Exhibit
99.1
NEWS
RELEASE
FORWARD
AIR CORPORATION DECLARES QUARTERLY CASH DIVIDEND
GREENEVILLE,
Tenn.—(BUSINESS WIRE)—February 14, 2007—Forward Air Corporation (NASDAQ:FWRD)
today announced that its Board of Directors has declared a quarterly cash
dividend of $0.07 per share of common stock. The dividend is payable to
shareholders of record at the close of business on March 15, 2007, and is
expected to be paid on March 30, 2007.
This
quarterly dividend is pursuant to a cash dividend policy approved by the Board
of Directors, which anticipates a total annual dividend of $0.28 per share
of
common stock, payable in quarterly increments of $0.07 per share of common
stock. The actual declaration of future cash dividends, and the establishment
of
record and payment dates, is subject to final determination by the Board of
Directors each quarter after its review of the Company’s financial
performance.
About
Forward Air
Forward
Air is a high-service-level contractor to the air cargo industry providing
time-definite ground transportation services through a network of 81 terminals
located on or near major airports in the United States and Canada. The
Company provides these services as a cost-effective alternative to air
transportation of cargo that must be delivered at a specific time but is
relatively less time-sensitive than traditional air freight or when air
transportation is not economical.
Important
Information
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. 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
acquisitions. 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.
-END-
CONTACT:
Forward
Air Corporation
Rodney
L.
Bell, 423-636-7000
rbell@forwardair.com