(Fort Smith, Arkansas, April 23, 2010) — Arkansas Best Corporation (Nasdaq: ABFS) today announced a first quarter 2010 net loss of $21.4 million, or $0.85 per share, compared to a net loss of $18.2 million, or $0.73 per share in the first quarter of 2009.  

“Despite some signs of improvement in our nation’s economy resulting in the stabilization of our business, Arkansas Best’s first quarter results illustrate the ongoing effects of low freight levels combined with a weak pricing environment. We have continued our focus on long-term profitable growth and the customer-service-level commitments it takes to accomplish this objective,” said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer.  “We are encouraged by the first quarter increases in ABF’s tonnage versus very low totals last year. However, in order for ABF’s operating results to improve in a meaningful way, we need further increases in freight demand, strong improvements in pricing and the positive financial impact of wage concessions.”  

Arkansas Best Corporation

First Quarter 2010

• Revenue of $359.9 million, a per-day increase of 5.1% from prior year quarter of $339.7 million
• Net loss of $0.85 per share compared to net loss of $0.73 per share in the prior year quarter

ABF Freight System, Inc.^®

First Quarter 2010

• Revenue of $333.0 million compared to $323.1 million in first quarter 2009, a per-day increase of 2.2%
• Tonnage per-day increase of 3.3% versus first quarter 2009
• Total billed revenue per hundredweight of $23.61 compared to $23.85 in first quarter 2009, a decrease of 1.0% despite a year-over-year increase in fuel surcharge levels
• Operating loss of $35.7 million compared to operating loss of $26.8 million in first quarter 2009
• Operating ratio of 110.7% compared to 108.3% in first quarter 2009

“ABF continues to offer efficient and targeted solutions that address the specific needs of our customers,” said Ms. McReynolds. “We have successfully laid the groundwork to strengthen our share in both the long-haul and regional LTL markets and we are well-positioned to leverage the superiority of our operational, sales and technology platforms in order to benefit our customers.”  

IBT Agreement and Legislative Initiatives

“Earlier this week, details were released regarding a tentative agreement, between ABF and the leadership of the Teamsters union, that includes 15% wage concessions and an ‘Earnings Plus’ plan that pays our union and nonunion employees when ABF’s operating ratio reaches certain profitable levels. We are pleased about this tentative agreement which has the overwhelming endorsement of the Teamster leadership.  It offers ABF the opportunity to adjust its cost structure to be more comparable with the LTL marketplace,” said Ms. McReynolds. “We encourage all ABF union employees to vote in favor of this much-needed wage concession and the ‘Earnings Plus’ plan.”

“Also, in late March, legislation was introduced in the U.S. Senate that addresses the payment of multiemployer pension fund benefits to retirees whose companies have gone out of business and no longer make contributions to the multiemployer pension funds.  This Senate bill is similar to a bill that was introduced in the U.S. House late last year,” said Ms. McReynolds. “We fully support a legislative solution that addresses the current, inequitable situation in which some of ABF’s pension contributions are, in effect, used by the multiemployer funds to pay the benefits of persons who never worked for our company. Enactment of this legislation would be an important step toward ensuring that all of our pension payments go toward our goal of fulfilling our obligations to ABF employees and retirees who have served us so well over the years.”   

Conference Call

Arkansas Best Corporation will host a conference call with company executives to discuss the 2010 first quarter results.  The call will be today, Friday, April 23, 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 May 23, 2010.  To listen to the playback, dial (800) 642-1687 or (706) 645-9291 (for international callers). The conference call ID for the playback is 65904184. The conference call and playback can also be accessed, through May 23, on Arkansas Best’s website 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, recessionary economic conditions; competitive initiatives, pricing pressures and effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, 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 non-union employee wages and benefits, including changes in required contributions to multiemployer pension plans; governmental regulations and policies; future climate change legislation; costs of continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; 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.

(1)     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:        Mr. David Humphrey,
                    Vice President Investor Relations and Corporate Communications

Telephone:     (479) 785-6200