|
Goodwill and Long-Lived Assets Acquisitions and Goodwill (Tables)
|
3 Months Ended |
|
Jun. 30, 2013
|
| Schedule of Purchase Price Allocation [Table Text Block] |
The following table presents the preliminary allocation of the TQI purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands):
|
|
|
|
|
|
March 4, 2013 |
Tangible assets: |
|
Accounts receivable |
$ |
5,630 |
|
Prepaid expenses and other current assets |
1,831 |
|
Property and equipment |
5,103 |
|
Other assets |
728 |
|
Total tangible assets |
13,292 |
|
Intangible assets: |
|
Non-compete agreements |
470 |
|
Trade name |
1,000 |
|
Customer relationships |
22,300 |
|
Goodwill |
44,439 |
|
Total intangible assets |
68,209 |
|
Total assets acquired |
81,501 |
|
|
|
Liabilities assumed: |
|
Current liabilities |
3,884 |
|
Other liabilities |
1,735 |
|
Debt |
20,113 |
|
Deferred income taxes |
10,441 |
|
Total liabilities assumed |
36,173 |
|
Net assets acquired |
$ |
45,328 |
|
|
| Business Acquisition, Pro Forma Information [Table Text Block] |
The results of TQI reflected in the Company's consolidated statements of comprehensive income is as follows (in thousands, except per share data):
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|
|
|
|
|
|
|
|
|
Three months ended June 30, 2013 |
|
Since acquisition date to June 30, 2013 |
Logistics revenue |
$ |
12,196 |
|
|
$ |
16,114 |
|
Operating income |
806 |
|
|
1,001 |
|
Net income |
505 |
|
|
633 |
|
Net income per share |
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.02 |
|
Diluted |
$ |
0.02 |
|
|
$ |
0.02 |
|
The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the TQI acquisition occurred as of January 1, 2012 (in thousands, except per share data).
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|
|
|
|
|
|
|
|
Three months ended |
|
June 30, 2013 |
June 30, 2012 |
Operating revenue |
$ |
159,804 |
|
$ |
162,889 |
|
Income from operations |
22,505 |
|
24,233 |
|
Net income |
13,831 |
|
14,874 |
|
Net income per share |
|
|
Basic |
$ |
0.46 |
|
$ |
0.51 |
|
Diluted |
$ |
0.45 |
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
June 30, 2013 |
June 30, 2012 |
Operating revenue |
$ |
309,908 |
|
$ |
313,687 |
|
Income from operations |
38,604 |
|
42,022 |
|
Net income |
24,876 |
|
25,762 |
|
Net income per share |
|
|
Basic |
$ |
0.83 |
|
$ |
0.89 |
|
Diluted |
$ |
0.82 |
|
$ |
0.88 |
|
|
| Schedule of Goodwill [Table Text Block] |
The following is a summary of the changes in goodwill for the six months ended June 30, 2013. All goodwill, except the goodwill assigned to TQI, is deductible for tax purposes.
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|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
Forward Air |
|
FASI |
|
TQI |
|
Total |
|
|
Accumulated |
|
|
Accumulated |
|
|
Accumulated |
|
|
|
Goodwill |
Impairment |
|
Goodwill |
Impairment |
|
Goodwill |
Impairment |
|
Net |
Beginning balance, December 31, 2012 |
$ |
37,926 |
|
$ |
— |
|
|
$ |
12,359 |
|
$ |
(6,953 |
) |
|
$ |
— |
|
$ |
— |
|
|
$ |
43,332 |
|
TQI acquisition |
— |
|
— |
|
|
— |
|
— |
|
|
44,439 |
|
— |
|
|
44,439 |
|
Ending balance, June 30, 2013 |
$ |
37,926 |
|
$ |
— |
|
|
$ |
12,359 |
|
$ |
(6,953 |
) |
|
$ |
44,439 |
|
$ |
— |
|
|
$ |
87,771 |
|
|