Arkansas Best Corporation announced a fourth quarter 2009 net loss of $88.7 million, or $3.54 per share.
These results include previously disclosed charges for non-cash goodwill impairment of $2.55 per share and supplemental pension settlements of $0.11 per share. Excluding these charges, Arkansas Best had a fourth quarter 2009 net loss of $22.1 million, or $0.88 per share, compared to a net loss of $11.0 million, or $0.44 per share, in the fourth quarter of 2008.
"Arkansas Best's fourth quarter results illustrate the impact of an extremely weak and uncertain freight environment that has continued now for forty months," said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. "This economic recession has been unprecedented in its length and depth. Its impact on the LTL industry has accelerated the level of price competition throughout 2009, and the fourth quarter was no exception."
"Although the economy has presented us with extreme challenges, the strength of our balance sheet and the depth and experience of the ABF team have allowed us to continue our focus on enhancing our services to customers. A high standard of dependability, superior cargo care and adaptability to customer-specific requirements are the important elements of that focus," said Ms. McReynolds.