eliminations ................ 9,550 7,981 26,681 20,425
--------- --------- ---------- -----------
Total consolidated operating
expenses and costs .......... $ 374,233 $ 351,450 $1,088,291 $ 998,710
========= ========= ========== ===========
OPERATING INCOME (LOSS)
ABF Freight System, Inc.(1) ... $ 29,288 $ 23,713 $ 54,958 $ 41,765
Clipper ....................... 618 733 857 801
Other loss and eliminations ... (1,261) (499) (3,776) (544)
--------- --------- ---------- -----------
Total consolidated
operating income ............ $ 28,645 $ 23,947 $ 52,039 $ 42,022
========= ========= ========== ===========
</Table>
(1) Includes U.S., Canadian, and Puerto Rican operations of ABF affiliates.
ARKANSAS BEST CORPORATION
FINANCIAL STATISTICS AND GAAP NET INCOME RECONCILIATION (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
ROLLING
TWELVE MONTHS ENDED
SEPTEMBER 30, 2003
-------------------
FINANCIAL STATISTICS
After-Tax Return on Stockholders' Equity (net income / average equity)... 12.65%
Debt to Equity Ratio .................................................... 0.05:1
After-Tax Return on Capital Employed (1)................................. 13.01%
</Table>
(1) (Net income + interest after tax) / (average total debt + average equity)
<Table>
<Caption>
THREE MONTHS ENDED
SEPTEMBER 30, 2002
----------------------------
NET INCOME
NET PER SHARE
INCOME (DILUTED)
------------ ------------
RECONCILIATION OF GAAP NET INCOME AND NET INCOME PER SHARE
GAAP net income ................................................. $ 18,347 $ 0.73
Less IRS interest settlement .................................... (3,070) (0.12)
Less gains on sales of excess freight facilities ................ (2,188) (0.09)
Plus workers' compensation excess liability increase ............ 529 0.02
------------ ------------
Net income, excluding above items (non-GAAP financial measure) .. $ 13,618 $ 0.54
============ ============
</Table>
ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
THREE MONTHS ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30
2003 2002 % CHANGE 2003 2002 % CHANGE
------------ ------------ -------- ------------ ------------ --------
Billed Revenue*/CWT LTL $ 24.39 $ 22.91 6.5% $ 23.83 $ 22.06 8.0%
TL 8.92 $ 8.23 8.4% $ 8.58 $ 7.85 9.3%
Total $ 21.40 $ 19.94 7.3% $ 20.93 $ 19.19 9.1%
Billed Revenue*/CWT LTL $ 23.60 $ 22.39 5.4% $ 22.96 $ 21.68 5.9%
(without fuel surcharge) TL $ 8.63 $ 8.13 6.2% $ 8.35 $ 7.77 7.5%
Total $ 20.70 $ 19.51 6.1% $ 20.18 $ 18.87 7.0%
Billed Revenue*/Shipment LTL $ 238.87 $ 227.06 5.2% $ 232.23 $ 219.81 5.6%
TL $ 1,459.53 $ 1,345.74 8.5% $ 1,394.78 $ 1,281.42 8.8%
Total $ 256.12 $ 243.96 5.0% $ 248.37 $ 236.00 5.2%
Billed Revenue*/Shipment LTL $ 231.11 $ 221.94 4.1% $ 223.73 $ 216.02 3.6%
(without fuel surcharge) TL $ 1,411.17 $ 1,328.99 6.2% $ 1,358.21 $ 1,269.01 7.0%
Total $ 247.78 $ 238.67 3.8% $ 239.47 $ 232.07 3.2%
Tonnage LTL 681,485 677,891 0.5% 1,983,958 1,950,385 1.7%
(tons) TL 163,158 171,595 (4.9)% 466,184 494,570 (5.7)%
------------ ------------ ------------ ------------
Total 844,643 849,486 (0.6)% 2,450,142 2,444,955 0.2%
Shipments** LTL 1,391,605 1,367,868 1.7% 4,072,283 3,914,823 4.0%
TL 19,946 20,984 (5.0)% 57,323 60,600 (5.4)%
------------ ------------ ------------ ------------
Total 1,411,551 1,388,852 1.6% 4,129,606 3,975,423 3.9%
</Table>
* Billed Revenue does not include revenue deferral required for financial
statement purposes under the Company's revenue recognition policy. Prior to
the third quarter 2002, the Company reported revenue-per-hundredweight
statistics using financial statement revenue recognized on a relative
transit time basis.
** LTL and total shipment counts for the nine months ended September 30, 2002
reflect the correction of an insignificant reporting error that appeared in
the second quarter 2002.
There were 64 workdays in the three months ended September 30, 2003 and in the
three months ended September 30, 2002. There were 191 workdays in the nine
months ended September 30, 2003 and in the nine months ended September 30, 2002.
Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.
Contact: Mr. David E. Loeffler, Vice President,
Chief Financial Officer and Treasurer
Telephone: (479) 785-6157
Mr. David Humphrey, Director of Investor Relations
Telephone: (479) 785-6200
END OF RELEASE