Arkansas Best posts $15.4 million 2Q loss.(Public Company Reports)(Financial report)

Arkansas Best Corp turned to a loss in the second quarter, just as many other trucking companies have as the recession has cut into freight demand.

The trucking company lost $15.4 million or 62 cents a share, compared to net income of $16.2 million or 63 cents a share in the second quarter of 2008. Analysts were expecting the company would post a loss of 27 cents a share.

The loss includes 12 cents a share for additional costs associated with nonunion healthcare and pension, workers' compensation and third-pady casualty insurance claims compared to prior year quarter.

Revenue in the second quarter fell 27 percent to $362.6 million, compared with $498.5 million for the same period of 2008.

"The effects of lower freight levels and a competitive pricing environment that has intensified since the first quarter were the main challenges faced by our company in the second quarter," said Robert A. Davidson, president and CEO.

ABF Freight System Inc., the company's primary subsidiary, said tonnage per day was down 17 percent compared with last year.

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