Fort Smith, Ark.-based Arkansas Best Corp. generated solid financial results during what has been a very challenging year, although profits were down considerably from the year before.

Fourth quarter 2001 net income of $9.5 million compared to fourth quarter 2000 net income of $21.9 million. For the full year of 2001, the company reported net income of $41.4 million versus 2000 net income of $76.2 million.
"During a period when our company has experienced some of the most significant business level declines in our history, we are proud of the solid earnings that were produced during 2001," said Robert A. Young III, Arkansas Best president and CEO.
ABF: "Despite experiencing tonnage and revenue levels considerably below those in the fourth quarter of 2000, ABF continued to keep its costs in line with available freight," Young said.
During the fourth quarter, ABF Freight System's revenue was $302 million compared to $345 million in the fourth quarter of 2000. ABF's operating income during the current quarter was $16.5 million versus $32.8 million in the same period last year. Fourth quarter 2001 LTL tonnage per day declined 12.2% when compared to last year.
For the full year of 2001, ABF's revenue was $1.28 billion, a 7% per day decrease compared to last year. ABF's 2001 operating ratio was 93.8% versus 90.3% in 2000. ABF's 2001 operating income was $79.4 million versus $133.8 million during 2000. Total tonnage per day in 2001 decreased 7.7% compared to the previous year.
Clipper had revenues of $29.7 million in the fourth quarter, versus $32 million in the fourth quarter of 2000. Clipper's fourth quarter operating ratio was 101.9% versus 100.3% during the fourth quarter of 2000. For the full-year 2001, revenues at Clipper were $127.3 million compared to $130.2 million during 2000. Clipper's 2001 operating ratio was 99.6%, compared to 98.8% last year.
"If current economic and general pricing conditions persist throughout 2002, with soft tonnage and relatively firm pricing discipline in the industry, Arkansas Best could continue to experience margins similar to 2001," said Young. "However, if the economy begins a recovery and tonnage increases during the year, Arkansas Best should experience significant operating leverage commensurate with the timing and extent of the business expansion."