EXHIBIT 99.1

FOR IMMEDIATE RELEASE

ARKANSAS BEST CORPORATION REPORTS
4TH QUARTER AND FULL YEAR 2002 RESULTS,
ABF(R)'S 4TH QUARTER OPERATING RATIO IS 92.2%

(Fort Smith, Arkansas, January 21, 2003) -- Arkansas Best Corporation
(Nasdaq: ABFS) today announced fourth quarter 2002 net income of $14.5 million,
or $0.57 per diluted common share, compared to fourth quarter 2001 net income of
$9.5 million, or $0.38 per diluted common share. The fourth quarter figures for
2001 included a non-recurring tax benefit of approximately $1.9 million ($0.08
per diluted common share) resulting from the resolution of certain tax
contingencies originating in prior years. For the full year of 2002, the company
reported income, before the cumulative effect of an accounting change, of $40.8
million, or $1.60 per diluted common share (net income of $16.8 million, or
$0.66 per diluted common share after the accounting change) versus 2001 net
income of $41.4 million, or $1.66 per diluted common share.

"Arkansas Best's solid performance during 2002 validated its position
as the company with the strongest financial position in the long-haul, LTL
industry," said Robert A. Young, III, Arkansas Best President and Chief
Executive Officer. "ABF(R) continued to produce good results with a fourth
quarter operating ratio of 92.2%. Clipper was profitable during the quarter
while improving its operating ratio by three percentage points compared to last
year's fourth quarter," said Mr. Young.

ABF FREIGHT SYSTEM, INC.

ABF's fourth quarter 2002 revenue was $344.9 million compared to $302.0
million in the fourth quarter of 2001. ABF's operating income during the current
quarter was $27.1 million compared to $16.5 million in the same period last
year.

Fourth quarter-billed LTL revenue per hundredweight, excluding fuel
surcharge, was $22.56, an increase of 5.9% over the fourth quarter 2001 figure
of $21.30. "The closure of CF has strengthened overall pricing stability in our
industry," said Mr. Young. "ABF's ability to secure

customer rate increases has improved. For example, in the fourth quarter of
2002, the average percent of rate increase obtained on deferred pricing
agreements was better than that for any quarter since the third quarter of 2000
and was almost a full percentage point better than we saw in the fourth quarter
of 2001."

"In an environment where a major competitor goes out of business, ABF's
profitability and strong financial position have been advantages in the
marketplace," said Mr. Young. "We've seen that value is even more important to
our customers, and they are displaying a greater appreciation of financial
stability in their transportation partners."

Fourth quarter 2002 LTL tonnage per day increased 6.5% when compared to
the 2001 fourth quarter. "During the first eight months of 2002, prior to the
closure of CF, ABF's LTL pounds per day was 7% below the same eight-month period
in 2001. During the four-month period from September through December of 2002,
following CF's closure, ABF's LTL pounds per day was 6% above the same
four-month period in 2001. Comparing these two time periods results in an
increase in tonnage trends of 13%," said Mr. Young.

"It has been difficult to distinguish the exact amount of business ABF
has obtained directly from the CF closure," said Mr. Young. "Additional factors,
including the economic environment and the settlement of the longshoremen's west
coast labor dispute, also impacted ABF's fourth quarter tonnage levels. When
business levels increase with customers ABF had prior to CF's closure, it is
impossible to know which factor caused the change. Some of the additional
freight that can be identified as coming from CF is not as profitable as ABF's
average business. However, this business has contributed positively to ABF's
margins because of the operating leverage that was available throughout the ABF
network. As usual, pricing on accounts identified with less-than-acceptable
margins is currently being addressed. During the fourth quarter, ABF had better
success in securing price increases and retaining this business."

LTL shipments per day in two-day transit time lanes increased 6.7%
compared to an increase of 12.3% in ABF's longer haul business. "The majority of
freight that ABF received as a result of the CF closure was in the 'three-day
and beyond' service lanes," said Mr. Young. As seen throughout 2002, fourth
quarter productivity of ABF's dock employees, city drivers and yard personnel
improved over the same period in 2001.

For the full year of 2002, ABF's revenue was $1.28 billion, essentially
the same as in 2001. ABF's 2002 operating ratio was 94.6% versus a 93.8% in
2001. ABF's 2002 operating income was

$68.8 million versus $79.4 million during 2001. Total tonnage per day in 2002
decreased 4.2% compared to 2001. LTL tonnage per day during 2002 decreased 2.8%
from 2001 levels and truckload tonnage per day experienced a decline of 9.6%
versus 2001.

"During 2002, ABF's total insurance costs, including those for workers'
compensation and bodily injury/property damage (BI/PD), increased by over $13
million versus 2001. This was related to various factors including the effects
of the terrorist attacks on our nation, increased costs in the re-insurance
market and continually rising healthcare costs," said Mr. Young. "These
additional expenses added over one percentage point to ABF's 2002 operating
ratio. Without this cost increase, ABF's 2002 operating ratio would have been
better than its operating ratio in 2001."

ABF's 2003 costs for workers' compensation and BI/PD premiums and
claims should remain consistent with 2002, assuming similar claims experience
and considering cost differences that occur because of changes in business
levels. However, for 2003, Arkansas Best has increased its BI/PD self-insured
retention layer from $500,000 to $1,000,000 per claim.

"ABF continues to reduce its transit time standards in order to more
effectively handle customer shipments in a timely manner," said Mr. Young.
"Additional operational changes implemented in ABF's network during December
allowed transit times to decrease in over 15% of ABF's service lanes. Generally,
ABF's long-haul lanes were improved. These most recent changes, combined with
previously announced improvements in many of ABF's short-haul lanes, resulted in
service standard improvements in approximately 62% of ABF's terminal-to-terminal
lanes since April 1999."

"In December, ABF was named by Selling Power magazine as one of the
top three companies to sell for in the service sector of the United States
economy. ABF was also named in the top five of the best 50 companies to sell for
overall. Through training and the use of technology, including ABF's
award-winning Web tools, ABF's sales force provides personal, direct attention
to our customers' individual needs," said Mr. Young. "The effectiveness of our
sales force is a huge reason why many customers choose ABF."

"As previously announced, on January 31 ABF will say goodbye to its
President and Chief Executive Officer, David Stubblefield, after 43 years of
service," said Mr. Young. "ABF is the company that it is today in large part
because of Dave's positive influence throughout these many years. Dave, we thank
you for what you have meant to ABF and Arkansas Best. We wish you years of
happiness and good health in the future!"

CLIPPER

For the fourth quarter of 2002, Clipper had revenues of $30.3 million
versus $29.7 million in the fourth quarter of 2001. Clipper's fourth quarter
2002 operating ratio was 98.9% versus 101.9% during the fourth quarter of 2001.
"During the quarter, Clipper's temperature-controlled division experienced the
traditional downturn in its produce business, but this was offset by a program
to lease refrigerated trailers to grocery chains during the holiday season,"
said Mr. Young. "Overall, Clipper's fourth quarter was positively impacted by
earning rebates achieved from increased business levels with the railroads."

For the full year 2002, revenues at Clipper were $118.9 million
compared to $127.3 million during 2001. Clipper's 2002 operating ratio was 99.1%
compared to 99.6% last year. "Clipper's LTL and full-load divisions both
experienced reductions in yearly revenue due to the effects of the general
economic decline and Clipper's continued efforts to improve its mix of
accounts," said Mr. Young. "In spite of this revenue decrease, Clipper was able
to increase its 2002 operating income by $670,000 versus 2001," said Mr. Young.
"This was primarily due to higher utilization of rail in linehaul movements and
cost-efficient handling of customer shipments in service lanes between major
cities."

"During 2001, when Clipper's revenues first declined due to the
elimination of unprofitable customer accounts, we believed this would eventually
help improve Clipper's overall profitability. The 2002 results indicate that
this is beginning to happen. When the economic environment improves and more
business becomes available, Clipper's emphasis on individual account
profitability should translate into further margin improvements," said Mr.
Young.

CAPITAL EXPENDITURES

In 2003, Arkansas Best forecasts net capital expenditures to be
approximately $70 million. Expenditures anticipated for 2003 are above last
year's net capital expenditure total of $46 million due primarily to planned
purchases of replacement trailers for both ABF and Clipper.

"So far, ABF has not been the successful bidder on any of the CF
properties that have been sold in previous auctions," said Mr. Young. "ABF
continues to be interested in a few of the remaining, unsold CF facilities
throughout the United States. We anticipate that the remaining properties, in
which we have an interest, have market values of approximately $2 million - $3
million in total."

Arkansas Best's depreciation and amortization for 2003 is forecasted to
be approximately $52 million.

WINGFOOT "PUT PRICE" ADJUSTMENT

As previously announced, Arkansas Best entered into a joint venture
agreement with The Goodyear Tire & Rubber Company that resulted in the formation
of Wingfoot Commercial Tire Systems, LLC. Arkansas Best has the right to sell
its 19% ownership interest in Wingfoot to Goodyear at any time after April 30,
2003 and before April 30, 2004. Goodyear made a claim against Arkansas Best
under the indemnity provisions of the joint venture contract. As a result, in
the fourth quarter of 2002, Goodyear and Arkansas Best agreed to an amendment to
the contract, reducing the "Put Price" by $2.1 million and increasing Goodyear's
liability exposure by $2.1 million. The amended "Put Price" is $71.3 million and
Arkansas Best's potential gain in 2003 from exercising the "Put" is $12 million
rather than $14 million.

PENSION AND SUPPLEMENTAL PENSION

As previously reported, Arkansas Best contributed $5.6 million to the
ABF non-union pension plan during the third quarter of 2002. During the fourth
quarter of 2002, Arkansas Best received approval from the Internal Revenue
Service to change its 2002 plan valuation date from the beginning of the year to
the end of the year, thus allowing 2002 stock market losses to be considered in
the measurement of the amount of allowed tax-deductible contributions to the
companies' non-union pension plans. This change allowed Arkansas Best to make
contributions of $10 million to its non-union pension plans in December. As a
result, these pension plans are fully funded.

For certain designated participants, Arkansas Best has an unfunded
supplemental pension plan which supplements benefits under its non-union pension
plans. At the end of 2002, Arkansas Best recorded, through equity, an after-tax
minimum liability of $3.5 million associated with this supplemental plan. This
liability resulted partially from a decline in interest rates, which increased
plan liabilities.

As a result of three years of market declines, Arkansas Best has
evaluated its pension plan assumptions and will use 7.90% as its 2003 investment
return assumption and 6.90% as its discount rate assumption for 2003 plan
liabilities. These rates compare to 9% for investment returns and 7.55% for plan
liabilities for 2002.

FORBES MAGAZINE HONOR

For the third year in a row, Forbes magazine named Arkansas Best
Corporation as one of the Platinum 400 Best Big Companies in America. In its
January 6, 2003 issue, Arkansas Best was included as one of thirteen companies
in the "Travel & Transport" industry sector. "We are pleased to be included in
this distinguished group of U.S. companies again this year," said Mr. Young.

CONFERENCE CALL

Arkansas Best Corporation will host a conference call with company
executives to discuss the company's 2002 fourth quarter and full year results.
The call will be today, Tuesday, January 21, at 10:30 a.m. EST. Interested
parties are invited to listen by calling (800) 946-0786. Following the call, a
recorded playback will be available through the end of the month. To listen to
the playback, dial (888) 203-1112. The passcode for the playback is 741850. The
live conference call and playback can also be accessed on Arkansas Best's
Internet Web site at www.arkbest.com through Friday, January 31.

COMPANY DESCRIPTION

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a
diversified transportation holding company with two primary operating
subsidiaries. ABF Freight System, Inc., in continuous service since 1923,
provides national transportation of less-than-truckload ("LTL") general
commodities throughout North America. Clipper is an intermodal marketing company
that provides domestic freight services utilizing rail and over-the-road
transportation.

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 "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.

The following tables show financial data and operating statistics on
Arkansas Best Corporation and its subsidiary companies.

ARKANSAS BEST CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
- --------------------------------------------------------------------------------

<Table>
<Caption>
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
------------------------------ ------------------------------
2002 2001 2002 2001
------------ ------------ ------------ ------------
($ THOUSANDS, EXCEPT PER SHARE DATA)

OPERATING REVENUES (3)
Transportation operations ............................. $ 375,197 $ 331,673 $ 1,396,017 $ 1,504,138
Service and other ..................................... 6,368 5,826 26,280 22,068
------------ ------------ ------------ ------------
381,565 337,499 1,422,297 1,526,206
------------ ------------ ------------ ------------
OPERATING EXPENSES AND COSTS (3)
Transportation operations ............................. 349,185 317,119 1,328,939 1,428,569
Service and other ..................................... 6,181 5,614 25,137 21,703
------------ ------------ ------------ ------------
355,366 322,733 1,354,076 1,450,272
------------ ------------ ------------ ------------
OPERATING INCOME ......................................... 26,199 14,766 68,221 75,934
OTHER INCOME (EXPENSE)
Net gains (losses) on sales of property and other ..... (198) 290 3,524 918
Gain on sale of G.I. Trucking Company ................. -- -- -- 4,642
IRS interest settlement (5) ........................... -- -- 5,221 --
Interest expense ...................................... (1,990) (2,569) (8,097) (12,636)
Other, net ............................................ (57) (60) (238) (2,139)
------------ ------------ ------------ ------------
(2,245) (2,339) 410 (9,215)
------------ ------------ ------------ ------------

INCOME BEFORE INCOME TAXES ............................... 23,954 12,427 68,631 66,719

FEDERAL AND STATE INCOME TAXES
Current ............................................... 8,637 4,684 19,464 25,367
Deferred .............................................. 852 (1,729) 8,412 (52)
------------ ------------ ------------ ------------
9,489 2,955 27,876 25,315
------------ ------------ ------------ ------------

INCOME BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE ......................... 14,465 9,472 40,755 41,404
------------ ------------ ------------ ------------
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, NET OF TAX BENEFITS OF $13,580 (4) .......... -- -- (23,935) --
------------ ------------ ------------ ------------

NET INCOME ............................................... 14,465 9,472 16,820 41,404
Preferred stock dividends ............................. -- -- -- 2,487
------------ ------------ ------------ ------------

NET INCOME FOR COMMON STOCKHOLDERS ....................... $ 14,465 $ 9,472 $ 16,820 $ 38,917
============ ============ ============ ============
NET INCOME (LOSS) PER COMMON SHARE
BASIC:
Income before cumulative effect of change in
accounting principle (1) ............................ $ 0.58 $ 0.39 $ 1.65 $ 1.79
Cumulative effect of change in accounting principle,
net of tax .......................................... -- -- (0.97) --
------------ ------------ ------------ ------------
NET INCOME PER SHARE (1) ................................. $ 0.58 $ 0.39 $ 0.68 $ 1.79
------------ ------------ ------------ ------------
AVERAGE COMMON SHARES
OUTSTANDING (BASIC): .................................. 24,850,147 24,457,048 24,746,051 21,802,258
============ ============ ============ ============
DILUTED:
Income before cumulative effect of change in
accounting principle (2) ............................ $ 0.57 $ 0.38 $ 1.60 $ 1.66
Cumulative effect of change in accounting principle,
net of tax .......................................... -- -- (0.94) --
------------ ------------ ------------ ------------
NET INCOME PER SHARE (2) ................................. $ 0.57 $ 0.38 $ 0.66 $ 1.66
------------ ------------ ------------ ------------
AVERAGE COMMON SHARES
OUTSTANDING (DILUTED): ............................... 25,462,838 25,178,175 25,350,683 24,961,879
============ ============ ============ ============

CASH DIVIDENDS PAID PER COMMON SHARE ..................... $ -- $ -- $ -- $ --
============ ============ ============ ============
</Table>

(1) Gives consideration to preferred stock dividends of $2.5 million for the
year ended December 31, 2001.
(2) For the year ended December 31, 2001, conversion of preferred shares into
common is assumed for the period prior to the September 14 preferred
redemption date.
(3) Includes seven months of G.I. Trucking Company's operations for the twelve-
month period ended December 31, 2001. G.I. was sold on August 1, 2001.
(4) In the first quarter of 2002, the Company recognized a non-cash impairment
loss of $23.9 million, net of taxes, due to the write-off of Clipper
goodwill.
(5) In the third quarter of 2002, the Company recognized other income of $3.1
million, net of taxes, due to a favorable settlement reached with the
Internal Revenue Service ("IRS").

ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------

<Table>
<Caption>
DECEMBER 31 DECEMBER 31
2002 2001
------------ ------------
(UNAUDITED) NOTE
($ THOUSANDS)

ASSETS

CURRENT ASSETS
Cash and cash equivalents .............................................. $ 39,644 $ 14,860
Accounts receivable, less allowances (2002 - $2,942; 2001 - $3,483) .... 130,769 116,430
Prepaid expenses ....................................................... 7,787 6,803
Deferred income taxes .................................................. 26,443 22,193
Federal and state income taxes prepaid ................................. -- 2,647
Other .................................................................. 3,729 4,027
------------ ------------
TOTAL CURRENT ASSETS ................................................ 208,372 166,960

PROPERTY, PLANT AND EQUIPMENT
Land and structures .................................................... 223,107 214,856
Revenue equipment ...................................................... 343,100 334,622
Service, office and other equipment .................................... 91,054 79,268
Leasehold improvements ................................................. 12,983 12,359
------------ ------------
670,244 641,105
Less allowances for depreciation and amortization ...................... 330,841 306,928
------------ ------------
339,403 334,177

INVESTMENT IN WINGFOOT .................................................... 59,341 59,341

OTHER ASSETS .............................................................. 82,242 58,949

ASSETS HELD FOR SALE ...................................................... 3,203 2,402

GOODWILL, less accumulated amortization
(2002 - $32,037; 2001 - $44,469) ........................................ 63,811 101,324
------------ ------------

$ 756,372 $ 723,153
============ ============
</Table>

Note: The balance sheet at December 31, 2001 has been derived from the audited
financial statements at that date, but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

ARKANSAS BEST CORPORATION
CONSOLIDATED BALANCE SHEETS - CONTINUED
- --------------------------------------------------------------------------------

<Table>
<Caption>
DECEMBER 31 DECEMBER 31
2002 2001
------------ ------------
(UNAUDITED) NOTE
($ THOUSANDS)

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Bank overdraft and drafts payable ............................ $ 7,808 $ 6,515
Accounts payable ............................................. 58,442 50,366
Federal and state income taxes ............................... 5,442 --
Accrued expenses ............................................. 123,294 121,423
Current portion of long-term debt ............................ 328 14,834
------------ ------------
TOTAL CURRENT LIABILITIES ................................. 195,314 193,138

LONG-TERM DEBT, less current portion ............................ 112,151 115,003

FAIR VALUE OF INTEREST RATE SWAP ................................ 9,853 5,383

OTHER LIABILITIES ............................................... 59,938 40,097

DEFERRED INCOME TAXES ........................................... 23,656 31,736

FUTURE MINIMUM RENTAL COMMITMENTS, NET
(as of December 31, 2002 - $42,494) ........................... -- --

OTHER COMMITMENTS AND CONTINGENCIES (NONE) ...................... -- --

STOCKHOLDERS' EQUITY
Common stock, $.01 par value, authorized 70,000,000 shares;
issued 2002: 24,972,086 shares; 2001: 24,542,163 shares .. 250 245
Additional paid-in capital ................................... 211,566 204,463
Retained earnings ............................................ 154,456 137,635
Treasury stock, at cost, 2002 and 2001: 59,782 shares ....... (955) (955)
Accumulated other comprehensive loss ......................... (9,857) (3,592)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY ................................ 355,460 337,796
------------ ------------

$ 756,372 $ 723,153
============ ============
</Table>

ARKANSAS BEST CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
- --------------------------------------------------------------------------------

<Table>
<Caption>
YEAR ENDED
DECEMBER 31
2002 2001
---------- ----------
($ THOUSANDS)

OPERATING ACTIVITIES
Net income ........................................................ $ 16,820 $ 41,404
Adjustments to reconcile net income to net cash
provided by operating activities:
Change in accounting principle, net of tax ..................... 23,935 --
Depreciation and amortization .................................. 49,219 50,315
Amortization of intangibles .................................... -- 4,053
Other amortization ............................................. 275 180
Provision for losses on accounts receivable .................... 1,593 2,966
Provision for deferred income taxes ............................ 8,412 (52)
Gain on sales of assets and other .............................. (3,430) (2,322)
Gain on sale of G.I. Trucking Company .......................... -- (4,642)
Changes in operating assets and liabilities, net of sales:
Receivables ................................................. (15,914) 35,236
Prepaid expenses ............................................ (982) (136)
Other assets ................................................ (12,631) (10,892)
Accounts payable, bank drafts payable, taxes payable,
accrued expenses and other liabilities .................... 21,371 (51,263)
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................ 88,668 64,847
---------- ----------

INVESTING ACTIVITIES
Purchases of property, plant and equipment
less capitalized leases and notes payable ....................... (55,668) (74,670)
Proceeds from asset sales ......................................... 11,874 10,132
Proceeds from the sale of G.I. Trucking Company ................... -- 40,455
Capitalization of internally developed software and other ......... (4,381) (2,817)
---------- ----------
NET CASH USED BY INVESTING ACTIVITIES ................................ (48,175) (26,900)
---------- ----------

FINANCING ACTIVITIES
Borrowings under revolving credit facilities ...................... 61,200 92,800
Payments under revolving credit facilities ........................ (61,200) (92,800)
Payments on long-term debt ........................................ (15,191) (23,234)
Retirement of bonds ............................................... (4,983) (23,174)
Net increase (decrease) in bank overdraft ......................... 1,379 (18,165)
Dividends paid .................................................... -- (2,487)
Purchase of preferred stock ....................................... -- (414)
Other, net ........................................................ 3,086 7,645
---------- ----------
NET CASH USED BY FINANCING ACTIVITIES ................................ (15,709) (59,829)
---------- ----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ................. 24,784 (21,882)
Cash and cash equivalents at beginning of period .................. 14,860 36,742
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ........................... $ 39,644 $ 14,860
========== ==========
</Table>

ARKANSAS BEST CORPORATION
FINANCIAL STATEMENT REVENUES, OPERATING INCOME,
OPERATING RATIOS, AND FINANCIAL STATISTICS (UNAUDITED)
- --------------------------------------------------------------------------------

<Table>
<Caption>
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
2002 2001 2002 2001
---------- ---------- ---------- ----------
($ THOUSANDS)

FINANCIAL STATEMENT REVENUES

ABF Freight System, Inc. (1)
LTL .............................. $ 316,832 $ 275,973 $1,171,887 $1,168,191
TL ............................... 28,068 25,996 105,230 114,124
---------- ---------- ---------- ----------
Total ............................ 344,900 301,969 1,277,117 1,282,315

Clipper ............................. 30,315 29,705 118,949 127,278
G.I. Trucking Company (2) ........... -- -- -- 95,477

FINANCIAL STATEMENT OPERATING INCOME

ABF Freight System, Inc. (1) ........ $ 27,060 $ 16,478 $ 68,824 $ 79,355
Clipper ............................. 322 (570) 1,123 453
G.I. Trucking Company (2) ........... -- -- -- 73

OPERATING RATIOS

ABF Freight System, Inc. (1) ........ 92.2% 94.5% 94.6% 93.8%
Clipper ............................. 98.9% 101.9% 99.1% 99.6%
G.I. Trucking Company (2) ........... -- -- -- 99.9%
</Table>

(1) Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.
(2) Includes seven months of G.I. Trucking Company's operations for the
twelve-month period ended December 31, 2001. G.I. Trucking Company was
sold on August 1, 2001.

<Table>
<Caption>
TWELVE MONTHS ENDED
DECEMBER 31, 2002
-------------------

FINANCIAL STATISTICS

After Tax Return on Stockholders' Equity (net income / average equity)............ 11.76%

Debt to Equity Ratio ............................................................. 0.32:1

Debt (net of temporary investments) to Equity Ratio .............................. 0.21:1

After Tax Return on Capital Employed (1).......................................... 9.57%
</Table>

(1) (Net income + interest after tax) / (average total debt - temporary
investments + average equity)

ABF FREIGHT SYSTEM, INC.
OPERATING STATISTICS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(INCLUDES FUEL SURCHARGE REVENUE, UNLESS OTHERWISE NOTED)
- --------------------------------------------------------------------------------

<Table>
<Caption>
THREE MONTHS ENDED DECEMBER 31 TWELVE MONTHS ENDED DECEMBER 31
2002 2001 % CHANGE 2002 2001 % CHANGE
----------- ----------- -------- ----------- ----------- --------

Billed Revenue*/CWT LTL $ 23.27 $ 21.69 7.3% $ 22.37 $ 21.61 3.5%
TL $ 8.60 $ 8.08 6.4% $ 8.04 $ 7.85 2.4%
Total $ 20.44 $ 18.94 8.0% $ 19.51 $ 18.70 4.3%

Billed Revenue*/CWT LTL $ 22.56 $ 21.30 5.9% $ 21.91 $ 21.00 4.3%
(w/o FSC) TL $ 8.45 $ 7.99 5.8% $ 7.94 $ 7.72 2.9%
Total $ 19.83 $ 18.62 6.5% $ 19.11 $ 18.19 5.1%

Billed Revenue*/Shipment LTL $ 226.02 $ 217.48 3.9% $ 221.15 $ 218.27 1.3%
TL $ 1,389.31 $ 1,285.25 8.1% $ 1,308.23 $ 1,268.93 3.1%
Total $ 242.54 $ 234.23 3.5% $ 237.41 $ 235.64 0.8%

Billed Revenue*/Shipment LTL $ 219.09 $ 213.58 2.6% $ 216.54 $ 212.11 2.1%
(w/o FSC) TL $ 1,364.17 $ 1,271.69 7.3% $ 1,292.66 $ 1,247.34 3.6%
Total $ 235.36 $ 230.18 2.3% $ 232.63 $ 229.22 1.5%

Tonnage LTL 676,238 634,817 6.5% 2,626,623 2,701,195 (2.8)%
(tons) TL 162,045 160,552 0.9% 656,615 726,144 (9.6)%
----------- ----------- ----------- -----------
Total 838,283 795,369 5.4% 3,283,238 3,427,339 (4.2)%

Shipments LTL 1,392,761 1,266,414 10.0% 5,314,493 5,349,557 (0.7)%
TL 20,072 20,186 (0.6)% 80,672 89,896 (10.3)%
----------- ----------- ----------- -----------
Total 1,412,833 1,286,600 9.8% 5,395,165 5,439,453 (0.8)%
</Table>

* Billed Revenue does not include revenue deferral required for financial
statement purposes under the Company's revenue recognition policy. Prior to
the third quarter 2002, the Company reported revenue-per-hundredweight
statistics using financial statement revenue recognized on a relative
transit-time basis.

There were 62 workdays in the three months ended December 31, 2002 and the three
months ended December 31, 2001. There were 253 workdays in the twelve months
ended December 31, 2002 and in the twelve months ended December 31, 2001.
Includes U.S., Canadian and Puerto Rican operations of ABF affiliates.

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

END OF RELEASE