Arkansas Best Corp. has announced its second quarter 2002 net income is $6.5 million, compared to net income of $9.8 million in the second quarter of last year. Revenue during this year's second quarter was $345.1 million.
"Though business levels have not significantly improved, we performed well during the second quarter," said president & CEO Robert A. Young.
Young said total debt, including current maturities and net of temporary investments, was $110.2 million at the end of the quarter. He said the company's financial position continues to be the strongest in the LTL industry.
Second-quarter revenue at ABF Freight System was $308.1 million versus $324.8 million in the second quarter of 2001. Its second quarter operating income was $12.5 million, compared to $19.9 million in 2001.
Revenue for its Clipper subsidiary for the quarter was $30.4 million compared to $34.3 million during the second quarter of 2001. Its operating income for the quarter was $811,000 versus $1.1 million during the same period last year.
"While year-over-year tonnage comparisons remained down, ABF produced solid second-quarter profitability," Young said. "Clipper generated profitable results, though it continues to be adversely affected by reduced business levels."