FORT SMITH, Ark., Apr. 19 /PRNewswire-FirstCall/ -- Arkansas Best Corporation (Nasdaq: ABFS - news) today announced first quarter 2002 income, before the cumulative effect of an accounting change, of $1.5 million, or $0.06 per diluted common share, compared to 2001 first quarter net income of $9.1 million, or $0.37 per diluted common share. In addition, during this year's first quarter, Arkansas Best recognized a non-cash impairment loss of $23.9 million, or $0.95 per diluted common share, net of taxes, on goodwill associated with its Clipper subsidiary. As previously announced, this was a result of the Financial Accounting Standards Board's ("FASB's") new goodwill accounting rules, effective for Arkansas Best on January 1, 2002. This impairment caused all of the $37.5 million of Clipper goodwill to be eliminated from Arkansas Best's balance sheet. Including the goodwill impairment charge, Arkansas Best had a first quarter 2002 net loss of $22.5 million, or $0.89 per diluted common share.

ABF Freight System, Inc.

During the first quarter of 2002, ABF's revenue was $288.6 million, a per- day decline of 9.9% compared to the first quarter of 2001. First quarter 2002 operating income at ABF was $5.5 million versus $21.0 million during last year's first quarter. ABF's operating ratio this quarter was 98.1% compared to 93.6% in the first quarter of 2001. "Because of its relative size and national coverage, ABF has more difficulty reducing costs during a period of declining revenues. This helps explain the deterioration in ABF's 2002 first quarter operating ratio versus its operating ratios in the fourth quarter and first quarter of last year," said Mr. Young. "However, ABF also has the potential for more profitability momentum when business returns to normal levels." During the first three months of 2002, LTL tonnage per day decreased 8.4% versus the same period last year.

Compared to the first quarter of 2001, LTL shipments per day moving in two-day transit time lanes decreased 5.1% versus a 7.5% shipment decrease in ABF's longer haul business.

During this year's first quarter, LTL revenue per hundredweight, excluding fuel surcharge, was $21.10, an increase of 2.0% over last year's first quarter figure of $20.68. "While pricing competition remains strong during the current period of decreased business activity, improvements in this pricing measure are encouraging," said Mr. Young. "Maintaining positive changes in LTL yield is especially important during this difficult operating environment."

ABF's first quarter 2002 productivity measures reflect improvements when compared to last year's first quarter. "In spite of significant tonnage declines, our freight handlers and drivers are to be commended for being more productive. They have increased the number of shipments handled per hour on the dock and in the city pickup and delivery operation," said Mr. Young. "This is a reflection of ABF's continued emphasis on directly matching labor resources with available freight levels. Focus on these measures will continue as ABF seeks to maintain acceptable profitability throughout the duration of this economic slowdown.

"Every day I hear that the recession is over and economic expansion has begun. So far, this has not been reflected in the amount of freight that is moving on our trucks," said Mr. Young. "However, I am encouraged by recent improvements in some of the indices used to measure the overall U.S. economy and the business activity of the manufacturing sector. If these economic indicators continue to reflect positive trends, ultimately we will see improvements in ABF's business levels. In the meantime, continuing to maintain individual account profitability through pricing discipline and staying focused on strict cost controls will be of utmost importance as ABF anticipates upcoming increases in tonnage levels."

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2002 first quarter results. The call will be today, Friday April 19, at 10:30 a.m. CDT. Interested parties are invited to listen by calling (800) 479-1628. Following the call, a recorded playback will be available through the end of April. To listen to the playback, dial (888) 203-1112. The passcode for the playback is 582299. The conference call and playback can also be accessed, through Tuesday, April 30, on Arkansas Best's Internet Web site at www.arkbest.com.

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 QUARTER ENDED MARCH 31, 2002

 	(Includes Fuel Surcharge Revenue, unless otherwise noted)
	Three Months Ended March 31
				  2002 		  2001	   % Change
	Operating
	 Revenue* 		$288,641 	$325,513     -11.3%
	Operating
	 Income* 		  $5,543 	 $20,951
	Operating
	 Ratio 			   98.1% 	   93.6%
 
	Revenue*  LTL 		$264,850 	$295,420     -10.4%
		  TL 		  23,791 	  30,093     -20.9%
		  Total		 288,641	 325,513     -11.3%
 
	Tonnage   LTL 		 622,104 	 689,761      -9.8%
	(tons) 	  TL 		 155,596 	 195,242     -20.3%
		  Total 	 777,700 	 885,003     -12.1%
	
	Shipments LTL 	       1,240,215       1,353,875      -8.4%
		  TL 	  	  19,104 	  24,025     -20.5%
		  Total        1,259,319       1,377,900      -8.6%
 
        Revenue/
	 CWT 	  LTL 		$  21.29 	$  21.41      -0.6%
		  TL 		$   7.65 	$   7.71      -0.8%
		  Total 	$  18.56 	$  18.39       0.9%
 
	Revenue/
	 CWT 	  LTL 		$  21.10 	$  20.68       2.0%
	(without fuel surcharge)
 
	Revenue/
	 Shipment Total 	$ 229.20 	$ 236.24      -3.0%
 
	Revenue/
	 Shipment Total 	$ 227.21 	$ 228.38      -0.5%
	(without fuel surcharge)
 
	Cost/
	 Shipment Total 	$ 224.80 	$ 221.03       1.7%
	
	*Note: Values rounded to thousands ($000)
	 There were 63 workdays in the first quarter of 2002 and 64 workdays in the
	  first quarter of 2001.     	 Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.


     	 Contact:  Mr. David E. Loeffler, Vice President, Chief Financial Officer
                   and Treasurer
                   Telephone: (479) 785-6157

                   Mr. David Humphrey, Director of Investor Relations
                   Telephone: (479) 785-6200