Exhibit 99 NEWS RELEASE Contact: Edward W. Cook Chief Financial Officer and Senior Vice President (423) 636-7100 FORWARD AIR CORPORATION REPORTS 100% INCREASE IN FIRST QUARTER 1999 EARNINGS PER SHARE GREENEVILLE, Tenn. (April 15, 1999) -- Forward Air Corporation (Nasdaq/NM:FWRD), a high-service-level contractor to the air cargo industry providing time-definite service in the United States and Canada, today reported record operating revenue and earnings relating to its first quarter 1999 results of operations. Operating revenue for the quarter ended March 31, 1999 increased to a record $37.7 million compared with $28.9 million for the same quarter in 1998. Operating income from continuing operations for the period was $5.5 million, an increase of 96.4%, compared with $2.8 million in the prior-year quarter. Income from continuing operations for the first quarter of 1999 was $3.1 million, an increase of 93.8%, compared with $1.6 million in the prior-year quarter. Diluted earnings per share from continuing operations for the first quarter of 1999 were $.24, an increase of 100%, compared with $.12 in the prior-year quarter. "Forward Air is pleased to confirm our preliminary report of an outstanding first quarter," commented Bruce A. Campbell, President and Chief Operating Officer. "The strong demand for our airport-to-airport service has accelerated as a result of increased business from existing customers. These higher volumes of shipments through our existing network have resulted in increased efficiencies and improved margins." This press release and statements made by the Company in reports to its shareholders and public filings, as well as oral public statements by the Company's representatives, may contain certain forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Without limitation, factors that might cause such a difference include economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the Company's inability to maintain its historical growth rate due to a decreased volume of freight moving through the Company's network, competition, surplus inventories, loss of a major customer, the Company's lack of prior operating history as an entity independent of the truckload operations, the ability of the Company's information systems to handle increased volume of freight moving through its network, and the availability and compensation of qualified independent owner-operators to serve the Company's transportation needs. The Company disclaims any intent or obligations to update these forward-looking statements. -MORE- FORWARD AIR CORPORATION REPORTS 100% INCREASE IN FIRST QUARTER 1999 EARNINGS PER SHARE Page 2 April 15, 1999 FORWARD AIR CORPORATION CONDENSED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share data)