Arkansas Best Corp., Fort Smith, Ark., reported fourth quarter 2003 net income of $14.7 million, compared to fourth quarter 2002 net income of $14.5 million.
Arkansas Best's revenue during the fourth quarter of 2003 was $387.1 million, an increase of 1.5% over the fourth quarter of 2002.
"Arkansas Best had another solid performance in 2003, highlighted by a 13.2% after-tax return on capital employed. Arkansas Best ended 2003 with no outstanding debt on its revolving credit facility," said Robert A. Young III, president and chief executive officer. "In spite of minimal increases in yearly LTL tonnage levels, ABF improved its full year 2003 operating ratio to 94.3% with a revenue increase of 7.3%. Though tonnage declined in the fourth quarter from the previous year, it was actually stronger than we anticipated based on typical sequential trends. Arkansas Best's balance sheet strength, combined with ABF's continued strong operational performance – as illustrated by a fourth quarter 2003 operating ratio of 93.5% -- puts our company in a good position to take advantage of a promising economic outlook and other opportunities that exist within the trucking industry."
Arkansas Best's revenue during the fourth quarter of 2003 was $387.1 million, an increase of 1.5% over the fourth quarter of 2002.
"Arkansas Best had another solid performance in 2003, highlighted by a 13.2% after-tax return on capital employed. Arkansas Best ended 2003 with no outstanding debt on its revolving credit facility," said Robert A. Young III, president and chief executive officer. "In spite of minimal increases in yearly LTL tonnage levels, ABF improved its full year 2003 operating ratio to 94.3% with a revenue increase of 7.3%. Though tonnage declined in the fourth quarter from the previous year, it was actually stronger than we anticipated based on typical sequential trends. Arkansas Best's balance sheet strength, combined with ABF's continued strong operational performance – as illustrated by a fourth quarter 2003 operating ratio of 93.5% -- puts our company in a good position to take advantage of a promising economic outlook and other opportunities that exist within the trucking industry."
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