Consolidated Condensed Statements of Income
|
|||||||||||||||
(In thousands, except per share data)
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
Three months ended
|
Year ended
|
||||||||||||||
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||
Operating revenue:
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
$ | 87,245 | $ | 73,338 | $ | 321,702 | $ | 268,245 | |||||||
Logistics
|
17,147 | 15,422 | 64,935 | 54,067 | |||||||||||
Other
|
6,386 | 6,100 | 25,130 | 23,076 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
22,532 | 23,158 | 72,172 | 72,022 | |||||||||||
Total operating revenue
|
133,310 | 118,018 | 483,939 | 417,410 | |||||||||||
Operating expenses:
|
|||||||||||||||
Purchased transportation
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
34,959 | 30,509 | 129,111 | 112,516 | |||||||||||
Logistics
|
13,445 | 12,061 | 50,225 | 42,188 | |||||||||||
Other
|
1,476 | 1,553 | 6,288 | 5,234 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
5,123 | 4,715 | 15,747 | 14,490 | |||||||||||
Total purchased transportation
|
55,003 | 48,838 | 201,371 | 174,428 | |||||||||||
Salaries, wages and employee benefits
|
33,426 | 31,971 | 129,108 | 118,804 | |||||||||||
Operating leases
|
6,864 | 6,853 | 26,252 | 27,294 | |||||||||||
Depreciation and amortization
|
5,167 | 5,035 | 20,450 | 19,722 | |||||||||||
Insurance and claims
|
2,442 | 2,735 | 8,425 | 9,719 | |||||||||||
Fuel expense
|
2,409 | 2,113 | 8,461 | 7,312 | |||||||||||
Other operating expenses
|
9,321 | 8,441 | 36,133 | 34,424 | |||||||||||
Impairment of goodwill and other intangible assets
|
-- | -- | -- | 7,157 | |||||||||||
Total operating expenses
|
114,632 | 105,986 | 430,200 | 398,860 | |||||||||||
Income from operations
|
18,678 | 12,032 | 53,739 | 18,550 | |||||||||||
Other income (expense):
|
|||||||||||||||
Interest expense
|
(173 | ) | (202 | ) | (730 | ) | (670 | ) | |||||||
Other, net
|
53 | 20 | 90 | 69 | |||||||||||
Total other expense
|
(120 | ) | (182 | ) | (640 | ) | (601 | ) | |||||||
Income before income taxes
|
18,558 | 11,850 | 53,099 | 17,949 | |||||||||||
Income taxes
|
6,741 | 5,566 | 21,063 | 8,147 | |||||||||||
Net income
|
$ | 11,817 | $ | 6,284 | $ | 32,036 | $ | 9,802 | |||||||
Net income per share:
|
|||||||||||||||
Basic
|
$ | 0.41 | $ | 0.22 | $ | 1.11 | $ | 0.34 | |||||||
Diluted
|
$ | 0.41 | $ | 0.22 | $ | 1.10 | $ | 0.34 | |||||||
Weighted average shares outstanding:
|
|||||||||||||||
Basic
|
29,010 | 28,943 | 28,984 | 28,928 | |||||||||||
Diluted
|
29,174 | 29,041 | 29,111 | 28,993 | |||||||||||
Dividends per share:
|
$ | 0.07 | $ | 0.07 | $ | 0.28 | $ | 0.28 |
Condensed Consolidated Balance Sheets
|
|||||
(In thousands)
|
|||||
(Unaudited)
|
|||||
December 31,
|
December 31,
|
||||
2010
|
2009 (a)
|
||||
Assets
|
|||||
Current assets:
|
|||||
Cash
|
$ | 74,504 | $ | 42,035 | |
Accounts receivable, net
|
62,763 | 55,720 | |||
Other current assets
|
8,696 | 9,471 | |||
Total current assets
|
145,963 | 107,226 | |||
Property and equipment
|
213,704 | 204,716 | |||
Less accumulated depreciation and amortization
|
87,272 | 75,990 | |||
Total property and equipment, net
|
126,432 | 128,726 | |||
Goodwill and other acquired intangibles:
|
|||||
Goodwill
|
43,332 | 43,332 | |||
Other acquired intangibles, net
|
31,259 | 35,849 | |||
Total goodwill and other acquired intangibles
|
74,591 | 79,181 | |||
Other assets
|
1,810 | 1,597 | |||
Total assets
|
$ | 348,796 | $ | 316,730 | |
Liabilities and Shareholders’ Equity
|
|||||
Current liabilities:
|
|||||
Accounts payable
|
$ | 10,687 | $ | 10,333 | |
Accrued expenses
|
16,280 | 18,531 | |||
Current portion of debt and capital lease obligations
|
638 | 919 | |||
Total current liabilities
|
27,605 | 29,783 | |||
Debt and capital lease obligations, less current portion
|
50,883 | 52,169 | |||
Other long-term liabilities
|
8,106 | 4,485 | |||
Deferred income taxes
|
6,116 | 5,786 | |||
Shareholders’ equity:
|
|||||
Common stock
|
290 | 290 | |||
Additional paid-in capital
|
24,300 | 16,631 | |||
Retained earnings
|
231,496 | 207,586 | |||
Total shareholders’ equity
|
256,086 | 224,507 | |||
Total liabilities and shareholders’ equity
|
$ | 348,796 | $ | 316,730 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Three Months Ended
|
|||||||
December 31,
|
December 31,
|
||||||
2010
|
2009
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 11,817 | $ | 6,284 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
5,167 | 5,035 | |||||
Share-based compensation
|
1,397 | 1,732 | |||||
Gain on disposal of property and equipment
|
78 | 7 | |||||
Provision for (recovery) loss on receivables
|
(254 | ) | 14 | ||||
Provision for revenue adjustments
|
127 | 474 | |||||
Deferred income taxes
|
3,060 | (1,572 | ) | ||||
Tax (benefit) expense for stock options exercised
|
(166 | ) | 371 | ||||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
(198 | ) | (3,214 | ) | |||
Prepaid expenses and other current assets
|
989 | 2,115 | |||||
Accounts payable and accrued expenses
|
(5,883 | ) | 8,226 | ||||
Net cash provided by operating activities
|
16,134 | 19,472 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
69 | 39 | |||||
Purchases of property and equipment
|
(3,259 | ) | (2,019 | ) | |||
Other
|
(224 | ) | (33 | ) | |||
Net cash used in investing activities
|
(3,414 | ) | (2,013 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(173 | ) | (386 | ) | |||
Proceeds from exercise of stock options
|
501 | -- | |||||
Payments of cash dividends
|
(2,033 | ) | (2,028 | ) | |||
Common stock issued under employee stock purchase plan
|
104 | 138 | |||||
Cash settlement of share-based awards for minimum tax withholdings
|
-- | (7 | ) | ||||
Tax benefit (expense) for stock options exercised
|
166 | (371 | ) | ||||
Net cash used in financing activities
|
(1,435 | ) | (2,654 | ) | |||
Net increase in cash
|
11,285 | 14,805 | |||||
Cash at beginning of period
|
63,219 | 27,230 | |||||
Cash at end of period
|
$ | 74,504 | $ | 42,035 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Year ended
|
|||||||
December 31,
|
December 31,
|
||||||
2010
|
2009
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 32,036 | $ | 9,802 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
20,450 | 19,722 | |||||
Impairment of goodwill and other intangible assets
|
-- | 7,157 | |||||
Share-based compensation
|
6,284 | 6,754 | |||||
Gain on disposal of property and equipment
|
(570 | ) | (6 | ) | |||
Provision for recovery on receivables
|
(52 | ) | (60 | ) | |||
Provision for revenue adjustments
|
1,589 | 2,390 | |||||
Deferred income taxes
|
1,436 | (4,581 | ) | ||||
Tax (benefit) expense for stock options exercised
|
(194 | ) | 370 | ||||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
(8,580 | ) | (844 | ) | |||
Prepaid expenses and other current assets
|
(40 | ) | 548 | ||||
Accounts payable and accrued expenses
|
1,636 | 8,927 | |||||
Net cash provided by operating activities
|
53,995 | 50,179 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
1,482 | 270 | |||||
Purchases of property and equipment
|
(15,148 | ) | (20,847 | ) | |||
Other
|
(224 | ) | 372 | ||||
Net cash used in investing activities
|
(13,890 | ) | (20,205 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(895 | ) | (1,549 | ) | |||
Proceeds from exercise of stock options
|
991 | 8 | |||||
Payments of cash dividends
|
(8,121 | ) | (8,109 | ) | |||
Common stock issued under employee stock purchase plan
|
195 | 237 | |||||
Cash settlement of share-based awards for minimum tax withholdings
|
-- | (249 | ) | ||||
Tax benefit (expense) for stock options exercised
|
194 | (370 | ) | ||||
Net cash used in financing activities
|
(7,636 | ) | (10,032 | ) | |||
Net increase in cash
|
32,469 | 19,942 | |||||
Cash at beginning of period
|
42,035 | 22,093 | |||||
Cash at end of period
|
$ | 74,504 | $ | 42,035 |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Three months ended
|
||||||||||||||||||||
December 31,
|
Percent of
|
December 31,
|
Percent of
|
Percent
|
||||||||||||||||
2010
|
Revenue
|
2009
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 111.1 | 83.3 | % | $ | 95.1 | 80.6 | % | $ | 16.0 | 16.8 | % | ||||||||
FASI
|
22.6 | 17.0 | 23.3 | 19.7 | (0.7 | ) | (3.0 | ) | ||||||||||||
Intercompany Eliminations
|
(0.4 | ) | (0.3 | ) | (0.4 | ) | (0.3 | ) | -- | -- | ||||||||||
Total
|
133.3 | 100.0 | 118.0 | 100.0 | 15.3 | 13.0 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
49.9 | 44.9 | 44.2 | 46.5 | 5.7 | 12.9 | ||||||||||||||
FASI
|
5.5 | 24.3 | 5.0 | 21.4 | 0.5 | 10.0 | ||||||||||||||
Intercompany Eliminations
|
(0.4 | ) | 100.0 | (0.4 | ) | 100.0 | -- | -- | ||||||||||||
Total
|
55.0 | 41.3 | 48.8 | 41.4 | 6.2 | 12.7 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
24.9 | 22.4 | 22.6 | 23.8 | 2.3 | 10.2 | ||||||||||||||
FASI
|
8.5 | 37.6 | 9.3 | 39.9 | (0.8 | ) | (8.6 | ) | ||||||||||||
Total
|
33.4 | 25.0 | 31.9 | 27.0 | 1.5 | 4.7 | ||||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
5.0 | 4.5 | 4.6 | 4.8 | 0.4 | 8.7 | ||||||||||||||
FASI
|
1.9 | 8.4 | 2.3 | 9.9 | (0.4 | ) | (17.4 | ) | ||||||||||||
Total
|
6.9 | 5.2 | 6.9 | 5.8 | -- | -- | ||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
4.2 | 3.8 | 4.1 | 4.3 | 0.1 | 2.4 | ||||||||||||||
FASI
|
1.0 | 4.4 | 0.9 | 3.9 | 0.1 | 11.1 | ||||||||||||||
Total
|
5.2 | 3.9 | 5.0 | 4.2 | 0.2 | 4.0 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
1.6 | 1.4 | 2.1 | 2.2 | (0.5 | ) | (23.8 | ) | ||||||||||||
FASI
|
0.8 | 3.6 | 0.7 | 3.0 | 0.1 | 14.3 | ||||||||||||||
Total
|
2.4 | 1.8 | 2.8 | 2.4 | (0.4 | ) | (14.3 | ) | ||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
1.0 | 0.9 | 0.8 | 0.8 | 0.2 | 25.0 | ||||||||||||||
FASI
|
1.4 | 6.2 | 1.3 | 5.6 | 0.1 | 7.7 | ||||||||||||||
Total
|
2.4 | 1.8 | 2.1 | 1.8 | 0.3 | 14.3 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
7.6 | 6.9 | 6.6 | 7.0 | 1.0 | 15.2 | ||||||||||||||
FASI
|
1.7 | 7.5 | 1.8 | 7.7 | (0.1 | ) | (5.6 | ) | ||||||||||||
Total
|
9.3 | 7.0 | 8.4 | 7.1 | 0.9 | 10.7 | ||||||||||||||
Income from operations
|
||||||||||||||||||||
Forward Air
|
16.9 | 15.2 | 10.1 | 10.6 | 6.8 | 67.3 | ||||||||||||||
FASI
|
1.8 | 8.0 | 2.0 | 8.6 | (0.2 | ) | (10.0 | ) | ||||||||||||
Total
|
$ | 18.7 | 14.0 | % | $ | 12.1 | 10.3 | % | $ | 6.6 | 54.5 | % |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Year ended
|
||||||||||||||||||||
December 31,
|
Percent of
|
December 31,
|
Percent of
|
Percent
|
||||||||||||||||
2010
|
Revenue
|
2009
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 412.9 | 85.3 | % | $ | 346.3 | 83.0 | % | $ | 66.6 | 19.2 | % | ||||||||
FASI
|
72.5 | 15.0 | 72.5 | 17.4 | -- | -- | ||||||||||||||
Intercompany Eliminations
|
(1.5 | ) | (0.3 | ) | (1.4 | ) | (0.4 | ) | (0.1 | ) | 7.1 | |||||||||
Total
|
483.9 | 100.0 | 417.4 | 100.0 | 66.5 | 15.9 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
185.8 | 45.0 | 160.3 | 46.3 | 25.5 | 15.9 | ||||||||||||||
FASI
|
16.9 | 23.3 | 15.4 | 21.2 | 1.5 | 9.7 | ||||||||||||||
Intercompany Eliminations
|
(1.3 | ) | (86.7 | ) | (1.3 | ) | 92.9 | -- | -- | |||||||||||
Total
|
201.4 | 41.6 | 174.4 | 41.8 | 27.0 | 15.5 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
98.3 | 23.8 | 85.7 | 24.7 | 12.6 | 14.7 | ||||||||||||||
FASI
|
30.8 | 42.5 | 33.1 | 45.6 | (2.3 | ) | (6.9 | ) | ||||||||||||
Total
|
129.1 | 26.7 | 118.8 | 28.5 | 10.3 | 8.7 | ||||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
18.6 | 4.5 | 18.7 | 5.4 | (0.1 | ) | (0.5 | ) | ||||||||||||
FASI
|
7.7 | 10.6 | 8.6 | 11.9 | (0.9 | ) | (10.5 | ) | ||||||||||||
Total
|
26.3 | 5.4 | 27.3 | 6.5 | (1.0 | ) | (3.7 | ) | ||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
16.5 | 4.0 | 16.1 | 4.6 | 0.4 | 2.5 | ||||||||||||||
FASI
|
3.9 | 5.4 | 3.6 | 5.0 | 0.3 | 8.3 | ||||||||||||||
Total
|
20.4 | 4.2 | 19.7 | 4.7 | 0.7 | 3.6 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
6.2 | 1.5 | 7.6 | 2.2 | (1.4 | ) | (18.4 | ) | ||||||||||||
FASI
|
2.2 | 3.0 | 2.1 | 2.9 | 0.1 | 4.8 | ||||||||||||||
Total
|
8.4 | 1.7 | 9.7 | 2.3 | (1.3 | ) | (13.4 | ) | ||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
3.8 | 0.9 | 3.1 | 0.9 | 0.7 | 22.6 | ||||||||||||||
FASI
|
4.7 | 6.5 | 4.2 | 5.8 | 0.5 | 11.9 | ||||||||||||||
Total
|
8.5 | 1.8 | 7.3 | 1.8 | 1.2 | 16.4 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
29.8 | 7.2 | 27.7 | 8.0 | 2.1 | 7.6 | ||||||||||||||
FASI
|
6.5 | 9.0 | 6.8 | 9.4 | (0.3 | ) | (4.4 | ) | ||||||||||||
Intercompany Eliminations
|
(0.2 | ) | (13.3 | ) | (0.1 | ) | 7.1 | (0.1 | ) | 100.0 | ||||||||||
Total
|
36.1 | 7.5 | 34.4 | 8.3 | 1.7 | 4.9 | ||||||||||||||
Impairment of goodwill and other intangible assets
|
||||||||||||||||||||
Forward Air
|
-- | -- | 0.2 | 0.1 | (0.2 | ) | (100.0 | ) | ||||||||||||
FASI
|
-- | -- | 7.0 | 9.6 | (7.0 | ) | (100.0 | ) | ||||||||||||
Total
|
-- | -- | 7.2 | 1.7 | (7.2 | ) | (100.0 | ) | ||||||||||||
Income (loss) from operations
|
||||||||||||||||||||
Forward Air
|
53.9 | 13.1 | 26.9 | 7.8 | 27.0 | 100.4 | ||||||||||||||
FASI
|
(0.2 | ) | (0.3 | ) | (8.3 | ) | (11.4 | ) | 8.1 | (97.6 | ) | |||||||||
Total
|
$ | 53.7 | 11.1 | % | $ | 18.6 | 4.4 | % | $ | 35.1 | 188.7 | % |
Forward Air Inc. Operating Statistics
|
|||||||||||
Three months ended
|
|||||||||||
December 31,
|
December 31,
|
Percent
|
|||||||||
2010
|
2009
|
Change
|
|||||||||
Operating ratio
|
84.8 | % | 89.4 | % | (5.1 | ) | % | ||||
Business days
|
63.0 | 64.0 | (1.6 | ) | |||||||
Business weeks
|
12.6 | 12.8 | (1.6 | ) | |||||||
Airport-to-airport:
|
|||||||||||
Tonnage
|
|||||||||||
Total pounds ¹
|
437,977 | 398,921 | 9.8 | ||||||||
Average weekly pounds ¹
|
34,760 | 31,166 | 11.5 | ||||||||
Linehaul shipments
|
|||||||||||
Total linehaul
|
623,211 | 565,922 | 10.1 | ||||||||
Average weekly
|
49,461 | 44,213 | 11.9 | ||||||||
Forward Air Complete shipments
|
85,917 | 71,442 | 20.3 | ||||||||
As a percentage of linehaul shipments
|
13.8 | % | 12.6 | % | 9.5 | ||||||
Average linehaul shipment size
|
703 | 705 | (0.3 | ) | |||||||
Revenue per pound ²
|
|||||||||||
Linehaul yield
|
$ | 16.70 | $ | 15.84 | 4.7 | ||||||
Fuel surcharge impact
|
1.28 | 0.96 | 1.7 | ||||||||
Forward Air Complete impact
|
1.97 | 1.62 | 1.9 | ||||||||
Total airport-to-airport yield
|
$ | 19.95 | $ | 18.42 | 8.3 | ||||||
Logistics:
|
|||||||||||
Miles
|
|||||||||||
Owner operator ¹
|
7,179 | 6,421 | 11.8 | ||||||||
Third party ¹
|
3,617 | 3,220 | 12.3 | ||||||||
Total Miles
|
10,796 | 9,641 | 12.0 | ||||||||
Revenue per mile
|
$ | 1.61 | $ | 1.62 | (0.6 | ) | |||||
|
|||||||||||
Cost per mile
|
$ | 1.25 | $ | 1.25 | -- | % | |||||
¹ - In thousands
|
|||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield.
|
Forward Air Corporation
|
|||||||||||
Forward Air Inc. Operating Statistics
|
|||||||||||
Year ended
|
|||||||||||
December 31,
|
December 31,
|
Percent
|
|||||||||
2010
|
2009
|
Change
|
|||||||||
Operating ratio
|
86.9 | % | 92.2 | % | (5.7 | ) | % | ||||
Business days
|
254.0 | 255.0 | (0.4 | ) | |||||||
Business weeks
|
50.8 | 51.0 | (0.4 | ) | |||||||
Airport-to-airport:
|
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Tonnage
|
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Total pounds ¹
|
1,655,075 | 1,452,969 | 13.9 | ||||||||
Average weekly pounds ¹
|
32,580 | 28,490 | 14.4 | ||||||||
Linehaul shipments
|
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Total linehaul
|
2,308,468 | 2,095,223 | 10.2 | ||||||||
Average weekly
|
45,442 | 41,083 | 10.6 | ||||||||
Forward Air Complete shipments
|
314,203 | 266,136 | 18.1 | ||||||||
As a percentage of linehaul shipments
|
13.6 | % | 12.7 | % | 7.1 | ||||||
Average linehaul shipment size
|
717 | 693 | 3.5 | ||||||||
Revenue per pound ²
|
|||||||||||
Linehaul yield
|
$ | 16.40 | $ | 16.06 | 1.8 | ||||||
Fuel surcharge impact
|
1.21 | 0.84 | 2.0 | ||||||||
Forward Air Complete impact
|
1.86 | 1.60 | 1.4 | ||||||||
Total airport-to-airport yield
|
$ | 19.47 | $ | 18.50 | 5.2 | ||||||
Logistics:
|
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Miles
|
|||||||||||
Owner operator ¹
|
27,086 | 24,338 | 11.3 | ||||||||
Third party ¹
|
12,943 | 9,929 | 30.4 | ||||||||
Total Miles
|
40,029 | 34,267 | 16.8 | ||||||||
Revenue per mile
|
$ | 1.64 | $ | 1.59 | 3.1 | ||||||
|
|||||||||||
Cost per mile
|
$ | 1.25 | $ | 1.23 | 1.6 | % | |||||
¹ - In thousands
|
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² - In cents per pound; percentage change is expressed as a percent of total yield.
|