Exhibit 99.1


FORWARD AIR CORPORATION REPORTS
THIRD QUARTER 2009 RESULTS


GREENEVILLE, Tenn.—(BUSINESS WIRE)—October 21, 2009—Forward Air Corporation (NASDAQ:FWRD) today reported revenue, operating income, net income and diluted earnings per share for the third quarter and nine months ended September 30, 2009.

Operating revenue for the quarter ended September 30, 2009 decreased 15.1% to $103.1 million from $121.5 million for the same quarter in 2008.  Income from operations was $6.7 million, compared with $19.3 million in the prior-year quarter.  As a percent of operating revenue, income from operations decreased to 6.5% from 15.9% for the same quarter last year.  Net income during the period was $3.8 million compared to $12.1 million in the prior-year quarter.  Income per diluted share from operations for the third quarter of 2009 was $0.13 compared with $0.42 in the prior-year quarter.

Operating revenue for the nine months ended September 30, 2009 decreased 14.7% to $299.4 million from $351.0 million for the same period in 2008.  Income from operations, which includes a first quarter non-cash, pre-tax charge of $7.2 million primarily for goodwill impairment related to the Company’s Forward Air Solutions segment, was $6.5 million, compared with $56.2 million in the prior-year period.  Including the impact of the goodwill impairment, the Company’s net income for the nine months ended September 30, 2009, was $3.5 million, compared with $34.2 million in the prior-year period.  Net income per diluted share for the first nine months of 2009 was $0.12 compared with $1.18 in the prior-year period.

"It came as no surprise that our results continued to be negatively impacted in the third quarter as a result of the global economic recession," said Bruce A. Campbell,  Chairman, President and CEO. “The pricing environment, which began to deteriorate late in the first quarter, has remained extremely challenging but has shown signs of stabilization. In key areas of our Forward Air, Inc. business segment we did have cause for some guarded optimism. The final weeks of the quarter saw a sequential firming up of our airport-to-airport network tonnage that has continued thus far into October. Within airport-to-airport our Forward Air Complete pick-up and delivery offering continued to gain traction. During the quarter an average of 14.4% of our linehaul shipments had a pick-up and or delivery attached compared to 9.4% in the third quarter of 2008. Lastly, our TLX truckload brokerage group which saw revenue declines in the second quarter appears to have curtailed that slide with September revenues coming in flat compared to last year.”

Commenting further, Mr. Campbell said, “The third quarter proved to be more challenging than originally anticipated for our Solutions business segment. After a tremendous amount of work getting the right cost structure as well as achieving new business wins, the peak retail season did not occur in September as forecasted by our customers. However, in the first weeks of October volumes would indicate the beginning of a somewhat normalized fourth quarter. Again we will monitor this trend with cautious optimism.”

Continuing, Mr. Campbell said, “Every day it seems some expert declares the recovery has begun. We see signs that are encouraging and we do feel the worst is over, but now is not the time to let down our guard. Our people will continue to vigilantly control costs ensuring our rapid return to the margins and returns that our shareholders have historically come to expect of Forward Air.”

In closing, Mr. Campbell said, “We are pleased to report that for a second consecutive year and for 10 of the past 11 years Forward Air has been named by Forbes magazine as one of the “200 Best Small Companies” in America. Congratulations and thank you to all of the Forward Air employees and independent contractors who made this honor possible.”
 
 
Commenting further on the quarter, Rodney L. Bell, Senior Vice President and CFO, said, “Cash flow from operations was $9.3 million for the quarter and $30.7 million year-to-date compared to $20.9 and $38.0 respectively for last year. We ended the period with just over $27 million in cash and $39.5 million available on our line of credit. With the completion of our Dallas facility in July we have no meaningful capital expenditure needs for the balance of 2009 and anticipate 2010 capital expenditures to be approximately $10 million providing ample free cash flow and flexibility.”

Commenting further, Mr. Bell said, “Assuming current trends remain stable, for the fourth quarter of 2009, we anticipate a year-over-year decline in revenue in the range of 10 to 15% and expect income per diluted share to be between $0.15 and $0.21 per share.”

Review of Financial Results

Forward Air will hold a conference call to discuss third quarter 2009 results on Thursday, October 22, 2009 at 10:00 a.m. EDT. The Company’s conference call will be available online at www.forwardair.com or by dialing 800-841-9385. A replay of the conference call will be available at www.forwardair.com beginning shortly after completion of the live call.

About Forward Air Corporation

Forward Air Corporation operates two business segments, Forward Air, Inc. and Forward Air Solutions, Inc.

Forward Air, Inc. is a high-service-level contractor to the air cargo industry providing time-definite ground transportation services through a network of 84 terminals located on or near major airports in the United States and Canada. It 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.

Forward Air Solutions, Inc. is a provider of pool distribution services.  Pool distribution involves the consolidation and shipment of several smaller less-than-truckload shipments to a common area or region. Once at the regional destination, the loads are deconsolidated, then grouped with other shipments with common delivery points, and delivered in a very precise, time-sensitive manner.  Our pool distribution network consists of 19 terminals within the mid-Atlantic, Southeast, Midwest and Southwestern United States.
 
2
 
 
Forward Air Corporation
  
Condensed Consolidated Statements of Operations
  
(In thousands, except per share data)
  
(Unaudited)
  
                       
 
Three months ended
    
Nine months ended
  
 
September 30,
    
September 30,
    
September 30,
    
September 30,
  
 
2009
    
2008
    
2009
    
2008
  
Operating revenue:
                      
Forward Air
                      
Airport-to-airport
 $ 66,667     $ 85,901     $ 194,908     $ 257,147  
Logistics
   13,172       15,597       38,645       42,688  
Other
   5,596       6,487       16,975       18,464  
Forward Air Solutions
                              
Pool distribution
   17,644       13,499       48,864       32,685  
Total operating revenue
   103,079       121,484       299,392       350,984  
                               
Operating expenses:
                              
Purchased transportation
                              
Forward Air
                              
Airport-to-airport
   28,025       33,388       82,008       98,432  
Logistics
   10,329       11,227       30,127       31,224  
Other
   1,387       1,764       3,681       4,941  
Forward Air Solutions
                              
Pool distribution
   3,747       2,505       9,774       5,743  
Total purchased transportation
   43,488       48,884       125,590       140,340  
Salaries, wages and employee benefits
   28,591       28,504       86,834       84,355  
Operating leases
   6,631       6,183       20,440       16,918  
Depreciation and amortization
   5,006       4,134       14,687       11,830  
Insurance and claims
   2,045       1,816       6,984       5,690  
Fuel expense
   1,880       3,052       5,199       8,466  
Other operating expenses
   8,767       9,583       25,983       27,146  
Impairment of goodwill and other intangible assets
   --       --       7,157       --  
Total operating expenses
   96,408       102,156       292,874       294,745  
Income from operations
   6,671       19,328       6,518       56,239  
                               
Other (expense) income:
                              
Interest expense
   (177 )     (210 )     (469 )     (839 )
Other, net
   51       115       50       325  
Total other expense
   (126 )     (95 )     (419 )     (514 )
Income before income taxes
   6,545       19,233       6,099       55,725  
Income taxes
   2,766       7,136       2,581       21,519  
Net income
 $ 3,779     $ 12,097     $ 3,518     $ 34,206  
                               
Net income per share:
                              
Basic
 $ 0.13     $ 0.42     $ 0.12     $ 1.19  
Diluted
 $ 0.13     $ 0.42     $ 0.12     $ 1.18  
Weighted average shares outstanding:
                              
Basic
   28,942       28,871       28,924       28,782  
Diluted
   29,026       29,139       28,978       29,067  
                               
Dividends per share:
 $ 0.07     $ 0.07     $ 0.21     $ 0.21  


3

 
Forward Air Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
       
 
September 30,
  
December 31,
 
2009
  
2008 (a)
Assets
      
Current assets:
      
Cash
 $ 27,230   $ 22,093
Accounts receivable, net
   52,993     57,206
Other current assets
   14,145     12,290
Total current assets
   94,368     91,589
           
Property and equipment
   203,383     186,377
Less accumulated depreciation and amortization
   72,976     63,401
Total property and equipment, net
   130,407     122,976
Goodwill and other acquired intangibles:
          
Goodwill
   43,332     50,230
Other acquired intangibles, net
   36,997     40,708
Total goodwill and other acquired intangibles
   80,329     90,938
Other assets
   1,582     2,024
Total assets
 $ 306,686   $ 307,527
           
Liabilities and Shareholders’ Equity
          
Current liabilities:
          
Accounts payable
 $ 8,509   $ 11,633
Accrued expenses
   16,057     12,927
Current portion of debt and capital lease obligations
   1,072     1,602
Total current liabilities
   25,638     26,162
           
Long-term debt and capital lease obligations, less current portion
   52,404     53,035
Other long-term liabilities
   3,749     3,055
Deferred income taxes
   6,136     8,841
           
Shareholders’ equity:
          
Common stock
   289     289
Additional paid-in capital
   15,139     10,249
Retained earnings
   203,331     205,896
Total shareholders’ equity
   218,759     216,434
Total liabilities and shareholders’ equity
 $ 306,686   $ 307,527
           
(a) Taken from audited financial statements, which are not presented in their entirety.


4

 
 
Condensed Consolidated Statements of Cash Flows
  
(In thousands)
  
(Unaudited)
  
           
 
Three months ended
  
 
September 30,
    
September 30,
  
 
2009
    
2008
  
Operating activities:
          
Net income
 $ 3,779     $ 12,097  
Adjustments to reconcile net income to net cash provided by operating activities
              
Depreciation and amortization
   5,006       4,134  
Share-based compensation
   1,607       1,451  
(Gain) loss on sale or disposal of property and equipment
   (1 )     15  
Provision for loss on receivables
   217       131  
Provision for revenue adjustments
   548       1,369  
Deferred income taxes
   (466 )     (793 )
Tax benefit for stock options exercised
   (1 )     (69 )
Changes in operating assets and liabilities:
              
Accounts receivable
   (3,721 )     2,209  
Prepaid expenses and other current assets
   382       439  
Accounts payable and accrued expenses
   1,962       (116 )
Net cash provided by operating activities
   9,312       20,867  
               
Investing activities:
              
Proceeds from disposal of property and equipment
   14       13  
Purchases of property and equipment
   (3,803 )     (7,325 )
Acquisition of businesses
   --       (10,653 )
Other
   49       (74 )
Net cash used in investing activities
   (3,740 )     (18,039 )
               
Financing activities:
              
Payments of debt and capital lease obligations
   (390 )     (302 )
Borrowings on line of credit
   --       15,000  
Payments on line of credit
   --       --  
Proceeds from exercise of stock options
   8       947  
Payments of cash dividends
   (2,028 )     (2,026 )
Common stock issued under employee stock purchase plan
   --       --  
Cash settlement of share-based awards for minimum tax withholdings
   (5 )     (7 )
Tax benefit for stock options exercised
   1       69  
Net cash (used in) provided by financing activities
   (2,414 )     13,681  
Net increase in cash
   3,158       16,509  
Cash at beginning of period
   24,072       1,082  
Cash at end of period
 $ 27,230     $ 17,591  

 
5

 
 
Condensed Consolidated Statements of Cash Flows
  
(In thousands)
  
(Unaudited)
  
           
 
Nine months ended
  
 
September 30,
    
September 30,
  
 
2009
    
2008
  
Operating activities:
          
Net income
 $ 3,518     $ 34,206  
Adjustments to reconcile net income to net cash provided by operating activities
              
Depreciation and amortization
   14,687       11,830  
Impairment of goodwill and other intangible assets
   7,157       --  
Share-based compensation
   5,022       4,571  
(Gain) loss on sale or disposal of property and equipment
   (13 )     36  
Provision for (recovery) loss on receivables
   (74 )     245  
Provision for revenue adjustments
   1,916       3,273  
Deferred income taxes
   (3,009 )     635  
Tax benefit for stock options exercised
   (1 )     (1,148 )
Changes in operating assets and liabilities:
              
Accounts receivable
   2,370       (16,092 )
Prepaid expenses and other current assets
   (1,567 )     (1,932 )
Accounts payable and accrued expenses
   701       2,398  
Net cash provided by operating activities
   30,707       38,022  
               
Investing activities:
              
Proceeds from disposal of property and equipment
   231       46  
Purchases of property and equipment
   (18,828 )     (12,680 )
Acquisition of businesses
   --       (29,299 )
Other
   405       (167 )
Net cash used in investing activities
   (18,192 )     (42,100 )
               
Financing activities:
              
Payments of debt and capital lease obligations
   (1,163 )     (1,172 )
Borrowings on line of credit
   --       45,000  
Payments on line of credit
   --       (25,000 )
Proceeds from exercise of stock options
   8       3,085  
Payments of cash dividends
   (6,081 )     (6,062 )
Common stock issued under employee stock purchase plan
   99       145  
Repurchase of common stock
   (242 )     --  
Cash settlement of share-based awards for minimum tax withholdings
   --       (384 )
Tax benefit for stock options exercised
   1       1,148  
Net cash (used in) provided by financing activities
   (7,378 )     16,760  
Net increase in cash
   5,137       12,682  
Cash at beginning of period
   22,093       4,909  
Cash at end of period
 $ 27,230     $ 17,591  


6
 

Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
                                           
 
Three months ended
    
 
September 30,
    
Percent of
    
September 30,
    
Percent of
          
Percent
    
 
2009
    
Revenue
    
2008
    
Revenue
    
Change
    
Change
    
Operating revenue
                                          
      Forward Air
$
85.7
    
83.1
%
  
$
108.6
    
89.4
%
  
$
(22.9
)
  
(21.1
)
%
      FASI
  
17.8
    
17.3
      
13.6
    
11.2
      
4.2
    
30.9
    
      Intercompany Eliminations
  
(0.4
)
  
(0.4
)
    
(0.7
)
  
(0.6
)
    
0.3
    
(42.9
)
  
            Total
  
103.1
    
100.0
      
121.5
    
100.0
      
(18.4
)
  
(15.1
)
  
                                           
Purchased transportation
                                          
      Forward Air
  
39.8
    
46.4
      
46.5
    
42.8
      
(6.7
)
  
(14.4
)
  
      FASI
  
4.0
    
22.5
      
3.1
    
22.8
      
0.9
    
29.0
    
      Intercompany Eliminations
  
(0.3
)
  
75.0
      
(0.7
)
  
100.0
      
0.4
    
(57.1
)
  
            Total
  
43.5
    
42.2
      
48.9
    
40.2
      
(5.4
)
  
(11.0
)
  
                                           
Salaries, wages and employee benefits
                                          
      Forward Air
  
20.6
    
24.0
      
23.0
    
21.2
      
(2.4
)
  
(10.4
)
  
      FASI
  
8.0
    
44.9
      
5.5
    
40.5
      
2.5
    
45.5
    
            Total
  
28.6
    
27.7
      
28.5
    
23.5
      
0.1
    
0.4
    
                                           
Operating leases
                                          
      Forward Air
  
4.6
    
5.4
      
4.7
    
4.3
      
(0.1
)
  
(2.1
)
  
      FASI
  
2.0
    
11.2
      
1.5
    
11.0
      
0.5
    
33.3
    
            Total
  
6.6
    
6.4
      
6.2
    
5.1
      
0.4
    
6.5
    
                                           
Depreciation and amortization
                                          
      Forward Air
  
4.1
    
4.8
      
3.6
    
3.3
      
0.5
    
13.9
    
      FASI
  
0.9
    
5.1
      
0.5
    
3.7
      
0.4
    
80.0
    
            Total
  
5.0
    
4.9
      
4.1
    
3.4
      
0.9
    
22.0
    
                                           
Insurance and claims
                                          
      Forward Air
  
1.6
    
1.9
      
1.7
    
1.6
      
(0.1
)
  
(5.9
)
  
      FASI
  
0.4
    
2.2
      
0.1
    
0.7
      
0.3
    
300.0
    
            Total
  
2.0
    
1.9
      
1.8
    
1.5
      
0.2
    
11.1
    
                                           
Fuel expense
                                          
      Forward Air
  
0.8
    
0.9
      
1.6
    
1.5
      
(0.8
)
  
(50.0
)
  
      FASI
  
1.1
    
6.2
      
1.5
    
11.0
      
(0.4
)
  
(26.7
)
  
            Total
  
1.9
    
1.8
      
3.1
    
2.5
      
(1.2
)
  
(38.7
)
  
                                           
Other operating expenses
                                          
      Forward Air
  
7.0
    
8.2
      
8.2
    
7.5
      
(1.2
)
  
(14.6
)
  
      FASI
  
1.9
    
10.7
      
1.4
    
10.3
      
0.5
    
35.7
    
      Intercompany Eliminations
  
(0.1
)
  
25.0
      
--
    
--
      
(0.1
)
  
(100.0
)
  
            Total
  
8.8
    
8.6
      
9.6
    
7.9
      
(0.8
)
  
(8.3
)
  
                                           
Income (loss) from operations
                                          
      Forward Air
  
7.2
    
8.4
      
19.3
    
17.8
      
(12.1
)
  
(62.7
)
  
      FASI
  
(0.5
)
  
(2.8
)
    
--
    
--
      
(0.5
)
  
(100.0
)
  
            Total
$
6.7
    
6.5
%
  
$
19.3
    
15.9
%
  
$
(12.6
)
  
(65.3
)
%

 
7
 
 
Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
                                             
 
Nine months ended
    
 
September 30,
    
Percent of
      
September 30,
    
Percent of
          
Percent
    
 
2009
    
Revenue
      
2008
    
Revenue
    
Change
    
Change
    
Operating revenue
                                            
      Forward Air
$
251.2
    
83.9
%
    
$
319.8
    
91.1
%
  
$
(68.6
)
  
(21.5
)
%
      FASI
  
49.2
    
16.4
        
32.8
    
9.4
      
16.4
    
50.0
    
      Intercompany Eliminations
  
(1.0
)
  
(0.3
)
      
(1.6
)
  
(0.5
)
    
0.6
    
(37.5
)
  
            Total
  
299.4
    
100.0
        
351.0
    
100.0
      
(51.6
)
  
(14.7
)
  
                                             
Purchased transportation
                                            
      Forward Air
  
116.1
    
46.2
        
134.6
    
42.1
      
(18.5
)
  
(13.7
)
  
      FASI
  
10.4
    
21.1
        
7.3
    
22.3
      
3.1
    
42.5
    
      Intercompany Eliminations
  
(0.9
)
  
90.0
        
(1.6
)
  
100.0
      
0.7
    
(43.8
)
  
            Total
  
125.6
    
42.0
        
140.3
    
40.0
      
(14.7
)
  
(10.5
)
  
                                             
Salaries, wages and employee benefits
                                            
      Forward Air
  
63.1
    
25.1
        
70.3
    
22.0
      
(7.2
)
  
(10.2
)
  
      FASI
  
23.7
    
48.2
        
14.1
    
43.0
      
9.6
    
68.1
    
            Total
  
86.8
    
29.0
        
84.4
    
24.1
      
2.4
    
2.8
    
                                             
Operating leases
                                            
      Forward Air
  
14.1
    
5.6
        
13.6
    
4.2
      
0.5
    
3.7
    
      FASI
  
6.3
    
12.8
        
3.3
    
10.0
      
3.0
    
90.9
    
            Total
  
20.4
    
6.8
        
16.9
    
4.8
      
3.5
    
20.7
    
                                             
Depreciation and amortization
                                            
      Forward Air
  
12.0
    
4.8
        
10.6
    
3.3
      
1.4
    
13.2
    
      FASI
  
2.7
    
5.5
        
1.2
    
3.6
      
1.5
    
125.0
    
            Total
  
14.7
    
4.9
        
11.8
    
3.4
      
2.9
    
24.6
    
                                             
Insurance and claims
                                            
      Forward Air
  
5.6
    
2.2
        
5.1
    
1.6
      
0.5
    
9.8
    
      FASI
  
1.4
    
2.8
        
0.6
    
1.8
      
0.8
    
133.3
    
            Total
  
7.0
    
2.3
        
5.7
    
1.6
      
1.3
    
22.8
    
                                             
Fuel expense
                                            
      Forward Air
  
2.3
    
0.9
        
4.8
    
1.5
      
(2.5
)
  
(52.1
)
  
      FASI
  
2.9
    
5.9
        
3.7
    
11.3
      
(0.8
)
  
(21.6
)
  
            Total
  
5.2
    
1.7
        
8.5
    
2.4
      
(3.3
)
  
(38.8
)
  
                                             
Other operating expenses
                                            
      Forward Air
  
21.0
    
8.4
        
23.7
    
7.4
      
(2.7
)
  
(11.4
)
  
      FASI
  
5.1
    
10.4
        
3.5
    
10.7
      
1.6
    
45.7
    
      Intercompany Eliminations
  
(0.1
)
  
10.0
        
--
    
--
      
(0.1
)
  
(100.0
)
  
            Total
  
26.0
    
8.7
        
27.2
    
7.7
      
(1.2
)
  
(4.4
)
  
                                             
Impairment of goodwill
                                            
and other intangible assets
                                            
      Forward Air
  
0.2
    
0.1
        
 --
    
 --
      
0.2
    
100.0
    
      FASI
  
7.0
    
14.2
        
 --
    
 --
      
7.0
    
100.0
    
            Total
  
7.2
    
2.4
        
 --
    
 --
      
7.2
    
100.0
    
                                             
Income (loss) from operations
                                            
      Forward Air
  
16.8
    
6.7
        
57.1
    
17.9
      
(40.3
)
  
(70.6
)
  
      FASI
  
(10.3
)
  
(20.9
)
      
(0.9
)
  
(2.7
)
    
(9.4
)
  
1,044.4
    
            Total
$
6.5
    
2.2
%
    
$
56.2
    
16.0
%
  
$
(49.7
)
  
(88.4
)
%

 
8

 
Forward Air Inc. Operating Statistics
                                               
                                               
   
Three months ended
        
Nine months ended
    
   
September 30,
      
September 30,
    
Percent
        
September 30,
      
September 30,
    
Percent
    
   
2009
      
2008
    
Change
        
2009
      
2008
    
Change
    
                                               
Operating ratio
  
91.6
%
    
82.2
%
  
(11.4
)
%
    
93.3
%
    
82.1
%
  
(13.6
)
%
                                               
Business days
  
64.0
      
64.0
    
--
        
191.0
      
192.0
    
(0.5
)
  
Business weeks
  
12.8
      
12.8
    
--
        
38.2
      
38.4
    
(0.5
)
  
                                               
                                               
Airport-to-airport:
                                              
Tonnage
                                              
  Total pounds¹
  
357,768
      
441,269
    
(18.9
)
      
1,054,048
      
1,336,801
    
(21.2
)
  
  Average weekly pounds¹
  
27,951
      
34,474
    
(18.9
)
      
27,593
      
34,813
    
(20.7
)
  
                                               
Linehaul shipments
                                              
  Total linehaul
  
511,959
      
568,031
    
(9.9
)
      
1,529,233
      
1,746,828
    
(12.5
)
  
  Average weekly
  
39,997
      
44,377
    
(9.9
)
      
40,032
      
45,490
    
(12.0
)
  
                                               
Forward Air Complete shipments
73,696
      
53,161
    
38.6
        
194,694
      
145,452
    
33.9
    
As a percentage of linehaul shipments
14.4
%
    
9.4
%
  
53.8
        
12.7
%
    
8.3
%
  
53.0
    
                                               
Average linehaul shipment size
  
699
      
777
    
(10.0
)
      
689
      
765
    
(9.9
)
  
                                               
Revenue per pound²
                                              
  Linehaul yield
  
15.91
      
16.39
    
(2.4
)
      
16.14
      
16.56
    
(2.2
)
  
  Fuel surcharge impact
  
0.93
      
2.15
    
(6.2
)
      
0.79
      
1.81
    
(5.3
)
  
  Forward Air Complete impact
  
1.83
      
1.17
    
3.3
        
1.60
      
0.95
    
3.4
    
Total airport-to-airport yield
  
18.67
      
19.71
    
(5.3
)
      
18.53
      
19.32
    
(4.1
)
  
                                               
                                               
Logistics:
                                              
Miles
                                              
    Owner operator¹
  
6,111
      
4,812
    
27.0
        
17,916
      
13,432
    
33.4
    
    Third party¹
  
2,288
      
3,618
    
(36.8
)
      
6,709
      
11,055
    
(39.3
)
  
Total Miles
  
8,399
      
8,430
    
(0.4
)
      
24,625
      
24,487
    
0.6
    
                                               
Revenue per mile
$
1.58
    
$
1.80
    
(12.2
)
    
$
1.58
    
$
1.74
    
(9.2
)
  
                                               
Cost per mile
$
1.23
    
$
1.33
    
(7.5
)
%
  
$
1.22
    
$
1.25
    
(2.4
)
%
                                               
¹ - In thousands
                                              
² - In cents per pound; percentage change is expressed as a percent of total yield.
                    
 
 
9
 
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