ARCBEST CORPORATION FORT SMITH, Ark., May 4, 2015 /PRNewswire/ -- ArcBest Corporation (Nasdaq: ARCB) today reported first quarter 2015 earnings of $0.03 per share compared to a first quarter 2014 net loss of $0.20 per share, as ABF Freight posted operating income and the emerging businesses, which in total equaled 29 percent of ArcBest's revenue, all grew from the year-ago period.
Excluding pension settlement charges in both periods, ArcBest earned $0.06 per share in first quarter 2015 compared to a net loss of $0.11 per share last year.
ArcBest Corporation
Consolidated Results of Operations
First Quarter 2015
-- Revenue of $613.3 million, an increase of 6 percent over the prior year
quarter of $577.9 million
-- Net income of $0.7 million compared to a net loss of $5.2 million in the
prior year quarter
-- Excluding pension settlement charges, net income of $1.4 million
compared to a net loss of $2.9 million in the prior year quarter
"We were very gratified to see ArcBest post a first-quarter profit for the first time in seven years," said ArcBest President and CEO Judy R. McReynolds. "As productivity and pricing improved, ABF Freight reversed last year's first-quarter losses while maintaining its focus on better serving customers. The emerging businesses contributed their largest revenue portion yet to ArcBest, at 29 percent of total consolidated revenue, as our efforts to provide tailored, customized solutions across the supply chain are resonating well."
Freight Transportation (ABF Freight)
Results of Operations
First Quarter 2015
-- Revenue of $441.2 million compared to $428.9 million in first quarter
2014, an increase of 2.9 percent
-- Tonnage per day decrease of 0.5 percent versus first quarter 2014
-- Total billed revenue per hundredweight of $28.06 compared to $27.05 the
prior year, an increase of 3.7 percent
-- Breakeven operating income compared to an operating loss of $12.2
million and an operating ratio of 102.8 percent in first quarter 2014
-- Excluding adjustments for pension settlement charges, operating income
of $0.9 million and operating ratio of 99.8 percent compared to an
operating loss of $9.3 million and an operating ratio of 102.1 percent
in first quarter 2014
-- Though less of an effect than last year, results include a reduction in
operating income associated with severe winter weather
ABF Freight experienced first quarter revenue growth on improved pricing despite the effects of a slight reduction in total freight tonnage. By effectively managing its labor and equipment resources during the quarter, ABF Freight sought to maintain consistent service levels to both new and existing LTL customers. Management focus has resulted in improved dock productivity as employees hired last year are more experienced in freight handling and loading. Despite year-over-year reductions in fuel surcharge related to lower fuel prices, ABF Freight continued to experience positive account pricing through its traditional ability to focus on unique, customer-specific solutions.
Emerging, Non-Asset-Based Businesses
Results of Operations
First Quarter 2015
-- Revenue of $183.7 million compared to $158.4 million in first quarter
2014, an increase of 16 percent
-- These businesses equaled 29 percent of total consolidated revenue
compared to 27 percent during the same period last year
-- First quarter 2015 earnings before interest, taxes, depreciation and
amortization ("EBITDA") of $6.6 million compared to EBITDA in the first
quarter of 2014 of $7.9 million, impacted by higher than expected
healthcare and casualty claims
During the first quarter, ArcBest's emerging, non-asset-based businesses continued to experience revenue growth highlighted by strong, double digit increases at ABF Logistics and ABF Moving. ABF Logistics experienced significant growth in the freight brokerage business associated with additional shipments from new and existing customers and the expanding benefits of offering logistics services to customers across the ArcBest enterprise of companies. As previously discussed, continued investments in personnel and resources needed to drive future growth are not yet fully contributing at margin levels expected when the business matures.
Compared to strong revenue growth last year, Panther had a moderate first quarter revenue increase on 16 percent growth in shipments, primarily driven by new customers. Gross profit margins were impacted by demand softness and lower rates in the expedited market resulting from more readily available truckload capacity versus last year, and a shorter length of haul on new Panther business. The quarter's results were impacted by unfavorable experience in casualty claims and higher than expected healthcare costs, which in total increased Panther's operating costs versus the same period last year by $1.5 million. Finally, costs associated with investments in additional sales personnel and infrastructure for future business growth also reduced first quarter 2015 profitability.
Conference Call
ArcBest Corporation will host a conference call with company executives to discuss the 2015 first quarter results. The call will be today, Monday, May 4, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 734-4208. Following the call, a recorded playback will be available through the end of the day on June 15, 2015. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21766025. The conference call and playback can also be accessed, through June 15, 2015, on ArcBest's website at arcb.com.
About ArcBest
ArcBest Corporation(SM) (Nasdaq: ARCB) solves complex logistics and transportation challenges. Our companies and brands - ABF Freight(SM), ABF Logistics(SM), Panther Premium Logistics(®), FleetNet America(®), U-Pack(®) and ArcBest Technologies - apply the skill and the will with every shipment and supply chain solution, household move or vehicle repair. ArcBest finds a way.
For more information, visit arcb.com, abf.com, pantherpremium.com, fleetnetamerica.com and upack.com. ArcBest Corporation(SM). The Skill & The Will(SM).
Forward-Looking Statements
Certain statements and information in this press release concerning results for the three months ended March 31, 2015 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "foresee," "intend," "may," "plan," "predict," "project," "scheduled," "should," "would" and similar expressions and the negatives of such terms are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effect on us. Although management believes that these forward-looking statements are reasonable, as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and management's present expectations or projections. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to: costs of continuing investments in technology, a failure of our information systems and the impact of cyber incidents; disruptions or failures of services essential to the operation of our business or the use of information technology platforms in our business; governmental regulations and policies; litigation or claims asserted against us; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; competitive initiatives, pricing pressures, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates and the inability to collect fuel surcharges; general economic conditions and related shifts in market demand that impact the performance and needs of industries served by ArcBest Corporation's subsidiaries and/or limit our customers' access to adequate financial resources; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight's collective bargaining agreement; relationships with employees, including unions, and our ability to attract and retain employees and/or independent owner operators; availability of fuel; default on covenants of financing arrangements and the availability and terms of future financing arrangements; availability and cost of reliable third-party services; increased competition from freight transportation service providers outside the motor carrier freight transportation industry; timing and amount of capital expenditures, increased prices for and decreased availability of new revenue equipment and decreases in value of used revenue equipment; future costs of operating expenses such as maintenance and fuel and related taxes; self-insurance claims and insurance premium costs; environmental laws and regulations, including emissions-control regulations; potential impairment of goodwill and intangible assets; the impact of our brands and corporate reputation; the cost, timing and performance of growth initiatives; the cost, integration and performance of any future acquisitions; weather conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in ArcBest Corporation's Securities and Exchange Commission public filings.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Financial Data and Operating Statistics
The following tables show financial data and operating statistics on ArcBest Corporation(SM) and its subsidiary companies.
Investor Relations Contact: David Humphrey Media Contact: Kathy Fieweger
Title: Vice President - Investor Relations Title: Chief Marketing Officer
Phone: 479-785-6200 Phone: 479-719-4358
Email: dhumphrey@arcb.com Email: kfieweger@arcb.com
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands, except share and per
share data)
REVENUES $613,276 $577,904
OPERATING EXPENSES 611,996 586,606
------------------ ------- -------
OPERATING INCOME (LOSS) 1,280 (8,702)
OTHER INCOME (COSTS)
Interest and dividend
income 234 190
Interest and other
related financing costs (1,002) (808)
Other, net 400 365
---------- --- ---
(368) (253)
---- ----
INCOME (LOSS) BEFORE
INCOME TAXES 912 (8,955)
INCOME TAX PROVISION
(BENEFIT) 167 (3,762)
-------------------- --- ------
NET INCOME
(LOSS) $745 $(5,193)
========== ==== =======
EARNINGS (LOSS) PER
COMMON SHARE
Basic $0.03 $(0.20)
Diluted $0.03 $(0.20)
======= ===== ======
AVERAGE COMMON SHARES
OUTSTANDING
Basic 26,051,038 25,876,928
Diluted 26,588,518 25,876,928
======= ========== ==========
CASH
DIVIDENDS
DECLARED PER
COMMON SHARE $0.06 $0.03
============= ===== =====
ARCBEST CORPORATION
CONSOLIDATED BALANCE SHEETS
---------------------------
March 31 December 31
2015 2014
---- ----
(Unaudited) Note
($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $166,022 $157,042
Short-term investments 45,980 45,909
Restricted cash 1,386 1,386
Accounts receivable, less allowances (2015 -
$5,653; 2014 - $5,731) 230,715 228,056
Other accounts receivable, less allowances
(2015 - $1,489; 2014 - $1,701) 6,289 6,582
Prepaid expenses 22,599 20,906
Deferred income taxes 38,468 40,220
Prepaid and refundable income taxes 12,657 9,920
Other 4,907 4,968
----- ----- -----
TOTAL CURRENT ASSETS 529,023 514,989
PROPERTY, PLANT AND EQUIPMENT
Land and structures 264,740 251,836
Revenue equipment 628,136 633,455
Service, office, and other equipment 135,156 136,145
Software 119,431 116,112
Leasehold improvements 24,496 24,377
---------------------- ------ ------
1,171,959 1,161,925
Less allowances for depreciation and
amortization 766,217 752,075
------------------------------------ ------- -------
405,742 409,850
GOODWILL 80,696 77,078
INTANGIBLE ASSETS, NET 72,862 72,809
OTHER ASSETS 53,376 52,896
------------ ------ ------
$1,141,699 $1,127,622
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank overdraft and drafts payable $14,299 $16,095
Accounts payable 115,566 104,230
Income taxes payable 257 527
Accrued expenses 176,737 194,674
Current portion of long-term debt 22,639 25,256
--------------------------------- ------ ------
TOTAL CURRENT LIABILITIES 329,498 340,782
LONG-TERM DEBT, less current portion 132,837 102,474
PENSION AND POSTRETIREMENT LIABILITIES 44,448 42,418
OTHER LIABILITIES 12,740 16,667
DEFERRED INCOME TAXES 64,245 64,398
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized
70,000,000 shares; issued 2015: 27,739,223
shares; 2014: 27,722,010 shares 277 277
Additional paid-in-capital 304,570 303,045
Retained earnings 337,971 338,810
Treasury stock, at cost, 2015: 1,742,132
shares; 2014: 1,677,932 shares (60,229) (57,770)
Accumulated other comprehensive loss (24,658) (23,479)
------------------------------------ ------- -------
TOTAL STOCKHOLDERS' EQUITY 557,931 560,883
-------------------------- ------- -------
$1,141,699 $1,127,622
========== ==========
Note: The balance sheet at
December 31, 2014 has been
derived from the audited
financial statements at that
date but does not include all
of the information and
footnotes required by
generally accepted accounting
principles for complete
financial statements.
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands)
OPERATING ACTIVITIES
Net income (loss) $745 $(5,193)
Adjustments to reconcile net income
(loss) to net cash
provided by operating activities:
Depreciation and amortization 21,084 19,410
Amortization of intangibles 1,148 1,043
Pension settlement expense 1,119 3,691
Share-based compensation expense 1,647 1,568
Provision for losses on accounts
receivable 312 84
Deferred income tax provision (benefit) 1,507 (3,493)
Gain on sale of property and equipment (310) (214)
Changes in operating assets and
liabilities:
Receivables (902) (19,268)
Prepaid expenses (1,689) (3,163)
Other assets 456 (1,710)
Income taxes (2,426) (3,610)
Accounts payable, accrued expenses, and
other liabilities (11,759) 17,065
--------------------------------------- ------- ------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 10,932 6,210
------------------------------ ------ -----
INVESTING ACTIVITIES
Purchases of property, plant and
equipment, net of financings (16,546) (8,654)
Proceeds from sales of property and
equipment 977 746
Business acquisition, net of cash
acquired (5,170) -
Capitalization of internally developed
software (2,087) (1,879)
-------------------------------------- ------ ------
NET CASH USED IN INVESTING ACTIVITIES (22,826) (9,787)
------------------------------------- ------- ------
FINANCING ACTIVITIES
Borrowings under credit facilities 70,000 -
Borrowings under accounts receivable
securitization program 35,000 -
Payments on long-term debt (77,254) (7,765)
Net change in bank overdraft and drafts
payable (2,005) 1,399
Deferred financing costs (824) -
Payment of common stock dividends (1,584) (819)
Purchase of treasury stock (2,459) -
Proceeds from the exercise of stock
options - 1,136
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 20,874 (6,049)
------------------------------ ------ ------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 8,980 (9,626)
Cash and cash equivalents at beginning
of period 157,042 105,354
-------------------------------------- ------- -------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $166,022 $95,728
=================================== ======== =======
NONCASH INVESTING ACTIVITIES
Accruals for equipment received $163 $102
=============================== ==== ====
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
------------------------------------------------------
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands, except percentages)
Freight Transportation (ABF Freight)
-----------------------------------
Operating Income (Loss) ($) Operating
Ratio (% of revenues)
Amounts on a GAAP basis $43 100.0% $(12,184) 102.8%
Pension settlement expense 840 (0.2) 2,890 (0.7)
-------------------------- --- ---- ----- ----
Non-GAAP amounts $883 99.8% $(9,294) 102.1%
================ ==== ==== ======= =====
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands, except per share data)
ArcBest Corporation - Consolidated
----------------------------------
Net Income (Loss)
Amounts on a GAAP basis $745 $(5,193)
Pension settlement expense, after-
tax(1) 684 2,255
---------------------------------- --- -----
Non-GAAP amounts $1,429 $(2,938)
================ ====== =======
Diluted Earnings (Loss) Per Share
Amounts on a GAAP basis $0.03 $(0.20)
Pension settlement expense, after-
tax(1) 0.03 0.09
---------------------------------- ---- ----
Non-GAAP amounts $0.06 $(0.11)
================ ===== ======
(1) Consolidated pension settlement
expense totaled $1.1 million
(pre-tax) and $3.7 million
(pre-tax) for the three months
ended March 31, 2015 and 2014,
respectively.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
------------------------------------------------------------------
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands)
Adjusted Earnings Before Interest, Taxes,
Depreciation, and Amortization (Adjusted
EBITDA)
-----------------------------------------
ArcBest Corporation - Consolidated
Net income (loss) $745 $(5,193)
Interest and other related financing costs 1,002 808
Income tax provision (benefit) 167 (3,762)
Depreciation and amortization 22,232 20,453
Amortization of share-based compensation 1,647 1,568
Amortization of actuarial losses of benefit
plans and pension settlement expense(1) 2,193 4,268
------------------------------------------- ----- -----
Adjusted EBITDA $27,986 $18,142
=============== ======= =======
(1) Consolidated pension settlement
expense totaled $1.1 million
(pre-tax) and $3.7 million
(pre-tax) for the three months
ended March 31, 2015 and 2014,
respectively.
Three Months Ended Three Months Ended
March 31 March 31
2015 2014
---- ----
Operating Depreciation Operating Depreciation and
and Income Amortization
Amortization EBITDA EBITDA
Income (Loss)
(Loss)
-----
(Unaudited)
($ thousands)
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
-----------------------------------------------------------------------
Non-Asset-Based Segments
Premium Logistics
(Panther)(2) $1,195 $2,924 $4,119 $3,364 $2,737 $6,101
Emergency & Preventative
Maintenance (FleetNet) 1,170 283 1,453 1,401 174 1,575
Transportation Management (ABF
Logistics) 775 284 1,059 535 216 751
Household Goods Moving Services
(ABF Moving) (363) 350 (13) (841) 349 (492)
------------------------------- ---- --- --- ---- --- ----
Total non-asset-
based segments $2,777 $3,841 $6,618 $4,459 $3,476 $7,935
================ ====== ====== ====== ====== ====== ======
(2) Depreciation and amortization
consists primarily of
amortization of intangibles,
including customer
relationships and software
associated with the June 15,
2012 acquisition of Panther.
Non-GAAP Financial Measures. The
Company reports its financial
results in accordance with
generally accepted accounting
principles ("GAAP"). However,
management believes that certain
non-GAAP performance measures and
ratios utilized for internal
analysis provide financial
statement users meaningful
comparisons between current and
prior period results, as well as
important information regarding
performance trends. Certain
information discussed in the
scheduled conference call could be
considered non-GAAP measures. Non-
GAAP financial measures should be
viewed in addition to, and not as
an alternative for, the Company's
reported results. Management
believes EBITDA and Adjusted EBITDA
to be relevant and useful
information as EBITDA is a standard
measure commonly reported and
widely used by analysts, investors
and others to measure financial
performance and ability to service
debt obligations. However, these
financial measures should not be
construed as better measurements
than operating income, operating
cash flow, net income or earnings
per share, as defined by generally
accepted accounting principles.
Other companies may calculate
EBITDA differently, and therefore
the Company's EBITDA and Adjusted
EBITDA may not be comparable to
similarly titled measures of other
companies.
ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS
---------------------------------------------------------------
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands)
REVENUES
Freight Transportation (ABF
Freight) $441,207 $428,871
Premium Logistics (Panther) 75,292 72,226
Emergency & Preventative Maintenance
(FleetNet) 42,489 41,699
Transportation Management (ABF Logistics) 47,372 29,717
Household Goods Moving Services (ABF
Moving) 18,568 14,750
------------------------------------ ------ ------
Total non-asset-based segments 183,721 158,392
------------------------------ ------- -------
Other and eliminations (11,652) (9,359)
Total consolidated revenues $613,276 $577,904
=========================== ======== ========
OPERATING EXPENSES
Freight Transportation (ABF Freight)
$278,371 63.1% $261,154 60.9%
Salaries, wages, and benefits
Fuel, supplies, and expenses 79,026 17.9 90,791 21.2
Operating taxes and licenses 11,996 2.7 11,493 2.7
Insurance 5,785 1.3 5,395 1.2
Communications and utilities 3,985 0.9 4,242 1.0
Depreciation and amortization 17,400 3.9 16,338 3.8
Rents and purchased transportation 41,844 9.5 47,420 11.0
Gain on sale of property and equipment (244) - (203) -
Pension settlement expense(1) 840 0.2 2,890 0.7
Other 2,161 0.5 1,535 0.3
441,164 100.0% 441,055 102.8%
------- ----- ------- -----
Premium Logistics (Panther)
$56,044 74.4% $54,573 75.5%
Purchased transportation
Depreciation and amortization(2) 2,924 3.9 2,737 3.8
Salaries, benefits, insurance, and other 15,129 20.1 11,552 16.0
---------------------------------------- ------ ---- ------ ----
74,097 98.4% 68,862 95.3%
Emergency & Preventative Maintenance
(FleetNet) 41,319 40,298
Transportation Management (ABF Logistics) 46,597 29,182
Household Goods Moving Services (ABF
Moving) 18,931 15,591
------------------------------------ ------ ------
Total non-asset-based segments 180,944 153,933
------------------------------ ------- -------
Other expenses and eliminations(1) (10,112) (8,382)
--------------------------------- ------- ------
Total consolidated operating
expenses and costs(1) $611,996 $586,606
============================ ======== ========
(1) Pension settlement expense
totaled $1.1 million (pre-tax)
and $3.7 million (pre-tax) on
a consolidated basis for the
three months ended March 31,
2015 and 2014, respectively.
For the three months ended
March 31, 2015, pre-tax
pension settlement expense of
$0.8 million was reported by
ABF Freight, $0.2 million was
reported in Other and
eliminations, and $0.1 million
was reported by the non-asset-
based segments. For the three
months ended March 31, 2014,
pre-tax pension settlement
expense of $2.9 million was
reported by ABF Freight, $0.7
million was reported in Other
and eliminations, and $0.1
million was reported by the
non-asset-based segments.
(2) Depreciation and amortization
consists primarily of
amortization of intangibles,
including customer
relationships and software
associated with the June 15,
2012 acquisition of Panther.
ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS - Continued
---------------------------------------------------------------------------
Three Months Ended
March 31
2015 2014
---- ----
(Unaudited)
($ thousands)
OPERATING INCOME (LOSS)
Freight
Transportation
(ABF Freight) $43 $(12,184)
Premium Logistics (Panther) 1,195 3,364
Emergency & Preventative
Maintenance (FleetNet) 1,170 1,401
Transportation Management
(ABF Logistics) 775 535
Household Goods Moving
Services (ABF Moving) (363) (841)
---------------------- ---- ----
Total non-asset-based
segments 2,777 4,459
--------------------- ----- -----
Other loss and eliminations (1,540) (977)
--------------------------- ------ ----
Total consolidated
operating income
(loss) $1,280 $(8,702)
================== ====== =======
ARCBEST CORPORATION
OPERATING STATISTICS
--------------------
Three Months Ended
March 31
2015 2014 % Change
---- ---- --------
(Unaudited)
Freight Transportation (ABF Freight)
Workdays 62.5 63.0
Billed Revenue(1) / CWT $28.06 $27.05 3.7%
Billed Revenue(1) / Shipment $372.56 $381.84 (2.4)%
Shipments 1,188,797 1,133,332 4.9%
Shipments / Day 19,021 17,989 5.7%
Tonnage (tons) 789,331 799,811 (1.3)%
Tons / Day 12,629 12,695 (0.5)%
(1) Revenue for undelivered freight is
deferred for financial statement
purposes in accordance with ABF
Freight's revenue recognition
policy. Billed revenue used for
calculating revenue per
hundredweight measurements has not
been adjusted for the portion of
revenue deferred for financial
statement purposes. Billed revenue
has been adjusted to exclude
intercompany revenue that is not
related to freight transportation
services.
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SOURCE ArcBest Corporation
