Arkansas Best Corp. announced second-quarter 2006 net income of $32.3 million; income from continuing operations was $29 million, compared to second-quarter 2005 income from continuing operations of $22.6 million. Arkansas Best’s second-quarter 2006 revenue was $479.3 million, an increase of 12 percent over second-quarter 2005 revenue of $427.9 million.
As previously announced, in June 2006 Arkansas Best completed the sale of Clipper Exxpress, its former intermodal transportation subsidiary. Arkansas Best’s discontinued operations include an after-tax gain on the sale of Clipper.
ABF Freight System had second-quarter 2006 revenue of $466.9 million, a per-day increase of 11.8 percent over second-quarter 2005 revenue of $417.5 million. Second-quarter 2006 operating income at ABF was $46.4 million compared to $38.1 million during the second quarter of 2005. ABF’s second-quarter 2006 operating ratio was 90.1 percent versus an operating ratio of 90.9 percent in the second quarter of 2005.
“During a period of healthy revenue and tonnage growth, the employees of ABF enhanced customer satisfaction levels and cargo care, further improving the industry’s best loss and damage experience,” says Robert A. Davidson, president and chief executive officer of Fort Smith, Ark.-based Arkansas Best. “Our balance of growth and disciplined yield management resulted in an improvement in ABF’s operating profit and the best second-quarter operating ratio in over 28 years.”