ARCBEST CORPORATION FORT SMITH, Ark., April 29, 2016 /PRNewswire/ -- ArcBest Corporation(®) (Nasdaq: ARCB) today reported a first quarter 2016 net loss of $6.1 million, or $0.24 per share, compared to first quarter 2015 net income of $0.7 million, or $0.03 per share, reflecting a sluggish and inconsistent industrial and manufacturing economic environment. From a longer-term perspective, investments are continuing in sales, customer service, equipment and information technology for ABF Freight and the asset-light logistics businesses in order to take advantage of growth opportunities with new and existing customers while improving operating efficiencies. Revenue growth in those asset-light businesses reflects the positive effects of the recent Bear Transportation acquisition. Continued success in the strategy of collaboration across the ArcBest enterprise contributed to load count increases at both Panther and ABF Logistics(®).
Excluding certain items in both periods, ArcBest's non-GAAP net loss was $5.9 million, or $0.23 per share, in first quarter 2016 compared to earnings of $1.0 million, or $0.04 per share, last year. Operating results were impacted by a $0.07 per share increase in self-insurance expense at ABF Freight versus the prior-year period.
"Ongoing economic weakness continued to impact our business, consistent with trends that began in the fall of 2015," said ArcBest Chairman, President and CEO Judy R. McReynolds. "We are encouraged by the on-going stability in LTL pricing and by the positive reception our customers have to the expanding array of services we offer in helping them better manage their complex supply chain issues."
Freight Transportation (ABF Freight)
Results of Operations
First Quarter 2016
-- Revenue of $439.5 million compared to $441.2 million in first quarter
2015, a per-day decrease of 2.0 percent. ABF Freight's revenue
comparison was impacted by lower fuel surcharges attributable to the
significant year-over-year decrease in diesel fuel prices.
-- Tonnage per day decrease of 0.9 percent compared to first quarter 2015.
-- Total billed revenue per hundredweight decreased 1.2 percent compared to
the prior year reflecting lower fuel surcharges. Excluding fuel
surcharge, the percentage increase on ABF Freight's traditional LTL
freight was in the low-single digits.
-- An operating loss of $9.0 million and an operating ratio of 102.1
percent compared to breakeven operating income in first quarter 2015.
Excluding adjustments for nonunion pension settlement charges, an
operating loss of $8.3 million and an operating ratio of 101.9 percent.
First quarter 2016 results included a $2.9 million increase in workers'
compensation and casualty claims expense versus the prior-year period.
In addition to the fuel impact, ABF Freight's first quarter revenue decline was due to reduced freight tonnage levels associated with weak U.S. manufacturing; high customer inventory levels and excess industry capacity available to move larger-sized shipments. While total quarterly revenue was lower, ABF Freight's two percent daily shipment count increase caused the need for additional labor and freight handling resources in order to maintain customer service. Typically, lower business levels and customer mix changes reduce first quarter resource utilization resulting in a higher portion of ABF Freight's cost structure being fixed in nature, relative to the seasonally stronger period in the remainder of the year. ABF Freight's account pricing remains solid, considering the current freight environment. Maintenance costs are beginning to reflect the benefits of new equipment purchases made in 2015 and in early 2016. ABF Freight's first quarter 2016 workers' compensation and third-party casualty claims costs were significantly above ten-year historical averages reflecting both an increase in the number and severity of claims. Despite the inclusion of these unusually higher self-insurance costs, ABF Freight's first quarter operating ratio, relative to the fourth quarter, was in-line with the average of recent years.
Asset-Light Logistics
Results of Operations
First Quarter 2016
-- Revenue of $194.7 million compared to $183.7 million in first quarter
2015.
-- Asset-light revenue equaled 31 percent of total consolidated revenue,
compared to 29 percent during the same period last year.
-- First quarter 2016 earnings before interest, taxes, depreciation and
amortization ("EBITDA") of $4.9 million compared to EBITDA in the first
quarter of 2015 of $6.6 million.
During the first quarter, ArcBest's total asset-light revenue increase was driven by ABF Logistics' December 2015 brokerage acquisition and new customers at FleetNet America(®). Though, as expected during integration, the Bear Transportation acquisition was not accretive to ArcBest's first quarter results, it is providing additional brokerage revenue and shipments and its integration is on schedule. By providing solutions to customers' logistics challenges, the asset-light businesses continued to generate solid growth in shipments and business levels during the first quarter. However, revenue per shipment for ABF Logistics and Panther was suppressed by the effect of lower fuel prices and the impact of excess, available truckload capacity in the spot market. In addition, continued changes in the year-over-year business mix of Panther's shipments have resulted in shorter average lengths of haul and the need for a higher proportion of smaller cargo vans and straight trucks and fewer tractor trailers. This change in business mix has contributed to lower revenue and profit margin, on a per-shipment basis, compared to the prior year quarter. ABF Moving, which typically experiences its lowest operating results in the first quarter, reported lower revenue versus last year primarily due to fewer government shipments despite increased consumer and corporate business levels.
Conference Call
ArcBest Corporation will host a conference call with company executives to discuss the 2016 first quarter results. The call will be today, Friday, April 29, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (888) 223-4508. Following the call, a recorded playback will be available through the end of the day on June 15, 2016. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21809359. The conference call and playback can also be accessed, through June 15, 2016, on ArcBest's website at arcb.com.
About ArcBest
ArcBest Corporation(®) (Nasdaq: ARCB) solves complex logistics and transportation challenges. Our companies and brands - ABF Freight(®), ABF Logistics(®), 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(®). The Skill & The Will(®).
Forward-Looking Statements
Certain statements and information in this press release concerning results for the three months ended March 31, 2016 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. These forward-looking statements are based on management's belief, assumptions and expectations as of the date hereof, and not guarantees of future performance and involve certain risks and uncertainties (some of which are beyond our control). Although management believes that the expectations reflected in these forward-looking statements are reasonable as and when made, there can be no assurance our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: a failure of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely, data breach, and/or cybersecurity incidents; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer plans; competitive initiatives and pricing pressures; governmental regulations; environmental laws and regulations, including emissions-control regulations; the cost, integration, and performance of any future acquisitions; relationships with employees, including unions, and our ability to attract and retain employees and/or independent owner operators; 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; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers' access to adequate financial resources; potential impairment of goodwill and intangible assets; availability and cost of reliable third-party services; litigation or claims asserted against us; self-insurance claims and insurance premium costs; availability of fuel, 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; increased prices for and decreased availability of new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance and fuel and related taxes; the loss of key employees or the inability to execute succession planning strategies; the impact of our brands and corporate reputation; the cost, timing, and performance of growth initiatives; default on covenants of financing arrangements and the availability and terms of future financing arrangements; timing and amount of capital expenditures; seasonal fluctuations and adverse weather conditions; regulatory, economic, and other risks arising from our international business; and other financial, operational and legal risks and uncertainties detailed from time to time in our 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 and its subsidiary companies.
Investor Relations Contact: David Humphrey Media Contact: Kathy Fieweger
Title: Vice President - Investor Relations Phone: 479-719-4358
Phone: 479-785-6200 Email: kfieweger@arcb.com
Email: dhumphrey@arcb.com
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands, except share and per share
data)
REVENUES $621,455 $613,276
OPERATING EXPENSES 630,720 611,996
------------------ ------- -------
OPERATING INCOME (LOSS) (9,265) 1,280
OTHER INCOME (COSTS)
Interest and dividend income 401 234
Interest and other related
financing costs (1,247) (1,002)
Other, net 366 400
---------- --- ---
(480) (368)
---- ----
INCOME (LOSS) BEFORE INCOME TAXES (9,745) 912
INCOME TAX PROVISION (BENEFIT) (3,642) 167
----------------------------- ------ ---
NET INCOME (LOSS) $(6,103) $745
================ ======= ====
EARNINGS (LOSS) PER COMMON SHARE(1)
Basic $(0.24) $0.03
Diluted $(0.24) $0.03
======= ====== =====
AVERAGE COMMON SHARES OUTSTANDING
Basic 25,822,522 26,051,038
Diluted 25,822,522 26,588,518
======= ========== ==========
CASH DIVIDENDS DECLARED
PER COMMON SHARE $0.08 $0.06
======================= ===== =====
(1) ArcBest uses the two-class method for calculating earnings per share. This method, as calculated below, requires an
allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for
calculating per share amounts.
NET INCOME (LOSS) $(6,103) $745
EFFECT OF UNVESTED RESTRICTED STOCK
AWARDS (18) (19)
----------------------------------- --- ---
ADJUSTED NET INCOME
(LOSS) FOR CALCULATING
EARNINGS PER COMMON
SHARE $(6,121) $726
======================= ======= ====
ARCBEST CORPORATION
CONSOLIDATED BALANCE SHEETS
---------------------------
March 31 December 31
2016 2015
(Unaudited) Note
($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $134,788 $164,973
Short-term investments 69,608 61,597
Restricted cash 1,385 1,384
Accounts receivable, less allowances (2016 -
$4,399; 2015 - $4,825) 226,796 236,097
Other accounts receivable, less allowances (2016
- $1,085; 2015 - $1,029) 6,854 6,718
Prepaid expenses 24,725 20,801
Deferred income taxes 36,510 38,443
Prepaid and refundable income taxes 28,082 18,134
Other 5,012 3,936
----- ----- -----
TOTAL CURRENT ASSETS 533,760 552,083
PROPERTY, PLANT AND EQUIPMENT
Land and structures 280,510 273,839
Revenue equipment 700,078 699,844
Service, office, and other equipment 148,675 145,286
Software 130,318 127,010
Leasehold improvements 25,645 25,419
---------------------- ------ ------
1,285,226 1,271,398
Less allowances for depreciation and
amortization 802,620 788,351
------------------------------------ ------- -------
482,606 483,047
GOODWILL 96,577 96,465
INTANGIBLE ASSETS, NET 76,300 76,787
OTHER ASSETS 55,988 54,527
------------ ------ ------
$1,245,231 $1,262,909
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $139,607 $130,869
Income taxes payable - 91
Accrued expenses 176,918 188,727
Current portion of long-term debt 45,905 44,910
--------------------------------- ------ ------
TOTAL CURRENT LIABILITIES 362,430 364,597
LONG-TERM DEBT, less current portion 157,485 167,599
PENSION AND POSTRETIREMENT LIABILITIES 56,603 51,241
OTHER LIABILITIES 12,206 12,689
DEFERRED INCOME TAXES 79,256 78,055
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized
70,000,000 shares; issued 2016: 27,950,867
shares; 2015: 27,938,319 shares 280 279
Additional paid-in-capital 311,199 309,653
Retained earnings 368,636 376,827
Treasury stock, at cost, 2016: 2,214,146 shares;
2015: 2,080,187 shares (73,137) (70,535)
Accumulated other comprehensive loss (29,727) (27,496)
------------------------------------ ------- -------
TOTAL STOCKHOLDERS' EQUITY 577,251 588,728
-------------------------- ------- -------
$1,245,231 $1,262,909
========== ==========
Note: The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of
the information and footnotes required by generally accepted accounting principles for complete financial statements.
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands)
OPERATING ACTIVITIES
Net income (loss) $(6,103) $745
Adjustments to reconcile net income (loss) to
net cash
provided by operating activities:
Depreciation and amortization 24,164 21,084
Amortization of intangibles 987 1,148
Pension settlement expense 900 1,119
Share-based compensation expense 1,709 1,647
Provision for losses on accounts receivable 82 312
Deferred income tax provision 5,212 1,507
Gain on sale of property and equipment (311) (310)
Changes in operating assets and liabilities:
Receivables 9,569 (902)
Prepaid expenses (3,998) (1,689)
Other assets (2,954) 456
Income taxes (10,211) (2,426)
Accounts payable, accrued expenses, and other
liabilities (6,884) (11,759)
--------------------------------------------- ------ -------
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,162 10,932
----------------------------------------- ------ ------
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net
of financings (13,357) (16,546)
Proceeds from sales of property and equipment 2,435 977
Purchases of short-term investments (15,745) -
Proceeds from sale of short-term investments 7,840 -
Business acquisitions, net of cash acquired - (5,170)
Capitalization of internally developed software (2,668) (2,087)
----------------------------------------------- ------ ------
NET CASH USED IN INVESTING ACTIVITIES (21,495) (22,826)
------------------------------------- ------- -------
FINANCING ACTIVITIES
Borrowings under credit facilities - 70,000
Borrowings under accounts receivable
securitization program - 35,000
Payments on long-term debt (11,066) (77,254)
Net change in book overdrafts (5,095) (2,005)
Net change in restricted cash (1) -
Deferred financing costs - (824)
Payment of common stock dividends (2,088) (1,584)
Purchase of treasury stock (2,602) (2,459)
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES (20,852) 20,874
---------------------------------------- ------- ------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (30,185) 8,980
Cash and cash equivalents at beginning of
period 164,973 157,042
----------------------------------------- ------- -------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $134,788 $166,022
=================================== ======== ========
NONCASH INVESTING ACTIVITIES
Accruals for equipment received $8,486 $163
Equipment financed $1,947 $ -
================== ====== === ===
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
------------------------------------------------------
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands, except percentages)
Freight Transportation (ABF Freight)
-----------------------------------
Operating Income (Loss) ($) Operating
Ratio (% of revenues)
Amounts on a GAAP basis $(8,999) 102.1% $43 100.0%
Pension settlement expense 677 (0.2) 840 (0.2)
-------------------------- --- ---- --- ----
Non-GAAP amounts $(8,322) 101.9% $883 99.8%
================ ======= ===== ==== ====
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands, except per share data)
ArcBest Corporation - Consolidated
----------------------------------
Operating Income (Loss)
Amounts on a GAAP basis $(9,265) $1,280
Pension settlement expense 900 1,119
-------------------------- --- -----
Non-GAAP amounts $(8,365) $2,399
================ ======= ======
Net Income (Loss)
Amounts on a GAAP basis $(6,103) $745
Life insurance proceeds and changes in
cash surrender value (355) (404)
Pension settlement expense, after-tax 550 684
------------------------------------- --- ---
Non-GAAP amounts $(5,908) $1,025
================ ======= ======
Diluted Earnings (Loss) Per Share
Amounts on a GAAP basis $(0.24) $0.03
Life insurance proceeds and changes in
cash surrender value (0.01) (0.02)
Pension settlement expense, after-tax 0.02 0.03
------------------------------------- ---- ----
Non-GAAP amounts $(0.23) $0.04
================ ====== =====
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
------------------------------------------------------------------
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands)
Adjusted Earnings Before Interest, Taxes,
Depreciation,
and Amortization (Adjusted EBITDA)
---------------------------------
ArcBest Corporation - Consolidated
Net income (loss) $(6,103) $745
Interest and other related financing costs 1,247 1,002
Income tax provision (benefit) (3,642) 167
Depreciation and amortization 25,151 22,232
Amortization of share-based compensation 1,709 1,647
Amortization of actuarial losses of benefit
plans and pension settlement expense(1) 2,069 2,193
------------------------------------------- ----- -----
Adjusted EBITDA $20,431 $27,986
=============== ======= =======
(1) Consolidated pension settlement expense totaled $0.9 million (pre-tax) and $1.1 million (pre-tax) for the
three months ended March 31, 2016 and 2015, respectively.
Three Months Ended March 31 2016 Three Months Ended March 31 2015
-------------------------------- --------------------------------
Operating Depreciation Depreciation and
and Amortization
Amortization EBITDA Operating Income EBITDA
Income (Loss)
(Loss)
-----
(Unaudited)
($ thousands)
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
-----------------------------------------------------------------------
Asset-Light Logistics
Premium Logistics
(Panther)(2) $256 $2,837 $3,093 $1,195 $2,924 $4,119
Transportation Management (ABF
Logistics) 666 424 1,090 775 284 1,059
Emergency & Preventative
Maintenance (FleetNet) 984 287 1,271 1,170 283 1,453
Household Goods Moving Services
(ABF Moving) (749) 203 (546) (363) 350 (13)
------------------------------- ---- --- ---- ---- --- ---
Total asset-light
logistics $1,157 $3,751 $4,908 $2,777 $3,841 $6,618
================= ====== ====== ====== ====== ====== ======
(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. We report our
financial results in accordance with
generally accepted accounting principles
("GAAP"). However, management believes that
certain non-GAAP performance measures and
ratios, such as EBITDA and Adjusted EBITDA,
utilized for internal analysis provides
analysts, investors, and others the same
information that we use internally for
purposes of assessing our core operating
performance and provides meaningful
comparisons between current and prior
period results, as well as important
information regarding performance trends.
Accordingly, using these measures improves
comparability in analyzing our performance
because it removes the impact of items from
operating results that, in management's
opinion, do not reflect our core operating
performance. Furthermore, management uses
EBITDA and Adjusted EBITDA as a key measure
of performance and for business planning.
Additionally, Adjusted EBITDA is a primary
component of the financial covenants
contained in our Amended and Restated
Credit Agreement. Other companies may
calculate EBITDA differently; and
therefore, our calculation of EBITDA and
Adjusted EBITDA may not be comparable to
similarly titled measures of other
companies. 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,
our reported results. 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 GAAP.
ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS
---------------------------------------------------------------
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands)
REVENUES
Freight Transportation (ABF
Freight) $439,508 $441,207
Premium Logistics (Panther) 66,078 75,292
Transportation Management (ABF Logistics) 66,947 47,372
Emergency & Preventative Maintenance
(FleetNet) 43,564 42,489
Household Goods Moving Services (ABF
Moving) 18,144 18,568
------------------------------------ ------ ------
Total asset-light logistics 194,733 183,721
--------------------------- ------- -------
Other and eliminations (12,786) (11,652)
Total consolidated revenues $621,455 $613,276
=========================== ======== ========
OPERATING EXPENSES
Freight Transportation (ABF Freight)
$296,607 67.5% $278,371 63.1%
Salaries, wages, and benefits
Fuel, supplies, and expenses 66,689 15.2 79,026 17.9
Operating taxes and licenses 11,980 2.7 11,996 2.7
Insurance 6,466 1.5 5,785 1.3
Communications and utilities 4,372 1.0 3,985 0.9
Depreciation and amortization 20,392 4.6 17,400 3.9
Rents and purchased transportation 39,696 9.0 41,844 9.5
Gain on sale of property and equipment (172) - (244) -
Pension settlement expense(1) 677 0.2 840 0.2
Other 1,800 0.4 2,161 0.5
448,507 102.1% 441,164 100.0%
------- ----- ------- -----
Premium Logistics (Panther)
$48,851 73.9% $56,044 74.4%
Purchased transportation
Depreciation and amortization(2) 2,837 4.3 2,924 3.9
Salaries, benefits, insurance, and other 14,134 21.4 15,129 20.1
---------------------------------------- ------ ---- ------ ----
65,822 99.6% 74,097 98.4%
Transportation Management (ABF Logistics) 66,281 46,597
Emergency & Preventative Maintenance
(FleetNet) 42,580 41,319
Household Goods Moving Services (ABF
Moving) 18,893 18,931
------------------------------------ ------ ------
Total asset-light logistics(1) 193,576 180,944
----------------------------- ------- -------
Other expenses and eliminations(1) (11,363) (10,112)
--------------------------------- ------- -------
Total consolidated operating
expenses and costs(1) $630,720 $611,996
============================ ======== ========
(1) Pension
settlement
expense
totaled $0.9
million
(pre-tax)
and $1.1
million
(pre-tax)
on a
consolidated
basis for
the three
months ended
March 31,
2016 and
2015,
respectively.
For the
three months
ended March
31, 2016 and
2015, pre-
tax pension
settlement
expense of
$0.7 and
$0.8
million,
respectively,
was reported
by ABF
Freight,
$0.2 million
was reported
in Other and
eliminations,
and less
than $0.1
million was
reported by
the asset-
light
logistics
segments.
(2) Depreciation
and
amortization
consists
primarily of
amortization
of
intangibles,
including
customer
relationships
and software
associated
with the
June 15,
2012
acquisition
of Panther.
ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS - Continued
---------------------------------------------------------------------------
Three Months Ended
March 31
2016 2015
---- ----
(Unaudited)
($ thousands)
OPERATING INCOME (LOSS)
Freight
Transportation
(ABF Freight)(1) $(8,999) $43
Premium Logistics (Panther) 256 1,195
Transportation Management
(ABF Logistics) 666 775
Emergency & Preventative
Maintenance (FleetNet) 984 1,170
Household Goods Moving
Services (ABF Moving) (749) (363)
---------------------- ---- ----
Total asset-light logistics 1,157 2,777
--------------------------- ----- -----
Other loss and eliminations (1,423) (1,540)
--------------------------- ------ ------
Total
consolidated
operating income
(loss) $(9,265) $1,280
================= ======= ======
(1) ABF Freight's
operating
income for
all periods
presented was
impacted by
pension
settlement
expense. (See
reconciliation
of GAAP
operating
income to
non-GAAP
operating
income in the
Freight
Transportation
table
previously
presented.)
ARCBEST CORPORATION
OPERATING STATISTICS
--------------------
Three Months Ended
March 31
2016 2015 % Change
---- ---- --------
(Unaudited)
Freight Transportation (ABF Freight)
Workdays 63.5 62.5
Billed Revenue(1) / CWT $27.72 $28.06 (1.2)%
Billed Revenue(1) / Shipment $356.25 $372.56 (4.4)%
Shipments 1,236,323 1,188,797 4.0%
Shipments / Day 19,470 19,021 2.4%
Tonnage (tons) 794,472 789,331 0.7%
Tons / Day 12,511 12,619 (0.9)%
(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.
http://photos.prnewswire.com/prnvar/20160415/355931LOGO
Logo - http://photos.prnewswire.com/prnh/20160415/355931LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/arcbest-corporation-announces-first-quarter-2016-results-300259802.html
SOURCE ArcBest Corporation
