ARKANSAS BEST CORPORATION ANNOUNCES SALE OF CARDINAL FREIGHT CARRIERS, INC. (NASDAQ/NMS: "ABFS")

(Fort Smith, Arkansas, June 24, 1997) -- Arkansas Best Corporation ("Arkansas Best") announced today that it has entered into a definitive agreement to sell Cardinal Freight Carriers, Inc. for approximately $38 million in cash to an acquisition company organized by Golder, Thoma, Cressey, Rauner, Inc. The transaction is subject to regulatory approval, approval by Arkansas Best's lending banks and other customary closing conditions. The sale is expected to result in a pre-tax gain of $8-9 million, subject to any adjustments in the purchase price under the terms of the definitive agreement. The net proceeds from the sale, which is expected to close in July, will be used to pay down bank debt.
Cardinal Freight Carriers is an irregular route truckload carrier headquartered in Concord, North Carolina. For 1996, Cardinal reported revenues of approximately $75 million and operating profit of approximately $4.4 million on a segment basis. Cardinal became an Arkansas Best subsidiary as a result of the 1995 acquisition of WorldWay Corporation.
"Cardinal is an outstanding company with strong management and a bright future," stated Robert A. Young, President and CEO of Arkansas Best. "However, the sale of Cardinal will significantly reduce our outstanding debt and substantially improve our overall financial position, and it is the right thing for Arkansas Best to do at this time."
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Contact: Mr. Randall M. Loyd, Director - Financial Reporting
Telephone: (501) 788-6463