UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2013 (May 17, 2013)
ARKANSAS BEST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
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0-19969 |
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71-0673405 |
(State or other jurisdiction of |
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(Commission |
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(IRS Employer |
incorporation or organization) |
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File Number) |
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Identification No.) |
3801 Old Greenwood Road
Fort Smith, Arkansas 72903
(479) 785-6000
(Address, including zip code, and telephone number, including area code, of
the registrants principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 REGULATION FD DISCLOSURE
Arkansas Best Corporation (Nasdaq: ABFS) announced today that it has adopted changes to its nonunion defined benefit pension plan. A copy of the press release is furnished as an exhibit to this Report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
99.1 Press release for Arkansas Best Corporation, dated May 17, 2013.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ARKANSAS BEST CORPORATION
(Registrant)
Date: |
May 17, 2013 |
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/s/ Michael R. Johns |
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Michael R. Johns | |
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Vice President General Counsel | |
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and Corporate Secretary |
Exhibit 99.1
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION ANNOUNCES CHANGES
TO ITS NONUNION PENSION PLAN
(Fort Smith, Arkansas, May17, 2013) Arkansas Best Corporation (Nasdaq: ABFS) announced today that it has adopted changes to its nonunion defined benefit pension plan (the Plan). The changes affect all active Plan participants including all management executives who are participants. The change is being made to reduce the ongoing costs, including administrative and regulatory costs, associated with the Plan.
Effective July 1, 2013, the Plan will be frozen with the result that the accrual of future benefits under the Plan will stop. Retirement benefits earned by participants through June 30, 2013 will be preserved. In accordance with legal requirements applicable to pensions, the Plan changes will not impact the vested pension benefits of retirees or former employees. Active employees participating in the Plan will become eligible for the discretionary defined contribution plan effective July 1, 2013.
While the precise amount of net savings resulting from the changes to the Plan and participation in the discretionary defined contribution plan cannot be determined at this time, Arkansas Best expects that the reduction in this expense will be material going forward.
Company Description
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a freight transportation services and integrated logistics 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 press release that are not based on historical facts, including the statement regarding the expected cost savings related to changes to the Plan, are forward-looking statements. Terms such as anticipate, believe, could, 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 based on managements current beliefs and assumptions, and actual results may vary materially from those anticipated, projected or implied. Forward-looking statements are not guarantees of future events or performance and are subject to uncertainties and risks, including, but not limited to, Arkansas Best Corporation achieving less than the anticipated benefits and/or incurring greater than anticipated costs relating to changes to the Plan; general economic conditions; union and nonunion employee wages and benefits; and other financial, operational, and legal risks and uncertainties detailed from time to time in Arkansas Best Corporations Securities and Exchange Commission public filings. Arkansas Best Corporation expressly disclaims any responsibility to update forward-looking statements.
Contacts: |
Mr. David Humphrey, Vice President, Investor Relations |
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Telephone: (479) 785-6200 |
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Media: Ms. Kathy Fieweger, Vice President, Marketing and Corporate Communications |
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Telephone: (479) 719-4358 |
END OF RELEASE