FORT SMITH, Ark., July 20 /PRNewswire/ -- Arkansas Best Corporation (Nasdaq: ABFS) today announced income from continuing operations for the second quarter of 1999 of $11.1 million, or $0.47 per diluted common share, compared to 1998 second quarter income from continuing operations of $7.7 million, or $0.32 per diluted common share. Second quarter net income of $11.1 million is the highest quarterly net income in the Company's history.

"I am extremely pleased with the second quarter operating results of Arkansas Best Corporation," said Robert A. Young, III, Arkansas Best President and Chief Executive Officer. "ABF's operating ratio is the lowest for any second quarter in 13 years and its first half operating ratio is the lowest in 21 years."

ABF Freight System, Inc.

ABF's operating income for the quarter was $23.3 million, a 40% increase over 1998 second quarter operating income of $16.7 million. ABF's second quarter 1999 operating ratio was 92.5% compared to 94.3% for the second quarter of 1998. LTL revenue per hundredweight for the 1999 second quarter was $19.28, an increase of 5.6% over the same period of 1998. LTL tonnage per day for the second quarter of 1999 was flat when compared to the previous year.

"We are very excited about the outstanding performance of ABF," said Mr. Young. "Positive economic conditions combined with ABF's efficient operation produced another quarter of stellar results. The LTL pricing environment remains favorable and we are encouraged by ABF's continued ability to manage its costs while maintaining a high level of customer service. Once again, ABF's employees have demonstrated their ability to work together to produce results that are among the best in the industry."

During the second quarter, shipments increased in lanes affected by ABF's program to improve transit times, which was implemented on April 1. During the quarter, two-day transit time lanes had a 6.6% increase in shipments, a 3.3% increase in tonnage and a 10.4% increase in revenue. Each of these second quarter changes was significantly better than the same comparisons on ABF's remaining business. Regional business, as defined by shipments moving 800 miles or less, accounts for 26.6% of ABF's current revenue versus 24.9% of ABF's revenue during the same period last year. "We believe the shipment increases in lanes with improved transit times indicates that ABF's customers are pleased with these changes. ABF will continue to seek ways to respond to the ever-changing needs of our shippers," said Mr. Young.

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 are "forward-looking statements." Terms such as "estimate," "expect," "predict," "plan," "anticipate," "believe," "intend," "should," "would," "scheduled," 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 union relations; availability and cost of capital; shifts in market demand; weather conditions; the performance and needs of industries served by Arkansas Best's subsidiaries; actual future costs of operating expenses such as fuel and related taxes; self-insurance claims and employee wages and benefits; actual costs of continuing investments in technology, the timing and amount of capital expenditures; the accuracy of assessments and estimates relating to Year 2000 computer issues; competitive initiatives and pricing pressures; general economic conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC public filings.