NEWS
RELEASE
Forward
Air Corporation Revises Earnings Expectations for Third Quarter 2007 and
Announces New Credit Facility
GREENEVILLE,
Tenn.—(BUSINESS WIRE)—October 10, 2007—Forward Air Corporation (NASDAQ:FWRD)
announced today that it anticipates income per diluted share in the range
of
$.35 to $.37 for the quarter ended September 30, 2007. Bruce Campbell, Chairman
and CEO, commented: “While making positive strides in many areas during the
quarter, we could not overcome the negative effects of a sluggish economy
in our
airport to airport network.”
Additionally,
the Company today announced that it has entered into a $100 million senior
credit facility. This new facility has a term of five years and includes
an
accordion feature which allows for an additional $50 million in borrowings
on
such terms and conditions as set forth in the Credit Agreement. The facility
will replace the Company’s existing $20 million line of credit. The Company
entered into this new, larger credit facility in order to fund potential
acquisitions, the repurchase of its common stock, and for financing other
general business purposes.
Forward
Air is a high-service-level contractor to the air cargo industry providing
time-definite ground transportation services through a network of 81 terminals
located on or near major airports in the United States and Canada. The
Company 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.
The
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.
CONTACT:
Forward
Air Corporation
Rodney
L.
Bell, 423-636-7000
rbell@forwardair.com