(Fort Smith, Arkansas, January 27, 2005) — Arkansas Best Corporation (Nasdaq: ABFS) today announced fourth quarter 2004 net income of $24.4 million, or $0.95 per diluted common share, compared to fourth quarter 2003 net income of $14.7 million, or $0.58 per diluted common share.  Arkansas Best’s revenue during the fourth quarter of 2004 was $454.5 million, a per-day increase of 15.4% over the fourth quarter of 2003.

ABF Freight System, Inc.^®

ABF Freight System had revenues of $420.3 million during the fourth quarter of 2004, a per-day increase of 18.4% compared to fourth quarter 2003 revenue of $355.0 million.  ABF’s operating income during the 2004 fourth quarter was $40.1 million compared to $22.8 million in the same period last year.  ABF’s fourth quarter 2004 operating ratio of 90.5% represents an improvement of over three percentage points compared to the fourth quarter 2003 operating ratio of 93.6%.

ABF’s fourth quarter 2004 LTL tonnage per day increased 9.0% compared to the same period last year.  “The significant tonnage improvements that ABF experienced during the second and third quarters continued through the end of the year,” said Mr. Young.  “Once again, ABF generated strong margins by taking advantage of the available operating leverage in its network.”

“So far in January, average daily tonnage figures in ABF’s core LTL business are trending up two and one-half to three percent. During this same time period, ABF’s truckload business is trending up four to five percent. Early first quarter tonnage has primarily been affected by reduced shipping levels following the holiday period, particularly from customers on the West Coast and in the New England-Middle Atlantic portion of the country,” said Mr. Young. “Historically, early first quarter business levels have been inconclusive because the month of March typically has the most significant impact on full-quarter tonnage figures,” said Mr. Young.

Billed LTL revenue per hundredweight, excluding fuel surcharge, was $23.81, an increase of 1.2% over last year’s fourth quarter figure of $23.53.  “ABF’s fourth quarter 2004 average weight per LTL shipment was over one percent larger than in last year’s fourth quarter.  During the fourth quarter of 2004, LTL length of haul decreased by over three and one-half percent versus the same period of 2003.  Both of these profile changes reduce revenue per hundredweight to reflect the presumed lower cost of handling these shipments,” said Mr. Young.  “The LTL pricing environment in the fourth quarter was consistent with that seen in the third quarter of 2004.  The levels of price increases seen on recent contract renewals are encouraging signs for the upcoming year.”

ABF’s fourth quarter 2004 truckload tonnage per day increased by 16.5% versus the fourth quarter of 2003.  Billed truckload revenue per hundredweight, excluding fuel surcharge, increased by 3.7% over last year’s fourth quarter figure.  “As industry capacity remained tight throughout the fourth quarter, ABF continued to handle significant amounts of truckload business.  These larger shipments offer opportunities for improved equipment utilization at acceptable margin levels,” said Mr. Young.  

“Bills-per-hour dock productivity at ABF during the fourth quarter was down somewhat compared to the fourth quarter of 2003.  This is related to the addition of new, inexperienced employees associated with increased business levels and ABF’s continued emphasis on providing timely and consistent delivery of all customer shipments,” said Mr. Young.  “Because of a greater number of shipments on city routes, fourth quarter city pickup and delivery productivity slightly exceeded that of the same period in 2003.”    

For the full year of 2004, ABF’s revenue was $1.59 billion, a per-day increase of 13.0% over 2003 revenue.  ABF’s 2004 operating ratio was 91.9% versus 94.4% in 2003.  ABF’s 2004 operating income was $127.8 million versus $77.8 million during 2003.  Total tonnage per day in 2004 increased 8.0% over 2003.  LTL tonnage per day during 2004 increased 6.8% over 2003 levels and truckload tonnage per day increased 13.0% versus 2003.  Billed LTL revenue per hundredweight, excluding fuel surcharge, was $23.98, an increase of 2.2% over last year’s full year figure of $23.47.

Recognition of Excellence at ABF

As previously announced, the American Trucking Associations named two ABF road drivers – Richard Alford of the Louisville, Kentucky service center and Ralph Garcia of the Albuquerque, New Mexico service center – to its prestigious 2005-2006 America’s Road Team.  “As million-mile, accident-free drivers, Richard and Ralph are excellent examples of the professional drivers that give ABF the best safety record in the trucking business,” said Mr. Young.  “They will spend the next two years representing ABF as ambassadors of the trucking industry.  We are proud to have Richard and Ralph as a part of our company.” 

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2004 fourth quarter and full year results.  The call will be today, Thursday, January 27, at 12:00 Noon EST (11:00 a.m. CST).  Interested parties are invited to listen by calling (877) 275-1257.  Following the call, a recorded playback will be available through February 11.  To listen to the playback, dial (800) 642-1687.  The conference call ID for the playback is 3181307.  The conference call and playback can also be accessed, through February 11, on Arkansas Best’s Internet Web site at www.arkbest.com.

Company Description

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a diversified transportation holding company with two primary operating subsidiaries.  ABF Freight System, Inc., in continuous service since 1923, provides national transportation of less-than-truckload (“LTL”) general commodities throughout North America.  Clipper is an intermodal marketing company that provides domestic freight services utilizing rail and over-the-road transportation.

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; union and non-union 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.

The following tables show financial data and operating statistics on Arkansas Best Corporation and its subsidiary companies.

ABF FREIGHT SYSTEM, INC.

* Billed Revenue does not include revenue deferral required for financial statement purposes under the Company’s revenue recognition policy.

There were 62 workdays in the three months ended December 31, 2004 and in the three months ended December 31, 2003.

There were 254 workdays in the year ended December 31, 2004 and 253 workdays in the year ended December 31, 2003.

Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.

Contact:   Mr. David E. Loeffler, Senior Vice President, Chief Financial Officer and Treasurer

              Telephone: (479) 785-6157

              Mr. David Humphrey, Director of Investor Relations

              Telephone: (479) 785-6200