(Fort Smith, Arkansas, October 18, 2001) -- Arkansas Best Corporation (NASDAQ/NMS - ABFS) today announced third quarter 2001 net income of $13.0 million, or $0.52 per diluted common share, compared to third quarter 2000 net income of $23.3 million, or $0.97 per diluted common share.

"Considering the economic effects of a significant business downturn and the tragic events resulting from the September 11 terrorist attacks, I am pleased with our company's third quarter results," said Robert A. Young III, Arkansas Best President and Chief Executive Officer. "ABF produced an operating ratio of 93.3%, once again leading the long-haul, LTL industry."

"On September 14, Arkansas Best announced the final results of its call for redemption of all outstanding shares of its $2.875 Series A Cumulative Convertible Exchangeable Preferred Stock. Over 99% of these shares were converted into shares of the company's common stock, resulting in the conversion of preferred stock into approximately $70 million of permanent common shareholders' equity. This conversion also eliminates approximately $4 million in annual preferred dividends that will add to free cash flow in future quarters," said Mr. Young.

"In my opinion, these steps, combined with the fact that ABF Freight System continues, quarter after quarter, to produce industry-leading margins and above-average returns, truly give Arkansas Best Corporation the strongest financial position of any of the long-haul, LTL companies," said Mr. Young.

ABF Freight System, Inc.

Third quarter 2001 revenues at ABF were $330 million compared to $358 million during the third quarter of 2000. Through the first nine months of this year, ABF's revenues have totaled $980 million versus $1.034 billion through the first nine months of last year. Third quarter operating income at ABF was $22.1 million compared to $41.2 million during the third quarter of 2000. ABF's third quarter 2001 operating ratio of 93.3% compares to a figure of 88.5% in last year's third quarter. "Comparisons with last year's results appear to be generally unfavorable," said Mr. Young. "However, it is important to remember that last year's third quarter provided one of the best operating environments our industry has ever experienced. In contrast, this year's third quarter was one of our industry's most difficult operating environments. Considering this, ABF's third quarter operating ratio was truly remarkable. Each of ABF's employees is to be commended for helping maintain solid profitability through these very challenging times."

ABF's LTL revenue per hundredweight, including fuel surcharge, was $22.00, an increase of 1.4% over the same period last year. "As reported in the second quarter, the LTL pricing environment continues to be relatively firm, especially considering the existing adverse economic conditions," said Mr. Young.

LTL tonnage per day for the 2001 third quarter declined by 9.5% when compared to last year. This represents a slight deterioration from the 9.0% decline experienced in this year's second quarter. This 2001 third quarter figure was negatively impacted by the effects of the September 11 terrorist attacks. Following September 11, the year-over-year decrease in average LTL tonnage per day accelerated an additional 2 to 3% below the levels of decline prior to the terrorist attacks. During the third quarter, truckload tonnage per day increased 1.9% versus last year. Year to date, LTL tonnage per day has decreased 8.4% while truckload tonnage per day increased 5.1%. In the third quarter of 2001, per day LTL shipments in two-day transit time lanes decreased 8.8% compared to a 10.9% shipment decrease in ABF's longer haul business. During the quarter, the productivity of ABF's dock employees and city drivers remained favorable.

Throughout this year, ABF has been implementing the NetLink communications and management system in numerous freight-handling facilities throughout its network. One of the major components of the NetLink system is the use of a handheld communications device commonly known as a microbrowser. The microbrowser is a cost-effective, portable device, much like a cell phone, that ABF employees carry in order to input and receive shipment and equipment information. The ABF freight-handling facilities utilizing this technology have experienced significant productivity improvements. Some of the benefits resulting from the use of microbrowsers include an increased number of shipments being loaded more directly from origin to destination, a reduction in the number of dock handlings per shipment at ABF distribution centers and improved shipment transit times. By the end of this year, ABF expects to have microbrowsers fully operational in 50 of its largest facilities and in all nine of its distribution centers. In 2002, ABF plans to add over 1,000 of these devices at additional locations throughout its nationwide network.

Attack Against Our Country

"On Tuesday, September 11, 2001, a horrible, unprovoked terrorist attack was carried out against the citizens of the United States. Thousands of innocent people lost their lives. As a result, Americans will forever be changed and the world in which we live will never be the same. All of the employees of Arkansas Best Corporation extend our deepest sympathies and heartfelt prayers to the many families, friends and co-workers who were directly affected by these cowardly acts and who are now left to cope with the aftermath of this national tragedy. As in past times of crisis, America will once again rise up to triumphantly respond to this great challenge. We at Arkansas Best Corporation are proud to have a small part in helping make our great country even stronger than it was before that fateful day." - Robert A. Young III.

Conference Call

Arkansas Best Corporation will be hosting a conference call with company executives to discuss the 2001 third quarter results. The call will be today, Thursday, October 18, at 10:00 a.m. CDT. Interested parties are invited to listen by calling (800) 263-8506. Following the call, a recorded playback will be available through Wednesday, October 31. To listen to the playback, dial (888) 203-1112. The passcode for the playback is 791687. The conference call and playback can also be accessed on Arkansas Best's Internet web site at www.arkbest.com through Wednesday, October 31.

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; 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.

     ABF FREIGHT SYSTEM, INC.
     COMBINED FINANCIAL INFORMATION
     FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001

                  Three Months Ended September 30  Nine Months Ended September 30
                           2001    2000    %Change    2001     2000    %Change

    Operating Revenue*  $329,996  $357,786  (7.8)%  $980,346 $1,034,294 (5.2)%
    Operating Income*   $ 22,057  $ 41,158          $ 62,876 $  101,021
    Operating Ratio         93.3%     88.5%             93.6%      90.2%


                 Three Months Ended September 30   Nine Months Ended September 30
                        2001      2000   %Change     2001       2000   %Change
    Revenue*  LTL    $301,004   $327,912  (8.2)%   $892,222   $945,791  (5.7)%
              TL       28,992     29,874  (3.0)%     88,124     88,503  (0.4)%
              Total   329,996    357,786  (7.8)%    980,346  1,034,294  (5.2)%

    Tonnage   LTL     683,990    755,762  (9.5)%  2,066,378  2,266,558  (8.8)%
    (tons)    TL      179,376    175,995   1.9 %    565,592    540,828   4.6 %
              Total   863,366    931,757  (7.3)%  2,631,970  2,807,386  (6.2)%

    Shipments LTL   1,356,998  1,515,214 (10.4)%  4,083,143  4,520,159  (9.7)%
              TL       22,252     22,084   0.8 %     69,710     68,068   2.4 %
              Total 1,379,250  1,537,298 (10.3)%  4,152,853  4,588,227  (9.5)%

    Revenue/
     CWT      LTL    $  22.00   $  21.69   1.4 %   $  21.59   $  20.86   3.5 %
              TL     $   8.08   $   8.49  (4.8)%   $   7.79   $   8.18  (4.8)%
              Total  $  19.11   $  19.20  (0.5)%   $  18.62   $  18.42   1.1 %

    Revenue /
     Shipment Total  $ 239.26   $ 232.74   2.8 %   $ 236.07   $ 225.42   4.7 %

    Cost /
     Shipment Total  $ 223.27   $ 205.96   8.4 %   $ 220.93   $ 203.41   8.6 %

    *Note: Values rounded to thousands ($000)
           There were 63 workdays in the third quarter of 2001 and 2000.
           Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.