EXHIBIT 99.1


                              FOR IMMEDIATE RELEASE



               ARKANSAS BEST CORPORATION ANNOUNCES ITS SETTLEMENT
                        WITH THE INTERNAL REVENUE SERVICE

(Fort Smith, Arkansas, August 13, 2002) -- Arkansas Best Corporation (NASDAQ/NMS
- "ABFS") ("the Company") announced today that it had reached a favorable
settlement with the Internal Revenue Service (IRS) of all outstanding issues
relating to the Company's federal income tax returns for the years 1990 through
1994. As a result of the settlement, the Company will reduce reserves for
interest by approximately $5.2 million to reflect the reduction in the Company's
liability for future cash payments of interest. The primary issue raised by the
IRS related to the timing of the deductibility of contributions made to
multiemployer pension plans by ABF Freight System, Inc.(R), the Company's
principal operating subsidiary. The effect of this change will be recorded in
the third quarter of 2002 and will result in an increase in the Company's net
income per diluted common share of approximately $0.12 cents.

The tax assessments were previously proposed by the IRS for the years involved.
Reserves for the proposed assessments were recorded in prior years as
information became available regarding the IRS position on the issues involved.
Substantially all interest and taxes relating to the years involved were paid in
2001 as an advance payment to stop the continuing accrual of interest. The net
current cash impact of the settlement will not be significant.


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