(Fort Smith, Arkansas, July 22, 2009) – Arkansas Best Corporation (Nasdaq: ABFS) today announced a second quarter 2009 net loss of $15.4 million, or $0.62 per diluted share, compared to net income of $16.2 million, or $0.63 per diluted share, in the second quarter of 2008.

“The effects of lower freight levels and a competitive pricing environment that has intensified since the first quarter were the main challenges faced by our company in the second quarter.  In addition, our results were affected by unusual increases in nonunion healthcare and pension, workers’ compensation and third-party casualty insurance claims costs versus last year,” said Robert A. Davidson, Arkansas Best President and Chief Executive Officer.  “However, despite the continuation of the severe economic recession that is unlike any we have seen before, we remain focused on cost control, managing yields in a difficult environment and maintaining the high level of overall customer service that will ensure our long-term success.”

Arkansas Best Corporation

Second Quarter 2009

• Revenue of $362.6 million, a per day decrease of 26.7% from prior year quarter of $498.5 million.
• Net loss of $0.62 per diluted share compared to net income of $0.63 per diluted share in the prior year period.
• Includes $0.12 per share of additional costs associated with nonunion healthcare and pension, workers’ compensation and third-party casualty insurance claims compared to prior year quarter.

ABF Freight System, Inc.^®

Second Quarter 2009

• Revenue of $343.8 million compared to $479.5 million in 2008, a per-day decrease of 27.7%
• Tonnage per-day decrease of 17.0% versus 2008
• Total billed revenue per hundredweight of $23.81 compared to $27.40, a decrease of 13.1%, that is mainly attributable to the steep decline in fuel surcharge compared to the second quarter of 2008
• Operating loss of $26.8 million compared to operating income of $25.5 million in 2008
• Operating ratio of 107.8% compared to 94.7% in 2008.
• Nonunion healthcare and pension, workers' compensation and third-party casualty insurance claims added 3.0 points to the operating ratio compared to the prior year period
  

“ABF continues to manage its network resources, especially labor and equipment, to the level of freight moving throughout its network.  As needed, additional reductions in system resources and costs have been made in the last few months,” said Mr. Davidson.  “Though success in our business requires us to efficiently manage costs, we do so carefully in order to preserve our ability to meet specific customer requirements and to offer unique value in the marketplace.  Our solid financial position provides the necessary flexibility to take a long-term approach to customer relationships, even in the midst of the current, challenging environment.” 

The recessionary economy and lower freight levels have resulted in increased pressure on industry pricing during the second quarter.  In every pricing decision, ABF seeks to be reasonably compensated for the high level of service and safe, dependable cargo care it offers.  The current economic environment makes that challenging.  As it has always done, ABF continues to make pricing decisions on the basis of individual account profitability. 

“We are fortunate to have a solid financial position during this prolonged recessionary period.  Our on-going financial strength gives us the foundation to navigate through this difficult time while offering the opportunity to achieve our long-term goals when things finally improve,” said Mr. Davidson.  “In the meantime, we will strive to weather this storm while serving our customers with a high level of service that distinguishes us throughout the LTL industry.

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2009 second quarter results.  The call will be today, Wednesday, July 22, at 11:00 a.m. ET (10:00 a.m. CT).  Interested parties are invited to listen by calling (877) 275-1257 or (706) 634-6529 (for international callers).  Following the call, a recorded playback will be available through the end of the day on Friday, August 14, 2009.  To listen to the playback, dial (800) 642-1687 or (706) 645-9291 (for international callers).  The conference call ID for the playback is 18323953.  The conference call and playback can also be accessed, through Friday, August 14, on Arkansas Best’s Web site at 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 arkbest.com and 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, current adverse economic conditions; the impact of any limitations on our customers’ access to adequate financial resources; availability and cost of capital; shifts in market demand; weather conditions; the performance and needs of industries served by Arkansas Best Corporation’s subsidiaries; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; relationships with employees, including unions; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; governmental regulations and policies; costs of continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; competitive initiatives, pricing pressures and the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates; and other financial, operational and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation’s Securities and Exchange Commission (“SEC”) public filings.

The following table shows financial data and operating statistics on ABF Freight System, Inc.

ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS
 

	Three Months Ended Jun 30				Six Months Ended Jun 30
	2009	2008	% Chg		2009	2008	% Chg
Workdays	63.5	64.0			126.0	127.5
Billed Revenue* / CWT	$    23.81	$  27.40	(13.1)%		$    23.83	$  26.88	(11.3)%
Billed Revenue* / Shipment	$ 310.19	$ 367.98	(15.7)%		$  307.23	$ 351.30	(12.5)%
Shipments	1,114,148	1,311,907	(15.1)%		2,178,473	2,600,198	(16.2)%
Tonnage (tons)            Tons/Day	725,835      11,430	880,865      13,764	(17.6)%   (17.0)%		1,404,532       11,147	1,698,996         13,325	(17.3)%   (16.4)%

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

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

Arkansas Best Corporation Financial Report

Contact:   Ms. Judy R. McReynolds, Senior Vice President, Chief Financial Officer and Treasurer
              Telephone: (479) 785-6281

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