NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
THIRD QUARTER 2012 RESULTS

GREENEVILLE, Tenn.- (BUSINESS WIRE) - October 18, 2012 - 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, 2012.

Operating revenue for the quarter ended September 30, 2012 increased 5.7% to $143.5 million from $135.7 million for the same quarter in 2011. Income from operations was $19.6 million, compared with $20.3 million in the prior-year quarter. As a percent of operating revenue, income from operations was 13.7%, compared with 15.0% in the same quarter last year. Net income during the period decreased to $12.3 million from $12.9 million in the prior-year quarter. Income per diluted share for the third quarter of 2012 was $0.41 compared with $0.44 in the prior-year quarter.

Operating revenue for the nine months ended September 30, 2012 increased 10.5% to $428.9 million from $388.1 million for the same period in 2011. Income from operations was $59.5 million, compared with $53.5 million in the prior-year period. As a percent of operating revenue, income from operations increased to 13.9% for the first nine months of 2012 from 13.8% for the same period in 2011. Net income during the period was $36.7 million compared to $32.8 million in the prior-year period. Income per diluted share from operations for the first nine months of 2012 was $1.24 compared with $1.11 in the prior-year period.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the third quarter said, “On September 24th, we disclosed that, in large part due to macroeconomic issues, our airport-to-airport volumes had fallen off to the point that we needed to revise our guidance for the third quarter. Since that announcement, we have continued to experience choppiness in our daily tonnage numbers but there were some signs of firming last week. With limited visibility and realizing that one week certainly doesn't make a trend, we remain cautiously optimistic that volumes will continue to improve.”
 
Commenting further, Mr. Campbell said, “Our operations group will continue to monitor our volumes and freight flows and will dynamically adjust to fluctuations in network volumes to effectively control our costs.”

Turning to the Forward Air Solutions business segment, Mr. Campbell said, “We were extremely pleased to see that our pooled distribution segment performed according to plan and produced a modest profit for the quarter. As you know, the fourth quarter is traditionally our strongest period for this operating group. With decent year-over-year same store volumes as well as recent new business wins, we expect Solutions to make a meaningful contribution to our fourth quarter.”

Commenting on the Company's guidance for the fourth quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate that our fourth quarter 2012 revenues will increase in the range of 5% to 8% over the comparable 2011 period, and we expect income per diluted share to be between $0.48 and $0.52 per share. This compares to $0.50 per share in the fourth quarter of 2011.”
 



1


Review of Financial Results

Forward Air will hold a conference call to discuss third quarter 2012 results on Friday, October 19, 2012 at 9:00 a.m. EDT. The Company's conference call will be available online at www.forwardair.com or by dialing 800-230-1092. 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 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 terminals located on or near major airports in 85 cities 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 terminals and service locations in 20 cities within the Mid-Atlantic, Southeast, Midwest and Southwestern United States.

2



Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
 
 
Three months ended
 
Nine months ended
 
September 30,
2012
 
September 30,
2011
 
September 30,
2012
 
September 30,
2011
Operating revenue:
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
Airport-to-airport
$
96,914

 
$
92,966

 
$
290,006

 
$
266,606

Logistics
20,878

 
18,409

 
63,315

 
52,909

Other
6,528

 
7,250

 
19,498

 
20,524

Forward Air Solutions
 
 
 
 
 
 
 
Pool distribution
19,194

 
17,124

 
56,102

 
48,104

Total operating revenue
143,514

 
135,749

 
428,921

 
388,143

 
 
 
 
 
 
 
 
Operating expenses:
 

 
 
 
 

 
 
Purchased transportation
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
Airport-to-airport
40,150

 
36,142

 
119,546

 
104,411

Logistics
15,954

 
14,041

 
47,756

 
40,214

Other
1,822

 
1,797

 
5,252

 
4,929

Forward Air Solutions
 
 
 
 
 
 
 
Pool distribution
5,176

 
4,109

 
14,989

 
11,067

Total purchased transportation
63,102

 
56,089

 
187,543

 
160,621

Salaries, wages and employee benefits
31,698

 
33,402

 
97,408

 
95,336

Operating leases
6,895

 
6,672

 
20,826

 
20,083

Depreciation and amortization
5,425

 
5,429

 
15,940

 
15,734

Insurance and claims
3,098

 
2,120

 
8,132

 
6,140

Fuel expense
2,318

 
2,406

 
7,271

 
7,357

Other operating expenses
11,352

 
9,311

 
32,303

 
29,390

Total operating expenses
123,888

 
115,429

 
369,423

 
334,661

Income from operations
19,626

 
20,320

 
59,498

 
53,482

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 
 
 

 
 
Interest expense
(111
)
 
(131
)
 
(241
)
 
(468
)
Other, net
(21
)
 
10

 
(6
)
 
57

Total other expense
(132
)
 
(121
)
 
(247
)
 
(411
)
Income before income taxes
19,494

 
20,199

 
59,251

 
53,071

Income taxes
7,227

 
7,287

 
22,544

 
20,321

Net income and comprehensive income
$
12,267

 
$
12,912

 
$
36,707

 
$
32,750

 
 
 
 
 
 
 
 
Net income per share:
 

 
 
 
 

 
 
Basic
$
0.42

 
$
0.44

 
$
1.27

 
$
1.12

Diluted
$
0.41

 
$
0.44

 
$
1.24

 
$
1.11

Weighted average shares outstanding:
 

 
 
 
 

 
 
Basic
29,088

 
29,237

 
28,895

 
29,236

Diluted
29,660

 
29,552

 
29,484

 
29,591

 
 
 
 
 
 
 
 
Dividends per share:
$
0.10

 
$
0.07

 
$
0.24

 
$
0.21




3


Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
September 30,
2012
 
December 31, 2011 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
92,988

 
$
58,801

Accounts receivable, net
74,878

 
70,922

Other current assets
13,607

 
9,994

Total current assets
181,473

 
139,717

 
 
 
 
Property and equipment
238,704

 
223,135

Less accumulated depreciation and amortization
101,941

 
93,267

Net property and equipment
136,763

 
129,868

Goodwill and other acquired intangibles:
 

 
 

Goodwill
43,332

 
43,332

Other acquired intangibles, net of accumulated amortization
23,225

 
26,668

Total net goodwill and other acquired intangibles
66,557

 
70,000

Other assets
1,825

 
1,566

Total assets
$
386,618

 
$
341,151

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
12,896

 
$
12,392

Accrued expenses
16,475

 
20,986

Current portion of debt and capital lease obligations
386

 
552

Total current liabilities
29,757

 
33,930

 
 
 
 
Debt and capital lease obligations, less current portion
88

 
333

Other long-term liabilities
6,805

 
8,860

Deferred income taxes
12,991

 
11,126


 

 
 

Shareholders’ equity:
 

 
 

Common stock
292

 
285

Additional paid-in capital
62,971

 
42,212

Retained earnings
273,714

 
244,405

Total shareholders’ equity
336,977

 
286,902

Total liabilities and shareholders’ equity
$
386,618

 
$
341,151

 
 
 
 
(a) Taken from audited financial statements, which are not presented in their entirety.


4


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Three months ended
 
September 30,
2012
 
September 30,
2011
Operating activities:
 
 
 
Net income
$
12,267

 
$
12,912

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
5,425

 
5,429

Share-based compensation
1,427

 
1,502

Loss (gain) on disposal of property and equipment
92

 
(76
)
Provision for loss on receivables
115

 
45

Provision for revenue adjustments
490

 
547

Deferred income taxes
1,023

 
4,140

Tax benefit for stock options exercised
(148
)
 
(13
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
(426
)
 
(387
)
Prepaid expenses and other current assets
1,499

 
(82
)
Accounts payable and accrued expenses
(5
)
 
(1,746
)
Net cash provided by operating activities
21,759

 
22,271

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
131

 
330

Purchases of property and equipment
(2,181
)
 
(4,851
)
Other
80

 
15

Net cash used in investing activities
(1,970
)
 
(4,506
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(139
)
 
(160
)
Proceeds from exercise of stock options
7,295

 
90

Payments of cash dividends
(2,937
)
 
(2,066
)
Repurchase of common stock (repurchase program)
—

 
(24,294
)
Tax benefit for stock options exercised
148

 
13

Net cash provided by (used in) financing activities
4,367

 
(26,417
)
Net increase (decrease) in cash
24,156

 
(8,652
)
Cash at beginning of period
68,832

 
96,119

Cash at end of period
$
92,988

 
$
87,467





5


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Nine months ended
 
September 30,
2012
 
September 30,
2011
Operating activities:
 
 
 
Net income
$
36,707

 
$
32,750

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
15,940

 
15,734

Share-based compensation
4,550

 
4,457

Loss (gain) on disposal of property and equipment
259

 
(76
)
Provision for loss on receivables
226

 
17

Provision for revenue adjustments
1,417

 
1,480

Deferred income taxes
2,460

 
6,079

Tax benefit for stock options exercised
(354
)
 
(232
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
(5,599
)
 
(8,308
)
Prepaid expenses and other current assets
(1,629
)
 
(1,828
)
Accounts payable and accrued expenses
(8,298
)
 
4,757

Net cash provided by operating activities
45,679

 
54,830

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
867

 
997

Purchases of property and equipment
(20,499
)
 
(20,292
)
Other
(267
)
 
316

Net cash used in investing activities
(19,899
)
 
(18,979
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(411
)
 
(488
)
Proceeds from exercise of stock options
15,740

 
7,721

Payments of cash dividends
(7,009
)
 
(6,187
)
Repurchase of common stock (repurchase program)
—

 
(24,294
)
Common stock issued under employee stock purchase plan
119

 
128

Cash settlement of share-based awards for minimum tax withholdings
(386
)
 
—

Tax benefit for stock options exercised
354

 
232

Net cash provided by (used in) financing activities
8,407

 
(22,888
)
Net increase in cash
34,187

 
12,963

Cash at beginning of period
58,801

 
74,504

Cash at end of period
$
92,988

 
$
87,467



6


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
 
 
Three months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2012
 
Revenue
 
2011
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
$
124.5

 
86.8
 %
 
$
118.9

 
87.6
 %
 
$
5.6

 
4.7
 %
      FASI
19.5

 
13.6

 
17.2

 
12.7

 
2.3

 
13.4

      Intercompany eliminations
(0.5
)
 
(0.4
)
 
(0.4
)
 
(0.3
)
 
(0.1
)
 
25.0

            Total
143.5

 
100.0

 
135.7

 
100.0

 
7.8

 
5.7

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
58.1

 
46.7

 
52.1

 
43.8

 
6.0

 
11.5

      FASI
5.4

 
27.7

 
4.4

 
25.6

 
1.0

 
22.7

      Intercompany eliminations
(0.4
)
 
80.0

 
(0.4
)
 
100.0

 
—

 
—

            Total
63.1

 
44.0

 
56.1

 
41.3

 
7.0

 
12.5

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
24.3

 
19.5

 
26.4

 
22.2

 
(2.1
)
 
(8.0
)
      FASI
7.4

 
37.9

 
7.0

 
40.7

 
0.4

 
5.7

            Total
31.7

 
22.1

 
33.4

 
24.6

 
(1.7
)
 
(5.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
5.2

 
4.2

 
4.9

 
4.1

 
0.3

 
6.1

      FASI
1.7

 
8.7

 
1.7

 
9.9

 
—

 
—

            Total
6.9

 
4.8

 
6.6

 
4.9

 
0.3

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
4.3

 
3.4

 
4.4

 
3.7

 
(0.1
)
 
(2.3
)
      FASI
1.2

 
6.2

 
1.0

 
5.8

 
0.2

 
20.0

            Total
5.5

 
3.8

 
5.4

 
4.0

 
0.1

 
1.9

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
2.6

 
2.1

 
1.8

 
1.5

 
0.8

 
44.4

      FASI
0.5

 
2.6

 
0.4

 
2.3

 
0.1

 
25.0

            Total
3.1

 
2.1

 
2.2

 
1.6

 
0.9

 
40.9

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
1.0

 
0.8

 
1.0

 
0.9

 
—

 
—

      FASI
1.3

 
6.7

 
1.4

 
8.1

 
(0.1
)
 
(7.1
)
            Total
2.3

 
1.6

 
2.4

 
1.8

 
(0.1
)
 
(4.2
)
 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
9.7

 
7.8

 
7.7

 
6.5

 
2.0

 
26.0

      FASI
1.7

 
8.7

 
1.6

 
9.3

 
0.1

 
6.3

      Intercompany eliminations
(0.1
)
 
20.0

 
—

 
—

 
(0.1
)
 
NM

            Total
11.3

 
7.9

 
9.3

 
6.8

 
2.0

 
21.5

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
19.3

 
15.5

 
20.6

 
17.3

 
(1.3
)
 
(6.3
)
      FASI
0.3

 
1.5

 
(0.3
)
 
(1.7
)
 
0.6

 
(200.0
)
            Total
$
19.6

 
13.7
 %
 
$
20.3

 
15.0
 %
 
$
(0.7
)
 
(3.4
)%




7


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
 
 
Nine months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2012
 
Revenue
 
2011
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
$
373.4

 
87.1
 %
 
$
340.6

 
87.7
 %
 
$
32.8

 
9.6
 %
      FASI
57.0

 
13.3

 
48.4

 
12.5

 
8.6

 
17.8

      Intercompany eliminations
(1.5
)
 
(0.4
)
 
(0.9
)
 
(0.2
)
 
(0.6
)
 
66.7

            Total
428.9

 
100.0

 
388.1

 
100.0

 
40.8

 
10.5

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
173.3

 
46.4

 
149.8

 
44.0

 
23.5

 
15.7

      FASI
15.5

 
27.2

 
11.6

 
24.0

 
3.9

 
33.6

      Intercompany eliminations
(1.3
)
 
86.7

 
(0.8
)
 
88.9

 
(0.5
)
 
62.5

            Total
187.5

 
43.7

 
160.6

 
41.4

 
26.9

 
16.7

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
75.4

 
20.2

 
75.0

 
22.0

 
0.4

 
0.5

      FASI
22.0

 
38.6

 
20.3

 
41.9

 
1.7

 
8.4

            Total
97.4

 
22.7

 
95.3

 
24.5

 
2.1

 
2.2

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
15.3

 
4.1

 
14.7

 
4.3

 
0.6

 
4.1

      FASI
5.5

 
9.7

 
5.4

 
11.1

 
0.1

 
1.9

            Total
20.8

 
4.9

 
20.1

 
5.2

 
0.7

 
3.5

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
12.5

 
3.4

 
12.6

 
3.7

 
(0.1
)
 
(0.8
)
      FASI
3.5

 
6.1

 
3.1

 
6.4

 
0.4

 
12.9

            Total
16.0

 
3.7

 
15.7

 
4.0

 
0.3

 
1.9

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
6.4

 
1.7

 
4.8

 
1.4

 
1.6

 
33.3

      FASI
1.7

 
3.0

 
1.3

 
2.7

 
0.4

 
30.8

            Total
8.1

 
1.9

 
6.1

 
1.6

 
2.0

 
32.8

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
3.2

 
0.9

 
3.4

 
1.0

 
(0.2
)
 
(5.9
)
      FASI
4.1

 
7.2

 
4.0

 
8.3

 
0.1

 
2.5

            Total
7.3

 
1.7

 
7.4

 
1.9

 
(0.1
)
 
(1.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
27.4

 
7.3

 
25.0

 
7.4

 
2.4

 
9.6

      FASI
5.1

 
8.9

 
4.5

 
9.3

 
0.6

 
13.3

      Intercompany eliminations
(0.2
)
 
13.3

 
(0.1
)
 
11.1

 
(0.1
)
 
100.0

            Total
32.3

 
7.5

 
29.4

 
7.6

 
2.9

 
9.9

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
59.9

 
16.0

 
55.3

 
16.2

 
4.6

 
8.3

      FASI
(0.4
)
 
(0.7
)
 
(1.8
)
 
(3.7
)
 
1.4

 
(77.8
)
            Total
$
59.5

 
13.9
 %
 
$
53.5

 
13.8
 %
 
$
6.0

 
11.2
 %


8


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 

Three months ended

September 30,

September 30,

Percent

2012

2011

Change






Operating ratio
84.5
%

82.7
%

2.2
 %






Business days
63.0


64.0


(1.6
)
Business weeks
12.6


12.8


(1.6
)












Airport-to-airport:





Tonnage





    Total pounds ¹
438,265


437,870


0.1

    Average weekly pounds ¹
34,783


34,209


1.7







Linehaul shipments





    Total linehaul
691,228


601,150


15.0

    Average weekly
54,859


46,965


16.8







Forward Air Complete shipments
177,216


97,257


82.2

As a percentage of linehaul shipments
25.6
%

16.2
%

58.0







Average linehaul shipment size
634


728


(12.9
)






Revenue per pound ²





    Linehaul yield
$
17.14


$
16.95


0.9

    Fuel surcharge impact
1.80


1.91


(0.5
)
    Forward Air Complete impact
3.20


2.41


3.7

Total airport-to-airport yield
$
22.14


$
21.27


4.1













Logistics:





Miles





    Owner operator ¹
8,485


7,866


7.9

    Third party ¹
4,500


3,334


35.0

Total Miles
12,985


11,200


15.9







Revenue per mile
$
1.61


$
1.66


(3.0
)






Cost per mile
$
1.23


$
1.25


(1.6
)%












¹ - In thousands





² - In cents per pound; percentage change is expressed as a percent of total yield.


9


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Nine months ended
 
September 30,
 
September 30,
 
Percent
 
2012
 
2011
 
Change
 
 
 
 
 
 
Operating ratio
84.0
%
 
83.8
%
 
0.2
 %
 
 
 
 
 
 
Business days
191.0

 
192.0

 
(0.5
)
Business weeks
38.2

 
38.4

 
(0.5
)
 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
1,322,390

 
1,276,636

 
3.6

    Average weekly pounds ¹
34,618

 
33,246

 
4.1

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
2,064,323

 
1,770,198

 
16.6

    Average weekly
54,040

 
46,099

 
17.2

 
 
 
 
 
 
Forward Air Complete shipments
509,527

 
269,973

 
88.7

As a percentage of linehaul shipments
24.7
%
 
15.3
%
 
61.4

 
 
 
 
 
 
Average linehaul shipment size
641

 
721

 
(11.1
)
 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.04

 
$
16.80

 
1.1

    Fuel surcharge impact
1.88

 
1.84

 
0.2

    Forward Air Complete impact
3.04

 
2.27

 
3.7

Total airport-to-airport yield
$
21.96

 
$
20.91

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
Logistics:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
26,590

 
22,413

 
18.6

    Third party ¹
12,010

 
9,706

 
23.7

Total Miles
38,600

 
32,119

 
20.2

 
 
 
 
 
 
Revenue per mile
$
1.64

 
$
1.66

 
(1.2
)
 
 
 
 
 
 
Cost per mile
$
1.24

 
$
1.25

 
(0.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In cents per pound; percentage change is expressed as a percent of total yield.

10




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



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