ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31
1995 1994
($ thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 16,945 $ 3,458
Receivables
Trade, less allowances for doubtful accounts
(1995 --$19,403,000; 1994 -- $2,825,000) 186,273 127,206
Other 18,923 8,938
Inventories -- Notes D and E 36,850 32,463
Prepaid expenses 13,927 13,734
Deferred income taxes 32,080 -
Federal and state income taxes 17,489 -
TOTAL CURRENT ASSETS 322,487 185,799
PROPERTY, PLANT AND EQUIPMENT -- (Notes C and E)
Land and structures 228,706 110,424
Revenue equipment 285,045 200,250
Manufacturing equipment 8,289 7,467
Service, office and other equipment 65,474 40,516
Leasehold improvements 10,631 9,421
Construction in progress 44 13,939
598,189 382,017
Less allowances for depreciation and amortization (190,906) (166,436)
407,283 215,581
OTHER ASSETS
Assets held for sale (Notes B and E) 39,937 -
Nonoperating property (Note E) 17,173 2,026
Pension asset (Note K) 32,380 5,331
Goodwill, less amortization (1995 -- $24,027,000;
1994 -- $19,794,000) -- Notes B and C 145,478 151,960
Other 21,099 8,348
256,067 167,665
$ 985,837 $ 569,045
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Bank overdraft $ - $ 5,989
Bank drafts payable 12,999 10,779
Trade accounts payable 74,998 49,368
Accrued expenses -- Note F 188,708 82,157
Federal and state income taxes -- Note G - 5,786
Deferred income taxes - Note G - 4,159
Current portion of long-term debt -- Note E 26,634 65,161
TOTAL CURRENT LIABILITIES 303,339 223,399
LONG-TERM DEBT, less current portion -- Note E 399,144 59,295
OTHER LIABILITIES 18,665 5,915
DEFERRED INCOME TAXES -- Note G 48,560 28,842
MINORITY INTEREST -- Note B 38,265 34,989
SHAREHOLDERS’ EQUITY -- Notes A, H and P
Preferred stock, $.01 par value, authorized 10,000,000
shares; issued and outstanding 1,495,000 shares 15 15
Common stock, $.01 par value, authorized 70,000,000
shares; issued and outstanding 1995: 19,519,061
shares; 1994: 19,513,708 shares 195 195
Additional paid-in capital 207,807 207,636
Predecessor basis adjustment -- Note H (15,371) (15,371)
Retained earnings (deficit) (14,782) 24,130
TOTAL SHAREHOLDERS’ EQUITY 177,864 216,605
COMMITMENTS AND CONTINGENCIES -- Notes I, J, K and P
$ 985,837 $ 569,045
See notes to consolidated financial statements.
|
