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<FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT><FONT SIZE=2>Washington, D.C. 20549<BR>
<BR>
</FONT><B><FONT SIZE=6>FORM 10-K</B></FONT></TD>
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<FONT SIZE=2><P>(Mark One)<BR>
</FONT></TD>
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<FONT SIZE=2><P>[X]</FONT></TD>
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<FONT SIZE=2><P>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
  SECURITIES EXCHANGE ACT OF 1934<BR>
  For the Fiscal Year Ended December 31, 1999</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">OR</FONT></TD>
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<FONT SIZE=2><P>[   ]</FONT></TD>
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<FONT SIZE=2><P>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>
  THE SECURITIES EXCHANGE ACT OF 1934<BR>
  For the transition period from________________to_______________</P><BR>
</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">Commission File No. 34-0-17570</P><BR>
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<B><FONT SIZE=6><P ALIGN="CENTER">AMERICAN FREIGHTWAYS CORPORATION<BR>
</B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter)</P><BR>
</FONT><FONT SIZE=2><P ALIGN="CENTER"></FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">Arkansas<BR>
</FONT><FONT SIZE=2>(State or other jurisdiction of incorporation or organization)<BR>
<BR>
</FONT><FONT SIZE=2>2200 Forward Drive, Harrison, Arkansas<BR>
</FONT><FONT SIZE=2>(Address of principal executive offices)</P><BR>
</FONT><FONT SIZE=2><P ALIGN="CENTER"></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">74-2391754<BR>
</FONT><FONT SIZE=2>(I.R.S. Employer Identification No.)<BR>
<BR>
</FONT><FONT SIZE=2>72601<BR>
</FONT><FONT SIZE=2>(Zip Code)</P><BR>
</FONT><FONT SIZE=2><P ALIGN="CENTER"></FONT></TD>
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<FONT SIZE=2><P>Registrant's telephone number, including area code:  (870) 741-9000<BR>
<BR>
Securities registered pursuant to Section 12(b) of the Act:<BR>
</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">None</P><BR>
<P ALIGN="CENTER"></FONT></TD>
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<FONT SIZE=2><P>Securities registered pursuant to Section 12(g) of the Act:<BR>
</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">Common Stock, $.01 par value<BR>
</FONT><FONT SIZE=2>(Title of class)<BR>
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<FONT SIZE=2><P>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   </FONT><FONT SIZE=2>[X]</FONT><FONT SIZE=2> Yes    [   ] No<BR>
<BR>
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.   </FONT><FONT SIZE=2>[X]</FONT><FONT SIZE=2><BR>
<BR>
Aggregate market value of voting stock held by nonaffiliates of the registrant at February 17, 2000:  $427,668,342.<BR>
<BR>
Number of shares of common stock outstanding at February 17, 2000:  32,276,856.</P>
<P ALIGN="CENTER">DOCUMENTS INCORPORATED BY REFERENCE</P>
<P>The Registrant's Annual Report to Shareholders for the fiscal year ended December 31, 1999 is incorporated by reference into Parts II and IV.<BR>
<BR>
The Proxy Statement for Registrant's April 20, 2000 Annual Meeting is incorporated by reference into Parts III and IV.</P>
<B><P ALIGN="CENTER"></P></B></FONT>
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<B><FONT SIZE=4><P ALIGN="CENTER">Table of Contents<BR><BR>
</B></FONT></TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Item</B></FONT></TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Page</B></FONT></TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">------</B></FONT></TD><BR><BR>
<TD WIDTH="80%" VALIGN="TOP">
<B><FONT SIZE=4><P ALIGN="CENTER">Part I<BR><BR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">-------</B></FONT></TD>
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<FONT SIZE=2><P>1. and 2.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Business and Properties</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1</FONT></TD>
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<FONT SIZE=2><P>3.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Legal Proceedings</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">4</FONT></TD>
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<FONT SIZE=2><P>4.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Submission of Matters to a Vote of Security Holders<BR><BR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">4</FONT></TD>
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<TD WIDTH="80%" VALIGN="TOP">
<B><FONT SIZE=4><P ALIGN="CENTER">Part II<BR><BR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
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<FONT SIZE=2><P>5.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Market for Registrant's Common Equity and Related Stockholder Matters</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">5</FONT></TD>
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<FONT SIZE=2><P>6.</FONT></TD>
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<FONT SIZE=2><P>Selected Financial Data</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">6</FONT></TD>
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<FONT SIZE=2><P>7.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Management's Discussion and Analysis of Financial Condition<BR>
  and Results of Operations</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><BR>
8</FONT></TD>
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<FONT SIZE=2><P>7A.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">8</FONT></TD>
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<FONT SIZE=2><P>8.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Financial Statements and Supplementary Data</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">8</FONT></TD>
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<FONT SIZE=2><P>9.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Changes in and Disagreements with Accountants on Accounting <BR>
  and Financial Disclosure<BR><BR>
</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER"><BR>
8</FONT></TD>
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<TD WIDTH="80%" VALIGN="TOP">
<B><FONT SIZE=4><P ALIGN="CENTER">Part III<BR><BR>
</B></FONT></TD>
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<FONT SIZE=2><P>10.</FONT></TD>
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<FONT SIZE=2><P>Directors and Executive Officers of Registrant</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">9</FONT></TD>
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<FONT SIZE=2><P>11.</FONT></TD>
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<FONT SIZE=2><P>Executive Compensation</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">9</FONT></TD>
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<FONT SIZE=2><P>12.</FONT></TD>
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<FONT SIZE=2><P>Security Ownership of Certain Beneficial Owners and Management</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">9</FONT></TD>
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<FONT SIZE=2><P>13.</FONT></TD>
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<FONT SIZE=2><P>Certain Relationships and Transactions<BR><BR>
</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">9</FONT></TD><BR>
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<TD WIDTH="80%" VALIGN="TOP">
<B><FONT SIZE=4><P ALIGN="CENTER">Part IV<BR><BR>
</B></FONT></TD>
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<FONT SIZE=2><P>14.</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>Exhibits, Financial Statement Schedules and Reports on Form 8-K</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">10</FONT></TD>
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<FONT SIZE=2><P>Signatures</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">15</FONT></TD>
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<FONT SIZE=2><P>List of Financial Statements and Financial Statement Schedules</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">16</FONT></TD>
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<B><FONT SIZE=4><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"> </P>
<P ALIGN="CENTER">Part I</P>
</B></FONT><FONT SIZE=2><P><BR>
<B>Items 1 and 2.  Business and Properties</P>
<P>The Company</B></P>
<P ALIGN="JUSTIFY">American Freightways Corporation (the "Company") is a scheduled, for-hire carrier of less-than-truckload (LTL) shipments of general commodities, serving direct all points in 32 eastern, midwestern, southeastern, and southwestern states.
</P>
<P ALIGN="JUSTIFY">On February 12, 1999, the Company announced its new, extended-reach, scheduled, direct all-points service, which is identified in the market as American Flyer.  The aggressive service is the Company's standard LTL product, not an extra
cost service.  The majority of regional service standards within 500 miles call for delivery next-day and some reach as far as 600 miles.  The majority of interregional service standards within 1500 miles call for delivery second-day with some extending
as far as 1600 miles.  The service standards are the same for all points in a customer center's service area, regardless of the distance from the customer center or the size of the point.  American Flyer shaved one to two days off delivery schedules for
200 million zip code pairs when compared to the system it replaced.  In many lanes the second-day service of American Flyer had previously been available only through air or premium-priced expedited truck service.</P>
<P ALIGN="JUSTIFY">In addition, on June 17, 1999, the Company announced two new guaranteed LTL services known as American Flyer Guaranteed and American Expediter.  American Flyer Guaranteed  provides a guaranteed "day-definite" service utilizing the
American Flyer operation and service schedules.  If the shipment is not delivered on the scheduled day the charges are cancelled, plus, at no extra charge, the shipment is immediately upgraded to the service level of American Expediter.</P>
<P ALIGN="JUSTIFY">American Expediter provides guaranteed, "time-definite", expedited ground deliveries at the day and time agreed upon by customers and AF.  American Expediter shipments receive special handling throughout the system, with movement
monitored by dedicated controllers at the general office.  American Expediter is guaranteed on time, or the charges are cancelled.</P>
<P ALIGN="JUSTIFY">American Freightways also provides service to the ten provinces of Canada through an exclusive alliance with Day & Ross, a Canadian LTL carrier headquartered in Hartland, New Brunswick, Canada; to 92% of the Mexican market through
an alliance with Autolineas Mexicanas, S.A. DE C.V. of Monterrey, Mexico; to Puerto Rico through an exclusive marketing partnership with X-PRESS Freight Forwarders, Inc. headquartered in Carolina, Puerto Rico; to Alaska through an exclusive marketing
partnership with Pacific Alaska Forwarders, Inc., Alaska's largest freight forwarder; and to all of the Hawaiian Islands and Guam through an exclusive marketing partnership with Honolulu Freight Service, Inc., a freight forwarder which has served the
Hawaiian Islands for over 50 years.</P>
<P ALIGN="JUSTIFY">On June 14, 1999, the Company expanded its coverage to include Central America, South America and the Caribbean Islands through an exclusive marketing partnership with Crowley Logistics, Inc.  Jacksonville-based Crowley Logistics, Inc.,
is a wholly owned subsidiary of Oakland-based Crowley Maritime Corp., founded in 1892.</P>
<B><P ALIGN="JUSTIFY">Recent Events</P>
</B><P ALIGN="JUSTIFY">On October 1, 1999, the Company instituted a general rate increase averaging 5.2%.  This rate increase initially affected approximately 50% of the Company's revenues.  Rates for other customers are covered by contracts and
guarantees and are negotiated throughout the year.</P>
<B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Expansion</P>
</B><P ALIGN="JUSTIFY">The history of American Freightways has been growth.  In 1982, the Company began serving all points in one state, Arkansas.  Today the Company's all-points service coverage extends to 32 states.  Perhaps the most distinguishing
feature of the Company's operations is this all-points coverage.  Management knows of no other LTL carrier that duplicates this coverage.</P>
<P ALIGN="JUSTIFY">The Company has expanded geographically each year since its inception.  On January 1, 1998, the Company opened all-points service to Michigan. On April 6, 1998, the Company expanded its coverage to include the state of Alaska through an
exclusive marketing partnership with Pacific Alaska Forwarders, Inc. and all of the Hawaiian Islands and Guam through an exclusive marketing partnership with Honolulu Freight Service, Inc.</P>
<P ALIGN="JUSTIFY">On April 19, 1999, the Company increased its direct, all-points coverage with the opening of eleven customer centers in New Jersey and Pennsylvania.  On June 14, 1999, the Company expanded its coverage to include Central America, South
America and the Caribbean Islands through an exclusive partnership with Crowley Logistics, Inc.  On October 11, 1999, the Company began serving direct all-points in North Dakota and South Dakota by opening six additional customer centers.</P>
<P ALIGN="JUSTIFY">The Company has announced that on April 17, 2000, it will open 17 additional customer centers to complete its coverage of the northeastern United States, extending service to the states of Connecticut, Maine, Massachusetts, New
Hampshire, New York, Rhode Island and Vermont.</P>
<B><P ALIGN="JUSTIFY">Fleet</P>
</B><P ALIGN="JUSTIFY">The Company's policy is to purchase equipment having uniform specifications that are, to the greatest possible extent, compatible with design improvements and resale values.  This standardization enables the Company to simplify
mechanic and driver training, to control the cost of spare parts and tire inventory, and in general to provide for a more efficient vehicle maintenance program.  American Freightways utilizes twin trailers for movement of almost 100% of the freight among
its customer centers to gain greater flexibility.  The use of twin trailers (which can be operated singly or in tandem) provides more options for the achievement of the Company's service standards.  At December 31, 1999, the Company utilized 15,591 van
trailers, 12,852<B> </B>of which were twin trailers, and 6,107 tractors.  The average ages of the tractors and trailers were 3.71 and 4.92 years, respectively, at December 31, 1999.</P>
<B><P ALIGN="JUSTIFY">Associates</P>
</B><P ALIGN="JUSTIFY">At December 31, 1999, the Company utilized 15,200 associates.  All drivers of American Freightways are selected in accordance with specific Company guidelines relating primarily to safety records and driving experience.  All
associates are required to pass drug tests upon employment, randomly and for cause.  State and federal regulations require drug testing of drivers and require drivers to comply with commercial driver's licensing requirements.  Management believes that the
Company is substantially in compliance with these regulations.</P>
<P ALIGN="JUSTIFY">The Company has not experienced a shortage of qualified drivers in the past, and management does not expect a significant shortage in the near future.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">None of the Company's personnel are currently represented by a collective bargaining unit.  From time to time, associates of a particular customer center or facility may vote on representation by a collective bargaining unit.
Management of the Company cannot predict the outcome of future elections.  However, it believes any outcome will not have a material adverse affect on the Company's competitive position, operations or financial condition.  In the opinion of management,
the Company's relationship with its drivers, other associates and independent contractors is excellent.  The Company's policy is to share its success with its associates through increased wages and benefits.</P>
<B><P ALIGN="JUSTIFY">Technology</P>
</B><P ALIGN="JUSTIFY">American Freightways is a leader in the use of advanced technology to increase the value of service to its customers and to lower the cost of providing this service.  The Company uses computer and electronic technology to compress
time in the performance of operating and other processes and to compress the number of levels within the organization necessary to complete tasks.  From the customer's call for a pickup to delivery of the freight at its destination, the Company's
information technology captures information on the status of each shipment.  In most cases the accumulation of the data is achieved automatically as the freight is moved.</P>
<P ALIGN="JUSTIFY">See "Year 2000 Issues" included in Management's Discussion and Analysis of Financial Condition and Results of Operations regarding the effect of Year 2000 issues upon the Company.</P>
<B><P ALIGN="JUSTIFY">Facilities</P>
</B><P ALIGN="JUSTIFY">The Company refers to its freight handling facilities as customer centers.  The Company feels this name is more indicative of its commitment to its customers and underscores that associates at the local level are empowered to make
decisions that are in the best interest of customers' service issues.</P>
<P ALIGN="JUSTIFY">The Company owns its general office located in Harrison, Arkansas and 115 customer center facilities in 25 states.  At December 31, 1999, 122 of the Company's customer centers were leased.  The terms of the leases on the facilities
range from month-to-month to fifteen years. The availability of suitable facilities determines whether the Company leases or constructs a Company-owned facility.</P>
<P ALIGN="JUSTIFY">One of the principal features distinguishing American Freightways from its competitors is its extensive customer center network, placing customer centers nearer to the customer.  During 1999, the Company completed construction of a 40
door facility in Austin, TX; a 36 door facility in Bowling Green, KY; a 160 door facility in Charlotte, NC; a 98 door facility in Fort Worth, TX; a 174 door facility in Indianapolis, IN and a 32 door facility in Mattoon, IL.  The Oklahoma City, OK
customer center was rebuilt after being destroyed by a tornado and the Benton, AR Cargo Care facility was also constructed.  In addition, the Company added capacity through the purchase of existing facilities or additions to existing customer centers in
several strategic locations such as Pittsburgh, PA; Harrisburg, PA; Louisville, KY; Minneapolis, MN; Muskogee, OK; Pocono Summit, PA; Rock Island, IL and Sherman, TX.  The Company has plans to either expand or construct several additional customer centers
in 2000.</P>
<P ALIGN="JUSTIFY">At December 31, 1999, the Company's customer center network consisted of 237 customer centers.  Of these customer centers, 235 were managed by Company associates and 2 were operated and managed by independent contractors.
Company-operated customer centers involve costs such as operating taxes, salaries and wages and depreciation, whereas costs of independent contractor-operated customer centers generally are variable as a flat percentage of revenue.  It is American
Freightways' intent to primarily utilize Company-operated customer centers in future expansions.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Item 3.  Legal Proceedings</P>
</B><P ALIGN="JUSTIFY">The Company is a party to routine litigation incidental to its business, primarily involving claims for personal injuries and property damage incurred in the transportation of freight.  The Company believes adverse results in one or
more of these cases would not have a material adverse effect on its competitive position, financial position or its results of operations.  The Company maintains insurance in an amount which management believes is currently sufficient to cover its risks.</P>
<B><P ALIGN="JUSTIFY">Item 4.  Submission of Matters to a Vote of Security Holders</P>
</B><P>None.</P>

<P ALIGN="CENTER"> </P>
</FONT><FONT SIZE=4><P ALIGN="CENTER"><B>Part II</B></P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"><BR>
<B>Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters</B></P>
<P ALIGN="JUSTIFY">American Freightways Corporation's common stock is traded under the symbol "AFWY" on the National Market System of the National Association of Securities Dealers Automated Quotation System (NASDAQ).  The following table sets forth, for
the periods indicated, the range of high and low prices for the Company's common stock as reported by NASDAQ through February 17, 2000.  The<B> </B>latest price for the Company's common stock on February 17, 2000, as reported by the NASDAQ was $13.25 per share.  At February 17, 2000, there were approximately 3,876 holders of record of the Company's common stock.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=500>
<TR><TD WIDTH="70%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Period</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="RIGHT">High  </B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="RIGHT">Low  </B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">---------------------------------------------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">Fiscal Year 1998:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">First Quarter </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$11.688</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 9.000</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Second Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">13.125</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">9.625</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Third Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">11.500</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">7.188</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Fourth Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">11.688</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">6.000</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">Fiscal Year 1999:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">First Quarter </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$16.750</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 9.250</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Second Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">20.000</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">12.375</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Third Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">24.375</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">15.000</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Fourth Quarter</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">21.000</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">12.563</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">Fiscal Year 2000:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
<TD WIDTH="15%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">First Quarter (through February 17, 2000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$16.750</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$12.375</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">The Company has not paid cash dividends in the past and does not intend to pay cash dividends in the foreseeable future.  Under certain of the Company's loan agreements, the Company is subject to certain restrictions on its
ability to pay dividends.  See Note 3 to the Consolidated Financial Statements incorporated by reference herein.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Item 6.  Selected Financial Data</P>
</B><P ALIGN="JUSTIFY">The following selected financial data is derived from consolidated financial statements of the Company.  The data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and the Consolidated Financial Statements, related notes and other financial information included elsewhere herein.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=621>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<B><FONT SIZE=2><P ALIGN="CENTER">Year Ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1995</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1996</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1997</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="CENTER">----------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT SIZE=2><P>Income Statement Data:</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<I><FONT SIZE=2><P>(Dollars in thousands,<BR>
  except per share data)</I></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Operating revenue</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">572,100 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">729,042 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">870,319</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">986,286 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,166,675 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Operating expenses and costs:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Salaries, wages and benefits</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">335,167 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">444,041 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">528,695 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">601,813 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">700,139 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Operating supplies and expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">38,667 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">59,640 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">75,085 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">79,219 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">92,550 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Operating taxes and licenses</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">24,434 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,827 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">35,339 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">41,687 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">45,291 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Insurance</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">21,595 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">27,113 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">26,327 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,964 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">37,617 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Communications and utilities</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">11,040 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">13,822 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">14,907 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">17,361 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">19,018 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Depreciation and amortization</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">37,560 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">46,918 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">52,596 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">55,712 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">58,984 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Rents and purchased transportation</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">46,405 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">44,844 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">55,215 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">58,093 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">69,679 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Other</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">26,469 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">33,728 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">36,899 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">40,227 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">49,029 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">-------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>    Total operating expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">541,337 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">701,933 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">825,063 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">926,076 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1,072,307 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">-------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Operating income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">30,763 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">27,109 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">45,256 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">60,210 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">94,368 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(10,198)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(14,708)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(16,256)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(15,530)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(15,237)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Other income, net</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">415 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">303 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">330 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">424 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">354 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Gain (loss) on disposal of assets</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">329 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">90 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(52)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1,203 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1,938 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">-------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Income before income taxes</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">21,309 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">12,794 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">29,278 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">46,307 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">81,423 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Income taxes</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">8,226 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">4,938 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">11,477 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">18,806 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">33,307 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">-------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">13,083 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">7,856 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">17,801 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">27,501 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">48,116 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">=================================================</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>Per share:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Net Income:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>    Basic</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.43 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.25 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.57 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.87 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1.51 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>    Diluted</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.42 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.25 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.56 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0.87 </FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1.47 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP"> </TD>
<TD WIDTH="56%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="RIGHT">=================================================</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>  Average shares outstanding (000's):</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>    Basic</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">30,750 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,070 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,372 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,624 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,956 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>    Diluted</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,334 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,266 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,672 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,689 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">32,673 </FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">The per share amounts prior to 1997 have been restated as required by Statement of Financial Accounting Standards No. 128, Earnings Per Share.  See Note 1 to Consolidated Financial Statements.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=624>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=10>
<B><FONT SIZE=2><P ALIGN="CENTER">December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1995</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1996</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1997</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="CENTER">------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<B><FONT SIZE=2><P>Balance Sheet Data:</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<I><FONT SIZE=2><P>(Dollars in thousands)</I></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Current assets</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">77,213</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">91,954</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">105,315</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">135,047</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">180,910</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Current liabilities</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">52,514</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">66,166</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">78,521</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">107,254</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">129,414</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Total assets</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">477,762</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">549,875</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">575,573</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">642,061</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">766,855</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term debt (including current portion)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">197,631</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">238,239</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">221,908</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">225,794</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">264,715</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Shareholders' equity</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">195,434</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">206,298</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">227,416</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">256,014</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">310,724</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Working capital</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">24,699</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">25,788</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">26,794</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">27,793</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">51,496</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Debt to equity ratio</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1.01</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1.15</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">0.98</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">0.88</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">0.85</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Return on average shareholders' equity</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">7.0%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">3.9%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">8.2%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">11.4%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">17.0%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=10>
<B><FONT SIZE=2><P ALIGN="CENTER">Year Ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1995</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1996</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1997</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP"> </TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=10>
<FONT SIZE=2><P ALIGN="CENTER">------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<B><FONT SIZE=2><P>Key Operating Statistics:</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Operating ratio</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">94.6%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">96.3%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">94.8%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">93.9%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">91.9%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Total tractors</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">4,521</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">4,985</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">5,143</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">5,648</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">6,107</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Customer centers</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">186</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">203</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">210</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">223</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">237</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Number of associates</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">8,867</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">9,947</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">12,201</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">13,200</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">15,200</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Gross tonnage hauled (000's)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">3,380</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">4,149</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">4,635</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">5,062</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">5,645</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Shipments (000's)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">5,486</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">7,016</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">8,044</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">8,729</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">9,691</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Average length of haul</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">588</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">595</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">587</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">596</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">611</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Line haul load factor (tons)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">10.91</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">10.40</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">9.94</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">10.55</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">10.71</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P>Revenue per hundred weight</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">8.48</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">8.80</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">9.40</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">9.74</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">10.33</FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<FONT SIZE=2><P ALIGN="LEFT"><B>Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations</B></P>
<P ALIGN="JUSTIFY">This Item is incorporated by this reference to Registrant's Annual Report to Shareholders for the year ended December 31, 1999, pages 26 through 29.</P>
<P ALIGN="LEFT"><B>Item 7A.  Quantitative and Qualitative Disclosures About Market Risk</B></P>
<P ALIGN="JUSTIFY">Market Risk on page 29 of the Annual Report to Shareholders for the year ended December 31, 1999, is incorporated herein by reference.</P>
<P ALIGN="LEFT"><B>Item 8.  Financial Statements and Supplementary Data</B></P>
<P ALIGN="JUSTIFY">The report of independent auditors and consolidated financial statements included on pages 30 through 40 of the Annual Report to Shareholders for the year ended December 31, 1999, are incorporated herein by reference.</P>
<P ALIGN="JUSTIFY">Quarterly Results of Operations on page 39 of the Annual Report to Shareholders for the year ended December 31, 1999, is incorporated herein by reference.</P>
<P ALIGN="LEFT"><B>Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</B></P>
<P ALIGN="JUSTIFY">None.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"> </P>
</FONT><FONT SIZE=4><P ALIGN="CENTER"><B>Part III</B></P>
</FONT><FONT SIZE=2><P><BR>
<B>Item 10.  Directors and Executive Officers of the Registrant</B></P>
<P ALIGN="JUSTIFY">The directors and executive officers of American Freightways as of February 17, 2000, are as follows:</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=613>
<TR><TD WIDTH="38%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Name</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Age</B></FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Position</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>----------------------------------------------------------------------------------------------------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>F. S. (Sheridan) Garrison</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">65</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Chairman of the Board of Directors</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Tom Garrison</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">39</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>President, Chief Executive Officer and Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Will Garrison</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">36</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Chief Operating Officer, Corporate Vice President,<BR>
  Secretary/Treasurer and Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Frank Conner</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">50</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Accounting & Finance,<BR>
  Chief Financial Officer and  Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>John Paul Hammerschmidt</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">77</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>T. J. Jones</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">63</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Ken Reeves</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">52</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>William P. Stiritz</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">65</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Doyle Z. Williams</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">60</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Director</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Dennis Beal</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">51</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Physical Assets</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>John Berry</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">46</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Risk Management</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Dennie Carey</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">50</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Marketing</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Pat Reed</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">41</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Operations</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>Terry Stambaugh</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">46</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Vice President-Human Resources</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">The remainder of this Item 10, Directors and Executive Officers of the Registrant, is incorporated by this reference to Registrant's Notice and Proxy Statement for its 2000 Annual Meeting of Shareholders to be held on
Thursday, April 20, 2000.</P>
<B><P ALIGN="JUSTIFY">Item 11.  Executive Compensation</P>
</B><P ALIGN="JUSTIFY">This Item is incorporated by this reference to applicable portions of the Registrant's Notice and Proxy Statement for its 2000 Annual Meeting of Shareholders to be held on Thursday, April 20, 2000.</P>
<B><P ALIGN="JUSTIFY">Item 12.  Security Ownership of Certain Beneficial Owners and Management</P>
</B><P ALIGN="JUSTIFY">This Item is incorporated by this reference to applicable portions of the Registrant's Notice and Proxy Statement for its 2000 Annual Meeting of Shareholders to be held on Thursday, April 20, 2000.</P>
<B><P ALIGN="JUSTIFY">Item 13.  Certain Relationships and Transactions</P>
</B><P ALIGN="JUSTIFY">This Item is incorporated by this reference to applicable portions of the Registrant's Notice and Proxy Statement for its 2000 Annual Meeting of Shareholders to be held on Thursday, April 20, 2000.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"> </P>
</FONT><FONT SIZE=4><P ALIGN="CENTER"><B>Part IV</B></P>
</FONT><FONT SIZE=2><P><BR>
<B>Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K</B></P>
<P>(a)	(l) and (2)  The response to this portion of Item 14 is submitted as a separate section of this report.</P>
<P>(3)  The exhibits as listed in the Exhibit Index, are submitted as a separate section of this report.</P>
<P>(b)	Current Reports on Form 8-K:<BR>
None.</P>
<P>(c)	See Item 14(a)(3) above.</P>
<P>(d)	The response to this portion of Item 14 is submitted as a separate section of this report.</P>
<P ALIGN="CENTER"></P>
</FONT><B><FONT SIZE=4><P ALIGN="CENTER">Index to Exhibits<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=624>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>3(a)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated Articles of Incorporation incorporated by reference to Registrant's Form 10Q for the quarterly period ending March 31, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>3(b)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated Bylaws of American Freightways Corporation incorporated by reference to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(a)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated 1993 Stock Option Plan for Key Employees as amended January 23, 1996, January 20, 1999 and April 15, 1999, incorporated by reference to Registrant's Form 10-Q for the quarter ended March 31, 1999.</FONT>
</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(b)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amendment to Amended and Restated 1993 Stock Option Plan for Key Employees as amended January 23, 1996, January 20, 1999 and April 15, 1999 dated January 19, 2000.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(c)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated Elected Non-Employee Director Stock Option Plan, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended June 30, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(d)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amendment to Amended and Restated Elected Non-Employee Director Stock Option Plan dated January 20, 1999, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(e)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated Appointed Non-Employee Director Stock Option Plan, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended June 30, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(f)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amendment to Amended and Restated Appointed Non-Employee Director Stock Option Plan dated January 20, 1999, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(g)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">1999 Chairman Stock Option Plan, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1999.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(h)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">1999 Employee Stock Purchase Plan for Certain Employees of Registrant and subsidiaries, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1999.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(i)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated American Freightways Corporation Excess Benefit Plan as amended January 23, 1996, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(j)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$50,000,000 Master Shelf Agreement ($10,000,000 Note attached) with The Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended
September 30, 1993.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(k)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$10,000,000 Note dated February 2, 1994, issued under the $50,000,000 Master Shelf Agreement with The Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-K for
the fiscal year ended December 31, 1993.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(l)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$10,000,000 Note dated April 13, 1994, issued under the $50,000,000 Master Shelf Agreement with The Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for
the quarterly period ended June 30, 1994.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(m)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$15,000,000 Note dated January 30, 1995, issued under the $90,000,000 Master Shelf Agreement with the Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for
the quarterly period ended March 31, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">

<FONT SIZE=2><P>10(n)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$20,000,000 Note dated June 15, 1995, issued under the $90,000,000 Master Shelf Agreement with the Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended June 30, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(o)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$25,000,000 Note dated May 1, 1996, issued under the $90,000,000 Master Shelf Agreement with the Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended June 30, 1996.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(p)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$50,000,000 Note dated April 18, 1997, issued under the $140,000,000 Master Shelf Agreement with The Prudential Insurance Company of America dated September 3, 1993, incorporated by reference to Registrant's Form 10-Q for
the quarterly period ended March 31, 1997.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(q)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 1 to Master Shelf Agreement with The Prudential Insurance Company of America dated October 19, 1994, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1994.</FONT>
</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(r)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 2 to Master Shelf Agreement with The Prudential Insurance Company of America dated December 14, 1994, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1994.</FONT>
</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(s)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 3 to Master Shelf Agreement with The Prudential Insurance Company of America dated March 29, 1996, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1996.</FONT>
</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(t)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 4 to Master Shelf Agreement with The Prudential Insurance Company of America dated April 18, 1997, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1997.</FONT>
</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(u)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 5 to Master Shelf Agreement with The Prudential Insurance Company of America dated October 16, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(v)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 6 to Master Shelf Agreement with The Prudential Insurance Company of America dated October 29, 1999.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(w)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Note Agreement among Prudential Capital Corporation, the Registrant and certain subsidiaries dated December 5, 1991, incorporated by reference to Registrant's Annual Report on Form 10-K for the fiscal year ended December
31, 1991.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(x)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 1 to Note Agreement with The Prudential Insurance Company of America dated January 15, 1992, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended June 30, 1992.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(y)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 3 to Note Agreement with The Prudential Insurance Company of America dated October 19, 1994, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1994.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">

<FONT SIZE=2><P>10(z)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 4 to Note Agreement with The Prudential Insurance Company of America dated March 29, 1996, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1996.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(aa)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 5 to Note Agreement with The Prudential Insurance Company of America dated April 18, 1997, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1997.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(bb)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Letter Amendment No. 6 to Note Agreement with The Prudential Insurance Company of America dated October 16, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(cc)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as Agent, the Registrant and certain subsidiaries dated October 20, 1994, incorporated by reference to Registrant's Form 10-K for the fiscal year ended
December 31, 1994.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(dd)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">First Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as agent, the Registrant and its Subsidiary dated May 31, 1995, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended June 30, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(ee)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Second Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as Agent, the Registrant and its Subsidiary dated March 26, 1996, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended March 31, 1996.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(ff)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Third Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as agent, the Registrant and its subsidiary dated May 31, 1996, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended June 30, 1996.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(gg)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Fourth Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as Agent, the Registrant and its Subsidiary dated March 31,1997, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended March 31, 1997.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(hh)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Fifth Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as Agent, the Registrant and its Subsidiary dated May 15, 1998, incorporated by reference to Registrant's Form 10-Q for the
quarterly period ended June 30, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(ii)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Sixth Amendment to Amended and Restated Credit Agreement among NationsBank of Texas, N.A., as Agent, the Registrant and its Subsidiary dated October 16, 1998, incorporated by reference to Registrant's Form 10-K for the
fiscal year ended December 31, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(jj)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Money Market Grid Promissory Note with The Bank of Tokyo-Mitsubishi, Ltd. dated August 4, 1999, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended September 30, 1999.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(kk)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Lease Agreement among VT Finance, Inc., the Registrant and its Subsidiary dated January 5, 1996, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1995.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(ll)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Master Lease Agreement with Volvo Truck Finance North America, Inc. dated August 18, 1997, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended September 30, 1997.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">

<FONT SIZE=2><P>10(mm)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Master Lease Agreement with BancBoston Leasing dated March 23, 1998, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended March 31, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(nn)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Master Lease Agreement with Wachovia Capital Investments, Inc., dated December 29, 1998, incorporated by reference to Registrant's Form 10-K for the fiscal year ended December 31, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(oo)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Shareholder Rights Agreement and exhibits dated August 26, 1998, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended September 30, 1998.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>10(pp)</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">First Amended and Restated Rights Agreement dated October 20, 1999, incorporated by reference to Registrant's Form 10-Q for the quarterly period ended September 30, 1999.</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>13</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Annual Report to Stockholders for the fiscal year ended December 31, 1999</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>21</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Subsidiaries of Registrant</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>23</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Consent of Ernst & Young LLP, Independent Auditors</FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="90%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>27</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Financial Data Schedule</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"> </P>
</FONT><B><FONT SIZE=4><P ALIGN="CENTER">Signatures</P>
</B></FONT><FONT SIZE=2><P ALIGN="JUSTIFY">Pursuant to the requirements of Section 13 or 15 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Dated
this 17th day of February, 2000.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=266>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>American Freightways Corporation<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=2><P>By:</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Frank Conner</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP"> </TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE=2><P>--------------------------------------</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP"> </TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE=2><P>Frank Conner<BR>
Chief Financial Officer and Director<BR>
(Principal Accounting Officer)</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=475>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/F. S. (Sheridan) Garrison</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>F. S. (Sheridan) Garrison<BR>
Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Tom Garrison</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>Tom Garrison<BR>
Chief Executive Officer and Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Frank Conner</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>Frank Conner<BR>
Chief Financial Officer and Director<BR>
(Principal Accounting Officer)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Will Garrison</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>Will Garrison<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/John Paul Hammerschmidt</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>John Paul Hammerschmidt<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/T. J. Jones</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>T. J. Jones<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Ken Reeves</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>Ken Reeves<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/William P. Stiritz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>William P. Stiritz<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP"> </TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>/s/Doyle Z. Williams</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>February 17, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>------------------------------------</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>---------------------</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P>Doyle Z. Williams<BR>
Director</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"> </TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=2><P>Date</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER"></P>
</FONT><B><FONT SIZE=4><P ALIGN="CENTER">Annual Report on Form 10-K--Item 8, Item 14(a)(1) and (2), (c) and (d)<BR>
American Freightways Corporation and Subsidiaries<BR>
List of Financial Statements and<BR>
Financial Statement Schedules</P>
</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="JUSTIFY">The following consolidated financial statements of American Freightways Corporation and subsidiaries included in the Registrant's Annual Report to Shareholders for the year ended December 31, 1999 are incorporated by reference in Item 8:
</P>
<P ALIGN="LEFT">Consolidated Balance Sheets as of December 31, 1999 and 1998.</P>
<P ALIGN="LEFT">Consolidated Statements of Income for the years ended December 31, 1999, 1998 and 1997.</P>
<P ALIGN="LEFT">Consolidated Statements of Stockholders' Equity for the years ended December 31, 1999, 1998 and 1997.</P>
<P ALIGN="LEFT">Consolidated Statements of Cash Flows for the years ended December 31, 1999, 1998 and 1997.</P>
<P ALIGN="LEFT">Notes to Consolidated Financial Statements--December 31, 1999.</P>
<P ALIGN="JUSTIFY"><BR>
The following consolidated financial statement schedule of American Freightways Corporation and subsidiaries is included in Item 14(d):</P>
<P ALIGN="JUSTIFY">AMERICAN FREIGHTWAYS CORPORATION AND SUBSIDIARIES</P>
<P ALIGN="JUSTIFY">    Consolidated Financial Statement Schedule:</P>
<P ALIGN="JUSTIFY">    Schedule II      Valuation and Qualifying Accounts</P>
<P ALIGN="JUSTIFY">All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=643>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P ALIGN="CENTER"> </P>
</FONT><B><FONT SIZE=4><P ALIGN="CENTER">Schedule II<BR>
Valuation And Qualifying Accounts<BR>
American Freightways Corporation<BR>
<BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"> </TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">Column A</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">Column B</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Column C</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Column D</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER"Column E</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"> </TD>
<TD WIDTH="66%" VALIGN="TOP" COLSPAN=12>
<FONT SIZE=2><P ALIGN="LEFT">------------------------------------------------------------------------------------------------------         </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"> </TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2><P ALIGN="CENTER">Additions</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3> </TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"> </TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2> </TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2><P ALIGN="CENTER">--------------------------------------</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3> </TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2> </TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><BR>
<BR>
Description</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">Balance at<BR>
Beginning<BR>
of Period</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">Charged to<BR>
Costs and<BR>
Expenses</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Charged to<BR>
Other Account<BR>
-Describe</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER"><BR>
Deductions<BR>
-Describe</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="LEFT">  Balance<BR>
  at End<BR>
 of Period</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P ALIGN="LEFT">-------------------------------------------------------------------------------------------------------------------------------------------------------------      </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Year ended December 31, 1997:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>  Allowance for Doubtful Accounts</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,377,959</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,633,070</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">371,577</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(1)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,608,564</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">1,774,042</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P ALIGN="LEFT">==========================================================================================</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Year ended December 31, 1998:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>  Allowance for Doubtful Accounts</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,774,042</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">2,142,032</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">475,071</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(1)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">2,454,548</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">1,936,597</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P ALIGN="LEFT">==========================================================================================</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Year ended December 31, 1999:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="10%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>  Allowance for Doubtful Accounts</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,936,597</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">3,906,518</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,404,113</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(1)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,231,057</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">3,016,171</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P ALIGN="LEFT">==========================================================================================</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P>(1) - Recoveries of amounts previously written off.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13> </TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=13>
<FONT SIZE=2><P>(2) - Uncollectible accounts written off.</FONT></TD>
</TR>
</TABLE>

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