(FORT SMITH, Arkansas, April 21, 2003) — Arkansas Best Corporation (Nasdaq: ABFS) today announced that it had a first quarter 2003 net loss of $734,000, or $0.03 per common share which included a $9.0 million pre-tax ($0.22 per common share) charge related to Arkansas Best’s interest rate swap on $110.0 million of the company’s borrowings. At the end of this month, a significant amount of that debt will be paid off using the proceeds associated with Arkansas Best’s sale of its interest in Wingfoot Commercial Tire Systems, LLC to The Goodyear Tire & Rubber Company. Following this payment by Goodyear, Arkansas Best’s debt will be substantially below the $110.0 million level on which interest payments were hedged with the interest rate swap. As a result, until the interest rate swap matures on April 1, 2005, it will be accounted for in Arkansas Best’s income statement.

ABF Freight System, Inc.^®, the company’s largest subsidiary, had a first quarter 2003 operating ratio of 96.6 which was 1.5 percentage points better than in the first quarter of 2002. First quarter 2003 operating income at ABF was $11.1 million compared to $5.5 million during the first quarter of 2002. “While ABF’s first quarter profits doubled in a sluggish economy, their results could have been even better had they not experienced unusually severe weather and incurred higher workers’ compensation costs,” said Robert A. Young III, Arkansas Best President and Chief Executive Officer. On a per share basis, adverse weather accounted for approximately $0.05 per common share and workers’ compensation costs amounted to $0.06 per common share.

For the first quarter of 2002, income before the cumulative effect of an accounting change related to goodwill impairment was $1.5 million, or $0.06 per diluted common share. Including the non-cash impairment charge of $23.9 million ($0.95 per diluted common share, net of taxes), which was related to impaired goodwill associated with its Clipper subsidiary, Arkansas Best had a first quarter 2002 net loss of $22.5 million, or $0.89 per diluted common share.

ABF Freight System, Inc.

ABF’s revenue during the first quarter of 2003 was $324.2 million, a per-day increase of 12.3%, compared to first quarter 2002 revenue of $288.6 million. Billed LTL revenue per hundredweight, excluding fuel surcharge, was $22.54, an increase of 6.4% over last year’s first quarter figure of $21.19. Approximately one-half of this increase was a result of changes in the profile of freight handled. These changes have occurred, primarily, as a result of business ABF added following the September 2002 closure of Consolidated Freightways.

ABF’s LTL tonnage per day increased 2.7% during the first three months of 2003 compared to the same period last year.  This is approximately 1.6 percentage points less than would have been expected based on normal seasonal trends from the fourth quarter to the first quarter. “In the first quarter, ABF^® continued to maintain pricing discipline,” said Mr. Young. “Though tonnage levels are soft, ABF does not intend to handle additional freight that does not contribute profitably to the bottom line.”

During this year’s first quarter, ABF was adversely affected by unusually bad weather. A major storm in the Upper Midwest, Northeast and Atlantic Coast regions around February 17 closed three of ABF’s distribution centers and three of ABF’s major line-haul relay locations for almost two days. In addition, 38 of ABF’s service centers were fully or partially closed due to this storm. Operations were also affected by storms in the Southeast during mid-January and in the Rocky Mountain region during mid-March. The impact on operating income of lost revenue and increased costs at ABF related to the first quarter bad weather was approximately $2.0 million. “The unfavorable weather ABF experienced during this year’s first quarter was the worst we’ve seen during this period in the last three or four years,” said Mr. Young. “The February 17 storm was particularly severe because it shut down several key locations in ABF’s network, disrupting freight flows across the system.” 

During the first quarter of 2003, workers’ compensation costs were $2.5 million greater than in the first quarter of 2002 due primarily to deterioration in claims experience resulting from more increases on existing claims and greater severity of new claims. The increase in new claim severity was related to two large ABF workers’ compensation claims whose costs totaled $1.1 million.

ABF’s non-union pension expense increased by approximately $1.0 million during the first quarter of 2003. This quarterly figure was in line with Arkansas Best’s previous statement that it anticipated these costs to increase by approximately $4.0 million in 2003 versus 2002. ABF’s non-union salary expense increased by $1.4 million during the first quarter of 2003, due to the normal annual cost-of-living increases.

Compared to the first quarter of 2002, average daily shipments moving in two-day transit time lanes increased 1.2% versus a 9.4% increase in ABF’s longer-haul business. “Changes in these statistics continue to be affected by the longer-haul profile of business added as a result of the CF closure,” said Mr. Young.

“ABF’s level of dock, street and yard productivity was negatively impacted by the quarter’s bad weather,” said Mr. Young. “Productivity measures at ABF were about one percent less than in the same period last year, with greater negative effects on fringe costs.”

“In addition to the impact of adverse weather on ABF’s business, it appears that the economy has experienced some deterioration in the last few months,” said Mr. Young. “Since last September, it has been difficult for ABF to differentiate the impact of additional CF business and the changes in the economy. However, it does appear that the economy has moderately declined during the last few months,” said Mr. Young. “ABF will continue to maintain its emphasis on individual account profitability when reviewing existing business and when considering potential new business. As a result, ABF will be well positioned when economic factors do improve.”

On March 28, the Motor Freight Carriers Association, the national trade association representing the unionized general freight carriers, announced that the new National Master Freight Agreement had received an overwhelming ratification vote from the freight membership of the Teamsters Union and from the member carriers. This contract, which took effect on April 1 of this year, will provide ABF with labor agreement stability for the next five years.

On March 31, as previously announced, Brian Shutt, manager of security for ABF Freight System, was selected by the American Trucking Associations (ATA) as the 2003 “Security Professional of the Year.” According to the ATA, this new award was created “to honor and reward the significant achievements and contributions of individuals who reduce cargo theft and implement a strong security program.” “We are proud of Brian’s recognition by the trucking industry,” said Mr. Young.

On April 9, ATA also announced the 2003 America’s Road Team, a select group of 13 professional drivers who present a message of highway safety to the public. Among its prestigious members are two ABF drivers: Ruben Armendariz and Garland Woods. In addition, ABF’s Otto Schmeckenbecher was named as the alternate. “We are very proud of these three ABF drivers, who have been recognized for significant achievements in highway safety, professionalism and customer responsiveness,” said Mr. Young. “We are also pleased that the significant accomplishments of these gentlemen are repeated daily by thousands of employees across ABF’s North American system.”

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2003 first quarter results.  The call will be today, Monday, April 21, at 11:00 a.m. EDT.  Interested parties are invited to listen by calling (877) 275-1257. Following the call, a recorded playback will be available through the end of April.  To listen to the playback, dial (800) 642-1687. The conference call ID for the playback is 9587974. The conference call and playback can also be accessed, through Wednesday, 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,” “forecast,” “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 Securities and Exchange Commission (“SEC”) public filings.

ABF Freight System, Inc.^®

Operating Statistics

For the Three Months Ended March 31, 2003

________________________________________________________________________ 

	Three Months Ended March 31
	2003	2002	% Change
Billed Revenue/CWT         LTL....................................	$     23.59	$    21.38	10.4%
TL......................................	$       8.36	$      7.68	8.9%
Total..................................	$     20.79	$    18.64	11.6%
Billed Revenue/CWT         LTL....................................	$     22.54	$    21.19	6.4%
(w/o FSC)                      TL......................................	$       8.14	$      7.64	6.5%
Total..................................	$     19.89	$    18.48	7.6%
Billed Revenue/Shipment  LTL....................................	$   228.32	$   214.49	6.4%
TL......................................	$ 1,348.43	$ 1,250.83	7.8%
Total..................................	$   243.30	$   230.21	5.7%
Billed Revenue/Shipment  LTL....................................	$   218.12	$   212.57	2.6%
(w/o FSC)                      TL......................................	$ 1,312.97	$ 1,244.19	5.5%
Total..................................	$   232.77	$   228.22	2.0%
Tonnage                          LTL....................................	639,198	622,104	2.7%
(tons)                              TL.....................................	144,418	155,595	(7.2)%
Total..................................	783,616	777,699	0.8%
Shipments                       LTL....................................	1,321,093	1,240,215	6.5%
TL.....................................	17,914	19,104	(6.2)%
Total.................................	1,339,007	1,259,319	6.3%

Includes Fuel Surcharge (FSC), unless otherwise noted.

There were 63 workdays in the three months ended March 31, 2003.

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