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ABF Freight System said it has agreed to another extension of its contract with the Teamsters union, through May 31, as labor negotiations continue.

ABF Freight System said it has agreed to a 30-day extension on its contract talks with the Teamsters union beyond a scheduled March 31 deadline.

ABF Freight System and the Teamsters union both reported progress on their labor talks held last week in advance of the March 31 conclusion of their existing contract, and the company said talks could continue beyond the end of the current labor pact.

Arkansas Best Corp. reported a $7.9 million fourth-quarter loss as flat revenue, tonnage and pricing were offset by higher costs.

The Teamsters union and ABF Freight System held negotiations in Kansas City, Mo., this week, and talks will continue into next week to reach a labor agreement between the two parties, the union said.

Arkansas Best Corp. said Thursday its third-quarter net income declined from a year ago, reflecting “weakness in the economy” and a “slowing business environment.”

ABF Freight System said it will appeal an unfavorable decision in its lawsuit against YRC Worldwide and the Teamsters Union over contract issues.

An Arkansas district court judge has dismissed, for the second time, a suit filed by Arkansas Best Corp. against fellow less-than-truckload carrier YRC Worldwide and the Teamsters union.

Arkansas Best Corp.’s second-quarter profit more than doubled, the company said Tuesday.

Two of the nation’s largest trucking companies have joined forces, as Arkansas Best Corp. paid $180 million to acquire Panther Expedited Services in the largest acquisition in North American trucking so far this year.