NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
FIRST QUARTER 2015 RESULTS

GREENEVILLE, Tenn.- (BUSINESS WIRE) - April 21, 2015 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the three months ended March 31, 2015.

Operating revenue for the quarter ended March 31, 2015 increased 20.0% to $205.9 million from $171.6 million for the same quarter in 2014. Income from operations was $8.3 million, compared to $16.3 million in the prior-year quarter. Net income during the period was $4.8 million compared to $10.2 million in the first quarter of 2014. Net income per diluted share for the first quarter of 2015 was $0.16 compared to $0.33 in the prior-year quarter.

Included in the first quarter 2015 are approximately $11.8 million in one-time deal and integration costs associated with the acquisition of Towne Air. Our prior year results include approximately $0.9 million of deal costs associated with the purchase of Central States Trucking. Adjusted income from operations was $20.1 million, compared with $17.2 million in the prior-year quarter. Adjusted net income for the period was $12.1 million compared to $10.8 million in the prior year quarter. Adjusted income per diluted share was $0.40 compared to $0.35 a year ago.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the first quarter said, “It’s been an extremely busy six weeks since our March 9th closing of the Towne Air acquisition. I’m pleased to report that our team has made great progress with the integration. Going into this process we recognized that retention of revenue as well as owner operators would be the key elements to our success. Both are proceeding as planned.”

Commenting further on the quarter, Mr. Campbell said, “Forward Air Solutions, Central States and Total Quality, Inc. all had respectable first quarter results that positively impacted our bottom line. Solutions turned a profit in a quarter that has historically been break-even at best.”

In closing, Mr. Campbell said, “Given its magnitude and relative complexity, the Towne acquisition created a number of challenges. The hard work of our combined teams enabled us to mitigate and ultimately overcome those challenges. I wish to thank all our employees and owner-operators for their hard work allowing us to provide the superior service and enhanced shareholder value that our customers and shareholders have come to expect from Forward Air.”

Commenting on the impact of the Towne acquisition on the first quarter results, Rodney L. Bell, Senior Vice President and CFO said, “With just over three weeks of Towne revenues represented in the quarter, our revenues increased approximately 20% as compared to the first quarter of 2014. We estimate that approximately $10 million of the $34.4 million increase in year-over-year revenue is attributable to Towne. As noted above we incurred approximately $11.8 million in direct costs associated with the transaction and integration of Towne. We anticipate an additional $3 million of integration costs will impact the second quarter.”

Commenting on the Company's guidance for the second quarter, Mr. Bell said, “We anticipate that our second quarter 2015 revenues will increase in the range of 27% to 31% over the comparable 2014 period. Without regard to additional costs of integration we expect income per diluted share to be between $0.59 and $0.63 per share. This compares to $0.55 per share in the second quarter of 2014.”

Review of Financial Results

Forward Air will hold a conference call to discuss second quarter 2015 results on Wednesday, April 22, 2015 at 9:00 a.m. EDT. The Company's conference call will be available online at www.forwardair.com or by dialing 800-230-1059. 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 three business segments: Forward Air, Forward Air Solutions and Total Quality.

Through our Forward Air segment, we provide time-definite surface transportation and related logistics services to the North American expedited ground freight market. Our licensed property broker utilizes qualified motor carriers, including our own, and other third-party transportation companies, to offer our customers local pick-up and delivery (Forward Air Complete®) and scheduled surface transportation of cargo as a cost-effective, reliable alternative to air transportation. We transport cargo that must be delivered at a specific time but is less time-sensitive than traditional air freight. This type of cargo is frequently referred to in the transportation industry as deferred air freight. We also offer our customers an array of logistics and other services including: expedited full truckload (TLX); dedicated fleets; warehousing; customs brokerage; and shipment consolidation, deconsolidation and handling. Also included in the Forward Air segment are the services performed by Central States Trucking Co. and Central States Logistics, Inc. (“CST”), which we acquired in 2014. CST provides intermodal drayage, devanning, transloading and warehousing services.

Forward Air Solutions, which we formed in July 2007, provides pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency, last mile handling and distribution of time-sensitive products to numerous destinations in specific geographic regions. Our primary customers for pool distribution are regional and nationwide distributors and specialty retailers, such as mall, strip mall and outlet-based retail chains.

Total Quality ("TQI"), which we acquired in March 2013, provides maximum security and temperature-controlled logistics services, primarily truckload services, to the life sciences sector (pharmaceutical and biotechnology products). In addition to core pharmaceutical services and other cold chain services, TQI provides truckload and less-than-truckload brokerage transportation services.




Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
Three months ended
 
March 31,
2015
 
March 31,
2014
Operating revenue
$
205,918

 
$
171,569

 
 
 
 
Operating expenses:
 

 
 

Purchased transportation
89,337

 
73,551

Salaries, wages and employee benefits
53,903

 
41,422

Operating leases
15,756

 
8,351

Depreciation and amortization
8,684

 
7,013

Insurance and claims
5,130

 
4,127

Fuel expense
4,020

 
4,806

Other operating expenses
20,839

 
16,028

Total operating expenses
197,669

 
155,298

Income from operations
8,249

 
16,271

 
 
 
 
Other income (expense):
 

 
 

Interest expense
(364
)
 
(82
)
Other, net
(48
)
 
86

Total other income (expense)
(412
)
 
4

Income before income taxes
7,837

 
16,275

Income taxes
3,000

 
6,073

Net income and comprehensive income
$
4,837

 
$
10,202

 
 
 
 
Net income per share:
 

 
 

Basic
$
0.16

 
$
0.33

Diluted
$
0.16

 
$
0.33

 
 
 
 
Dividends per share:
$
0.12

 
$
0.12






Forward Air Corporation
Reconciliation to U.S. GAAP
(In millions, except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Integration and
 
Adjusted
 
 
March 31, 2015 (1)
 
Deal Costs
 
March 31, 2015
Income from operations
 
$
8.3

 
$
11.8

 
$
20.1

 
 
 
 
 
 
 
Income taxes
 
3.0

 
4.6

 
7.6

 
 
 
 
 
 
 
Net income
 
$
4.8

 
$
7.3

 
$
12.1

 
 
 
 
 
 
 
Weighted average diluted shares outstanding
 
30,981

 
30,981

 
30,981

 
 
 
 
 
 
 
Net income per share:
 
$
0.16

 
$
0.24

 
$
0.40

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.

 
 
 
 
Integration and
 
Adjusted
 
 
March 31, 2014 (1)
 
Deal Costs
 
March 31, 2014
Income from operations
 
$
16.3

 
$
0.9

 
$
17.2

 
 
 
 
 
 
 
Income taxes
 
6.1

 
0.3

 
6.4

 
 
 
 
 
 
 
Net income
 
$
10.2

 
$
0.6

 
$
10.8

 
 
 
 
 
 
 
Weighted average diluted shares outstanding
 
31,314

 
31,314

 
31,314

 
 
 
 
 
 
 
Net income per share:
 
$
0.33

 
$
0.02

 
$
0.35

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.





Forward Air Corporation
Components of Consolidated Revenue and Purchased Transportation
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Three months ended
 
March 31,
Percent of
 
March 31,
Percent of
 
 
Percent
 
2015
Revenue
 
2014
Revenue
 
Change
Change
Operating Revenue
 
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
 
      Airport-to-airport
$
113.3

67.2
 %
 
$
97.7

72.8
 %
 
$
15.6

16.0
 %
      Logistics services
 
 
 
 
 
 
 
 
Expedited full truckload - TLX
23.2

13.7

 
17.5

13.0

 
5.7

32.6

Intermodal/drayage
18.0

10.7

 
9.0

6.7

 
9.0

100.0

Total Logistics services
41.2

24.4

 
26.5

19.7

 
14.7

55.5

      Other Forward Air services
14.2

8.4

 
10.0

7.5

 
4.2

42.0

Forward Air - Total revenue
168.7

81.9

 
134.2

78.2

 
34.5

25.7

TQI - Pharmaceutical services
11.3

5.5

 
11.1

6.5

 
0.2

1.8

Forward Air Solutions - Pool distribution
27.2

13.2

 
27.3

15.9

 
(0.1
)
(0.4
)
Intersegment eliminations
(1.3
)
(0.6
)
 
(1.0
)
(0.6
)
 
(0.3
)
30.0

Consolidated operating revenue
$
205.9

100.0
 %
 
$
171.6

100.0
 %
 
$
34.3

20.0
 %
 
 
 
 
 
 
 
 
 
 
Three months ended
 
March 31,
Percent of
 
March 31,
Percent of
 
 
Percent
 
2015
Revenue
 
2014
Revenue
 
Change
Change
Purchased Transportation
 
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
 
      Airport-to-airport
$
50.1

44.2
 %
 
$
40.8

41.8
 %
 
$
9.3

22.8
 %
      Logistics services
 
 
 
 
 
 
 
 
Expedited full truckload - TLX
16.9

72.8

 
13.7

78.3

 
3.2

23.4

Intermodal/drayage
6.4

35.6

 
3.8

42.2

 
2.6

68.4

Total Logistics services
23.3

56.6

 
17.5

66.0

 
5.8

33.1

      Other Forward Air services
3.8

26.8

 
2.5

25.0

 
1.3

52.0

Forward Air - Total purchased transportation
77.2

45.8

 
60.8

45.3

 
16.4

27.0

TQI - Pharmaceutical services
5.6

49.6

 
5.5

49.6

 
0.1

1.8

Forward Air Solutions - Pool distribution
7.4

27.2

 
8.1

29.7

 
(0.7
)
(8.6
)
Intersegment eliminations
(0.9
)
69.2

 
(0.8
)
80.0

 
(0.1
)
12.5

Consolidated purchased transportation
$
89.3

43.4
 %
 
$
73.6

42.9
 %
 
$
15.7

21.3
 %





Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
March 31,
2015
 
December 31, 2014 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
54,495

 
$
41,429

Accounts receivable, net
120,473

 
95,326

Other current assets
21,767

 
13,200

Total current assets
196,735

 
149,955

 
 
 
 
Property and equipment
310,814

 
305,188

Less accumulated depreciation and amortization
138,287

 
132,699

Net property and equipment
172,527

 
172,489

Goodwill and other acquired intangibles:
 

 
 

Goodwill
202,909

 
144,412

Other acquired intangibles, net of accumulated amortization
140,189

 
72,705

Total net goodwill and other acquired intangibles
343,098

 
217,117

Other assets
3,027

 
2,244

Total assets
$
715,387

 
$
541,805

 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
21,567

 
$
20,572

Accrued expenses
36,364

 
22,583

Current portion of debt and capital lease obligations
56,082

 
276

Total current liabilities
114,013

 
43,431

 
 
 
 
Debt and capital lease obligations, less current portion
70,897

 
1,275

Other long-term liabilities
17,628

 
8,356

Deferred income taxes
35,835

 
25,180

 
 

 
 

Shareholders’ equity:
 

 
 

Common stock
308

 
303

Additional paid-in capital
147,445

 
130,107

Retained earnings
329,261

 
333,153

Total shareholders’ equity
477,014

 
463,563

Total liabilities and shareholders’ equity
$
715,387

 
$
541,805

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





Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
Three months ended
 
March 31,
2015
 
March 31,
2014
Operating activities:
 
 
 
Net income
$
4,837

 
$
10,202

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
8,684

 
7,013

Share-based compensation
1,786

 
1,652

(Gain) loss on disposal of property and equipment
(149
)
 
16

Provision for (recovery) loss on receivables
(19
)
 
42

Provision for revenue adjustments
907

 
641

Deferred income tax
3,045

 
132

Excess tax benefit for stock options exercised
(2,329
)
 
(637
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
(2,332
)
 
(8,493
)
Prepaid expenses and other current assets
2,618

 
7,048

Accounts payable and accrued expenses
(9,589
)
 
2,416

Net cash provided by operating activities
7,459

 
20,032

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
582

 
79

Purchases of property and equipment
(5,229
)
 
(19,548
)
Acquisition of business, net of cash acquired
(62,323
)
 
(82,998
)
Other
(135
)
 
(60
)
Net cash used in investing activities
(67,105
)
 
(102,527
)
 
 
 
 
Financing activities:
 
 
 
Proceeds from term loan
125,000

 
—

Payments of debt and capital lease obligations
(59,116
)
 
(9,491
)
Proceeds from exercise of stock options
10,139

 
9,840

Payments of cash dividends
(3,714
)
 
(3,733
)
Cash settlement of share-based awards for minimum tax withholdings
(1,926
)
 
(1,081
)
Excess tax benefit for stock options exercised
2,329

 
637

Net cash provided by (used in) financing activities
72,712

 
(3,828
)
Net increase (decrease) in cash
13,066

 
(86,323
)
Cash at beginning of period
41,429

 
127,367

Cash at end of period
$
54,495

 
$
41,044






Forward Air Corporation
Segment Information
(In millions)
(unaudited)
 
Three months ended
Forward Air
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
168.7

 
81.9
 %
 
134.2

 
78.2
 %
 
34.5

 
25.7
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
77.2

 
45.8

 
60.8

 
45.3

 
16.4

 
27.0

   Salaries, wages, and employee benefits
41.5

 
24.6

 
30.2

 
22.5

 
11.3

 
37.4

   Operating leases
13.6

 
8.0

 
5.8

 
4.3

 
7.8

 
134.5

   Depreciation and amortization
6.1

 
3.6

 
4.9

 
3.7

 
1.2

 
24.5

   Insurance and claims
4.1

 
2.4

 
3.1

 
2.3

 
1.0

 
32.3

   Fuel expense
1.8

 
1.1

 
1.9

 
1.4

 
(0.1
)
 
(5.3
)
   Other operating expenses
17.2

 
10.2

 
12.1

 
9.0

 
5.1

 
42.1

Income from operations
7.2

 
4.3
 %
 
15.4

 
11.5
 %
 
(8.2
)
 
(53.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
FASI
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
27.2

 
13.2
 %
 
27.3

 
15.9
 %
 
(0.1
)
 
(0.4
)%
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
7.4

 
27.2

 
8.1

 
29.7

 
(0.7
)
 
(8.6
)
   Salaries, wages, and employee benefits
10.1

 
37.1

 
9.3

 
34.1

 
0.8

 
8.6

   Operating leases
2.1

 
7.7

 
2.5

 
9.1

 
(0.4
)
 
(16.0
)
   Depreciation and amortization
1.6

 
5.9

 
1.3

 
4.8

 
0.3

 
23.1

   Insurance and claims
0.9

 
3.3

 
0.8

 
2.9

 
0.1

 
12.5

   Fuel expense
1.3

 
4.8

 
1.7

 
6.2

 
(0.4
)
 
(23.5
)
   Other operating expenses
3.6

 
13.3

 
3.6

 
13.2

 
—

 
—

Income from operations
0.2

 
0.7
 %
 
—

 
—
 %
 
0.2

 
100.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
TQI
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
11.3

 
5.5
 %
 
11.1

 
6.5
 %
 
0.2

 
1.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
5.6

 
49.6

 
5.5

 
49.6

 
0.1

 
1.8

   Salaries, wages, and employee benefits
2.3

 
20.3

 
1.9

 
17.1

 
0.4

 
21.1

   Operating leases
—

 
—

 
—

 
—

 
—

 
—

   Depreciation and amortization
1.0

 
8.8

 
0.8

 
7.2

 
0.2

 
25.0

   Insurance and claims
0.2

 
1.8

 
0.2

 
1.8

 
—

 
—

   Fuel expense
0.9

 
8.0

1.0

1.2

 
10.8

 
(0.3
)
 
(25.0
)
   Other operating expenses
0.4

 
3.5

 
0.6

 
5.4

 
(0.2
)
 
(33.3
)
Income from operations
0.9

 
8.0
 %
 
0.9

 
8.1
 %
 
—

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany Eliminations
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
(1.3
)
 
(0.6
)%
 
(1.0
)
 
(0.6
)%
 
(0.3
)
 
30.0
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
(0.9
)
 
69.2

 
(0.8
)
 
80.0

 
(0.1
)
 
12.5

   Other operating expenses
(0.4
)
 
30.8

 
(0.2
)
 
20.0

 
(0.2
)
 
100.0

Income from operations
—

 
—
 %
 
—

 
—
 %
 
—

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
205.9

 
100.0
 %
 
171.6

 
100.0
 %
 
34.3

 
20.0
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
89.3

 
43.4

 
73.6

 
42.9

 
15.7

 
21.3

   Salaries, wages, and employee benefits
53.9

 
26.2

 
41.4

 
24.1

 
12.5

 
30.2

   Operating leases
15.7

 
7.6

 
8.3

 
4.8

 
7.4

 
89.2

   Depreciation and amortization
8.7

 
4.2

 
7.0

 
4.1

 
1.7

 
24.3

   Insurance and claims
5.2

 
2.5

 
4.1

 
2.4

 
1.1

 
26.8

   Fuel expense
4.0

 
2.0

 
4.8

 
2.8

 
(0.8
)
 
(16.7
)
   Other operating expenses
20.8

 
10.1

 
16.1

 
9.4

 
4.7

 
29.2

Income from operations
8.3

 
4.0
 %
 
16.3

 
9.5
 %
 
(8.0
)
 
(49.1
)%





Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
March 31,
 
March 31,
 
Percent
 
2015
 
2014
 
Change
 
 
 
 
 
 
Operating ratio
95.7
%
 
88.5
%
 
8.1
 %
 
 
 
 
 
 
Business days
63.0

 
63.0

 
—

Business weeks
12.6

 
12.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
516,179

 
441,715

 
16.9

    Average weekly pounds ¹
40,967

 
35,057

 
16.9

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
773,844

 
662,480

 
16.8

    Average weekly
61,416

 
52,578

 
16.8

 
 
 
 
 
 
Forward Air Complete shipments
169,735

 
107,574

 
57.8

As a percentage of linehaul shipments
21.9
%
 
16.2
%
 
35.2

 
 
 
 
 
 
Average linehaul shipment size
667

 
667

 
—

 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.54

 
$
17.31

 
1.0

    Fuel surcharge impact
1.27

 
2.03

 
(3.4
)
    Forward Air Complete impact
3.14

 
2.79

 
1.6

Total airport-to-airport yield
$
21.95

 
$
22.13

 
(0.8
)
 
 
 
 
 
 
 
 
 
 
 
 
Expedited full truckload - TLX:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
5,953

 
6,968

 
(14.6
)
    Third party ¹
6,022

 
4,082

 
47.5

Total Miles
11,975

 
11,050

 
8.4

 
 
 
 
 
 
Revenue per mile
$
1.94

 
$
1.58

 
22.8

 
 
 
 
 
 
Cost per mile
$
1.41

 
$
1.24

 
13.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In dollars per hundred pound; percentage change is expressed as a percent of total yield.





Important Information
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.

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, including, without limitation, statements as to Towne or the anticipated benefits of the transaction. 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 Towne. 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.

SOURCE: Forward Air Corporation

Forward Air Corporation
Rodney L. Bell, 432-636-7000
rbell@forwardair.com