Arkansas Best Corp reported results for the fourth quarter and full year 2013 that reflected solidly improved profitability at ABF Freight System, Inc. , Panther Expedited Services , and revenue growth at Arkansas Best's other non-asset based businesses. In a release on Jan. 30 , Arkansas Best said its 2013 revenue was $2.3 billion , an increase of 11 percent compared to $2.1 billion in 2012. Arkansas Best had 2013 net income of $15.8 million , or $0.59 per share, compared to a net loss of $7.7 million , or $0.31 per share, in 2012. Arkansas Best's fourth quarter 2013 net income was $10.3 million , or $0.38 per share, compared to a fourth quarter 2012 net loss of $7.9 million , or $0.31 per share. Arkansas Best had fourth quarter 2013 net income of $8.4 million , or $0.31 per share. Arkansas Best's fourth quarter 2013 revenue was $578.5 million compared to revenue of $537.0 million in the fourth quarter of 2012. "After a very challenging year in which we negotiated and implemented a new five-year labor agreement with the International Brotherhood of Teamsters , I am very pleased to report that ABF Freight ended the year with solid profitability, substantially reversing the unacceptable trend of losses in 2012," said Arkansas Best President and Chief Executive Officer Judy R. McReynolds . "While that lengthy process was ongoing, we continued to make important strategic investments in our emerging businesses, all of which reported increased revenues and are well positioned for additional growth in 2014." McReynolds added that the company as a whole now has greater stability and resources with which to continue providing the holistic transportation and logistics solutions sought by customers. "Everyone at Arkansas Best and our operating companies is energized by the opportunities in front of us. We are working hard to offer a more easily accessible range of services along with the traditional high level of personal commitment to a job well done that our customers have come to expect." In 2013, total net capital expenditures amounted to $24 million , including approximately $3 million of revenue equipment for ABF Freight. ABF Freight 2013 revenue equipment purchases were significantly below normal due to the delayed implementation of the labor contract, as described above. Depreciation and amortization costs on fixed assets equaled $84 million . For 2014, total net capital expenditures are estimated to be in the range of $90 million to $100 million . This includes approximately $60 million of revenue equipment for ABF Freight, all of which will be replacements. The remainder of expected capital expenditures includes the costs of additional equipment for ABF Freight and the other subsidiaries; real estate improvements; and technology. Depreciation and amortization costs on fixed assets in 2014 are estimated to be in a range of $85 million to $90 million . "As I look ahead to 2014, I am encouraged that we have growth opportunities in many industries and markets we serve, despite my expectations for a slow growing economy overall," said McReynolds. "Last year we achieved many significant milestones that give us a much stronger ability to compete in an ever-changing marketplace. We are positioned to effectively respond to our customers who increasingly look to us for ways to help them manage their complex transportation, supply chain and logistics needs." Arkansas Best Corp. , headquartered in Fort Smith, Ark. , is a freight transportation services and solutions provider. Through its various subsidiaries, Arkansas Best offers a variety of logistics solutions including: domestic and global transportation of less- than-truckload ("LTL") and full load shipments, expedited ground and time-definite delivery solutions, freight forwarding services, freight brokerage, oversight of roadside assistance and equipment services for commercial vehicles, and household goods moving market services for consumers, corporations, and the military. More information: www.arkbest.com www.abf.com www.pantherexpedite.com ((Comments on this story may be sent to firstname.lastname@example.org ))
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