Arkansas Best Corp. reported first quarter 2004 net income of $4.5 million, or $0.18 per diluted common share.

During the first quarter of 2003, the company reported a net loss of $734,000, or $0.03 per common share, which included a $9-million pre-tax charge related to Arkansas Best's interest rate swap. Excluding this charge, first quarter 2003 earnings were $0.19 per common share.
ABF Freight System's revenue during the first quarter of 2004 was $346.1 million, a per-day increase of 3.0% compared to first quarter 2003 revenue of $330.8 million.
First quarter 2004 operating income at ABF was $8.7 million compared to $11.1 million during the first quarter of 2003. ABF's first quarter 2004 operating ratio was 97.5% versus an operating ratio of 96.6% during the first quarter of 2003.
"Because of low business levels in January and February, ABF's normal cost increases had a greater impact on first quarter margins," said Robert A. Young III, Arkansas Best president and chief executive officer.
"March's average LTL daily tonnage was approximately 10% above that in January and over 4% above that in February. The availability of additional business in March translated into a significant improvement in ABF's bottom-line results over January and February."
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