Ladies and gentlemen, thank you for standing by. Welcome to the Arkansas Best Corporation's Third Quarter 2013 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, Monday, November 11, 2013. I would now like to turn the conference over to Mr. David Humphrey, Vice President of Investor Relations. Please go ahead.

Welcome to the Arkansas Best Corporation's Third Quarter 2013 Earnings Conference Call. Our presentation this morning will be done by Ms. Judy R. McReynolds, President and Chief Executive Officer of Arkansas Best Corporation; Mr. Michael E. Newcity, Senior Vice President, Chief Financial Officer and Chief Information Officer of Arkansas Best Corporation. On this morning's call, we will give an update on the current quarter's results but we'll not be taking any questions. As always, following today's call, we will be available to speak with you to discuss the publicly disclosed information about our third quarter results. We thank you for joining us today. In order to help you better understand Arkansas Best Corporation and its results, some forward-looking statements could be made during this call. As we all know, forward-looking statements, by their very nature, are subject to uncertainties and risks. For a more complete discussion of factors that could affect the company's future results, please refer to the forward-looking statements section of the company's earnings press release and the company's most recent public filings. Before we begin, we want to acknowledge that today is Veterans Day. We would like to say a special thank you to all of the men and women, who have proudly served our country throughout the world, while defending the freedoms that we are so privileged to enjoy. And we want to express our sincere and deepest gratitude for the service and sacrifice of all of our U.S. Veterans, including the many veterans who work for our company. We will now begin with Mr. Newcity.

Thank you for joining us. This morning, Arkansas Best reported third quarter results that reflected seasonal improvement for ABF Freight, along with continued stronger performance at our emerging non-asset-based businesses, in particular at Panther. While we were pleased with the quarterly results, we recognize that this is typically one of our stronger periods of the year and that we are now entering the traditionally slower season. In addition, we also note that ABF Freight's year-to-date breakeven results continue to reflect the high cost structure associated with the previous labor agreement for employees represented by the International Brotherhood of Teamsters, which is now expired. With the new 5-year ABF National Master Freight Agreement that became effective on November 3, we have begun to realize cost savings associated with wage and vacation reductions that are essential to returning ABF to its historic, sustained profitability. The estimated net effect of the November 3 wage rate reduction and the August 1 benefit rate increase, is an initial reduction of approximately 4% to the combined total contractual wage and benefit rate under the 2013 ABF NMFA. For subsequent years, the compounded annual contractual wage and benefit contribution rates are estimated to increase approximately 2.5% to 3% through the end of the agreement. As previously announced, the initial wage and benefit reduction to ABF's cost structure, combined with the flexibility and operational changes resulting from the new contract, will result in an estimated net savings between $55 million to $65 million on an annualized basis. Judy will talk more in a bit about additional efforts that are underway to help return ABF to its historical levels of profitability. But now, I'd like to cover the details of our results for the third quarter of 2013. Arkansas Best third quarter 2013 revenue was $623.4 million compared to…

Thank you, Michael, and good morning, everyone. During what is typically the best performing period of the year, our third quarter results were positively affected by operating profits and increased revenues at all of our subsidiaries. Our emerging non-asset-based businesses continue to experience success through continued growth in revenues, operating income and cash generation. In addition to allowing us to offer our customers a broad array of logistics services, these companies are expanding in order to have a greater and greater positive impact on Arkansas Best results. Despite experiencing improved third quarter operating results, however, ABF's high cost structure, under the extended labor contract in effect during the third quarter, was a significant factor in ABF only being slightly profitable on a year-to-date basis. As reported on October 30, the new ABF's National Master Freight Agreement for employees represented by the Teamsters, was implemented on November 3, 2013 and runs through March 31, 2018. Full ratification of the labor contract represents a major milestone for ABF. We are grateful to now have a contract in place that provides us needed cost savings. While working to achieve the new labor agreement, other initiatives have been underway to improve operational efficiency, while maintaining a high level of service for our customers. As we said previously, the depth of any future network improvements would depend upon the actual level of savings achieved with our new contract. While we believe the savings reached in the negotiations process puts ABF in a much stronger position to further invest and serve customers and put the company on a path to better financial performance, it does not meet our objective of returning ABF to its historic sustained levels of profitability. Therefore, an active network analysis is underway, the results of which are expected to be announced in…

We want to thank you for joining us this morning and we appreciate your interest in Arkansas Best Corporation. This concludes our conference call. Thank you.

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines. Have a great day, everyone.