Selected Financial Data - Five-Year Summary
Arkansas Best Corporation
Year Ended December 31
1995 1994 1993 1992 1991
($ in thousands except per share amounts)
Statement of Operations Data:
Operating revenues $ 1,437,279 $ 1,098,421 $ 1,009,918 $ 959,949 $ 884,498
Operating income (loss) (23,459) 48,115 51,369 57,255 43,123
Gain on sale of subsidiary stock - - - - 14,141
Minority interest in subsidiary 1,297 3,523 3,140 2,825 690
Other expenses, net 5,185 968 731 1,496 6,638
Interest expense 17,046 6,985 7,248 17,285 34,421
Income (loss) before income taxes,
extraordinary item and cumulative
effect of accounting change (46,987) 36,639 40,250 35,649 15,515
Provisions for income taxes (14,195) 17,932 19,278 16,894 7,763
Income (loss) before extraordinary
item and cumulative effect
of accounting change (32,792) 18,707 20,972 18,755 7,752
Extraordinary item (1) - - (661) (15,975) (515)
Cumulative effect on prior years of change
in revenue recognition method (2) - - - (3,363) -
Net income (loss) (32,792) 18,707 20,311 (583) 7,237
Income (loss) per common share
before extraordinary item and cumulative
effect of accounting change (1.90) .74 .89 .99 .61
Net income (loss) per common share (1.90) .74 .85 (.03) .57
Cash dividends paid per common share (3) .04 .04 .04 .02 -
Pro Forma Data (4):
Income (loss) before extraordinary item $ (32,792) $ 18,707 $ 20,972 $ 18,755 $ 8,253
Income (loss) before extraordinary
item per common share (1.90) .74 .89 .99 .65
Net income (loss) (32,792) 18,707 20,311 2,780 7,738
Net income (loss) per common share (1.90) .74 .85 .15 .61
Balance Sheet Data
(as of the end of the period):
Total assets $ 985,837 $ 569,045 $ 447,733 $ 428,345 $ 447,098
Current portion of long-term debt 26,634 65,161 15,239 28,348 34,995
Long-term debt (including capital leases
and excluding current portion) 399,144 59,295 43,731 107,075 210,987
Other Data
Capital expenditures (5) $ 74,808 $ 64,098 $ 33,160 $ 26,596 $ 19,369
Depreciation and amortization 46,627 28,087 28,266 34,473 39,755
Goodwill amortization 5,135 3,527 3,064 3,034 3,024
Other amortization 1,044 501 319 755 2,290
(1) For 1993, represents an extraordinary charge of $661,000 (net of tax of $413,000) from the
loss on extinguishment of debt. For 1992, represents an extraordinary charge of $15,975,000
(net of tax of $9,700,000) from the loss on extinguishment of debt in May 1992. For 1991,
represents an extraordinary charge of $515,000 (net of tax of $320,000) from the loss on
extinguishment of debt relating to the Treadco common stock offering in September 1991.
(2) Represents a charge of $3,363,000 (net of tax of $2,100,000) to reflect the cumulative
effect on prior years of the change in method of accounting for the recognition of revenue
as required under the Financial Accounting Standards Board’s Emerging Issues Task
Force Ruling 91-9 (“EITF 91-9”).
(3) No cash dividends were paid by the Company from 1991 until the third quarter of 1992.
(4) Assumes the change in accounting method for recognition of revenue as required under EITF
91-9 occurred January 1, 1991.
(5) Net of equipment trade-ins. Does not include revenue equipment placed in service under
operating leases, which amounted to $24.6 million in 1995, $24.8 million in 1993, $25.5
million in 1992, $15 million in 1991, and $5 million in 1990. There were no operating
leases for revenue equipment entered into for 1994. See “Management’s Discussion
and Analysis-Liquidity and Capital Resources.”
(6) 1995 selected financial data is not comparative to the prior years’ information due to
the WorldWay Acquisition effective August 12, 1995. In conjunction with the WorldWay
Acquisition, assets with a fair value of $309 million were acquired and liabilities of
approximately $235 million were assumed. Approximately $134 million in revenues for the
period from August 12, 1995 to December 31, 1995, are included in the 1995 consolidated
statement of operations generated by subsidiaries acquired as part of the WorldWay
Acquisition.
|
