ARKANSAS BEST CORPORATION ANNOUNCES THE SALE OF G.I. TRUCKING COMPANY

(Fort Smith, Arkansas, August 1, 2001) -- Arkansas Best Corporation (NASDAQ/NMS – “ABFS”) announced today it has sold its G.I. Trucking Company subsidiary for approximately $40 million in cash to a company formed by senior executives of G.I. and Estes Express Lines of Richmond, VA. G.I. and Estes have been long time partners in ExpressLINK, a North American transportation partnership of four regional LTL carriers.
Arkansas Best will retain ownership of three California terminal facilities and has agreed to lease them to G.I. for a period of up to four years. G.I. has an option to purchase such terminals for $20 million, which approximates their current market value. These facilities have a book value of approximately $6 million.
“G.I.’s management is excited about this opportunity,” said Robert A. Young, III, Arkansas Best President and Chief Executive Officer. “They believe G.I. has excellent prospects for continued growth and success in the coming years. As for Arkansas Best, the cash from this sale will allow us to make further reductions to our outstanding debt.”
The final purchase price is subject to adjustments based on the closing balance sheet. Arkansas Best estimates that its cash proceeds from the stock sale, net of costs and income taxes, will be approximately $34 million. The sale will result in an after-tax gain for Arkansas Best of between $0.12 and $0.14 per share.
Founded in 1946, G.I. Trucking is one of the five largest western states-based, non-union regional LTL carriers. Estes Express Lines, founded in 1931, is a family owned and operated LTL carrier providing in-depth regional and multi-regional service to 33 states with its network of over 100 terminals.
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