Daily Archives: August 6, 2012

Tom Hartley Promoted to Director of Safety

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NEMF is pleased to announce the promotion of Tom Hartley to Director of Safety. Tom has worked in many capacities since starting with NEMF in 2003 from Dock Supervisor to Terminal Manger and most recently as Manager of Quality and Corporate Compliance.

With his Tom’s new responsibilities he will be visiting terminals on a regular basis and working closely with both drivers and managers alike to exceed safety expectations and standards. Tom will be based in our Harrisburg terminal with our Safety Group. Prior to working at NEMF, Tom worked at Con Way, Overnite & New Penn.

Tom resides in Duncannon, PA with his wife Mary Ann and has three daughters Rachael, Marisa, and Annie. Outside of work Tom is a volunteer fire fighter for 25 years and enjoys hunting and camping and spending time with his family.

Based in Elizabeth, NJ, family-owned less-than-truckload (LTL) carrier NEMF (www.nemf.com) serves its customers from terminals throughout the Northeast and Midwest, as well as Puerto Rico. It is the largest LTL carrier in the Northeast region. NEMF is a member of The Shevell Group of Companies (www.ShevellGroup.com), which also includes Carrier Industries (third-party logistics, dedicated fleet, warehousing), Eastern Freight Ways (asset-based truckload carrier), Apex Logistics (brokerage, nationwide truckload) and NEMF World Transport (non-vessel operating common carrier).


New Penn Receives Two 2012 Quest for Quality Awards for Performance Excellence

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LEBANON, Pa., Aug. 6, 2012 /PRNewswire/ — New Penn (NASDAQ: YRCW) is honored to receive two awards presented by Logistics Management magazinein its 2012 Quest for Quality reader survey. The company was recognized for excellence in the categories of Northeast/Mid-Atlantic Regional LTL Carriers and Expedited Motor Carriers. For 18 years, New Penn has been the recipient of Quest for Quality awards.

“The Quest for Quality Awards are an important endorsement of our performance. This recognition means a great deal to New Penn employees, who are focused on providing the highest levels of service available. With this award, Logistics Management readers are telling the transportation marketplace that New Penn responds best to their needs for next-day morning deliveries, on-time performance, and damage-free handling,” said Steve Gast, president of New Penn.

The Quest for Quality program is regarded as one of the most important measures of customer satisfaction and performance excellence in the transportation and logistics industry. Quest for Quality winners are determined by the readers ofLogistics Management magazine. Logistics and supply chain decision makers rate providers in the areas of on-time performance, value, customer service, information technology and equipment/operations.

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About New Penn

New Penn, a regional less-than-truckload motor carrier based in Lebanon, Pa., provides industry-leading reliability and next-day service through a network of 25 service centers in the northeastern United States, Quebec, Canada and Puerto Rico. New Penn is widely regarded as one of the most efficiently operated transportation providers and has one of the lowest claim ratios in the industry. For more information, visit www.newpenn.com. New Penn is a subsidiary ofYRC Worldwide.

 

Roadrunner Transportation Systems Reports 2012 Second Quarter Results and Announces Third Quarter 2012 Guidance

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CUDAHY, Wis.–(BUSINESS WIRE)–Aug. 1, 2012–Roadrunner Transportation Systems, Inc.(NYSE: RRTS), a leading asset-light transportation and logistics service provider, today reported financial results for the three and six months endedJune 30, 2012.

Roadrunner’s summary financial results for the three and six months endedJune 30are highlighted below. Second quarter diluted income per share available to common stockholders increased 33.3% over the prior year to$0.32.

In discussing the company’s second quarter performance,Mark DiBlasi, President and CEO of Roadrunner, said,

“Strong performance across all of our business segments generated second quarter revenue growth of 26.1% and net revenue growth of 47.8%. Due to sales and operational initiatives, our operating income growth of 48.7% outpaced revenue. Operating income for the second quarter of 2012 represented the best quarter in the history of the company. Our operating ratio improved 110 basis points to 92.9% from 94.0% in the second quarter of 2011 and 90 basis points sequentially from the first quarter of 2012.

“Our LTL operating ratio improved to 91.9% in the second quarter from 93.7% in the second quarter of 2011. Our initiatives to expand into new geographic regions, build density, improve pricing and enhance productivity resulted in a net revenue margin improvement from 24.2% in the second quarter of 2011 to 25.8% in the second quarter of 2012.

“TL revenues grew by$42.3 million, or 61.6%, from the prior year. Incremental revenues from our 2011 and 2012 acquisitions accounted for$36.7 millionof the increase, with the balance of$5.6 millionrepresenting organic growth of 8.1%. Organic growth was reduced by the impact of last season’s crop failures in the Northeast and softening in the intermodal market. The positive impact of the acquisitions and operating leverage associated with our revenue growth led to a 61.1% increase in our TL operating income. Our TL operating ratio of 93.9% was relatively flat compared to last year and was impacted by the softer intermodal market, added infrastructure costs associated with our growth, expansion costs in our freight consolidation business and excess insurance costs.

“TMS revenue grew$4.1 million, or 21.8%, from the prior year. Organic growth and pricing accounted for$2.4 millionof the increase, with the balance related to our lateFebruary 2012acquisition of Capital Transportation Logistics. The operating leverage associated with this growth led to a 60.8% increase in TMS operating income. Our TMS operating ratio improved to 88.0% from 90.9% in the second quarter of 2011.”

2012 Third Quarter Guidance

In commenting on guidance for the third quarter of 2012,Peter Armbruster, CFO of Roadrunner, said, “We anticipate our revenues for the third quarter to be in the range of$265 million to $280 million, representing an increase of 17% to 24% from the third quarter of 2011. Further, we expect diluted income per share available to common stockholders to be between$0.31 and $0.34, compared to diluted income per share available to common stockholders of$0.23in the prior year quarter.”

2012 Second Quarter Segment Information

Roadrunner has three operating segments: less-than-truckload (LTL), truckload and logistics (TL) and transportation management solutions (TMS). The following highlights exclude intercompany eliminations and corporate expenses.

LTL revenues, including fuel, increased 6.9% to$129.7 millionfor the second quarter of 2012 from$121.4 millionfor the second quarter of 2011. LTL net revenues for the second quarter of 2012 were$33.4 million, or 25.8% of LTL revenues, compared to$29.4 million, or 24.2% of LTL revenues, for the second quarter of 2011. LTL operating income was$10.5 million, or 8.1% of LTL revenues, for the second quarter of 2012 compared to$7.7 million, or 6.3% of LTL revenues, for the second quarter of 2011.

Note: Other than operating ratio, the statistics above do not include (i) adjustments for undelivered freight required for financial statement purposes in accordance with Roadrunner’s revenue recognition policy; and (ii) non-LTL related business captured within the LTL segment.

TL segment revenues increased 61.6% to$111.0 millionfor the second quarter of 2012 from$68.7 millionfor the second quarter of 2011. The improvement was primarily due to increases in market pricing and load growth, the expansion of Roadrunner’s TL brokerage agent network, and the acquisitions ofBruenger Trucking, Prime Logistics, D&E Transport and CTW Transport. For the second quarter,Bruenger Trucking, Prime Logistics, D&E Transport and CTW Transport collectively contributed incremental revenues of$36.7 millionto the TL segment. Overall, TL net revenues for the second quarter of 2012 were$36.5 million, or 32.9% of TL revenues, compared to$17.6 million, or 25.5% of TL revenues, for the second quarter of 2011. TL operating income was$6.8 million, or 6.1% of TL revenues, for the second quarter of 2012 compared to$4.2 million, or 6.2% of TL revenues, for the second quarter of 2011.

TMS segment revenues for the second quarter of 2012 increased 21.8% to$23.1 millionfrom$19.0 millionfor the second quarter of 2011. TMS net revenues for the second quarter of 2012 were$6.7 million, or 29.1% of TMS revenues, compared to$4.9 million, or 25.8% of TMS revenues, for the second quarter of 2011. TMS revenue growth during the quarter was primarily attributable to new and existing customer growth and the acquisition of Capital Transportation Logistics. For the second quarter, Capital Transportation Logistics contributed revenue of$1.7 millionto the TMS segment. TMS operating income was$2.8 million, or 12.0% of TMS revenues, for the second quarter of 2012, compared to$1.7 million, or 9.1% of TMS revenues, for the second quarter of 2011.

Conference Call

A conference call is scheduled for Wednesday, August 1, 2012at 4:30 p.m. Eastern Time. To access the conference call, please dial 866-713-8307 (U.S.) or 617-597-5307 (International) approximately 10 minutes prior to the start of the call. Callers will be prompted for passcode 61848468. The conference call will also be available via live webcast under the Investor Relations section of Roadrunner’s website, www.rrts.com.

If you are unable to listen to the live call, a replay will be available through August 8, 2012, and can be accessed by dialing 888-286-8010 (U.S.) or 617-801-6888 (International). Callers will be prompted for passcode 96276107. An archived version of the webcast will also be available under the Investor Relations section of Roadrunner’s website, www.rrts.com.

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About Roadrunner Transportation Systems, Inc.

Roadrunner is a leading asset-light transportation and logistics service provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, transportation management solutions, intermodal solutions, and domestic and international air. For more information, please visit RRTS’ website, www.rrts.com.

Safe Harbor Statement

This release contains forward-looking statements that relate to future events or performance. These statements reflect Roadrunner’s current expectations, and Roadrunner does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond Roadrunner’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the integration of acquired companies, competition in the transportation industry, the impact of the current economic environment, Roadrunner’s dependence upon purchased power, the unpredictability of and potential fluctuation in the price and availability of fuel, the effects of governmental and environmental regulations, insurance in excess of prior experience levels, and other “Risk Factors” set forth in Roadrunner’s most recentSECfilings.

Source:Roadrunner Transportation Systems, Inc.

Richard Crumpler Hits the Fabulous 41

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Richard joined Central Freight Lines July 7, 1971 on Beaumont’s inbound dock while training for his CDL and the opportunity to drive
for Central. In 1972 he became a P&D driver and served Central customers throughout the Beaumont coverage area. Richards’s career
continued in 1992 when he became the Inbound Dock Foreman.

In 1995 Richard moved to P&D Dispatch and was promoted three years later to handling dock operations and dispatch, a job which he has continued to handle efficiently for the past 14 years.

Richard is dedicated to taking care of Central Freight Lines customers and continues to strive to provide the best service possible for Beaumont and it’s surrounding areas in southeast Texas and southwest Louisiana.

Richard loves the out of doors and spends a good part of his off time hunting and fishing. I can only imagine the “you should have seen the one that got away”  stories Richard can tell.  Thank You Richard from All of Us here At Central Freight for your Dedication to Our Success!

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AIT Worldwide Logistics obtains agreement for government shipping around the world

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Global transportation and logistics provider AIT Worldwide Logistics has entered into a three-year Civil Reserve Air Fleet (CRAF) partnership enhancing its capabilities to transport government commodities internationally.

The strategic alliance, which begins today and extends through May 31, 2015, designates AIT as a CRAF sponsored forwarder and broadens the vertical market growth of the organization’s government division.

Keith Tholan, Executive Vice President, Sales states, “The continued diversity and depth in our vertical market expertise is essential to our long term growth objectives. This new CRAF partnership will further strengthen our government division for many years to come.”

The CRAF is made up of US civil air carriers who are committed to providing operating and support personnel for the Department of Defense.

“AIT Worldwide Logistics is known for developing customized services for our customers and we look forward to developing world-class solutions to serve various branches of the military,” said Bill Freidel, director of AIT’s government sales division.

The AIT government division is a full-service CONUS and OCONUS cargo carrier. Central to its security initiatives, AIT is a certified C-TPAT and TAPA compliant provider, a sustaining member with the National Defense Transportation Association (NDTA) and is certified with cargo screening facilities throughout the U.S.

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ABF Announces Second Quarter 2012 Results

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(Fort Smith, Arkansas, July 31, 2012) – Arkansas Best Corporation (Nasdaq: ABFS) today announced second quarter 2012 net income of $11.8 million, or $0.44 per share, on revenue of $511 million, compared with net income of $5.3 million, or $0.20 per share, and revenue of $499 million in the second quarter of 2011.

The second quarter 2012 results included a tax benefit of $8.0 million, or $0.31 per share, related to the reversal of previously established deferred tax asset valuation allowances, and transaction costs of $2.1 million ($1.3 million, after tax), or $0.05 per share, associated with the June 15, 2012 acquisition of Panther Expedited Services, Inc. (“Panther”). Excluding both of these items, Arkansas Best had second quarter 2012 net income of $5.2 million, or $0.18 per share.

“A number of significant developments occurred during the second quarter, including closing the acquisition of Panther, our premium logistics provider,” said Arkansas Best President and CEO Judy R. McReynolds. “This transaction represents a major step in our long-term strategy to grow our non-asset-based businesses. If Panther had been included, total 2011 revenues for Arkansas Best’s non-asset businesses would have exceeded $400 million. The addition of Panther and the services provided by our other non-asset-based subsidiaries complement our offerings at ABF and allow us to strengthen customer relationships.”

ABF implemented a 6.9% increase in its general rates and charges on June 25, 2012 that was in effect during the last week of the second quarter. Second quarter price increases on ABF accounts under contract and deferred pricing agreements remained at favorable levels. In the second quarter of 2011, ABF began an aggressive initiative to address inadequate pricing and improve the profitability of many accounts across its network. This effort continues in 2012. As a result, the incremental profitability of ABF’s account base has improved.

“While we are encouraged by ABF’s yield initiatives, we continue to focus on various paths to reduce ABF’s overall cost structure,” said Ms. McReynolds. “On-going efforts that offer opportunities to reduce ABF’s cost structure include ABF’s labor contract lawsuit, collaborative work to develop a permanent solution to correct our payment of non-ABF multiemployer pension benefits and preparations for negotiation of a new April 2013 labor contract.”

ABF’s second quarter 2012 daily tonnage levels continued to be below those of the same period last year as the U.S. economy remained inconsistent. However, in each month of this year’s second quarter, abf freight tracking the level of tonnage decrease improved versus 2011. During the second half of 2012, monthly tonnage levels will be compared back to the second half of 2011, when ABF experienced declining tonnage versus 2010.

Acquisition of Panther Expedited Services, Inc.

As previously announced, Arkansas Best acquired Panther on June 15, 2012. The aggregate purchase price of approximately $181 million included a preliminary post-closing adjustment to net working capital. Arkansas Best did not assume any of Panther’s debt that existed prior to the acquisition.

In connection with this purchase, Arkansas Best entered into a $100 million secured term loan facility with a syndicate of banks to finance a portion of the transaction. The balance of the proceeds needed to pay the full purchase price and transaction costs was funded out of Arkansas Best’s available cash.

Changes in the accompanying Arkansas Best consolidated balance sheet from December 31, 2011 to June 30, 2012 include $230 million of acquired assets and $49 million of liabilities, primarily deferred tax liabilities. Additional details of these preliminary fair value assessments are included in the financial tables section of this press release.

Closing Comments

“Arkansas Best is focused on listening to our customers and providing solutions that meet their needs,” said Ms. McReynolds. “The addition of Panther and the investments we are making in our other non-asset-based subsidiaries will further that objective and improve our opportunities to grow our relationships and our company. Our efforts to lower ABF’s cost structure will continue until we find the right solution.”

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2012 second quarter results. The call will be today, Tuesday, July 31, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 618-4645. Following the call, a recorded playback will be available through the end of the day on August 31, 2012. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21598607. The conference call and playback can also be accessed, through August 31, on Arkansas Best’s website at arkbest.com.

Company Description

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a freight transportation services and solutions provider. Through its various subsidiaries, Arkansas Best offers a wide 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 is available at arkbest.com, abf.com and pantherexpedite.com.

Forward-Looking Statements

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this report that are not based on historical facts are “forward-looking statements.” Terms such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “predict,” “prospects,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements.

Such statements are by their nature subject to uncertainties and risk including, but not limited to, general economic conditions and related shifts in market demand that impact the performance and needs of industries served by Arkansas Best Corporation’s subsidiaries and limit our customers’ access to adequate financial resources; the successful integration of Panther; relationships with employees, including unions; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; competitive initiatives, pricing pressures, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates and the inability to collect fuel surcharges; availability of fuel; availability and cost of reliable third-party services; the timing and amount of capital expenditures; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; governmental regulations and policies; future climate change legislation; availability and cost of capital and financing arrangements; the cost and timing of growth initiatives; the impact of our brand and corporate reputation; the cost, integration, and performance of any future acquisitions; costs of continuing investments in technology and the impact of cyber incidents; weather conditions; and other financial, operational, and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation’s Securities and Exchange Commission (“SEC”) public filings.

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