Forward Air Corporation Changes Timing of Fourth Quarter 2023 Earnings Release to February 28

Download as PDF

Provides progress update on repayment of term B loans

GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or “the Company”) today changed the date for the release of its fourth quarter 2023 earnings.

Forward plans to release its fourth quarter 2023 earnings after the market closes on Wednesday, February 28 and hold a conference call to discuss those results on the following day, Thursday, February 29 at 9:00 a.m. ET. The conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Conference ID: FWRDQ423.

“Following the close of the Omni acquisition and the recent leadership changes at Forward, we are changing the date of our fourth quarter earnings release by a week,” said Michael Hance, Interim Chief Executive Officer of Forward. “We are pleased to provide a progress update on the repayment of the term B loans and the amendment to our credit agreement to revise our financial performance covenant, positioning Forward for future growth and success.”

Forward entered into an amendment to its credit agreement, which temporarily increases the maximum consolidated first lien net leverage ratio permitted by the credit agreement’s financial performance covenant. Additional details can be found in the Form 8-K filed with the Securities and Exchange Commission on February 15, 2024. Prior to the amendment, $80 million aggregate principal amount of term B loans outstanding under the credit agreement was repaid, together with all accrued and unpaid interest thereon.

About Forward Air

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a transportation company. Forward is a single resource for your shipping needs. www.forwardaircorp.com.

Cautionary Statement Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “anticipate(s)”, “expect(s)”, “intend(s)”, “plan(s)”, “target(s)”, “project(s)”, “believe(s)”, “will”, “aim”, “would”, “seek(s)”, “estimate(s)” and similar expressions are intended to identify such forward-looking statements. These statements may reflect Forward’s expectations, beliefs, hopes, intentions or strategies regarding, among other things, the transactions contemplated under the Agreement and Plan of Merger, dated as of August 10, 2023 (as amended, the “Merger Agreement”; and such transactions, collectively with the other transactions contemplated by the other transaction agreements referred to in the Merger Agreement, the “Transactions”) between Forward, Omni Newco LLC, and the other parties thereto, the benefits and synergies of the Transactions and future opportunities for the combined company, as well as other statements that are other than historical fact, including, without limitation, management plans for future operations and performance.

Forward-looking statements are based on management’s current expectations, projections, estimates, assumptions and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. Forward can give no assurance that its expectations will be attained. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause Forward’s actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, but without limitation: (i) the risk that the parties may be unable to achieve the expected strategic, financial and other benefits of the Transactions, including the realization of expected synergies and the achievement of deleveraging targets, within the expected time-frames or at all; (ii) the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; (iii) the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected; (iv) risks associated with Forward’s indebtedness, leverage and debt service obligations; (v) general economic and market conditions; (vi) the outcome of Forward’s management transitions; and (vii) the expected benefit of the composition of the Board and Forward’s governance practices to Forward’s long-term value creation potential and its drivers. These and other risks and uncertainties are more fully discussed in the risk factors identified in “Item 1A. Risk Factors” in Part I of Forward’s most recently filed Annual Report on Form 10-K, and as may be identified in Forward’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except to the extent required by law, Forward expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Forward’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Elizabeth Volpe / Libby Lloyd
Brunswick Group
(212) 333 - 3810
ForwardAirCorporation@BrunswickGroup.com

Source: Forward Air Corporation

Released February 16, 2024