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) | (I.R.S. Employer Identification No.) |
430 Airport Road Greeneville, Tennessee | 37745 | |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report) |
No. | Exhibit | |
99.1 | Press Release of Forward Air Corporation dated July 19, 2012 |
No. | Exhibit | |
99.2 | Forward Air Inc. Historical Operating Statistics |
FORWARD AIR CORPORATION | |||
Date: July 19, 2012 | By: | /s/ Rodney L. Bell | |
Rodney L. Bell Chief Financial Officer, Senior Vice President and Treasurer |
No. | Exhibit | |
99.1 | Press Release of Forward Air Corporation dated July 19, 2012 |
No. | Exhibit | |
99.2 | Forward Air Inc. Historical Operating Statistics |
Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | ||||||||||||
Operating revenue: | |||||||||||||||
Forward Air | |||||||||||||||
Airport-to-airport | $ | 102,464 | $ | 91,493 | $ | 193,092 | $ | 173,640 | |||||||
Logistics | 21,124 | 18,005 | 42,437 | 34,500 | |||||||||||
Other | 6,769 | 6,871 | 12,970 | 13,274 | |||||||||||
Forward Air Solutions | |||||||||||||||
Pool distribution | 17,969 | 15,823 | 36,908 | 30,980 | |||||||||||
Total operating revenue | 148,326 | 132,192 | 285,407 | 252,394 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | |||||||||||||||
Forward Air | |||||||||||||||
Airport-to-airport | 42,639 | 35,675 | 79,396 | 68,269 | |||||||||||
Logistics | 16,086 | 13,373 | 31,802 | 26,173 | |||||||||||
Other | 1,832 | 1,659 | 3,430 | 3,132 | |||||||||||
Forward Air Solutions | |||||||||||||||
Pool distribution | 4,686 | 3,502 | 9,813 | 6,958 | |||||||||||
Total purchased transportation | 65,243 | 54,209 | 124,441 | 104,532 | |||||||||||
Salaries, wages and employee benefits | 32,536 | 31,439 | 65,710 | 61,934 | |||||||||||
Operating leases | 6,824 | 6,705 | 13,931 | 13,411 | |||||||||||
Depreciation and amortization | 5,394 | 5,222 | 10,515 | 10,304 | |||||||||||
Insurance and claims | 2,236 | 1,845 | 5,034 | 4,020 | |||||||||||
Fuel expense | 2,412 | 2,564 | 4,953 | 4,952 | |||||||||||
Other operating expenses | 10,598 | 10,332 | 20,951 | 20,079 | |||||||||||
Total operating expenses | 125,243 | 112,316 | 245,535 | 219,232 | |||||||||||
Income from operations | 23,083 | 19,876 | 39,872 | 33,162 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (79 | ) | (141 | ) | (130 | ) | (336 | ) | |||||||
Other, net | (2 | ) | 31 | 15 | 47 | ||||||||||
Total other expense | (81 | ) | (110 | ) | (115 | ) | (289 | ) | |||||||
Income before income taxes | 23,002 | 19,766 | 39,757 | 32,873 | |||||||||||
Income taxes | 8,835 | 7,797 | 15,317 | 13,035 | |||||||||||
Net income and comprehensive income | $ | 14,167 | $ | 11,969 | $ | 24,440 | $ | 19,838 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.49 | $ | 0.41 | $ | 0.85 | $ | 0.68 | |||||||
Diluted | $ | 0.48 | $ | 0.40 | $ | 0.83 | $ | 0.67 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 28,908 | 29,337 | 28,800 | 29,236 | |||||||||||
Diluted | 29,445 | 29,851 | 29,402 | 29,618 | |||||||||||
Dividends per share: | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
June 30, 2012 | December 31, 2011 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 68,832 | $ | 58,801 | |||
Accounts receivable, net | 77,557 | 70,922 | |||||
Other current assets | 15,709 | 9,994 | |||||
Total current assets | 162,098 | 139,717 | |||||
Property and equipment | 237,256 | 223,135 | |||||
Less accumulated depreciation and amortization | 98,174 | 93,267 | |||||
Net property and equipment | 139,082 | 129,868 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 43,332 | 43,332 | |||||
Other acquired intangibles, net of accumulated amortization | 24,373 | 26,668 | |||||
Total net goodwill and other acquired intangibles | 67,705 | 70,000 | |||||
Other assets | 1,891 | 1,566 | |||||
Total assets | $ | 370,776 | $ | 341,151 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 12,278 | $ | 12,392 | |||
Accrued expenses | 19,726 | 20,986 | |||||
Current portion of debt and capital lease obligations | 474 | 552 | |||||
Total current liabilities | 32,478 | 33,930 | |||||
Debt and capital lease obligations, less current portion | 139 | 333 | |||||
Other long-term liabilities | 6,883 | 8,860 | |||||
Deferred income taxes | 12,499 | 11,126 | |||||
Shareholders’ equity: | |||||||
Common stock | 289 | 285 | |||||
Additional paid-in capital | 54,104 | 42,212 | |||||
Retained earnings | 264,384 | 244,405 | |||||
Total shareholders’ equity | 318,777 | 286,902 | |||||
Total liabilities and shareholders’ equity | $ | 370,776 | $ | 341,151 | |||
(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 | |||||||
June 30, 2012 | June 30, 2011 | ||||||
Operating activities: | |||||||
Net income | $ | 14,167 | $ | 11,969 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 5,394 | 5,222 | |||||
Share-based compensation | 1,517 | 1,512 | |||||
Gain on disposal of property and equipment | (29 | ) | (21 | ) | |||
Provision for loss on receivables | 1 | 22 | |||||
Provision for revenue adjustments | 500 | 449 | |||||
Deferred income taxes | 2,241 | 1,919 | |||||
Tax benefit for stock options exercised | (2 | ) | (131 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (2,682 | ) | (1,863 | ) | |||
Prepaid expenses and other current assets | (2,203 | ) | (864 | ) | |||
Accounts payable and accrued expenses | (12,939 | ) | (874 | ) | |||
Net cash provided by operating activities | 5,965 | 17,340 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 531 | 388 | |||||
Purchases of property and equipment | (5,220 | ) | (8,112 | ) | |||
Other | (41 | ) | (7 | ) | |||
Net cash used in investing activities | (4,730 | ) | (7,731 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (136 | ) | (157 | ) | |||
Proceeds from exercise of stock options | 253 | 2,793 | |||||
Payments of cash dividends | (2,038 | ) | (2,066 | ) | |||
Common stock issued under employee stock purchase plan | 119 | 128 | |||||
Tax benefit for stock options exercised | 2 | 131 | |||||
Net cash (used in) provided by financing activities | (1,800 | ) | 829 | ||||
Net (decrease) increase in cash | (565 | ) | 10,438 | ||||
Cash at beginning of period | 69,397 | 85,681 | |||||
Cash at end of period | $ | 68,832 | $ | 96,119 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Six months ended | |||||||
June 30, 2012 | June 30, 2011 | ||||||
Operating activities: | |||||||
Net income | $ | 24,440 | $ | 19,838 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 10,515 | 10,304 | |||||
Share-based compensation | 3,123 | 2,955 | |||||
Loss on disposal of property and equipment | 167 | — | |||||
Provision for loss (recovery) on receivables | 111 | (28 | ) | ||||
Provision for revenue adjustments | 927 | 933 | |||||
Deferred income taxes | 1,437 | 1,939 | |||||
Tax benefit for stock options exercised | (206 | ) | (219 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (5,173 | ) | (7,921 | ) | |||
Prepaid expenses and other current assets | (3,128 | ) | (1,745 | ) | |||
Accounts payable and accrued expenses | (8,293 | ) | 6,503 | ||||
Net cash provided by operating activities | 23,920 | 32,559 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 736 | 667 | |||||
Purchases of property and equipment | (18,318 | ) | (15,441 | ) | |||
Other | (347 | ) | 301 | ||||
Net cash used in investing activities | (17,929 | ) | (14,473 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (272 | ) | (328 | ) | |||
Proceeds from exercise of stock options | 8,445 | 7,631 | |||||
Payments of cash dividends | (4,072 | ) | (4,121 | ) | |||
Common stock issued under employee stock purchase plan | 119 | 128 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (386 | ) | — | ||||
Tax benefit for stock options exercised | 206 | 219 | |||||
Net cash provided by financing activities | 4,040 | 3,529 | |||||
Net increase in cash | 10,031 | 21,615 | |||||
Cash at beginning of period | 58,801 | 74,504 | |||||
Cash at end of period | $ | 68,832 | $ | 96,119 |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2012 | Revenue | 2011 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 130.5 | 88.0 | % | $ | 116.5 | 88.1 | % | $ | 14.0 | 12.0 | % | ||||||||
FASI | 18.4 | 12.4 | 15.9 | 12.0 | 2.5 | 15.7 | ||||||||||||||
Intercompany eliminations | (0.6 | ) | (0.4 | ) | (0.2 | ) | (0.1 | ) | (0.4 | ) | 200.0 | |||||||||
Total | 148.3 | 100.0 | 132.2 | 100.0 | 16.1 | 12.2 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 60.9 | 46.7 | 50.8 | 43.6 | 10.1 | 19.9 | ||||||||||||||
FASI | 4.9 | 26.6 | 3.6 | 22.7 | 1.3 | 36.1 | ||||||||||||||
Intercompany eliminations | (0.5 | ) | 83.3 | (0.2 | ) | 100.0 | (0.3 | ) | 150.0 | |||||||||||
Total | 65.3 | 44.0 | 54.2 | 41.0 | 11.1 | 20.5 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 25.4 | 19.5 | 24.7 | 21.2 | 0.7 | 2.8 | ||||||||||||||
FASI | 7.1 | 38.6 | 6.7 | 42.1 | 0.4 | 6.0 | ||||||||||||||
Total | 32.5 | 21.9 | 31.4 | 23.7 | 1.1 | 3.5 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 5.0 | 3.8 | 5.0 | 4.3 | — | — | ||||||||||||||
FASI | 1.8 | 9.8 | 1.7 | 10.7 | 0.1 | 5.9 | ||||||||||||||
Total | 6.8 | 4.6 | 6.7 | 5.1 | 0.1 | 1.5 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 4.2 | 3.2 | 4.1 | 3.5 | 0.1 | 2.4 | ||||||||||||||
FASI | 1.2 | 6.5 | 1.1 | 6.9 | 0.1 | 9.1 | ||||||||||||||
Total | 5.4 | 3.6 | 5.2 | 3.9 | 0.2 | 3.8 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 1.7 | 1.3 | 1.5 | 1.3 | 0.2 | 13.3 | ||||||||||||||
FASI | 0.5 | 2.7 | 0.4 | 2.5 | 0.1 | 25.0 | ||||||||||||||
Total | 2.2 | 1.5 | 1.9 | 1.4 | 0.3 | 15.8 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 1.0 | 0.7 | 1.2 | 1.0 | (0.2 | ) | (16.7 | ) | ||||||||||||
FASI | 1.4 | 7.6 | 1.4 | 8.8 | — | — | ||||||||||||||
Total | 2.4 | 1.6 | 2.6 | 2.0 | (0.2 | ) | (7.7 | ) | ||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 9.1 | 7.0 | 8.8 | 7.6 | 0.3 | 3.4 | ||||||||||||||
FASI | 1.6 | 8.7 | 1.5 | 9.4 | 0.1 | 6.7 | ||||||||||||||
Intercompany eliminations | (0.1 | ) | 16.7 | — | — | (0.1 | ) | (100.0 | ) | |||||||||||
Total | 10.6 | 7.2 | 10.3 | 7.8 | 0.3 | 2.9 | ||||||||||||||
Income (loss) from operations | ||||||||||||||||||||
Forward Air | 23.2 | 17.8 | 20.4 | 17.5 | 2.8 | 13.7 | ||||||||||||||
FASI | (0.1 | ) | (0.5 | ) | (0.5 | ) | (3.1 | ) | 0.4 | (80.0 | ) | |||||||||
Total | $ | 23.1 | 15.6 | % | $ | 19.9 | 15.1 | % | $ | 3.2 | 16.1 | % |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Six months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2012 | Revenue | 2011 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 248.9 | 87.2 | % | $ | 221.7 | 87.8 | % | $ | 27.2 | 12.3 | % | ||||||||
FASI | 37.6 | 13.2 | 31.1 | 12.3 | 6.5 | 20.9 | ||||||||||||||
Intercompany eliminations | (1.1 | ) | (0.4 | ) | (0.4 | ) | (0.1 | ) | (0.7 | ) | 175.0 | |||||||||
Total | 285.4 | 100.0 | 252.4 | 100.0 | 33.0 | 13.1 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 115.2 | 46.3 | 97.7 | 44.1 | 17.5 | 17.9 | ||||||||||||||
FASI | 10.1 | 26.9 | 7.2 | 23.1 | 2.9 | 40.3 | ||||||||||||||
Intercompany eliminations | (0.9 | ) | 81.8 | (0.4 | ) | 100.0 | (0.5 | ) | 125.0 | |||||||||||
Total | 124.4 | 43.6 | 104.5 | 41.4 | 19.9 | 19.0 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 51.1 | 20.5 | 48.7 | 22.0 | 2.4 | 4.9 | ||||||||||||||
FASI | 14.6 | 38.8 | 13.3 | 42.8 | 1.3 | 9.8 | ||||||||||||||
Total | 65.7 | 23.0 | 62.0 | 24.6 | 3.7 | 6.0 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 10.1 | 4.1 | 9.8 | 4.4 | 0.3 | 3.1 | ||||||||||||||
FASI | 3.8 | 10.1 | 3.6 | 11.6 | 0.2 | 5.6 | ||||||||||||||
Total | 13.9 | 4.9 | 13.4 | 5.3 | 0.5 | 3.7 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 8.2 | 3.3 | 8.2 | 3.7 | — | — | ||||||||||||||
FASI | 2.3 | 6.1 | 2.1 | 6.7 | 0.2 | 9.5 | ||||||||||||||
Total | 10.5 | 3.7 | 10.3 | 4.1 | 0.2 | 1.9 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 3.8 | 1.5 | 3.1 | 1.4 | 0.7 | 22.6 | ||||||||||||||
FASI | 1.2 | 3.2 | 0.9 | 2.9 | 0.3 | 33.3 | ||||||||||||||
Total | 5.0 | 1.7 | 4.0 | 1.6 | 1.0 | 25.0 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 2.2 | 0.9 | 2.3 | 1.0 | (0.1 | ) | (4.3 | ) | ||||||||||||
FASI | 2.8 | 7.5 | 2.6 | 8.4 | 0.2 | 7.7 | ||||||||||||||
Total | 5.0 | 1.7 | 4.9 | 1.9 | 0.1 | 2.0 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 17.8 | 7.1 | 17.2 | 7.8 | 0.6 | 3.5 | ||||||||||||||
FASI | 3.4 | 9.0 | 2.9 | 9.3 | 0.5 | 17.2 | ||||||||||||||
Intercompany eliminations | (0.2 | ) | 18.2 | — | — | (0.2 | ) | (100.0 | ) | |||||||||||
Total | 21.0 | 7.4 | 20.1 | 8.0 | 0.9 | 4.5 | ||||||||||||||
Income (loss) from operations | ||||||||||||||||||||
Forward Air | 40.5 | 16.3 | 34.7 | 15.6 | 5.8 | 16.7 | ||||||||||||||
FASI | (0.6 | ) | (1.6 | ) | (1.5 | ) | (4.8 | ) | 0.9 | (60.0 | ) | |||||||||
Total | $ | 39.9 | 14.0 | % | $ | 33.2 | 13.1 | % | $ | 6.7 | 20.2 | % |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Three months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2012 | 2011 | Change | ||||||||
Operating ratio | 82.2 | % | 82.5 | % | (0.4 | )% | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 461,986 | 438,208 | 5.4 | |||||||
Average weekly pounds ¹ | 36,093 | 34,235 | 5.4 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 735,657 | 596,592 | 23.3 | |||||||
Average weekly | 57,473 | 46,609 | 23.3 | |||||||
Forward Air Complete shipments | 208,945 | 89,710 | 132.9 | |||||||
As a percentage of linehaul shipments | 28.4 | % | 15.0 | % | 89.3 | |||||
Average linehaul shipment size | 628 | 735 | (14.6 | ) | ||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.07 | $ | 16.74 | 1.6 | |||||
Fuel surcharge impact | 1.93 | 1.94 | — | |||||||
Forward Air Complete impact | 3.21 | 2.22 | 4.7 | |||||||
Total airport-to-airport yield | $ | 22.21 | $ | 20.90 | 6.3 | |||||
Logistics: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 9,185 | 7,567 | 21.4 | |||||||
Third party ¹ | 3,823 | 3,113 | 22.8 | |||||||
Total Miles | 13,008 | 10,680 | 21.8 | |||||||
Revenue per mile | $ | 1.62 | $ | 1.69 | (4.1 | ) | ||||
Cost per mile | $ | 1.25 | $ | 1.25 | — | % | ||||
¹ - In thousands | ||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield. |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Six months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2012 | 2011 | Change | ||||||||
Operating ratio | 83.7 | % | 84.4 | % | (0.8 | )% | ||||
Business days | 128.0 | 128.0 | — | |||||||
Business weeks | 25.6 | 25.6 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 884,124 | 838,766 | 5.4 | |||||||
Average weekly pounds ¹ | 34,536 | 32,764 | 5.4 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 1,373,095 | 1,169,048 | 17.5 | |||||||
Average weekly | 53,637 | 45,666 | 17.5 | |||||||
Forward Air Complete shipments | 332,311 | 172,716 | 92.4 | |||||||
As a percentage of linehaul shipments | 24.2 | % | 14.8 | % | 63.5 | |||||
Average linehaul shipment size | 644 | 717 | (10.2 | ) | ||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 16.99 | $ | 16.72 | 1.3 | |||||
Fuel surcharge impact | 1.92 | 1.81 | 0.5 | |||||||
Forward Air Complete impact | 2.96 | 2.20 | 3.7 | |||||||
Total airport-to-airport yield | $ | 21.87 | $ | 20.73 | 5.5 | |||||
Logistics: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 18,105 | 14,547 | 24.5 | |||||||
Third party ¹ | 7,510 | 6,372 | 17.9 | |||||||
Total Miles | 25,615 | 20,919 | 22.4 | |||||||
Revenue per mile | $ | 1.66 | $ | 1.65 | 0.6 | |||||
Cost per mile | $ | 1.25 | $ | 1.25 | — | % | ||||
¹ - In thousands | ||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2010 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Forward Air, Inc. | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 30,050 | 33,110 | 32,383 | 34,760 | 32,580 | |||||
Number of terminals - Company-operated | 66 | 66 | 66 | 66 | 66 | |||||
Number of terminals - agent | 18 | 18 | 18 | 18 | 18 | |||||
Number of terminals - total | 84 | 84 | 84 | 84 | 84 | |||||
Average tractors - Company | 184 | 187 | 183 | 178 | 183 | |||||
Average leased tractors - Company | 12 | 9 | 5 | 5 | 8 | |||||
Average leased straight trucks - Company | 18 | 18 | 24 | 22 | 21 | |||||
Average tractors - owner-operator | 776 | 784 | 811 | 837 | 802 | |||||
Average tractors - total | 990 | 998 | 1,023 | 1,042 | 1,013 | |||||
Average trailers | 2,186 | 2,186 | 2,285 | 2,282 | 2,235 | |||||
Forward Air Solutions, Inc. | ||||||||||
Number of terminals - Company-operated | 18 | 18 | 18 | 18 | 18 | |||||
Number of terminals - agent | 1 | 1 | 1 | 1 | 1 | |||||
Number of terminals - total | 19 | 19 | 19 | 19 | 19 | |||||
Average tractors - Company | 33 | 34 | 34 | 33 | 34 | |||||
Average leased tractors - Company | 24 | 16 | 17 | 26 | 21 | |||||
Average straight trucks & vans - Company | 136 | 145 | 141 | 130 | 138 | |||||
Average leased straight trucks - Company | 72 | 71 | 66 | 62 | 68 | |||||
Average tractors - owner-operator | 54 | 62 | 59 | 66 | 60 | |||||
Average straight trucks & vans - owner-operator | 45 | 54 | 55 | 63 | 54 | |||||
Average tractors - total | 364 | 382 | 372 | 380 | 375 | |||||
Average trailers | 24 | 24 | 24 | 24 | 24 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2011 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Forward Air, Inc. | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 31,294 | 34,235 | 34,209 | 36,411 | 34,028 | |||||
Number of terminals - Company-operated | 66 | 66 | 66 | 66 | 66 | |||||
Number of terminals - agent | 18 | 18 | 19 | 19 | 19 | |||||
Number of terminals - total | 84 | 84 | 85 | 85 | 85 | |||||
Average tractors - Company | 195 | 218 | 216 | 189 | 205 | |||||
Average leased tractors - Company | 5 | 5 | 5 | 4 | 5 | |||||
Average leased straight trucks - Company | 18 | 9 | 9 | 8 | 11 | |||||
Average tractors - owner-operator | 843 | 871 | 897 | 910 | 880 | |||||
Average tractors - total | 1,061 | 1,103 | 1,127 | 1,111 | 1,101 | |||||
Average trailers | 2,274 | 2,265 | 2,510 | 2,517 | 2,392 | |||||
Forward Air Solutions, Inc. | ||||||||||
Number of terminals - Company-operated | 18 | 18 | 18 | 18 | 18 | |||||
Number of terminals - agent | 1 | 1 | 1 | 1 | 1 | |||||
Number of terminals - total | 19 | 19 | 19 | 19 | 19 | |||||
Average tractors - Company | 44 | 44 | 42 | 41 | 43 | |||||
Average leased tractors - Company | 23 | 12 | 11 | 11 | 14 | |||||
Average straight trucks & vans - Company | 118 | 116 | 110 | 109 | 113 | |||||
Average leased straight trucks - Company | 43 | 52 | 52 | 52 | 50 | |||||
Average tractors - owner-operator | 63 | 64 | 82 | 89 | 75 | |||||
Average straight trucks & vans - owner-operator | 61 | 55 | 54 | 62 | 58 | |||||
Average tractors - total | 352 | 343 | 351 | 364 | 353 | |||||
Average trailers | 26 | 26 | 26 | 26 | 26 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||
Historical Operating Data - Unaudited | ||||||
2012 | ||||||
March 31 | June 30 | Average | ||||
Forward Air, Inc. | ||||||
Average linehaul pounds per week (1) | ||||||
(in thousands) | 32,980 | 36,093 | 34,536 | |||
Number of terminals - Company-operated | 66 | 66 | 66 | |||
Number of terminals - agent | 19 | 19 | 19 | |||
Number of terminals - total | 85 | 85 | 85 | |||
Average tractors - Company | 200 | 195 | 198 | |||
Average leased tractors - Company | 4 | 2 | 3 | |||
Average leased straight trucks - Company | 5 | 1 | 3 | |||
Average tractors - owner-operator | 927 | 967 | 947 | |||
Average tractors - total | 1,136 | 1,165 | 1,151 | |||
Average trailers | 2,572 | 2,742 | 2,657 | |||
Forward Air Solutions, Inc. | ||||||
Number of terminals - Company-operated | 18 | 18 | 18 | |||
Number of terminals - agent | 2 | 2 | 2 | |||
Number of terminals - total | 20 | 20 | 20 | |||
Average tractors - Company | 47 | 46 | 47 | |||
Average leased tractors - Company | 11 | 5 | 8 | |||
Average straight trucks & vans - Company | 134 | 126 | 130 | |||
Average leased straight trucks - Company | 50 | 35 | 43 | |||
Average tractors - owner-operator | 82 | 78 | 80 | |||
Average straight trucks & vans - owner-operator | 64 | 56 | 60 | |||
Average tractors - total | 388 | 346 | 367 | |||
Average trailers | 26 | 25 | 26 | |||
(1) Includes pounds associated with linehaul shipments only. |
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