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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 2001
(August 13, 2001)
ARKANSAS BEST CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-19969 71-0673405
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
3801 Old Greenwood Road
Fort Smith, Arkansas 72903
(501) 785-6000
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(Address, including zip code, and telephone number, including area code, of
the registrant's principal executive offices)
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ITEM 5. OTHER EVENTS.
ARKANSAS BEST CORPORATION ANNOUNCES REDEMPTION OF
$2.875 SERIES A CUMULATIVE CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
(Fort Smith, Arkansas August 13, 2001)--Arkansas Best Corporation
announced today that it has called for redemption all outstanding shares of its
$2.875 Series A Cumulative Convertible Exchangeable Preferred Stock. The
redemption date of the preferred stock will be September 12, 2001 and the
redemption price will be $50.575 per share of preferred stock, plus accrued and
unpaid dividends to, but not including, the redemption date.
On August 10, 2001, the closing price per share of the preferred stock
was $64.00. In lieu of receiving the redemption price, holders of preferred
stock may, at their option, convert each share of their preferred stock into
2.5397 shares of common stock. On August 10, 2001, the closing price per share
of the common stock was $25.69. The deadline for the conversion of preferred
stock into common stock is 5:00 p.m., Central time, on September 11, 2001, the
day before the redemption date. Any fractional shares resulting from the
conversion will be paid in cash.
On and after the redemption date, the preferred stock will no longer be
deemed to be outstanding, dividends on the preferred stock will cease to accrue,
and all rights of the holders of preferred stock as holders of preferred stock
will cease, except for the right to receive the redemption price, without
interest thereon, upon surrender of certificates representing the preferred
stock.
As of August 10, 2001, approximately 1,390,000 shares of the preferred
stock were outstanding. The notice of redemption and related materials will be
mailed to registered holders of the preferred stock on or about Monday, August
13, 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 will accompany 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 the
exchange agent at (800) 246-5761 (toll free).
Arkansas Best Corporation's common stock trades on The Nasdaq National
Market under the symbol "ABFS." Arkansas Best Corporation's preferred stock
trades on The Nasdaq National Market under the symbol "ABFSP."
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: (501) 785-6157
Mr. David Humphrey, Director of Investor Relations
Telephone: (501) 785-6200
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ARKANSAS BEST CORPORATION
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(Registrant)
Date: August 20, 2001 /s/ David E. Loeffler
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David E. Loeffler,
Vice President- Chief Financial
Officer and Treasurer