Forward Air Corporation Reports Second Quarter 2015 Results
Forward Air Corporation Reports Second Quarter 2015 Results
GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the three and six months ended June 30, 2015.
Operating revenue for the quarter ended June 30, 2015 increased 28.8% to $249.7 million from $193.9 million for the same quarter in 2014. Income from operations was $19.9 million, compared to $27.6 million in the prior-year quarter. Net income during the period was $11.8 million compared to $17.2 million in the second quarter of 2014. Net income per diluted share for the second quarter of 2015 was $0.38 compared to $0.55 in the prior-year quarter.
Included in the second quarter 2015 are approximately $6.9 million in deal and integration costs associated with the acquisition of Towne Air. Adjusted income from operations was $26.8 million, compared with $27.6 million in the prior-year quarter. Adjusted net income for the period was $16.0 million compared to $17.2 million in the prior year quarter. Adjusted income per diluted share was $0.51 compared to $0.55 a year ago.
Operating revenue for the six months ended June 30, 2015 increased 24.7% to $455.6 million from $365.4 million for the same period in 2014. Income from operations was $28.2 million, compared with $43.9 million in the prior-year period. As a percent of operating revenue, income from operations was 6.2%, compared with 12.0% in the same period last year. Net income during the period was $16.7 million compared to $27.4 million in the prior-year period. Income per diluted share for the six months ended June 30, 2015 was $0.53 compared with $0.87 in the prior-year period.
Included in the six months ended June 30, 2015 are approximately $18.7 million in deal and integration costs associated with the acquisition of Towne Air. Adjusted income from operations was $46.9 million, compared with $44.8 million for the same period of 2014. Adjusted net income for the period was $28.1 million compared to $28.0 million in 2014. Adjusted income per diluted share was $0.90 compared to $0.89 a year ago.
Bruce A. Campbell, Chairman, President, and CEO, commenting on the second quarter said, “With the full quarter benefit of our acquisition of Towne Air Freight we are pleased to report achieving a $1 billion revenue run rate. Since our March 9, 2015 acquisition of Towne, our primary focus has been to minimize revenue attrition, maximize the retention of owner-operators and most importantly provide superior service to both our existing as well as our new customers. While we are pleased with how all three of these integration initiatives have progressed it’s fair to say we underestimated both the cost and time necessary to achieve them.”
Commenting further on the Towne integration, Mr. Campbell said, “We challenged our people to have the Towne integration completed prior to the end of the second quarter. At this time,we estimate that we are 85% to 90% there. Over the course of the third quarter we will continue to right size headcount, evaluate non-core service offerings, drive improvements in productivity and rebalance the network. While the Towne acquisition will definitely be a contributor to our second half 2015 results, it is important to understand the real value comes in our 2016 results and beyond.”
In closing, Mr. Campbell said, “As always I want to recognize the hard work and dedication of our employees and owner-operators. It’s their commitment that allowed us to provide industry leading service through the disruptions that always accompany a major integration.”
Commenting on the Company's guidance for the third quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate that our third quarter 2015 revenues will increase in the range of 23% to 27% over the comparable 2014 period. Without regard to additional costs of integration we expect income per diluted share to be between $0.58 and $0.62 per share. This compares to $0.54 per share in the third quarter of 2014.”
Commenting further on the Company’s full year 2015 guidance Mr. Bell said, “Primarily due to the slower than anticipated integration of Towne Air we are reducing our full year 2015 earnings guidance to a range of $2.15 to $2.25 per share.
Review of Financial Results
Forward Air will hold a conference call to discuss second quarter 2015 results on Wednesday, July 22, 2015 at 9:00 a.m. EDT. The Company's conference call will be available online at www.forwardair.com or by dialing (800) 230-1074. A replay of the conference call will be available at www.forwardair.com beginning shortly after the completion of the live call.
About Forward Air Corporation
Forward Air Corporation operates three business segments: Forward Air, Forward Air Solutions and Total Quality.
Through our Forward Air segment, we provide time-definite surface transportation and related logistics services to the North American expedited ground freight market. Our licensed property broker utilizes qualified motor carriers, including our own, and other third-party transportation companies, to offer our customers local pick-up and delivery (Forward Air Complete®) and scheduled surface transportation of cargo as a cost-effective, reliable alternative to air transportation. We transport cargo that must be delivered at a specific time but is less time-sensitive than traditional air freight. This type of cargo is frequently referred to in the transportation industry as deferred air freight. We also offer our customers an array of logistics and other services including: expedited full truckload (TLX); dedicated fleets; warehousing; customs brokerage; and shipment consolidation, deconsolidation and handling. Also included in the Forward Air segment are the services performed by Central States Trucking Co. and Central States Logistics, Inc. (“CST”), which we acquired in 2014. CST provides intermodal drayage, devanning, transloading and warehousing services.
Forward Air Solutions, which we formed in July 2007, provides pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency, last mile handling and distribution of time-sensitive products to numerous destinations in specific geographic regions. Our primary customers for pool distribution are regional and nationwide distributors and specialty retailers, such as mall, strip mall and outlet-based retail chains.
Total Quality ("TQI"), which we acquired in March 2013, provides maximum security and temperature-controlled logistics services, primarily truckload services, to the life sciences sector (pharmaceutical and biotechnology products). In addition to core pharmaceutical services and other cold chain services, TQI provides truckload and less-than-truckload brokerage transportation services.
| Forward Air Corporation | ||||||||||||||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
|
June 30, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
|||||||||||||||||
| Operating revenue | $ | 249,694 | $ | 193,852 | $ | 455,612 | $ | 365,420 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Purchased transportation | 107,482 | 82,834 | 196,819 | 156,385 | ||||||||||||||||
| Salaries, wages and employee benefits | 61,886 | 44,391 | 115,789 | 85,813 | ||||||||||||||||
| Operating leases | 18,277 | 8,165 | 34,033 | 16,516 | ||||||||||||||||
| Depreciation and amortization | 9,519 | 7,751 | 18,202 | 14,764 | ||||||||||||||||
| Insurance and claims | 6,240 | 3,104 | 11,371 | 7,231 | ||||||||||||||||
| Fuel expense | 4,188 | 5,172 | 8,208 | 9,977 | ||||||||||||||||
| Other operating expenses | 22,194 | 14,840 | 43,033 | 30,868 | ||||||||||||||||
| Total operating expenses | 229,786 | 166,257 | 427,455 | 321,554 | ||||||||||||||||
| Income from operations | 19,908 | 27,595 | 28,157 | 43,866 | ||||||||||||||||
| Other income (expense): | ||||||||||||||||||||
| Interest expense | (570 | ) | (101 | ) | (934 | ) | (183 | ) | ||||||||||||
| Other, net | (89 | ) | 112 | (138 | ) | 198 | ||||||||||||||
| Total other income (expense) | (659 | ) | 11 | (1,072 | ) | 15 | ||||||||||||||
| Income before income taxes | 19,249 | 27,606 | 27,085 | 43,881 | ||||||||||||||||
| Income taxes | 7,425 | 10,428 | 10,425 | 16,502 | ||||||||||||||||
| Net income and comprehensive income | $ | 11,824 | $ | 17,178 | $ | 16,660 | $ | 27,379 | ||||||||||||
| Net income per share: | ||||||||||||||||||||
| Basic | $ | 0.38 | $ | 0.56 | $ | 0.54 | $ | 0.89 | ||||||||||||
| Diluted | $ | 0.38 | $ | 0.55 | $ | 0.53 | $ | 0.87 | ||||||||||||
| Dividends per share: | $ | 0.12 | $ | 0.12 | $ | 0.24 | $ | 0.24 | ||||||||||||
| Forward Air Corporation | ||||||||||||||
| Reconciliation to U.S. GAAP | ||||||||||||||
| (In millions, except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ended | ||||||||||||||
| Integration and | Adjusted | |||||||||||||
| June 30, 2015 (1) | Deal Costs | June 30, 2015 | ||||||||||||
| Income from operations | $ | 19.9 | $ | 6.9 | $ | 26.8 | ||||||||
| Income taxes | 7.4 | 2.7 | 10.1 | |||||||||||
| Net income | $ | 11.8 | $ | 4.2 | $ | 16.0 | ||||||||
| Weighted average diluted shares outstanding | 31,104 | 31,104 | 31,104 | |||||||||||
| Net income per share: | $ | 0.38 | $ | 0.14 | $ | 0.51 | ||||||||
| (1) - As reported in accordance with United States generally accepted accounting principles. | ||||||||||||||
| Three months ended | ||||||||||||||
| Integration and | Adjusted | |||||||||||||
| June 30, 2014 (1) | Deal Costs | June 30, 2014 | ||||||||||||
| Income from operations | $ | 27.6 | $ | — | $ | 27.6 | ||||||||
| Income taxes | 10.4 | — | 10.4 | |||||||||||
| Net income | $ | 17.2 | $ | — | $ | 17.2 | ||||||||
| Weighted average diluted shares outstanding | 31,408 | — | 31,408 | |||||||||||
| Net income per share: | $ | 0.55 | $ | — | $ | 0.55 | ||||||||
| (1) - As reported in accordance with United States generally accepted accounting principles. | ||||||||||||||
| Forward Air Corporation | ||||||||||||||
| Reconciliation to U.S. GAAP | ||||||||||||||
| (In millions, except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Six months ended | ||||||||||||||
| Integration and | Adjusted | |||||||||||||
| June 30, 2015 (1) | Deal Costs | June 30, 2015 | ||||||||||||
| Income from operations | $ | 28.2 | $ | 18.7 | $ | 46.9 | ||||||||
| Income taxes | 10.4 | 7.3 | 17.7 | |||||||||||
| Net income | $ | 16.7 | $ | 11.4 | $ | 28.1 | ||||||||
| Weighted average diluted shares outstanding | 31,088 | 31,088 | 31,088 | |||||||||||
| Net income per share: | $ | 0.53 | $ | 0.37 | $ | 0.90 | ||||||||
| (1) - As reported in accordance with United States generally accepted accounting principles. | ||||||||||||||
| Six months ended | ||||||||||||||
| Integration and | Adjusted | |||||||||||||
| June 30, 2014 (1) | Deal Costs | June 30, 2014 | ||||||||||||
| Income from operations | $ | 43.9 | $ | 0.9 | $ | 44.8 | ||||||||
| Income taxes | 16.5 | 0.3 | 16.8 | |||||||||||
| Net income | $ | 27.4 | $ | 0.6 | $ | 28.0 | ||||||||
| Weighted average diluted shares outstanding | 31,364 | 31,364 | 31,364 | |||||||||||
| Net income per share: | $ | 0.87 | $ | 0.02 | $ | 0.89 | ||||||||
| (1) - As reported in accordance with United States generally accepted accounting principles. | ||||||||||||||
| Forward Air Corporation | |||||||||||||||||||||||||||
| Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||
| June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating Revenue | |||||||||||||||||||||||||||
| Forward Air | |||||||||||||||||||||||||||
| Airport-to-airport | $ | 140.9 | 66.7 | % | $ | 108.0 | 70.0 | % | $ | 32.9 | 30.5 | % | |||||||||||||||
| Logistics services | |||||||||||||||||||||||||||
| Expedited full truckload - TLX | 27.5 | 13.0 | 19.2 | 12.4 | 8.3 | 43.2 | |||||||||||||||||||||
| Intermodal/drayage | 21.8 | 10.3 | 14.3 | 9.3 | 7.5 | 52.4 | |||||||||||||||||||||
| Total Logistics services | 49.3 | 23.3 | 33.5 | 21.7 | 15.8 | 47.2 | |||||||||||||||||||||
| Other Forward Air services | 21.2 | 10.0 | 12.8 | 8.3 | 8.4 | 65.6 | |||||||||||||||||||||
| Forward Air - Total revenue | 211.4 | 84.7 | 154.3 | 79.6 | 57.1 | 37.0 | |||||||||||||||||||||
| TQI - Pharmaceutical services | 11.8 | 4.7 | 13.7 | 7.1 | (1.9 | ) | (13.9 | ) | |||||||||||||||||||
| Forward Air Solutions - Pool distribution | 27.7 | 11.1 | 26.9 | 13.9 | 0.8 | 3.0 | |||||||||||||||||||||
| Intersegment eliminations | (1.2 | ) | (0.5 | ) | (1.0 | ) | (0.6 | ) | (0.2 | ) | 20.0 | ||||||||||||||||
| Consolidated operating revenue | $ | 249.7 | 100.0 | % | $ | 193.9 | 100.0 | % | $ | 55.8 | 28.8 | % | |||||||||||||||
| Three months ended | |||||||||||||||||||||||||||
| June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Purchased Transportation | |||||||||||||||||||||||||||
| Forward Air | |||||||||||||||||||||||||||
| Airport-to-airport | $ | 61.1 | 43.4 | % | $ | 44.8 | 41.5 | % | $ | 16.3 | 36.4 | % | |||||||||||||||
| Logistics services | |||||||||||||||||||||||||||
| Expedited full truckload - TLX | 19.6 | 71.3 | 14.7 | 76.6 | 4.9 | 33.3 | |||||||||||||||||||||
| Intermodal/drayage | 8.3 | 38.1 | 6.1 | 42.7 | 2.2 | 36.1 | |||||||||||||||||||||
| Total Logistics services | 27.9 | 56.6 | 20.8 | 62.1 | 7.1 | 34.1 | |||||||||||||||||||||
| Other Forward Air services | 6.4 | 30.2 | 3.0 | 23.4 | 3.4 | 113.3 | |||||||||||||||||||||
| Forward Air - Total purchased transportation | 95.4 | 45.1 | 68.6 | 44.5 | 26.8 | 39.1 | |||||||||||||||||||||
| TQI - Pharmaceutical services | 5.4 | 45.8 | 7.2 | 52.5 | (1.8 | ) | (25.0 | ) | |||||||||||||||||||
| Forward Air Solutions - Pool distribution | 7.5 | 27.1 | 7.8 | 29.0 | (0.3 | ) | (3.8 | ) | |||||||||||||||||||
| Intersegment eliminations | (0.9 | ) | 75.0 | (0.8 | ) | 80.0 | (0.1 | ) | 12.5 | ||||||||||||||||||
| Consolidated purchased transportation | $ | 107.4 | 43.0 | % | $ | 82.8 | 42.7 | % | $ | 24.6 | 29.7 | % | |||||||||||||||
| Forward Air Corporation | |||||||||||||||||||||||||||
| Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Six months ended | |||||||||||||||||||||||||||
| June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating Revenue | |||||||||||||||||||||||||||
| Forward Air | |||||||||||||||||||||||||||
| Airport-to-airport | $ | 254.2 | 66.9 | % | $ | 205.7 | 71.3 | % | $ | 48.5 | 23.6 | % | |||||||||||||||
| Logistics services | |||||||||||||||||||||||||||
| Expedited full truckload - TLX | 50.8 | 13.4 | 36.6 | 12.7 | 14.2 | 38.8 | |||||||||||||||||||||
| Intermodal/drayage | 39.7 | 10.4 | 23.3 | 8.1 | 16.4 | 70.4 | |||||||||||||||||||||
| Total Logistics services | 90.5 | 23.8 | 59.9 | 20.8 | 30.6 | 51.1 | |||||||||||||||||||||
| Other Forward Air services | 35.4 | 9.3 | 22.8 | 7.9 | 12.6 | 55.3 | |||||||||||||||||||||
| Forward Air - Total revenue | 380.1 | 83.4 | 288.4 | 78.9 | 91.7 | 31.8 | |||||||||||||||||||||
| TQI - Pharmaceutical services | 23.1 | 5.1 | 24.7 | 6.8 | (1.6 | ) | (6.5 | ) | |||||||||||||||||||
| Forward Air Solutions - Pool distribution | 54.9 | 12.1 | 54.3 | 14.9 | 0.6 | 1.1 | |||||||||||||||||||||
| Intersegment eliminations | (2.5 | ) | (0.6 | ) | (2.0 | ) | (0.6 | ) | (0.5 | ) | 25.0 | ||||||||||||||||
| Consolidated operating revenue | $ | 455.6 | 100.0 | % | $ | 365.4 | 100.0 | % | $ | 90.2 | 24.7 | % | |||||||||||||||
| Six months ended | |||||||||||||||||||||||||||
| June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Purchased Transportation | |||||||||||||||||||||||||||
| Forward Air | |||||||||||||||||||||||||||
| Airport-to-airport | $ | 111.1 | 43.7 | % | $ | 85.5 | 41.6 | % | $ | 25.6 | 29.9 | % | |||||||||||||||
| Logistics services | |||||||||||||||||||||||||||
| Expedited full truckload - TLX | 36.5 | 71.9 | 28.4 | 77.6 | 8.1 | 28.5 | |||||||||||||||||||||
| Intermodal/drayage | 14.7 | 37.0 | 9.9 | 42.5 | 4.8 | 48.5 | |||||||||||||||||||||
| Total Logistics services | 51.2 | 56.6 | 38.3 | 63.9 | 12.9 | 33.7 | |||||||||||||||||||||
| Other Forward Air services | 10.2 | 28.8 | 5.6 | 24.6 | 4.6 | 82.1 | |||||||||||||||||||||
| Forward Air - Total purchased transportation | 172.5 | 45.4 | 129.4 | 44.9 | 43.1 | 33.3 | |||||||||||||||||||||
| TQI - Pharmaceutical services | 11.1 | 48.1 | 12.7 | 51.4 | (1.6 | ) | (12.6 | ) | |||||||||||||||||||
| Forward Air Solutions - Pool distribution | 15.0 | 27.3 | 15.9 | 29.3 | (0.9 | ) | (5.7 | ) | |||||||||||||||||||
| Intersegment eliminations | (1.8 | ) | 72.0 | (1.6 | ) | 80.0 | (0.2 | ) | 12.5 | ||||||||||||||||||
| Consolidated purchased transportation | $ | 196.8 | 43.2 | % | $ | 156.4 | 42.8 | % | $ | 40.4 | 25.8 | % | |||||||||||||||
| Forward Air Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
|
June 30, 2015 |
December 31, |
||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 42,531 | $ | 41,429 | |||||
| Accounts receivable, net | 122,356 | 95,326 | |||||||
| Other current assets | 28,455 | 13,200 | |||||||
| Total current assets | 193,342 | 149,955 | |||||||
| Property and equipment | 317,835 | 305,188 | |||||||
| Less accumulated depreciation and amortization | 144,638 | 132,699 | |||||||
| Net property and equipment | 173,197 | 172,489 | |||||||
| Goodwill and other acquired intangibles: | |||||||||
| Goodwill | 206,530 | 144,412 | |||||||
| Other acquired intangibles, net of accumulated amortization | 133,262 | 72,705 | |||||||
| Total net goodwill and other acquired intangibles | 339,792 | 217,117 | |||||||
| Other assets | 3,029 | 2,244 | |||||||
| Total assets | $ | 709,360 | $ | 541,805 | |||||
| Liabilities and Shareholders’ Equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 27,616 | $ | 20,572 | |||||
| Accrued expenses | 33,191 | 22,583 | |||||||
| Current portion of debt and capital lease obligations | 55,906 | 276 | |||||||
| Total current liabilities | 116,713 | 43,431 | |||||||
| Debt and capital lease obligations, less current portion | 56,926 | 1,275 | |||||||
| Other long-term liabilities | 13,511 | 8,356 | |||||||
| Deferred income taxes | 33,726 | 25,180 | |||||||
| Shareholders’ equity: | |||||||||
| Common stock | 308 | 303 | |||||||
| Additional paid-in capital | 150,812 | 130,107 | |||||||
| Retained earnings | 337,364 | 333,153 | |||||||
| Total shareholders’ equity | 488,484 | 463,563 | |||||||
| Total liabilities and shareholders’ equity | $ | 709,360 | $ | 541,805 | |||||
| (a) Taken from audited financial statements, which are not presented in their entirety. | |||||||||
| Forward Air Corporation | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (In thousands) | ||||||||||
| (Unaudited) | ||||||||||
| Three months ended | ||||||||||
|
June 30, 2015 |
June 30, |
|||||||||
| Operating activities: | ||||||||||
| Net income | $ | 11,824 | $ | 17,178 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 9,519 | 7,751 | ||||||||
| Share-based compensation | 1,890 | 1,677 | ||||||||
| Loss (gain) on disposal of property and equipment | 116 | (128 | ) | |||||||
| Provision for loss (recovery) on receivables | 102 | (127 | ) | |||||||
| Provision for revenue adjustments | 935 | 609 | ||||||||
| Deferred income tax (benefit) | (3,543 | ) | 1,441 | |||||||
| Excess tax benefit for stock options exercised | (36 | ) | (270 | ) | ||||||
| Changes in operating assets and liabilities | ||||||||||
| Accounts receivable | (2,556 | ) | (4,234 | ) | ||||||
| Prepaid expenses and other current assets | (5,829 | ) | (9,478 | ) | ||||||
| Accounts payable and accrued expenses | (1,319 | ) | 4,764 | |||||||
| Net cash provided by operating activities | 11,103 | 19,183 | ||||||||
| Investing activities: | ||||||||||
| Proceeds from disposal of property and equipment | 41 | 383 | ||||||||
| Purchases of property and equipment | (6,733 | ) | (13,872 | ) | ||||||
| Acquisition of business, net of cash acquired | (52 | ) | — | |||||||
| Other | 67 | (133 | ) | |||||||
| Net cash used in investing activities | (6,677 | ) | (13,622 | ) | ||||||
| Financing activities: | ||||||||||
| Payments of debt and capital lease obligations | (14,147 | ) | (87 | ) | ||||||
| Proceeds from exercise of stock options | 1,212 | 1,740 | ||||||||
| Payments of cash dividends | (3,719 | ) | (3,746 | ) | ||||||
| Repurchase of common stock (repurchase program) | — | (19,985 | ) | |||||||
| Common stock issued under employee stock purchase plan | 228 | 148 | ||||||||
| Cash settlement of share-based awards for minimum tax withholdings | — | (2 | ) | |||||||
| Excess tax benefit for stock options exercised | 36 | 270 | ||||||||
| Net cash used in financing activities | (16,390 | ) | (21,662 | ) | ||||||
| Net (decrease) increase in cash | (11,964 | ) | (16,101 | ) | ||||||
| Cash at beginning of period | 54,495 | 41,044 | ||||||||
| Cash at end of period | $ | 42,531 | $ | 24,943 | ||||||
| Forward Air Corporation | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (In thousands) | ||||||||||
| (Unaudited) | ||||||||||
| Six months ended | ||||||||||
|
June 30, 2015 |
June 30, 2014 |
|||||||||
| Operating activities: | ||||||||||
| Net income | $ | 16,660 | $ | 27,379 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 18,202 | 14,764 | ||||||||
| Share-based compensation | 3,676 | 3,329 | ||||||||
| Gain on disposal of property and equipment | (33 | ) | (112 | ) | ||||||
| Provision for loss (recovery) on receivables | 83 | (85 | ) | |||||||
| Provision for revenue adjustments | 1,842 | 1,250 | ||||||||
| Deferred income tax (benefit) | (498 | ) | 1,573 | |||||||
| Excess tax benefit for stock options exercised | (2,365 | ) | (907 | ) | ||||||
| Changes in operating assets and liabilities | ||||||||||
| Accounts receivable | (4,887 | ) | (12,727 | ) | ||||||
| Prepaid expenses and other current assets | (3,210 | ) | (2,429 | ) | ||||||
| Accounts payable and accrued expenses | (10,908 | ) | 7,180 | |||||||
| Net cash provided by operating activities | 18,562 | 39,215 | ||||||||
| Investing activities: | ||||||||||
| Proceeds from disposal of property and equipment | 623 | 462 | ||||||||
| Purchases of property and equipment | (11,962 | ) | (33,420 | ) | ||||||
| Acquisition of business, net of cash acquired | (62,375 | ) | (82,998 | ) | ||||||
| Other | (68 | ) | (193 | ) | ||||||
| Net cash used in investing activities | (73,782 | ) | (116,149 | ) | ||||||
| Financing activities: | ||||||||||
| Proceeds from term loan | 125,000 | — | ||||||||
| Payments of debt and capital lease obligations | (73,263 | ) | (9,578 | ) | ||||||
| Proceeds from exercise of stock options | 11,351 | 11,580 | ||||||||
| Payments of cash dividends | (7,433 | ) | (7,479 | ) | ||||||
| Repurchase of common stock (repurchase program) | — | (19,985 | ) | |||||||
| Common stock issued under employee stock purchase plan | 228 | 148 | ||||||||
| Cash settlement of share-based awards for minimum tax withholdings | (1,926 | ) | (1,083 | ) | ||||||
| Excess tax benefit for stock options exercised | 2,365 | 907 | ||||||||
| Net cash provided by (used in) financing activities | 56,322 | (25,490 | ) | |||||||
| Net increase (decrease) in cash | 1,102 | (102,424 | ) | |||||||
| Cash at beginning of period | 41,429 | 127,367 | ||||||||
| Cash at end of period | $ | 42,531 | $ | 24,943 | ||||||
|
Forward Air Corporation Segment Information (In millions) (unaudited) |
|||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||
| Forward Air | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue | $ | 211.4 | 84.7 | % | $ | 154.3 | 79.6 | % | $ | 57.1 | 37.0 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 95.4 | 45.1 | 68.6 | 44.5 | 26.8 | 39.1 | |||||||||||||||||||||
| Salaries, wages, and employee benefits | 48.8 | 23.1 | 32.9 | 21.3 | 15.9 | 48.3 | |||||||||||||||||||||
| Operating leases | 16.1 | 8.0 | 6.2 | 4.0 | 9.9 | 159.7 | |||||||||||||||||||||
| Depreciation and amortization | 7.0 | 3.3 | 5.4 | 3.5 | 1.6 | 29.6 | |||||||||||||||||||||
| Insurance and claims | 5.1 | 2.4 | 2.4 | 1.6 | 2.7 | 112.5 | |||||||||||||||||||||
| Fuel expense | 2.0 | 0.9 | 2.2 | 1.4 | (0.2 | ) | (9.1 | ) | |||||||||||||||||||
| Other operating expenses | 18.2 | 8.6 | 11.4 | 7.4 | 6.8 | 59.6 | |||||||||||||||||||||
| Income from operations |
$ |
18.8 |
8.9 | % |
$ |
25.2 |
16.3 | % |
$ |
(6.4 |
) | (25.4 | )% | ||||||||||||||
| FASI | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
27.7 |
11.1 | % |
$ |
26.9 |
13.9 | % |
$ |
0.8 |
3.0 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 7.5 | 27.1 | 7.8 | 29.0 | (0.3 | ) | (3.8 | ) | |||||||||||||||||||
| Salaries, wages, and employee benefits | 10.6 | 38.3 | 9.3 | 34.6 | 1.3 | 14.0 | |||||||||||||||||||||
| Operating leases | 2.1 | 7.6 | 2.0 | 7.4 | 0.1 | 5.0 | |||||||||||||||||||||
| Depreciation and amortization | 1.5 | 5.4 | 1.4 | 5.2 | 0.1 | 7.1 | |||||||||||||||||||||
| Insurance and claims | 0.9 | 3.2 | 0.5 | 1.9 | 0.4 | 80.0 | |||||||||||||||||||||
| Fuel expense | 1.3 | 4.7 | 1.8 | 6.7 | (0.5 | ) | (27.8 | ) | |||||||||||||||||||
| Other operating expenses | 3.7 | 13.3 | 3.1 | 11.5 | 0.6 | 19.4 | |||||||||||||||||||||
| Income from operations |
$ |
0.1 |
0.4 | % |
$ |
1.0 |
3.7 | % |
$ |
(0.9 |
) | (90.0 | )% | ||||||||||||||
| TQI | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
11.8 |
4.7 | % |
$ |
13.7 |
7.1 | % |
$ |
(1.9 |
) | (13.9 | )% | ||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 5.4 | 45.8 | 7.2 | 52.5 | (1.8 | ) | (25.0 | ) | |||||||||||||||||||
| Salaries, wages, and employee benefits | 2.5 | 21.2 | 2.2 | 16.1 | 0.3 | 13.6 | |||||||||||||||||||||
| Operating leases | — | — | — | — | — | — | |||||||||||||||||||||
| Depreciation and amortization | 1.0 | 8.5 | 1.0 | 7.3 | — | — | |||||||||||||||||||||
| Insurance and claims | 0.3 | 2.5 | 0.2 | 1.5 | 0.1 | 50.0 | |||||||||||||||||||||
| Fuel expense | 0.9 | 7.6 | 1.2 | 8.8 | (0.3 | ) | (25.0 | ) | |||||||||||||||||||
| Other operating expenses | 0.7 | 5.9 | 0.5 | 3.6 | 0.2 | 40.0 | |||||||||||||||||||||
| Income from operations |
$ |
1.0 |
8.5 | % |
$ |
1.4 |
10.2 | % |
$ |
(0.4 |
) | (28.6 | )% | ||||||||||||||
| Intercompany Eliminations | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
(1.2 |
) | (0.5 | )% |
$ |
(1.0 |
) | (0.5 | )% |
$ |
(0.2 |
) | 20.0 | % | ||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | (0.9 | ) | 75.0 | (0.8 | ) | 80.0 | (0.1 | ) | 12.5 | ||||||||||||||||||
| Other operating expenses | (0.3 | ) | 25.0 | (0.2 | ) | 20.0 | (0.1 | ) | 50.0 | ||||||||||||||||||
| Income from operations |
$ |
— |
— | % |
$ |
— |
— | % |
$ |
— |
— | % | |||||||||||||||
| Consolidated | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
249.7 |
100.0 | % |
$ |
193.9 |
100.0 | % |
$ |
55.8 |
28.8 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 107.4 | 43.0 | 82.8 | 42.7 | 24.6 | 29.7 | |||||||||||||||||||||
| Salaries, wages, and employee benefits | 61.9 | 24.8 | 44.4 | 22.9 | 17.5 | 39.4 | |||||||||||||||||||||
| Operating leases | 18.2 | 7.3 | 8.2 | 4.2 | 10.0 | 122.0 | |||||||||||||||||||||
| Depreciation and amortization | 9.5 | 3.8 | 7.8 | 4.0 | 1.7 | 21.8 | |||||||||||||||||||||
| Insurance and claims | 6.3 | 2.5 | 3.1 | 1.6 | 3.2 | 103.2 | |||||||||||||||||||||
| Fuel expense | 4.2 | 2.0 | 5.2 | 2.7 | (1.0 | ) | (19.2 | ) | |||||||||||||||||||
| Other operating expenses | 22.3 | 8.9 | 14.8 | 7.6 | 7.5 | 50.7 | |||||||||||||||||||||
| Income from operations | $ | 19.9 | 8.0 | % | $ | 27.6 | 14.2 | % | $ | (7.7 | ) | (27.9 | )% | ||||||||||||||
|
Forward Air Corporation Segment Information (In millions) (unaudited) |
|||||||||||||||||||||||||||
| Six months ended | |||||||||||||||||||||||||||
| Forward Air | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue | $ | 380.1 | 83.4 | % | $ | 288.4 | 78.9 | % | $ | 91.7 | 31.8 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 172.5 | 45.4 | 129.4 | 44.9 | 43.1 | 33.3 | |||||||||||||||||||||
| Salaries, wages, and employee benefits | 90.3 | 23.8 | 63.0 | 21.8 | 27.3 | 43.3 | |||||||||||||||||||||
| Operating leases | 29.8 | 7.8 | 12.0 | 4.2 | 17.8 | 148.3 | |||||||||||||||||||||
| Depreciation and amortization | 13.2 | 3.5 | 10.3 | 3.6 | 2.9 | 28.2 | |||||||||||||||||||||
| Insurance and claims | 9.1 | 2.4 | 5.5 | 1.9 | 3.6 | 65.5 | |||||||||||||||||||||
| Fuel expense | 3.9 | 1.0 | 4.1 | 1.4 | (0.2 | ) | (4.9 | ) | |||||||||||||||||||
| Other operating expenses | 35.3 | 9.3 | 23.5 | 8.1 | 11.8 | 50.2 | |||||||||||||||||||||
| Income from operations |
$ |
26.0 |
6.8 | % |
$ |
40.6 |
14.1 | % |
$ |
(14.6 |
) | (36.0 | )% | ||||||||||||||
| FASI | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
54.9 |
12.1 | % |
$ |
54.3 |
14.9 | % |
$ |
0.6 |
1.1 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 15.0 | 27.3 | 15.9 | 29.3 | (0.9 | ) | (5.7 | ) | |||||||||||||||||||
| Salaries, wages, and employee benefits | 20.7 | 37.7 | 18.7 | 34.4 | 2.0 | 10.7 | |||||||||||||||||||||
| Operating leases | 4.2 | 7.7 | 4.5 | 8.3 | (0.3 | ) | (6.7 | ) | |||||||||||||||||||
| Depreciation and amortization | 3.1 | 5.6 | 2.7 | 5.0 | 0.4 | 14.8 | |||||||||||||||||||||
| Insurance and claims | 1.8 | 3.3 | 1.3 | 2.4 | 0.5 | 38.5 | |||||||||||||||||||||
| Fuel expense | 2.6 | 4.7 | 3.5 | 6.5 | (0.9 | ) | (25.7 | ) | |||||||||||||||||||
| Other operating expenses | 7.2 | 13.1 | 6.7 | 12.3 | 0.5 | 7.5 | |||||||||||||||||||||
| Income from operations |
$ |
0.3 |
0.6 | % |
$ |
1.0 |
1.8 | % |
$ |
(0.7 |
) | (70.0 | )% | ||||||||||||||
| TQI | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
23.1 |
5.1 | % |
$ |
24.7 |
6.8 | % |
$ |
(1.6 |
) | (6.5 | )% | ||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 11.1 | 48.1 | 12.7 | 51.4 | (1.6 | ) | (12.6 | ) | |||||||||||||||||||
| Salaries, wages, and employee benefits | 4.8 | 20.8 | 4.1 | 16.6 | 0.7 | 17.1 | |||||||||||||||||||||
| Operating leases | 0.1 | 0.4 | — | — | 0.1 | — | |||||||||||||||||||||
| Depreciation and amortization | 1.9 | 8.2 | 1.7 | 6.9 | 0.2 | 11.8 | |||||||||||||||||||||
| Insurance and claims | 0.4 | 1.7 | 0.4 | 1.6 | — | — | |||||||||||||||||||||
| Fuel expense | 1.8 | 7.8 | 2.4 | 9.7 | (0.6 | ) | (25.0 | ) | |||||||||||||||||||
| Other operating expenses | 1.1 | 4.8 | 1.1 | 4.5 | — | — | |||||||||||||||||||||
| Income from operations |
$ |
1.9 |
8.2 | % |
$ |
2.3 |
9.3 | % |
$ |
(0.4 |
) | (17.4 | )% | ||||||||||||||
| Intercompany Eliminations | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
(2.5 |
) | (0.6 | )% |
$ |
(2.0 |
) | (0.6 | )% |
$ |
(0.5 |
) | 25.0 | % | ||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | (1.8 | ) | 72.0 | (1.6 | ) | 80.0 | (0.2 | ) | 12.5 | ||||||||||||||||||
| Other operating expenses | (0.7 | ) | 28.0 | (0.4 | ) | 20.0 | (0.3 | ) | 75.0 | ||||||||||||||||||
| Income from operations |
$ |
— |
— | % |
$ |
— |
— | % |
$ |
— |
— | % | |||||||||||||||
| Consolidated | June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||||||||
| 2015 | Revenue | 2014 | Revenue | Change | Change | ||||||||||||||||||||||
| Operating revenue |
$ |
455.6 |
100.0 | % |
$ |
365.4 |
100.0 | % |
$ |
90.2 |
24.7 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Purchased transportation | 196.8 | 43.2 | 156.4 | 42.8 | 40.4 | 25.8 | |||||||||||||||||||||
| Salaries, wages, and employee benefits | 115.8 | 25.4 | 85.8 | 23.5 | 30.0 | 35.0 | |||||||||||||||||||||
| Operating leases | 34.1 | 7.5 | 16.5 | 4.5 | 17.6 | 106.7 | |||||||||||||||||||||
| Depreciation and amortization | 18.2 | 4.0 | 14.7 | 4.0 | 3.5 | 23.8 | |||||||||||||||||||||
| Insurance and claims | 11.3 | 2.5 | 7.2 | 2.0 | 4.1 | 56.9 | |||||||||||||||||||||
| Fuel expense | 8.3 | 2.0 | 10.0 | 2.7 | (1.7 | ) | (17.0 | ) | |||||||||||||||||||
| Other operating expenses | 42.9 | 9.4 | 30.9 | 8.5 | 12.0 | 38.8 | |||||||||||||||||||||
| Income from operations | $ | 28.2 | 6.2 | % | $ | 43.9 | 12.0 | % | $ | (15.7 | ) | (35.8 | )% | ||||||||||||||
| Forward Air Corporation | ||||||||||||||
| Forward Air Inc. Operating Statistics | ||||||||||||||
| Three months ended | ||||||||||||||
| June 30, | June 30, | Percent | ||||||||||||
| 2015 | 2014 | Change | ||||||||||||
| Operating ratio | 91.1 | % | 83.7 | % | 8.8 | % | ||||||||
| Business days | 64.0 | 64.0 | — | |||||||||||
| Business weeks | 12.8 | 12.8 | — | |||||||||||
| Airport-to-airport: | ||||||||||||||
| Tonnage | ||||||||||||||
| Total pounds ¹ | 650,276 | 473,146 | 37.4 | |||||||||||
| Average weekly pounds ¹ | 50,803 | 36,965 | 37.4 | |||||||||||
| Linehaul shipments | ||||||||||||||
| Total linehaul | 1,011,107 | 731,002 | 38.3 | |||||||||||
| Average weekly | 78,993 | 57,110 | 38.3 | |||||||||||
| Forward Air Complete shipments | 256,553 | 139,572 | 83.8 | |||||||||||
| As a percentage of linehaul shipments | 25.4 | % | 19.1 | % | 33.0 | |||||||||
| Average linehaul shipment size | 643 | 647 | (0.6 | ) | ||||||||||
| Revenue per pound ² | ||||||||||||||
| Linehaul yield | $ | 17.37 | $ | 17.66 | (1.3 | ) | ||||||||
| Fuel surcharge impact | 1.20 | 2.03 | (3.6 | ) | ||||||||||
| Forward Air Complete impact | 3.09 | 3.13 | (0.2 | ) | ||||||||||
| Total airport-to-airport yield | $ | 21.66 | $ | 22.82 | (5.1 | ) | ||||||||
| Expedited full truckload - TLX: | ||||||||||||||
| Miles | ||||||||||||||
| Owner operator ¹ | 8,125 | 6,930 | 17.2 | |||||||||||
| Third party ¹ | 6,284 | 4,570 | 37.5 | |||||||||||
| Total Miles | 14,409 | 11,500 | 25.3 | |||||||||||
| Revenue per mile | $ | 1.91 | $ | 1.67 | 14.4 | |||||||||
| Cost per mile | $ | 1.36 | $ | 1.28 | 6.3 | % | ||||||||
| ¹ - In thousands | ||||||||||||||
| ² - In dollars per hundred pound; percentage change is expressed as a percent of total yield. | ||||||||||||||
| Forward Air Corporation | ||||||||||||||
| Forward Air Inc. Operating Statistics | ||||||||||||||
| Six months ended | ||||||||||||||
| June 30, | June 30, | Percent | ||||||||||||
| 2015 | 2014 | Change | ||||||||||||
| Operating ratio | 93.2 | % | 85.9 | % | 8.5 | % | ||||||||
| Business days | 127.0 | 127.0 | — | |||||||||||
| Business weeks | 25.4 | 25.4 | — | |||||||||||
| Airport-to-airport: | ||||||||||||||
| Tonnage | ||||||||||||||
| Total pounds ¹ | 1,166,456 | 914,861 | 27.5 | |||||||||||
| Average weekly pounds ¹ | 45,923 | 36,018 | 27.5 | |||||||||||
| Linehaul shipments | ||||||||||||||
| Total linehaul | 1,796,607 | 1,393,482 | 28.9 | |||||||||||
| Average weekly | 70,733 | 54,861 | 28.9 | |||||||||||
| Forward Air Complete shipments | 426,288 | 247,146 | 72.5 | |||||||||||
| As a percentage of linehaul shipments | 23.7 | % | 17.7 | % | 33.9 | |||||||||
| Average linehaul shipment size | 649 | 657 | (1.2 | ) | ||||||||||
| Revenue per pound ² | ||||||||||||||
| Linehaul yield | $ | 17.45 | $ | 17.49 | (0.2 | ) | ||||||||
| Fuel surcharge impact | 1.23 | 2.03 | (3.5 | ) | ||||||||||
| Forward Air Complete impact | 3.11 | 2.97 | 0.6 | |||||||||||
| Total airport-to-airport yield | $ | 21.79 | $ | 22.49 | (3.1 | ) | ||||||||
| Expedited full truckload - TLX: | ||||||||||||||
| Miles | ||||||||||||||
| Owner operator ¹ | 14,078 | 13,898 | 1.3 | |||||||||||
| Third party ¹ | 12,305 | 8,652 | 42.2 | |||||||||||
| Total Miles | 26,383 | 22,550 | 17.0 | |||||||||||
| Revenue per mile | $ | 1.92 | $ | 1.62 | 18.5 | |||||||||
| Cost per mile | $ | 1.38 | $ | 1.26 | 9.5 | % | ||||||||
| ¹ - In thousands | ||||||||||||||
| ² - In dollars per hundred pound; percentage change is expressed as a percent of total yield. | ||||||||||||||
Important Information
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.
This press release contains “forward-looking statements,” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical information or statements of current condition and relate to future events or our future financial performance, including, without limitation, statements as to Towne or the anticipated benefits of the transaction. Some forward-looking statements may be identified by use of such terms as “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects” or “expects.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, our inability to maintain our historical growth rate because of a decreased volume of freight moving through our network or decreased average revenue per pound of freight moving through our network, increasing competition and pricing pressure, surplus inventories, loss of a major customer, the creditworthiness of our customers and their ability to pay for services rendered, our ability to secure terminal facilities in desirable locations at reasonable rates, the inability of our information systems to handle an increased volume of freight moving through our network, changes in fuel prices, claims for property damage, personal injuries or workers' compensation, employment matters including rising health care costs, enforcement of and changes in governmental regulations, environmental and tax matters, the handling of hazardous materials, the availability and compensation of qualified independent owner-operators and freight handlers needed to serve our transportation needs and our inability to successfully integrate Towne. As a result of the foregoing, no assurance can be given as to future financial condition, cash flows or results of operations. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150721006485/en/
Forward Air Corporation
Rodney L. Bell, 432-636-7000
rbell@forwardair.com
Source: Forward Air Corporation
Released July 21, 2015