Allied Holdings Files Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2003

DECATUR, Ga., April 13 -- Allied Holdings, Inc. (AMEX:AHI) announced today that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2003. As previously reported, Allied had delayed filing its Form 10-K to reclassify certain items in its consolidated financial statements and to restate its balance sheet as of December 31, 2002 and its consolidated statements of cash flows for the years ended December 31, 2001 and 2002.

The reclassifications and subsequent restatement had no effect on the Company's previously reported results of operations, loss per share, availability under its revolving credit facility, or stockholders' equity.

The items in Allied's consolidated financial statements reclassified or restated include (i) cash and cash equivalents and short-term investments such that amounts will now be shown as current restricted cash, current restricted short-term investments and non-current restricted investments, (ii) its revolving line of credit from long-term debt to current liabilities; (iii) certain other items related to its pension assets and obligations to either other non-current assets or other long-term liabilities; (iv) a reduction in both deferred tax assets and liabilities; and (v) additional detail within statements of cash flows from operating activities and the reclassification of statements of cash flows to conform to current year presentation.

About Allied Holdings

Allied Holdings, Inc. is the parent company of several subsidiaries engaged in providing distribution and transportation services of new and used vehicles to the automotive industry. The services of Allied's subsidiaries span the finished vehicle continuum, and include car-hauling, intramodal transport, inspection, accessorization and dealer prep. Allied, through its subsidiaries, is the leading company in North America specializing in the delivery of new and used vehicles.

Statements in this press release that are not strictly historical are "forward looking" statements. Such statements include, without limitations, any statements containing the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "seek," and similar expressions. Investors are cautioned that such statements, including statements regarding whether additional classifications are necessary and the effect of the reclassifications on certain line items of the Company's financial statements, are subject to certain risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks and uncertainties include economic recessions or extended or more severe downturns in new vehicle production or sales, the highly competitive nature of the automotive distribution industry, the ability of the Company to comply with the terms of its current debt agreements and the GM agreement, the ability of the Company to obtain financing in the future and the Company's highly leveraged financial position. Investors are urged to carefully review and consider the various disclosures made by the Company in this press release and in the Company's reports filed with the Securities and Exchange Commission.

NOTE: For additional information about Allied, please visit our website at www.alliedholdings.com .