Arkansas Best net income more than doubles

— Arkansas Best Corporation said Tuesday that its second quarter net income more than doubled last year's results for the period thanks in part to an $8 million tax benefit.

The Fort Smith-based freight transportation firm said it had $11.8 million in net income in the second quarter, up from $5.3 million in 2011. Revenue was up slightly this year, totaling $511 million compared with $499 million in the second quarter of 2011.

The 2012 figures include a tax benefit of $8 million and also reflect $2.1 million in costs associated with Arkansas Best's June acquisition of Panther Expedited Services, the company said. Without those items, second quarter net income would have been $5.2 million.

"A number of significant developments occurred during the second quarter, including closing the acquisition of Panther, our premium logistics provider," company President and Chief Executive Officer Judy R. McReynolds said in a statement. "This transaction represents a major step in our long-term strategy to grow our non-asset-based businesses."

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