ARKANSAS BEST CORPORATION ANNOUNCES EXTENSION OF DEADLINE FOR CONVERSION OF PREFERRED STOCK

(Fort Smith, Arkansas, September 12, 2001)—Arkansas Best Corporation announced today that, due to the tragic events of September 11, 2001, it has extended the conversion deadline to 5:00 p.m., Central time, September 14, 2001, for those holders who have not already surrendered their $2.875 Series A Cumulative Convertible Exchangeable Preferred Stock.
Prior to the call for redemption, approximately 1,390,000 shares of the preferred stock were outstanding. As of the close of business on September 11, 2001, the original conversion deadline, a total of 1,030,329 shares of the preferred stock had been surrendered for conversion into 2,616,670 shares of the Company’s common stock and 100 shares of the preferred stock had been surrendered for redemption at the redemption price of $50.575 per share of preferred stock, plus accrued and unpaid dividends to, but not including, the redemption date of September 12, 2001.
Shares of preferred stock are to be surrendered to LaSalle Bank National Association, as exchange agent, by mail at the addresses set forth in the letter of transmittal and notice of conversion that accompanied the notice of redemption. Questions relating to, and requests for additional copies of, the notice of redemption and the related materials should be directed to David Humphrey, Arkansas Best’s Director of Investor Relations, at (501) 785-6200.
As a result of the call for redemption, Arkansas Best Corporation has delisted its preferred stock, which traded under the symbol “ABFSP”, from The Nasdaq National Market.
Arkansas Best Corporation’s common stock will continue to trade on The Nasdaq National Market under the symbol “ABFS.”
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,” “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 SEC public filings.
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