-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Eo3hR97D0ZRTQMTaBbhmZHBnyHr/YLiz5aNdVZmGEDnww0c2+DVaxFrdXBDEtWA1 5ECUTrDItSLFfJ8Kvhxh+Q== 0000950134-03-006744.txt : 20030430 0000950134-03-006744.hdr.sgml : 20030430 20030430093159 ACCESSION NUMBER: 0000950134-03-006744 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030428 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARKANSAS BEST CORP /DE/ CENTRAL INDEX KEY: 0000894405 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710673405 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19969 FILM NUMBER: 03670948 BUSINESS ADDRESS: STREET 1: 3801 OLD GREENWOOD RD CITY: FORT SMITH STATE: AR ZIP: 72903 BUSINESS PHONE: 5017856000 MAIL ADDRESS: STREET 1: P O BOX 48 CITY: FORT SMITH STATE: AR ZIP: 72902 8-K 1 d05306e8vk.txt FORM 8-K 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): April 30, 2003 (April 28, 2003) ARKANSAS BEST CORPORATION ------------------------- (Exact name of registrant as specified in its charter) Delaware 0-19969 71-0673405 -------- ------------ ------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation or organization) 3801 Old Greenwood Road Fort Smith, Arkansas 72903 (479) 785-6000 - -------------------------------------------------------------------------------- (Address, including zip code, and telephone number, including area code, of the registrant's principal executive offices) ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. On April 28, 2003, Arkansas Best Corporation ("the Company") issued a press release announcing that it had completed the sale of its 19% ownership interest in Wingfoot Commercial Tire Systems, LLC to The Goodyear Tire & Rubber Company ("Goodyear") for the "Put Price" of $71.3 million in cash, as determined by the amended joint venture agreement between the Company, Goodyear and Treadco, Inc. A copy of the press release is attached as an exhibit to this Report on Form 8-K. ITEM 7. EXHIBITS. 99.1 Press release of Arkansas Best Corporation dated April 28, 2003. 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 (Registrant) Date: April 30, 2003 /s/ David E. Loeffler -------------- ----------------------- David E. Loeffler, Vice President - Chief Financial Officer and Treasurer INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99.1 Press release of Arkansas Best Corporation dated April 28, 2003
EX-99.1 3 d05306exv99w1.txt PRESS RELEASE EXHIBIT 99.1 FOR IMMEDIATE RELEASE ARKANSAS BEST CORPORATION RECEIVES $71.3 MILLION PAYMENT FROM GOODYEAR FOR ARKANSAS BEST'S INTEREST IN WINGFOOT (Fort Smith, Arkansas, April 28, 2003) - Arkansas Best Corporation (Nasdaq: ABFS) announced that it had completed the sale of its 19% ownership interest in Wingfoot Commercial Tire Systems, LLC to The Goodyear Tire & Rubber Company. This transaction was closed and the proceeds were received from Goodyear this morning. The cash payment of $71.3 million will be used to reduce the outstanding debt under the Arkansas Best credit agreement, which was $85.0 million at March 31, 2003. As a result of this transaction, Arkansas Best will record a pre-tax gain of approximately $12 million ($8.4 million after-tax, or $0.33 per diluted common share) in the second quarter of 2003. Arkansas Best Corporation, headquartered in Fort Smith, AR, is a diversified transportation holding company with two primary operating subsidiaries. ABF Freight System, Inc., in continuous service since 1923, provides national transportation of LTL general commodities throughout North America. Clipper is an intermodal marketing company that provides domestic freight services, utilizing rail and over-the-road transportation. 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," "forecast," "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 Securities and Exchange Commission ("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 END OF RELEASE -----END PRIVACY-ENHANCED MESSAGE-----