FORWARD AIR CORPORATION
|
(Exact name of registrant as specified in its charter)
|
Tennessee
|
000-22490
|
62-1120025
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
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(I.R.S. Employer
Identification No.)
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430 Airport Road
Greeneville, Tennessee
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37745
|
|
(Address of principal executive offices)
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(Zip Code)
|
Not Applicable
|
(Former name or former address, if changed since last report)
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No.
|
Exhibit
|
|
99.1
|
Press Release of Forward Air Corporation dated October 19, 2011
|
FORWARD AIR CORPORATION
|
|||
Date: October 19, 2011
|
By:
|
/s/ Rodney L. Bell
|
|
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer
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No.
|
Exhibit
|
|
99.1
|
Press Release of Forward Air Corporation dated October 19, 2011
|
Condensed Consolidated Statements of Operations
|
|||||||||||||||
(In thousands, except per share data)
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
Three months ended
|
Nine months ended
|
||||||||||||||
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Operating revenue:
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
$ | 92,966 | $ | 81,828 | $ | 266,606 | $ | 234,456 | |||||||
Logistics
|
18,409 | 16,774 | 52,909 | 47,789 | |||||||||||
Other
|
7,250 | 6,481 | 20,524 | 18,745 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
17,124 | 16,439 | 48,104 | 49,639 | |||||||||||
Total operating revenue
|
135,749 | 121,522 | 388,143 | 350,629 | |||||||||||
Operating expenses:
|
|||||||||||||||
Purchased transportation
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
36,142 | 32,852 | 104,411 | 94,152 | |||||||||||
Logistics
|
14,041 | 12,942 | 40,214 | 36,780 | |||||||||||
Other
|
1,797 | 1,703 | 4,929 | 4,811 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
4,109 | 3,680 | 11,067 | 10,625 | |||||||||||
Total purchased transportation
|
56,089 | 51,177 | 160,621 | 146,368 | |||||||||||
Salaries, wages and employee benefits
|
33,402 | 31,845 | 95,336 | 95,682 | |||||||||||
Operating leases
|
6,672 | 6,508 | 20,083 | 19,388 | |||||||||||
Depreciation and amortization
|
5,429 | 5,228 | 15,734 | 15,283 | |||||||||||
Insurance and claims
|
2,120 | 1,546 | 6,140 | 5,983 | |||||||||||
Fuel expense
|
2,406 | 1,949 | 7,357 | 6,051 | |||||||||||
Other operating expenses
|
9,311 | 7,764 | 29,390 | 26,813 | |||||||||||
Total operating expenses
|
115,429 | 106,017 | 334,661 | 315,568 | |||||||||||
Income from operations
|
20,320 | 15,505 | 53,482 | 35,061 | |||||||||||
Other income (expense):
|
|||||||||||||||
Interest expense
|
(131 | ) | (191 | ) | (468 | ) | (557 | ) | |||||||
Other, net
|
10 | 26 | 57 | 38 | |||||||||||
Total other expense
|
(121 | ) | (165 | ) | (411 | ) | (519 | ) | |||||||
Income before income taxes
|
20,199 | 15,340 | 53,071 | 34,542 | |||||||||||
Income taxes
|
7,287 | 6,452 | 20,321 | 14,323 | |||||||||||
Net income
|
$ | 12,912 | $ | 8,888 | $ | 32,750 | $ | 20,219 | |||||||
Net income per share:
|
|||||||||||||||
Basic
|
$ | 0.44 | $ | 0.31 | $ | 1.12 | $ | 0.70 | |||||||
Diluted
|
$ | 0.44 | $ | 0.31 | $ | 1.11 | $ | 0.69 | |||||||
Weighted average shares outstanding:
|
|||||||||||||||
Basic
|
29,237 | 29,000 | 29,236 | 28,975 | |||||||||||
Diluted
|
29,552 | 29,129 | 29,591 | 29,101 | |||||||||||
Dividends per share:
|
$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 |
Condensed Consolidated Balance Sheets
|
|||||
(In thousands)
|
|||||
(Unaudited)
|
|||||
September 30,
|
December 31,
|
||||
2011
|
2010 (a)
|
||||
Assets
|
|||||
Current assets:
|
|||||
Cash
|
$ | 87,467 | $ | 74,504 | |
Accounts receivable, net
|
69,574 | 62,763 | |||
Other current assets
|
11,836 | 8,696 | |||
Total current assets
|
168,877 | 145,963 | |||
Property and equipment
|
224,278 | 213,704 | |||
Less accumulated depreciation and amortization
|
91,023 | 87,272 | |||
Total property and equipment, net
|
133,255 | 126,432 | |||
Goodwill and other acquired intangibles:
|
|||||
Goodwill
|
43,332 | 43,332 | |||
Other acquired intangibles, net
|
27,816 | 31,259 | |||
Total goodwill and other acquired intangibles
|
71,148 | 74,591 | |||
Other assets
|
1,533 | 1,810 | |||
Total assets
|
$ | 374,813 | $ | 348,796 | |
Liabilities and Shareholders’ Equity
|
|||||
Current liabilities:
|
|||||
Accounts payable
|
$ | 14,603 | $ | 10,687 | |
Accrued expenses
|
18,035 | 16,280 | |||
Current portion of debt and capital lease obligations
|
561 | 638 | |||
Total current liabilities
|
33,199 | 27,605 | |||
Debt and capital lease obligations, less current portion
|
50,473 | 50,883 | |||
Other long-term liabilities
|
8,079 | 8,106 | |||
Deferred income taxes
|
12,169 | 6,116 | |||
Shareholders’ equity:
|
|||||
Common stock
|
285 | 290 | |||
Additional paid-in capital
|
12,552 | 24,300 | |||
Retained earnings
|
258,056 | 231,496 | |||
Total shareholders’ equity
|
270,893 | 256,086 | |||
Total liabilities and shareholders’ equity
|
$ | 374,813 | $ | 348,796 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Three months ended
|
|||||||
September 30,
|
September 30,
|
||||||
2011
|
2010
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 12,912 | $ | 8,888 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
5,429 | 5,228 | |||||
Share-based compensation
|
1,502 | 1,506 | |||||
Gain on disposal of property and equipment
|
(76 | ) | (641 | ) | |||
Provision for loss (recovery) on receivables
|
45 | (22 | ) | ||||
Provision for revenue adjustments
|
547 | 625 | |||||
Deferred income taxes
|
4,140 | 40 | |||||
Tax benefit for stock options exercised
|
(13 | ) | (19 | ) | |||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
(387 | ) | 500 | ||||
Prepaid expenses and other current assets
|
(82 | ) | (415 | ) | |||
Accounts payable and accrued expenses
|
(1,746 | ) | 3,260 | ||||
Net cash provided by operating activities
|
22,271 | 18,950 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
330 | 1,371 | |||||
Purchases of property and equipment
|
(4,851 | ) | (3,150 | ) | |||
Other
|
15 | 30 | |||||
Net cash used in investing activities
|
(4,506 | ) | (1,749 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(160 | ) | (232 | ) | |||
Proceeds from exercise of stock options
|
90 | 346 | |||||
Payments of cash dividends
|
(2,066 | ) | (2,031 | ) | |||
Repurchase of common stock
|
(24,294 | ) | -- | ||||
Tax benefit for stock options exercised
|
13 | 19 | |||||
Net cash used in financing activities
|
(26,417 | ) | (1,898 | ) | |||
Net (decrease) increase in cash
|
(8,652 | ) | 15,303 | ||||
Cash at beginning of period
|
96,119 | 47,916 | |||||
Cash at end of period
|
$ | 87,467 | $ | 63,219 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Nine months ended
|
|||||||
September 30,
|
September 30,
|
||||||
2011
|
2010
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 32,750 | $ | 20,219 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
15,734 | 15,283 | |||||
Share-based compensation
|
4,457 | 4,887 | |||||
Gain on disposal of property and equipment
|
(76 | ) | (648 | ) | |||
Provision for loss on receivables
|
17 | 202 | |||||
Provision for revenue adjustments
|
1,480 | 1,462 | |||||
Deferred income taxes
|
6,079 | (1,624 | ) | ||||
Tax benefit for stock options exercised
|
(232 | ) | (28 | ) | |||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
(8,308 | ) | (8,382 | ) | |||
Prepaid expenses and other current assets
|
(1,828 | ) | (1,029 | ) | |||
Accounts payable and accrued expenses
|
4,757 | 7,519 | |||||
Net cash provided by operating activities
|
54,830 | 37,861 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
997 | 1,413 | |||||
Purchases of property and equipment
|
(20,292 | ) | (11,889 | ) | |||
Other
|
316 | -- | |||||
Net cash used in investing activities
|
(18,979 | ) | (10,476 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(488 | ) | (722 | ) | |||
Proceeds from exercise of stock options
|
7,721 | 490 | |||||
Payments of cash dividends
|
(6,187 | ) | (6,088 | ) | |||
Repurchase of common stock
|
(24,294 | ) | -- | ||||
Common stock issued under employee stock purchase plan
|
128 | 91 | |||||
Tax benefit for stock options exercised
|
232 | 28 | |||||
Net cash used in financing activities
|
(22,888 | ) | (6,201 | ) | |||
Net increase in cash
|
12,963 | 21,184 | |||||
Cash at beginning of period
|
74,504 | 42,035 | |||||
Cash at end of period
|
$ | 87,467 | $ | 63,219 |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Three months ended
|
||||||||||||||||||||
September 30,
|
Percent of
|
September 30,
|
Percent of
|
Percent
|
||||||||||||||||
2011
|
Revenue
|
2010
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 118.9 | 87.6 | % | $ | 105.3 | 86.7 | % | $ | 13.6 | 12.9 | % | ||||||||
FASI
|
17.2 | 12.7 | 16.5 | 13.6 | 0.7 | 4.2 | ||||||||||||||
Intercompany Eliminations
|
(0.4 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.1 | ) | 33.3 | |||||||||
Total
|
135.7 | 100.0 | 121.5 | 100.0 | 14.2 | 11.7 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
52.1 | 43.8 | 47.5 | 45.1 | 4.6 | 9.7 | ||||||||||||||
FASI
|
4.4 | 25.6 | 3.9 | 23.6 | 0.5 | 12.8 | ||||||||||||||
Intercompany Eliminations
|
(0.4 | ) | 100.0 | (0.3 | ) | 100.0 | (0.1 | ) | 33.3 | |||||||||||
Total
|
56.1 | 41.3 | 51.1 | 42.1 | 5.0 | 9.8 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
26.4 | 22.2 | 24.7 | 23.4 | 1.7 | 6.9 | ||||||||||||||
FASI
|
7.0 | 40.7 | 7.2 | 43.6 | (0.2 | ) | (2.8 | ) | ||||||||||||
Total
|
33.4 | 24.6 | 31.9 | 26.3 | 1.5 | 4.7 | ||||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
4.9 | 4.1 | 4.7 | 4.5 | 0.2 | 4.3 | ||||||||||||||
FASI
|
1.7 | 9.9 | 1.8 | 10.9 | (0.1 | ) | (5.6 | ) | ||||||||||||
Total
|
6.6 | 4.9 | 6.5 | 5.3 | 0.1 | 1.5 | ||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
4.4 | 3.7 | 4.2 | 4.0 | 0.2 | 4.8 | ||||||||||||||
FASI
|
1.0 | 5.8 | 1.0 | 6.1 | -- | -- | ||||||||||||||
Total
|
5.4 | 4.0 | 5.2 | 4.3 | 0.2 | 3.8 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
1.8 | 1.5 | 1.2 | 1.1 | 0.6 | 50.0 | ||||||||||||||
FASI
|
0.4 | 2.3 | 0.3 | 1.8 | 0.1 | 33.3 | ||||||||||||||
Total
|
2.2 | 1.6 | 1.5 | 1.2 | 0.7 | 46.7 | ||||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
1.0 | 0.9 | 0.9 | 0.9 | 0.1 | 11.1 | ||||||||||||||
FASI
|
1.4 | 8.1 | 1.1 | 6.7 | 0.3 | 27.3 | ||||||||||||||
Total
|
2.4 | 1.8 | 2.0 | 1.6 | 0.4 | 20.0 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
7.7 | 6.5 | 6.4 | 6.1 | 1.3 | 20.3 | ||||||||||||||
FASI
|
1.6 | 9.3 | 1.4 | 8.5 | 0.2 | 14.3 | ||||||||||||||
Total
|
9.3 | 6.8 | 7.8 | 6.4 | 1.5 | 19.2 | ||||||||||||||
Income (loss) from operations
|
||||||||||||||||||||
Forward Air
|
20.6 | 17.3 | 15.7 | 14.9 | 4.9 | 31.2 | ||||||||||||||
FASI
|
(0.3 | ) | (1.7 | ) | (0.2 | ) | (1.2 | ) | (0.1 | ) | 50.0 | |||||||||
Total
|
$ | 20.3 | 15.0 | % | $ | 15.5 | 12.8 | % | $ | 4.8 | 31.0 | % |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Nine months ended
|
||||||||||||||||||||
September 30,
|
Percent of
|
September 30,
|
Percent of
|
Percent
|
||||||||||||||||
2011
|
Revenue
|
2010
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 340.6 | 87.7 | % | $ | 301.8 | 86.1 | % | $ | 38.8 | 12.9 | % | ||||||||
FASI
|
48.4 | 12.5 | 49.8 | 14.2 | (1.4 | ) | (2.8 | ) | ||||||||||||
Intercompany Eliminations
|
(0.9 | ) | (0.2 | ) | (1.0 | ) | (0.3 | ) | 0.1 | (10.0 | ) | |||||||||
Total
|
388.1 | 100.0 | 350.6 | 100.0 | 37.5 | 10.7 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
149.8 | 44.0 | 135.9 | 45.0 | 13.9 | 10.2 | ||||||||||||||
FASI
|
11.6 | 24.0 | 11.4 | 22.9 | 0.2 | 1.8 | ||||||||||||||
Intercompany Eliminations
|
(0.8 | ) | 88.9 | (0.9 | ) | 90.0 | 0.1 | (11.1 | ) | |||||||||||
Total
|
160.6 | 41.4 | 146.4 | 41.8 | 14.2 | 9.7 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
75.0 | 22.0 | 73.4 | 24.3 | 1.6 | 2.2 | ||||||||||||||
FASI
|
20.3 | 41.9 | 22.3 | 44.8 | (2.0 | ) | (9.0 | ) | ||||||||||||
Total
|
95.3 | 24.5 | 95.7 | 27.3 | (0.4 | ) | (0.4 | ) | ||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
14.7 | 4.3 | 13.6 | 4.5 | 1.1 | 8.1 | ||||||||||||||
FASI
|
5.4 | 11.1 | 5.8 | 11.7 | (0.4 | ) | (6.9 | ) | ||||||||||||
Total
|
20.1 | 5.2 | 19.4 | 5.5 | 0.7 | 3.6 | ||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
12.6 | 3.7 | 12.3 | 4.1 | 0.3 | 2.4 | ||||||||||||||
FASI
|
3.1 | 6.4 | 2.9 | 5.8 | 0.2 | 6.9 | ||||||||||||||
Total
|
15.7 | 4.0 | 15.2 | 4.3 | 0.5 | 3.3 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
4.8 | 1.4 | 4.7 | 1.6 | 0.1 | 2.1 | ||||||||||||||
FASI
|
1.3 | 2.7 | 1.3 | 2.6 | -- | -- | ||||||||||||||
Total
|
6.1 | 1.6 | 6.0 | 1.7 | 0.1 | 1.7 | ||||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
3.4 | 1.0 | 2.7 | 0.9 | 0.7 | 25.9 | ||||||||||||||
FASI
|
4.0 | 8.3 | 3.3 | 6.6 | 0.7 | 21.2 | ||||||||||||||
Total
|
7.4 | 1.9 | 6.0 | 1.7 | 1.4 | 23.3 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
25.0 | 7.4 | 22.1 | 7.3 | 2.9 | 13.1 | ||||||||||||||
FASI
|
4.5 | 9.3 | 4.8 | 9.6 | (0.3 | ) | (6.3 | ) | ||||||||||||
Intercompany Eliminations
|
(0.1 | ) | 11.1 | (0.1 | ) | 10.0 | -- | -- | ||||||||||||
Total
|
29.4 | 7.6 | 26.8 | 7.7 | 2.6 | 9.7 | ||||||||||||||
Income (loss) from operations
|
||||||||||||||||||||
Forward Air
|
55.3 | 16.2 | 37.1 | 12.3 | 18.2 | 49.1 | ||||||||||||||
FASI
|
(1.8 | ) | (3.7 | ) | (2.0 | ) | (4.0 | ) | 0.2 | (10.0 | ) | |||||||||
Total
|
$ | 53.5 | 13.8 | % | $ | 35.1 | 10.0 | % | $ | 18.4 | 52.4 | % |
Forward Air Corporation
|
|||||||||||
Forward Air Inc. Operating Statistics
|
|||||||||||
Three months ended
|
|||||||||||
September 30,
|
September 30,
|
Percent
|
|||||||||
2011
|
2010
|
Change
|
|||||||||
Operating ratio
|
82.7 | % | 85.1 | % | (2.8 | ) | % | ||||
Business days
|
64.0 | 64.0 | - | ||||||||
Business weeks
|
12.8 | 12.8 | - | ||||||||
Airport-to-airport:
|
|||||||||||
Tonnage
|
|||||||||||
Total pounds ¹
|
437,870 | 414,508 | 5.6 | ||||||||
Average weekly pounds ¹
|
34,209 | 32,383 | 5.6 | ||||||||
Linehaul shipments
|
|||||||||||
Total linehaul
|
601,150 | 563,448 | 6.7 | ||||||||
Average weekly
|
46,965 | 44,019 | 6.7 | ||||||||
Forward Air Complete shipments
|
97,257 | 80,684 | 20.5 | ||||||||
As a percentage of linehaul shipments
|
16.2 | % | 14.3 | % | 13.3 | ||||||
Average linehaul shipment size
|
728 | 736 | (1.1 | ) | |||||||
Revenue per pound ²
|
|||||||||||
Linehaul yield
|
$ | 16.95 | $ | 16.64 | 1.6 | ||||||
Fuel surcharge impact
|
1.91 | 1.20 | 3.6 | ||||||||
Forward Air Complete impact
|
2.41 | 1.93 | 2.4 | ||||||||
Total airport-to-airport yield
|
$ | 21.27 | $ | 19.77 | 7.6 | ||||||
Logistics:
|
|||||||||||
Miles
|
|||||||||||
Owner operator ¹
|
7,866 | 6,964 | 13.0 | ||||||||
Third party ¹
|
3,334 | 3,212 | 3.8 | ||||||||
Total Miles
|
11,200 | 10,176 | 10.1 | ||||||||
Revenue per mile
|
$ | 1.66 | $ | 1.66 | -- | ||||||
|
|||||||||||
Cost per mile
|
$ | 1.25 | $ | 1.27 | (1.6 | ) | % | ||||
¹ - In thousands
|
|||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield.
|
Forward Air Inc. Operating Statistics
|
|||||||||||
Nine months ended
|
|||||||||||
September 30,
|
September 30,
|
Percent
|
|||||||||
2011
|
2010
|
Change
|
|||||||||
Operating ratio
|
83.8 | % | 87.7 | % | (4.4 | ) | % | ||||
Business days
|
192.0 | 191.0 | 0.5 | ||||||||
Business weeks
|
38.4 | 38.2 | 0.5 | ||||||||
Airport-to-airport:
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Tonnage
|
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Total pounds ¹
|
1,276,636 | 1,217,097 | 4.9 | ||||||||
Average weekly pounds ¹
|
33,246 | 31,861 | 4.3 | ||||||||
Linehaul shipments
|
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Total linehaul
|
1,770,198 | 1,685,257 | 5.0 | ||||||||
Average weekly
|
46,099 | 44,117 | 4.5 | ||||||||
Forward Air Complete shipments
|
269,973 | 228,286 | 18.3 | ||||||||
As a percentage of linehaul shipments
|
15.3 | % | 13.5 | % | 13.3 | ||||||
Average linehaul shipment size
|
721 | 722 | (0.1 | ) | |||||||
Revenue per pound ²
|
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Linehaul yield
|
$ | 16.80 | $ | 16.29 | 2.7 | ||||||
Fuel surcharge impact
|
1.84 | 1.18 | 3.4 | ||||||||
Forward Air Complete impact
|
2.27 | 1.82 | 2.3 | ||||||||
Total airport-to-airport yield
|
$ | 20.91 | $ | 19.29 | 8.4 | ||||||
Logistics:
|
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Miles
|
|||||||||||
Owner operator ¹
|
22,413 | 19,907 | 12.6 | ||||||||
Third party ¹
|
9,706 | 9,326 | 4.1 | ||||||||
Total Miles
|
32,119 | 29,233 | 9.9 | ||||||||
Revenue per mile
|
$ | 1.66 | $ | 1.65 | 0.6 | ||||||
|
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Cost per mile
|
$ | 1.25 | $ | 1.26 | (0.8 | ) | % | ||||
¹ - In thousands
|
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² - In cents per pound; percentage change is expressed as a percent of total yield.
|