(FORT SMITH, Ark., April 23, 2008) — Arkansas Best Corporation (Nasdaq: ABFS) today announced a 78% increase in first quarter 2008 net income of $8.5 million, or $0.34 per diluted common share, compared to $4.8 million, or $0.19 per diluted common share, in the first quarter of 2007. Arkansas Best’s 2008 first quarter revenue grew to $447.5 million from $427.8 million in the first quarter of last year.

ABF Freight System, Inc.^®

ABF Freight System, the company’s largest subsidiary, had first quarter 2008 revenue of $427.7 million, a per-day increase of 4.5% compared to first quarter 2007 revenue of $412.6 million. Operating income in this year’s first quarter was $12.9 million compared to $5.8 million during the first quarter of 2007. ABF’s first quarter 2008 operating ratio improved to 97.0% from 98.6% during the first quarter of 2007. “During the first three months of this year, ABF displayed solid execution and provided excellent service to our customers in the midst of what continues to be a difficult freight environment,” said Robert A. Davidson, Arkansas Best President and Chief Executive Officer.

ABF’s first quarter 2008 total weight per day was flat compared to the first quarter of 2007. “Though business levels remain depressed, quarterly year-over-year tonnage trends have continued to improve since the third quarter of 2007,” said Mr. Davidson. “ABF continues to benefit from additional shipments moving in regional freight lanes.”

“Focus on cost control, while matching labor expense with available business levels, helped ABF’s performance in the first quarter,” said Mr. Davidson. “I am pleased to note that the ABF team improved shipment and weight per hour productivity measures while also increasing the level of service and cargo care to our customers.”

Total billed revenue per hundredweight in this year’s first quarter was $26.32, an increase of 4.8% over last year’s first quarter figure of $25.11. “As was the case in the fourth quarter, the overall increase in revenue yield was affected by higher fuel surcharge resulting from considerably higher fuel-related costs and by profile shifts in our freight mix,” said Mr. Davidson. “Because of the weak freight environment, pricing in our industry remains very competitive. However, our account profitability continues to be supported by the high level of value-added service that we provide.”

“In 2007, ABF reduced transit times, creating thousands of new next-day lanes, and that investment is beginning to bear fruit. Throughout this year, further operational changes facilitated by ABF’s new labor contract should result in additional transit-time reductions in thousands of new regional freight lanes and in some of ABF’s traditional longer markets,” said Mr. Davidson. “ABF also expects to offer enhanced regional service throughout the western one-third of the United States by the end of the year.”

“During a period of economic decline and business slowdown, shippers tend to seek out competent, stable motor carriers who offer consistent, damage-free transit and reliable customer service. ABF has been benefiting from this ‘flight to quality’ industry trend,” said Mr. Davidson. In this year’s first quarter, ABF’s continuing emphasis on its Quality Process provided improvements throughout the company, including:

• ABF’s first quarter 2008 cargo claim ratio, a measure of net cash payouts to revenue, was 0.64%, representing further improvement when compared to the full year 2007 figure, which was the lowest in over twenty-five years.
• ABF’s first quarter 2008 Department of Transportation (“DOT”) recordable accidents per million total road and city miles were below those of the same period last year.
• Workers’ compensation costs in ABF’s first quarter were especially favorable. Two items contributed to this positive result. The first item relates to ABF’s annual update of claims development factors which were lowered as a result of favorable claims experience over the last year. This reduced ABF’s year-over-year first quarter operating ratio by approximately 60 basis points. The second item relates to routine workers’ compensation claims activity during the first quarter which was also favorable, by a similar amount, compared to the same period last year. Even without the impact of the development factors adjustment, ABF’s first quarter 2008 workers’ compensation costs, as a percent of revenue, were below its five-year average.

“During challenging economic times, these are a few of the characteristics that distinguish ABF as a stable and reliable choice in the LTL marketplace,” said Mr. Davidson. “In addition, our financial strength offers a foundation for managing through the current environment and for considering future opportunities to serve customers that provide acceptable returns. We are evaluating opportunities inside and outside of ABF to use our considerable resources to increase shareholder value.”

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2008 first quarter results.  The call will be today, Wednesday, April 23, at 12:00 Noon ET (11:00 a.m. CT).  Interested parties are invited to listen by calling (877) 275-1257 or (706) 634-6529 (for international callers).  The conference call ID for the playback is 41605004. The conference call and playback can also be accessed, through Thursday, May 15, on Arkansas Best’s Web site at www.arkbest.com. 

Company Description

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company.  ABF Freight System, Inc., Arkansas Best’s largest subsidiary, has been in continuous service since 1923.  ABF provides transportation of less-than-truckload (“LTL”) general commodities throughout North America.  More information is available at www.arkbest.com and www.abf.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 “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “predict,” “prospects,” “scheduled,” “should,” “would,” 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 nonunion 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 Arkansas Best’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.

ARKANSAS BEST CORPORATION

      Three Months Ended

                March 31

                     (Unaudited)

($ thousands, except share and per share data)

OPERATING REVENUES.......................................................      $   447,511      $    427,813

OPERATING INCOME..........................................................               13,152                 6,778

OTHER INCOME (EXPENSE)

. Interest and dividend income..............................................              1,819               1,200

. Interest expense and other related financing costs.................               (339)               (287)

. Other, net.......................................................................               (511)                175

INCOME BEFORE INCOME TAXES.........................................               14,121                 7,866

FEDERAL AND STATE INCOME TAXES

. Current...........................................................................              5,201               1,776

. Deferred.........................................................................                 376               1,291

Note:  First quarter 2007 revenue includes a $5.2 million reclassification associated with certain shipments involving third-party interline carriers and certain brokerage transactions where ABF retains the primary obligation to provide services to the customer. This revenue is now recorded on a gross basis, with expenses paid to the third-party carrier recorded in the “purchased transportation” category. Previously, this revenue was reported on a net basis whereby the expense of the third-party carrier was netted against revenue. The change had no impact on ABF’s operating income and a minimal impact on ABF’s operating ratio.

ARKANSAS BEST CORPORATION

   March 31       December 31

(Unaudited)            Note

                                                                                                                ($ thousands, except share data)

ASSETS

CURRENT ASSETS

  Cash and cash equivalents⁽¹⁾.............................................    $   196,971      $     93,805

  Short-term investment securities⁽¹⁾.....................................                      –             79,373

  Accts receivable, less allowances (2008 – $3,527; 2007 – $3,942)     146,393           141,565

  Other accts receivable, less allowances (2008 – $923; 2007 – $774)     8,037               8,963

  Prepaid expenses............................................................            13,346             11,243

  Deferred income taxes.....................................................            36,097             36,585

  Prepaid income taxes.......................................................              2,751               3,699

       TOTAL CURRENT ASSETS                                                                 411,259           382,417

PROPERTY, PLANT AND EQUIPMENT

  Land and structures........................................................         231,469           231,169

  Revenue equipment.........................................................         505,571           509,627

  Service, office and other equipment...................................         144,638           142,635

                                                                                               901,849           903,225

                                                                                               450,092             466,138

OTHER ASSETS................................................................            57,773               70,803

(1)  During first quarter 2008, the Company sold its short-term investments with no realized gains or losses and transitioned into money market funds, which are classified as cash equivalents.

Note:  The balance sheet at December 31, 2007 was derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

ARKANSAS BEST CORPORATION

   March 31       December 31

(Unaudited)            Note

                                                                                                                ($ thousands, except share data)

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

  Bank overdraft and drafts payable......................................    $     11,669      $     15,248

  Accounts payable...........................................................          62,330             60,341

  Income taxes payable......................................................                 545                 2,414

      TOTAL CURRENT LIABILITIES......................................          238,578             244,805

LONG-TERM DEBT, less current portion.................................              1,577                 1,400

PENSION AND POSTRETIREMENT LIABILITIES......................          50,833               48,859

OTHER LIABILITIES..........................................................          21,005               25,093

DEFERRED INCOME TAXES................................................          31,655             30,806

STOCKHOLDERS’ EQUITY

  Common stock, $.01 par value, authorized 70,000,000 shares;

     issued 2008:  26,554,292 shares;  2007: 26,549,038 shares.                 266                   265

  Additional paid-in capital..................................................         259,927             258,878

  Retained earnings............................................................         462,277             457,536

  Treasury stock, at cost, 2008:  1,677,932 shares; 2007: 1,677,932 shares                (57,770)        (57,770)

  Accumulated other comprehensive loss...............................          (25,254)            (26,523)

Note: The balance sheet at December 31, 2007 was derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

ARKANSAS BEST CORPORATION

Three Months Ended

         March 31

         (Unaudited)

       ($ thousands)

OPERATING ACTIVITIES

   Net income ..................................................................    $        8,544      $       4,799

   Adjustments to reconcile net income to net cash

     provided by operating activities:

      Depreciation and amortization .......................................            19,291             18,968

      Other amortization .....................................................                    73                   53

      Pension settlement expense .........................................              1,093               1,060

      Share-based compensation expense ..............................              1,127                  902

      Provision for losses on accounts receivable .....................                 300                  296

      Deferred income tax provision  ......................................                 376               1,291

      Gain on sales of assets ...............................................            (1,873)            (1,322)

      Excess tax benefits from share-based compensation .........                      –                (298)

   Changes in operating assets and liabilities:

      Receivables ...............................................................            (4,307)            (1,970)

      Prepaid expenses .......................................................            (2,103)            (2,309)

      Other assets .............................................................              4,671                 291

      Accounts payable, taxes payable,

           accrued expenses and other liabilities⁽¹⁾ ......................            (1,993)            (6,480)

INVESTING ACTIVITIES

  Purchases of property, plant and equipment, net of capital leases⁽¹⁾                          (2,581)       (22,528)

  Proceeds from asset sales ...............................................            10,674                   3,430

  Purchases of short-term investment securities .....................                      –               (84,135)

  Proceeds from sales of short-term investment securities ........            78,604                 99,050

  Capitalization of internally developed software and other........            (1,242)                (1,202)

FINANCING ACTIVITIES

  Payments on long-term debt ............................................             (106)                  (79)

  Net change in bank overdraft............................................            (3,579)                   (630)

  Payment of common stock dividends ..................................           (3,803)            (3,780)

  Purchases of treasury stock .............................................                  –              (4,945)

  Excess tax benefits from share-based compensation..............                      –                      298

  Proceeds from the exercise of stock options and other ..........                      –                      484

NET INCREASE IN CASH AND CASH EQUIVALENTS................        103,166                 1,244

(1)  Does not include $9.1 million of equipment which was received but not yet paid for at March 31, 2007.
ARKANSAS BEST CORPORATION

                  Three Months Ended

                            March 31

                                                                           (Unaudited)

                                                                           ($ thousands)

OPERATING REVENUES

ABF Freight System, Inc.⁽¹⁾⁽²⁾............................    $ 427,747                  $ 412,619         

OPERATING EXPENSES AND COSTS

ABF Freight System, Inc.⁽¹⁾

  Salaries, wages and benefits..........................    $ 257,723     60.3%   $ 264,691      64.1%

  Supplies and expenses..................................        81,858        19.1             67,902      16.5

  Operating taxes and licenses..........................        11,939          2.8             11,745        2.8

  Insurance...................................................          4,833          1.1              4,418        1.1

  Communications and utilities..........................          4,009          0.9              3,935        1.0

  Depreciation and amortization........................        18,556          4.3             18,117        4.4

  Rents and purchased transportation⁽²⁾..............        36,021          8.4             36,595        8.9

  Gain on sale of property and equipment............        (1,874)      (0.4)           (1,322)      (0.3)

  Other........................................................          1,802          0.5                 757        0.1

OPERATING INCOME

ABF Freight System, Inc.⁽¹⁾..............................    $ 12,880                   $    5,781         

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

(2)    See note to Consolidated Statements of Income on page 5.

                                                                                                                                Rolling Twelve Months

                                                                                                                                               Ended

FINANCIAL STATISTICS

After-Tax Return on Capital Employed ⁽³⁾.............................................                10.0%

(3)     (net income + interest after tax) / (average total debt + average equity)

ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS

	Three Months Ended March 31
	2008	2007	% Change
		(Unaudited)
Workdays	63.5	64.0
Billed Revenue(1)(2)/CWT                          Total	$     26.32	$      25.11	4.8%
Billed Revenue(1)(2)/Shipment                   Total	$   334.30	$    311.76	7.2%
Shipments                                                   Total	1,288,290	1,334,155	(3.4)%
Tonnage (tons)                                           Total	818,131	828,335	(1.2)%
Tons/Days	12,884	12,943	(0.5)%

(1)  Billed revenue does not include revenue deferral required for financial statement purposes under the Company’s revenue recognition policy. 

(2)  See note to Consolidated Statements of Income above.

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

Contact:   Ms. Judy R. McReynolds, Senior Vice President, Chief Financial Officer and Treasurer
              Telephone: (479) 785-6157

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