-----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,
CKHtdNsBFmR5vqeK1zTQ8yCDZ6vo1MjICHaoLZjrZZc6BaqnXfeiSXF8LqMYfgrA
xAwoMeYEOdfqQD9/1/YkXA==
0000950134-04-009373.txt : 20040628
0000950134-04-009373.hdr.sgml : 20040628
20040628170347
ACCESSION NUMBER: 0000950134-04-009373
CONFORMED SUBMISSION TYPE: 11-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20031231
FILED AS OF DATE: 20040628
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: 11-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-19969
FILM NUMBER: 04885904
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
11-K
1
d16451e11vk.htm
FORM 11-K
e11vk
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
|
|
|
x
|
|
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the fiscal year ended December 31, 2003 |
|
|
|
|
|
or |
|
|
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED] |
|
|
|
|
|
For the transition period from to
|
Commission file number 0-19969
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Arkansas Best 401(k) Savings Plan
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
Arkansas Best Corporation
3801 Old Greenwood Road
Fort Smith, Arkansas 72903
Arkansas Best 401(k) Savings Plan
EIN 71-0673405 PN 002
Accountants Report and Financial Statements
December 31, 2003 and 2002
Arkansas Best 401(k) Savings Plan
December 31, 2003 and 2002
Report of Independent Registered Public Accounting Firm
Investment Committee and Plan Administrator
Arkansas Best 401(k) Savings Plan
Fort Smith, Arkansas
We have audited the accompanying statement of net assets available for
benefits of Arkansas Best 401(k) Savings Plan as of December 31, 2003, and
the related statement of changes in net assets available for benefits for
the year then ended. These financial statements are the responsibility of
the Plans management. Our responsibility is to express an opinion on
these financial statements based on our audit. Other accountants were
engaged to audit the financial statements of Arkansas Best 401(k) Savings
Plan as of and for the year ended December 31, 2002, whose report dated May
16, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of Arkansas
Best 401(k) Savings Plan as of December 31, 2003, and the changes in its
net assets available for benefits for the year then ended in conformity
with accounting principles generally accepted in the United States of
America.
The accompanying supplemental schedule is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labors Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedule
is the responsibility of the Plans management. The supplemental schedule
has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
/s/ BKD, LLP
Fort Smith, Arkansas
June 4, 2004
Federal Employer Identification Number: 44-0160260
1
Report of Independent Registered Public Accounting Firm
Investment Committee and Plan Administrator
Arkansas Best 401(k) Savings Plan
We have audited the accompanying statement of net assets available for benefits
of the Arkansas Best 401(k) Savings Plan as of December 31, 2002, and the
related statement of changes in net assets available for benefits for the year
then ended. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2002, and the changes in its net assets available for benefits for
the year then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Little Rock, Arkansas
May 16, 2003
2
Arkansas Best 401(k) Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2003 and 2002
|
|
|
|
|
|
|
|
|
|
|
2003
|
|
2002
|
Investments |
|
|
|
|
|
|
|
|
Mutual funds |
|
$ |
148,529,032 |
|
|
$ |
116,371,614 |
|
Common stock of Arkansas Best Corporation |
|
|
12,859,697 |
|
|
|
11,444,336 |
|
Other common stocks |
|
|
5,381,991 |
|
|
|
3,392,193 |
|
Preferred stocks |
|
|
7,108 |
|
|
|
7,961 |
|
Participant loans |
|
|
3,582,896 |
|
|
|
3,750,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
170,360,724 |
|
|
|
134,966,238 |
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
|
|
|
|
|
|
Employers contributions |
|
|
421,627 |
|
|
|
404,731 |
|
Participants contributions |
|
|
725,552 |
|
|
|
691,589 |
|
Other |
|
|
51,664 |
|
|
|
5,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,198,843 |
|
|
|
1,101,455 |
|
|
|
|
|
|
|
|
|
|
Net Assets Available for Benefits |
|
$ |
171,559,567 |
|
|
$ |
136,067,693 |
|
|
|
|
|
|
|
|
|
|
3
Arkansas Best 401(k) Savings Plan
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2003 and 2002
|
|
|
|
|
|
|
|
|
|
|
2003
|
|
2002
|
Investment Income (Loss)
|
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in fair value of investments |
|
$ |
29,463,430 |
|
|
$ |
(24,023,479 |
) |
Interest and dividends |
|
|
668,666 |
|
|
|
2,391,370 |
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
30,132,096 |
|
|
|
(21,632,109 |
) |
|
|
|
|
|
|
|
|
|
Contributions
|
|
|
|
|
|
|
|
|
Employers |
|
|
3,513,212 |
|
|
|
3,415,219 |
|
Participants |
|
|
11,391,765 |
|
|
|
11,357,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,904,977 |
|
|
|
14,773,131 |
|
|
|
|
|
|
|
|
|
|
Total additions (reductions) |
|
|
45,037,073 |
|
|
|
(6,858,978 |
) |
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Benefits paid directly to participants |
|
|
9,431,630 |
|
|
|
7,098,062 |
|
Administrative expenses |
|
|
38,632 |
|
|
|
32,245 |
|
|
|
|
|
|
|
|
|
|
Total deductions |
|
|
9,470,262 |
|
|
|
7,130,307 |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) Prior to Transfer |
|
|
35,566,811 |
|
|
|
(13,989,285 |
) |
Transfer of Assets to Other Plans |
|
|
(74,937 |
) |
|
|
(892,705 |
) |
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) |
|
|
35,491,874 |
|
|
|
(14,881,990 |
) |
Net Assets Available for Benefits, Beginning of Year |
|
|
136,067,693 |
|
|
|
150,949,683 |
|
|
|
|
|
|
|
|
|
|
Net Assets Available for Benefits, End of Year |
|
$ |
171,559,567 |
|
|
$ |
136,067,693 |
|
|
|
|
|
|
|
|
|
|
4
Arkansas Best 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003 and 2002
Note 1: Description of the Plan
The following description of the Plan provides only general information.
Participants should refer to the Summary Plan Description for a more
complete description of the Plans provisions, which is available from the
plan administrator.
General
The Plan is a defined contribution plan which covers eligible employees of
Arkansas Best Corporation and certain of its subsidiaries: ABF Freight
System, Inc., ABF Cartage, Inc., Data-Tronics Corp., FleetNet America, LLC,
and Land-Marine Cargo, Inc. (collectively, the Company).
The Plan covers substantially all regular full-time employees of the
Company, except for employees of a collective bargaining unit, casual
employees (defined as part-time employees who work less than thirty hours
per week) who have not completed certain levels of service, and leased
employees. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Contributions
Each year, Participants may contribute up to 50% of their pre-tax
compensation as defined in the Plan document. Contributions are subject to
certain limitations. Certain participating companies provide company
matching contributions. Each participating company may make an addition to
the company matching contributions to encourage participation in the Plan.
In addition to the company matching contributions, each participating
company may make an additional annual contribution at the discretion of
each participating companys Board of Directors. For the years ended
December 31, 2003 and 2002, no additional contributions were made.
For the years ended December 31, 2003 and 2002, the Plan allowed
participant and Company matching contributions as outlined in the following
table:
|
|
|
|
|
|
|
Participant |
|
Company Matching |
Participating Company
|
|
Contribution
|
|
Contribution
|
Arkansas Best Corporation
|
|
1% to 50%
|
|
50% of the first 6% |
|
|
|
|
|
Data-Tronics Corp.
|
|
1% to 50%
|
|
50% of the first 6% |
|
|
|
|
|
ABF Cartage, Inc.
|
|
1% to 50%
|
|
50% of the first 6% |
|
|
|
|
|
ABF Freight Systems, Inc.
|
|
1% to 50%
|
|
50% of the first 6% |
|
|
|
|
|
Land-Marine Cargo, Inc.
|
|
1% to 50%
|
|
50% of the first 6% |
|
|
|
|
|
FleetNet America, LLC
|
|
1% to 50%
|
|
No Match |
5
Arkansas Best 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003 and 2002
Participants direct the investment of their contributions as well as the
Companys contribution into various investment options offered by the Plan.
The Plan currently offers 17 mutual funds, Arkansas Best Corporation
common stock and BrokerageLink self-directed accounts as investment options
for participants.
Participant Accounts
Each participants account is credited with the participants contribution,
the Companys contribution and plan earnings and is charged with an
allocation of administrative expenses. Allocations are based on
participant earnings or account balances, as defined. The benefits to
which a participant is entitled is the benefit that can be provided from
the participants vested account.
Vesting
Participants are immediately vested in their contributions plus earnings
thereon. Vesting in the Companys contribution portion of their accounts
plus earnings thereon is based on years of continuous service. If a
participant was employed after December 31, 2001, then the participant is
fully vested after 3 years of continuous service. If the participant was
not employed after December 31, 2001, then the participant is fully vested
after 5 years. The nonvested balance is forfeited upon termination of
service. Forfeitures are used to reduce future matching contributions.
Payment of Benefits
Upon termination of service, an employee may elect to receive a lump-sum
amount equal to the vested balance of the account.
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 up to
a maximum calculated as the lesser of 50% of the participants vested
account balance or $50,000 reduced by the participants highest loan
balance in the preceding twelve-month period. The loans are secured by the
balance in the participants account and bear interest at rates that range
from approximately 8% to 11%, which are commensurate with local prevailing
rates as determined by the plan administrator.
Administrative Expenses
All investment-related administrative charges are paid by the Plan as
provided in the Plan document. All audit, legal and consulting fees
incurred by the Plan are paid by the Company.
6
Arkansas Best 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003 and 2002
Plan Termination
Although it has not expressed an intention to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan, subject to the provisions of ERISA. In the event of
plan termination, participants will become 100% vested in their accounts.
Note 2: Summary of Significant Accounting Policies
Valuation of Investments and Income Recognition
Quoted market prices, if available, are used to value investments.
Participant loans are valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and changes therein and disclosure of
contingent assets and liabilities at the date of the financial statements.
Actual results could differ from those estimates.
Plan Tax Status
The Plan obtained its latest determination letter on February 18, 2003, in
which the Internal Revenue Service stated that the Plan and related trust,
as then designed, were in compliance with the applicable requirements of
the Internal Revenue Code and therefore not subject to tax. The Plan has
been amended since receiving the determination letter. However, the plan
administrator believes that the Plan and related trust are currently
designed and being operated in compliance with the applicable requirements
of the Internal Revenue Code.
Payment of Benefits
Benefit payments to participants are recorded upon distribution.
7
Arkansas Best 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003 and 2002
Note 3: Investments
The Plans investments are held by Fidelity Management Trust Company. The
following table presents the Plans investments. Investments that
represent 5% or more of total plan assets are separately identified.
|
|
|
|
|
|
|
|
|
|
|
2003 |
|
2002 |
|
|
|
|
|
Investments at Fair Value as Determined by Quoted |
|
|
|
|
|
|
|
|
Market Price |
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
|
|
|
|
|
|
Fidelity Retirement Money Market Portfolio |
|
$ |
20,888,688 |
|
|
$ |
21,503,751 |
|
Fidelity Freedom 2010 Fund |
|
|
15,859,297 |
|
|
|
13,635,823 |
|
Fidelity Magellan Fund |
|
|
50,812,438 |
|
|
|
40,162,149 |
|
Fidelity Spartan U.S. Equity Index Fund |
|
|
10,943,170 |
|
|
|
7,784,890 |
|
Fidelity Capital Appreciation Fund |
|
|
13,559,987 |
|
|
|
8,098,501 |
|
PIMCO Total Return ADM Fund |
|
|
8,544,403 |
|
|
|
8,432,297 |
|
Other |
|
|
27,921,049 |
|
|
|
16,754,203 |
|
Common Stocks |
|
|
|
|
|
|
|
|
Common Stock of Arkansas Best Corporation |
|
|
12,859,697 |
|
|
|
11,444,336 |
|
Other |
|
|
5,381,991 |
|
|
|
3,392,193 |
|
Preferred Stocks |
|
|
|
|
|
|
|
|
Other |
|
|
7,108 |
|
|
|
7,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
166,777,828 |
|
|
|
131,216,104 |
|
Investments at Estimated Fair Value |
|
|
|
|
|
|
|
|
Participant Loans |
|
|
3,582,896 |
|
|
|
3,750,134 |
|
|
|
|
|
|
|
|
|
|
Total investments |
|
$ |
170,360,724 |
|
|
$ |
134,966,238 |
|
|
|
|
|
|
|
|
|
|
During the years ended 2003 and 2002, the Plans investments (including
gains and losses on investments bought, sold and held during the year)
appreciated (depreciated) in value by $29,463,430 and $(24,023,479),
respectively, as follows:
|
|
|
|
|
|
|
|
|
|
|
2003
|
|
2002
|
Investments at Fair Value as Determined by Quoted |
|
|
|
|
|
|
|
|
Market Price |
|
|
|
|
|
|
|
|
Common stocks |
|
$ |
4,707,891 |
|
|
$ |
(2,878,207 |
) |
Mutual Funds |
|
|
24,755,539 |
|
|
|
(21,145,272 |
) |
|
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in fair value |
|
$ |
29,463,430 |
|
|
$ |
(24,023,479 |
) |
|
|
|
|
|
|
|
|
|
Interest and dividends realized on the Plans investments for the years
ended 2003 and 2002, were $668,666 and $2,391,370, respectively.
8
Arkansas Best 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003 and 2002
Note 4: Life Insurance Policies
Insurance policies that were purchased under a prior option of the Plan
continue to exist; however, new investments in individual or group policies
are not allowed. Plan participants as of July 1, 1987, who invested in the
insurance option, continue to pay premiums and receive benefits in
accordance with the previously existing provisions of the Plan.
The Plan does not record any assets or liabilities in connection with the
previous life insurance option. The Plan purchases individual life
insurance contracts on behalf of the participant when contributions are
made, with the participants account as beneficiary. The Plan itself has
no liability to pay any death benefits because the insurance company
assumes this liability upon issuance of the policies.
Upon the death of the insured, the death benefits received by the Plan from
the insurance company are credited to the participants account. The Plan
cannot purchase or terminate life insurance for a participant without that
participants consent. Any cash surrender value received by the Plan upon
termination of a life insurance policy is credited to the participant
account.
Note 5: Subsequent Event
In 2004, the Plans investment committee eliminated the Fidelity Magellan
Fund as an investment option in the Plan. Effective March 31, 2004, no new
contributions were allowed to be invested in the Fidelity Magellan Fund.
Instead, they were invested in the Spartan U. S. Equity Index Fund unless
another available investment option was selected by the participants.
Effective July 1, 2004, all remaining investment balances in the Fidelity
Magellan fund will be transferred into the Spartan U. S. Equity Index Fund
unless transferred to another available investment option by the
participants.
9
Arkansas Best 401(k) Savings Plan
Supplemental
Schedule
Schedule H, Line
4i Schedule of Assets (Held at End of Year)
EIN No. 71-0673405 PN 002
December 31, 2003
|
|
|
|
|
|
|
|
|
|
|
Identity of Issuer
|
|
Description of Investment
|
|
Current Value
|
|
|
Mutual Funds |
|
|
|
|
|
|
*
|
|
Fidelity Management Trust Company
|
|
Retirement Money Market Portfolio, 20,888,688 shares
|
|
$ |
20,888,688 |
|
*
|
|
Fidelity Management Trust Company
|
|
Capital Appreciation Fund, 553,244 shares
|
|
|
13,559,987 |
|
*
|
|
Fidelity Management Trust Company
|
|
Magellan Fund, 519,874 shares
|
|
|
50,812,438 |
|
*
|
|
Fidelity Management Trust Company
|
|
Spartan U.S. Equity Index Fund, 277,675 shares
|
|
|
10,943,170 |
|
|
|
American Advantage Investment Services
|
|
American Advantage Intl Equity Fund, 83,339 shares
|
|
|
1,370,911 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom Income Fund, 20,966 shares
|
|
|
232,850 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom 2000 Fund, 74,190 shares
|
|
|
873,961 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom 2010 Fund, 1,218,072 shares
|
|
|
15,859,297 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom 2020 Fund, 262,590 shares
|
|
|
3,418,917 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom 2030 Fund, 151,860 shares
|
|
|
1,966,582 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Freedom 2040 Fund, 151, 516 shares
|
|
|
1,145,458 |
|
*
|
|
Fidelity Management Trust Company
|
|
Spartan Extended Market Index Fund, 47,255 shares
|
|
|
1,290,198 |
|
*
|
|
Fidelity Management Trust Company
|
|
Spartan International Index Fund, 25,039 shares
|
|
|
682,576 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity US Bond Index Fund, 216,628 shares
|
|
|
2,424,064 |
|
|
|
Pacific Investment Management Company
|
|
PIMCO Total Return ADM Fund , 797,797 shares
|
|
|
8,544,403 |
|
|
|
Dodge & Cox Funds
|
|
Dodge & Cox Stock Fund, 31,485 shares
|
|
|
3,582,351 |
|
*
|
|
Fidelity Management Trust Company
|
|
Fidelity Low-Priced Stock, 199,437 shares
|
|
|
6,976,291 |
|
|
|
Common Stock |
|
|
|
|
|
|
*
|
|
Arkansas Best Corporation
|
|
408,763 shares
|
|
|
12,859,697 |
|
|
|
BrokerageLink Self-Directed Accounts |
|
|
|
|
|
|
*
|
|
Fidelity Brokerage Services, LLC
|
|
|
|
|
9,345,989 |
|
|
|
Participant Loans
|
|
Various loans with interest rates of 8% 11%
|
|
|
3,582,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
170,360,724 |
|
|
|
|
|
|
|
|
|
|
*
|
|
Indicates party-in-interest to the Plan. |
|
|
|
|
|
|
10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
persons who administer the employee benefit plan have duly caused this annual
report to be signed on their behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
|
Arkansas Best 401(k) Savings Plan
|
|
|
/s/ Judy R. McReynolds
|
|
June 28, 2004 |
Judy R. McReynolds |
|
|
Vice President and Controller |
|
|
11
EXHIBIT INDEX
|
|
|
|
|
|
|
Exhibit Number
|
Seq. Description
|
Page No.
|
23.1
|
|
Consent of BKD LLP
|
|
|
12 |
|
|
|
|
|
|
|
|
23.2
|
|
Consent of Ernst & Young LLP
|
|
|
13 |
|
EX-23.1
2
d16451exv23w1.htm
CONSENT OF BKD LLP
exv23w1
EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement
(Form S-8, No. 033-52877) pertaining to the Arkansas Best 401(k) Savings Plan
of our report dated June 4, 2004, with respect to the financial statements and
schedule of the Arkansas Best 401(k) Savings Plan included in this Annual
Report (Form 11-K) for the year ended December 31, 2003.
/s/ BKD, LLP
Fort Smith, Arkansas
June 28, 2004
EX-23.2
3
d16451exv23w2.htm
CONSENT OF ERNST & YOUNG LLP
exv23w2
EXHIBIT 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement
(Form S-8, No. 033-52877) of our report dated May 16, 2003, with respect to the
financial statements of the Arkansas Best 401(k) Savings Plan for the year
ended December 31, 2002.
/s/ Ernst & Young LLP
Little Rock, Arkansas
June 25, 2004
GRAPHIC
4
d16451d1645107.gif
GRAPHIC
begin 644 d16451d1645107.gif
M1TE&.#EAH`!7`/<``$1$1(2$A%)24JRLK!X>'@T-#9:6EA45%:JJJIV=G7AX
M>"PL+#$Q,5A86(*"@HR,C%145.WM[8:&AC@X.')RWEQ<7*.CHZ&AH7]_?UM;6\+"PJ*BHN#@X/KZ^J2DI/O[^^'A
MX?GY^7IZ>M34U//S\Z6EI>_O[]/3TST]/#PY24E,K*RLO+R]75U7Y^?N+B
MXF=G9XF)B;FYN?W]_?;V]O3T]-G9V<3$Q%Y>7LC(R$Y.3M#0T/CX^).3D^OK
MZUI:6J"@H+BXN(Z.CNCHZ&%A871T='Q\?&!@8.7EY8N+B_+R\N[N[GU]??#P
M\%]?7Y^?GYJ:FKV]O7%Q<8B(B&QL;.;FYK"PL*ZNKN3DY,#`P+N[N^?GY\W-
MS7!P<(^/C_?W]X"`@-O;V[:VMN/CX[Z^OJ>GIZ:FIJFIJ9N;FZBHJ(&!@>GI
MZ;>WM]W=W>KJZF1D9)"0D&]O;V)B8L_/SVUM;'QT1$0[6UM69F9L7%Q9&1
MD?'Q\6YN;O7U]=?7U];6UK2TM%M<6YZ>GM_@X,[.SKJZNKR\O,/#PCX^/LG)
MR00#`_7U]N?FYG%R<;>XN,7%Q*6DI+2TL^#AX**AHM[>WTM+2]74U$M,2W1U
M=?#P\=K;V\C(R=[?WOGX^(F)B'IZ>>#@X:6EIEI;6I65E::GI_[]_:>FI\'"
MP4U-361D8WU\?)J:F:ZNK1<7%\#!P,3$PRDI*1$1$=K:VO?W^.+BX\K*R69F
M9]C8V,/"PF!A8)*2DO#P[S4U-0@("'!Q<WA\?']_?X-_@WV]N;EQ<76YO;\[-SMSGIJ^OKRXN+LK)R=?8UQL;
M&UQ=7=_>W\;&Q@```/___R'Y!```````+`````"@`%<```C_`/\)'$BPH,
M"!,J7,BPH<.'$"-*G$BQHL6+-JW,BQH\>/(#,.T=$%!J`>$O#L^$9!CH\`
M"59%`49)BY@A19:%W,E3XY`DJ`Q1^"!C`0H5%GP\Z`-#$),9/:-*Q3@#UQT#
M2,`4\+?!R04Y4#(5F4JV;$4E0,946.#/7P$1G@9L.V*VKEV'<'A0:-?6GPE-
MH-S<'4SXX!Q$;5[T94&G4Z3"D"&[R:.UKX!D8:!&WFQW"AH&?:?58#2$LVFS
M\.G(E!^-8KXXCS?;DK;P]_^D2A123TH0#43G0]P";/0N%])U/O[Y;
M!@`4`**+,(;]^C0<],9_]!G``X'_M8!!.Q-PHD@DWE!PBP](4"*-(Q]`Z"
M'/8%BRAQ'.1?A\45-(,)'8Z@!1$=MKA`#SU5X4F%;:UC!W\-W=!BBP?P8="(
M'`98T!(MRO%/$#NZ&`9(6ERR05_CO$%&1/(ER6$!MA0$)()-&"1`BDS\$YCK"$?J$C@0$_IT*(F\+9;XCQ4=GE"0
MO@CR*U`U.T(*$19TS0RPA*X5`WK_;U!D@EG^4\'\$U9%WV`06UT"'"AR$,8%0&X[@$PQIL6U?)X0(
M4M`<$D1(AS50_A\-1GAN'RS8'#2KV@/)_A_H"U%,'RL["6/R0&MTB(3KV/K`
M.D*;_]=YB[PGU$=]:O"TM=`#?=!A'\@#N'B0"-W.>>$MVJ#0%E?/A\$D/$TR
MO,VY(I@GW_,%0#A"9CQ-?H>*)N3[?)?HB2YVU`15P"`#'1*!L#@4'`XI(B%I
M&U_N6O2'A'"!;6VY04^N!ZZ1=8],'E#(X/:U/PZ9#R&GJ(\3HL+!7Z&@'G9"
M%HP2HBD23K!#%3S(*,91GP=$Y7&!,@$%_QX30UJ=8#<):9Y]GM>A$QID=?5)
MPP]_50!$:$9+OUK`%6VGOQN:$"&'H@\*I(*Z4YT@`&$J(JW&H)`(.J^$".I?
M08H0JKXH,"KL`)<_""`--9[*!!X[R`AQ)Q#=V4>.!'F%?4@@E18BBP<+I)7*
M$'*.+A:R18@<""+L`P:I`/%4!9C"!\E4@%`@9)`2O&03#Q(-^WQ`*G7K$`^N
MX(MKM.@'HR13Y@[BQB7"D4!.)(@E[`.`1KXO#0V;DW3HUQ=;=J@`A!J2)?]A
MR/H$/3F$@SO4D4"-&T@OZ\/$
M=19D#O_)6D]BF;J!,*-%%E@H@F@P`V>T:`1N(XCXWNA%!`54('&;3SI8>-`:
M(H@.(JW
"FH$0"]@'`X7H23D#-0SN+B&5^$\0>+)4^Q#$I@3")3/;@JE_N`&M
M]BD!'`3"5E\.1&K\2T@3,*L/''W$&`=U1(M:-UE_2.P?1FW1W/Z1BVG_[J@+
M"H'`?_P4$E_%\Q]X6"U?Z3,V@3#!L/:YQFX&.Y^:Q6%'XDQ()OX#BYB!)!4'
M!4"+K##<^8B2(&S8T=DF2MB!=&%'I5C((/XSCI1ZI+'U$4@.@H#9^G"@NWUY
M[3_(D$P.M2`-7^@B&=[5(BDJ)!(QG0\*N*"U'=$A!1Y(DI%:FRUY[F@6_]A%
MA_31!@!,(TF!3,@9"'0-57B$HWID8VOU^X\AK*E#L"A%,/38%H$UY!($*@`"
M.N(.&O>%4JVM++%VA,NI@LNG#W3`A]D*"/P!2546EM<@L!!,1UJP1<.
M0>/[.F0/^:R/!DBA$7[XV!^QPF];*CP0>^RH_P(S^`&X6B`$B`0"121^P!8I
MXEL]PH)7K"6(G;=5`NH<,76?APY1],J@![BY4>=)N2\+2I!$6(KIW$\`PB_CD@A=K"C$A#"M`PAPP^V788=
MU.`4.T#'MG?P@QWL(!YE0(8GUH`$*BBE$VDT"!7(78-Z>]O>9?""&ORP$-VV
M"!41\(*YZ5`#+]2@#6KP0ALJL89BN-L!4."#$:)=D3%@8$,<54H8=31(R.8`&/C,*6V&
M"[UH%`$RX(@O/#GG_]##CN!Q&B"(XU0ML`8>")&)H\]&%NGSKP8/(H57A&D/
M46#P#/`1!4%L%B0SP$+!?M6"$FB@!G:XPSSHNADD[*@!".'AR,I9S"'TI06I
M"DD6L'"!^FZJ``R0@0"0``DHA&`*227+#)3`"U.4,V#1+8C4$/&///B#$RUN
MRS"5%2,V6./,]AD'`?#S`W6XVQ"0>`,4$D"$10P@!+;D0-?8`"#@&4'F(&9I8#^H`%00#33
MT`#K=W:G<02`$`"54(`:>(!F0!"@M0]$TQ;#T!;QUALYD`]W,`9E4!3/MX+(
M@@(3H`'N)Q!*H`1;(`9'8(1*,'E+B'0FL@52H`@#$``^H`D`4`*&YX/^,`(>
MD`)Z0`4!T`.`8`.),!9.N!,Y4`7FP`<&0(4^4`QXT`;.4`$`H`$R<(=X.`%Z
M*`(3X`1XB(<:0`(=4`$-8`44@`0^\!+@\`BMD`1;#G"&D!B)DCB)E%B)IA$0
"`#L_
`
end
-----END PRIVACY-ENHANCED MESSAGE-----