0000912728-13-000019.txt : 20130718 0000912728-13-000019.hdr.sgml : 20130718 20130718160721 ACCESSION NUMBER: 0000912728-13-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130718 DATE AS OF CHANGE: 20130718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORWARD AIR CORP CENTRAL INDEX KEY: 0000912728 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 621120025 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22490 FILM NUMBER: 13974938 BUSINESS ADDRESS: STREET 1: 430 AIRPORT RD CITY: GREENEVILLE STATE: TN ZIP: 37745 BUSINESS PHONE: 4236367000 MAIL ADDRESS: STREET 1: P.O. BOX 1058 CITY: GREENEVILLE STATE: TN ZIP: 37744 FORMER COMPANY: FORMER CONFORMED NAME: LANDAIR SERVICES INC DATE OF NAME CHANGE: 19930928 8-K 1 form8-kq22013earningsrelea.htm 8-K Form 8-K Q2 2013 Earnings Release



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549

________________________

FORM 8-K
______________
 

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 18, 2013 (July 18, 2013)

 
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)

 
Registrant's telephone number, including area code: (423) 636-7000

 
Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 





SECTION 2.  FINANCIAL INFORMATION.
 
Item 2.02.  Results of Operations and Financial Condition.
 
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release, dated July 18, 2013, announcing the financial results of Forward Air Corporation for the second quarter and six months ended June 30, 2013.

Also, attached as Exhibit 99.2 are certain historical operating statistics for each quarter ended from March 31, 2011 through June 30, 2013.

SECTION 9.  FINANCIAL STATEMENTS AND EXHIBITS.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibits are being furnished as part of this Report.
 
No.
 
Exhibit
99.1
Press Release of Forward Air Corporation dated July 18, 2013

No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics





  SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
 
FORWARD AIR CORPORATION
Date: July 18, 2013
 
By: 
/s/ Rodney L. Bell
 
 
 
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer

 
 


 

 




EXHIBIT INDEX
 
No.
 
Exhibit
99.1
Press Release of Forward Air Corporation dated July 18, 2013

No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics



 EX-99.1 2 exhibit991q22013pressrelea.htm EXHIBIT 99.1 Exhibit 99.1 Q2 2013 Press Release


NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
SECOND QUARTER 2013 RESULTS

GREENEVILLE, Tenn.- (BUSINESS WIRE) - July 18, 2013 - Forward Air Corporation (NASDAQ:FWRD) today reported revenue, operating income, net income and diluted earnings per share for the second quarter and six months ended June 30, 2013.

Operating revenue for the quarter ended June 30, 2013 increased 7.8% to $159.8 million from $148.3 million for the same quarter in 2012. Income from operations was $22.5 million, compared with $23.1 million in the prior-year quarter. As a percent of operating revenue, income from operations was 14.1%, compared with 15.6% in the same quarter last year. Net income during the period was $13.8 million compared to $14.2 million in the prior-year quarter. Income per diluted share for the second quarter of 2013 was $0.45 compared with $0.48 in the prior-year quarter.

Operating revenue for the six months ended June 30, 2013 increased 5.6% to $301.4 million from $285.4 million for the same period in 2012. Income from operations was $38.3 million, compared with $39.9 million in the prior-year period. As a percent of operating revenue, income from operations was 12.7% for the first six months of 2013 compared to 14.0% for the same period in 2012. Net income during the period was $24.7 million compared to $24.4 million in the prior-year period. Income per diluted share from operations for the first six months of 2013 was $0.81 compared with $0.83 in the prior-year period.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the second quarter said, “Within our Forward Air, Inc. business segment, the overall tepid macroeconomic environment, the loss of a large customer which created a tough prior year comparison and our continued pricing challenges all conspired to make for a difficult second quarter. Fortunately, we believe that each of these headwinds will be short-lived. With respect to the macroeconomic environment, we have been experiencing increased network volumes. While a few weeks don't equate to a trend, we are hopeful that it is a positive sign for an improved freight environment. As for the customer loss creating a difficult year-over-year comparison, the third quarter will mark the last full quarter where this is an issue as the former customer exited our services during the fourth quarter of last year. Lastly, we believe the irrational pricing behavior of some of our competitors is not financially sustainable. Those who maintained pricing discipline will ultimately be rewarded.”
 
Turning to the Forward Air Solutions business segment, Mr. Campbell said, “We mentioned on our first quarter call that Solutions was bringing on our second large customer for 2013. While this did in fact happen, and while most of our effected locations handled this well, three of our terminals struggled with the integration. This resulted in a small loss for the quarter and we are in the process of addressing those challenged locations.”

Commenting on the first full quarter of our newly acquired Total Quality, Inc. (TQI) business segment, Mr. Campbell said, “Our team continued to make substantial progress integrating TQI. We improved our operating margins each month and ended the quarter with a 92.7% operating ratio for June. We believe that our continued integration initiatives, including, most notably, a new operating system due to be online in early fourth quarter, along with a robust new business pipeline should get us to a sub-90 operating ratio in fairly short order.”

In closing, Mr. Campbell said, “As always, I would like to thank the Forward Air team of employees and independent contractors for their dedication and hard work. Their superlative efforts differentiate us from others in the industry.”

Commenting on the Company's guidance for the third quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate that our third quarter 2013 revenues will increase in the range of 10% to 15% over the comparable 2012 period. We estimate that approximately 8% of that growth will result from the TQI acquisition. We expect income per diluted share to be between $0.43 and $0.46 per share. This compares to $0.41 per share in the third quarter of 2012.”
 

1


Review of Financial Results

Forward Air will hold a conference call to discuss second quarter 2013 results on Friday, July 19, 2013 at 9:00 a.m. EDT. The Company's conference call will be available online at www.forwardair.com or by dialing 800-230-1059. A replay of the conference call will be available at www.forwardair.com beginning shortly after the completion of the live call.

About Forward Air Corporation

Forward Air Corporation operates three business segments, Forward Air, Inc., Forward Air Solutions, Inc. and Total Quality, Inc.
Forward Air, Inc. is a high-service-level contractor to the air cargo industry providing time-definite ground transportation services through a network of 88 terminals located on or near major airports in the United States and Canada. It 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.
Forward Air Solutions, Inc. is a provider of pool distribution services. Pool distribution involves the consolidation and shipment of several smaller less-than-truckload shipments to a common area or region. Once at the regional destination, the loads are deconsolidated, then grouped with other shipments with common delivery points, and delivered in a very precise, time-sensitive manner. Our pool distribution network consists of 24 terminals within the mid-Atlantic, Southeast, Midwest and Southwestern United States.
Total Quality, Inc. utilizes industry-leading temperature-controlled equipment, 24-hour monitoring and tracking technology and layered security features to provide our customers with the highest level of service. In addition to our core pharmaceutical services, we provide truckload and less-than-truckload brokerage transportation services. Headquartered in central Michigan, we service the United States, Canada and Mexico.


2



Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
 
 
Three months ended
 
Six months ended
 
June 30,
2013
 
June 30,
2012
 
June 30,
2013
 
June 30,
2012
Operating revenue:
 
 
 
 
 
 
 
Airport-to-airport
$
97,120

 
$
102,464

 
$
187,497

 
$
193,092

Logistics
31,941

 
21,124

 
54,912

 
42,437

Other
6,620

 
6,769

 
12,762

 
12,970

Pool distribution
24,123

 
17,969

 
46,193

 
36,908

Total operating revenue
159,804

 
148,326

 
301,364

 
285,407

 
 
 
 
 
 
 
 
Operating expenses:
 

 
 
 
 

 
 
Purchased transportation
 
 
 
 
 
 
 
Airport-to-airport
39,639

 
42,639

 
76,198

 
79,396

Logistics
21,235

 
16,086

 
37,544

 
31,802

Other
1,937

 
1,832

 
3,672

 
3,430

Pool distribution
7,442

 
4,686

 
13,838

 
9,813

Total purchased transportation
70,253

 
65,243

 
131,252

 
124,441

Salaries, wages and employee benefits
36,031

 
32,536

 
69,983

 
65,710

Operating leases
6,888

 
6,824

 
13,932

 
13,931

Depreciation and amortization
5,971

 
5,394

 
11,157

 
10,515

Insurance and claims
3,215

 
2,236

 
5,874

 
5,034

Fuel expense
3,656

 
2,412

 
6,664

 
4,953

Other operating expenses
11,285

 
10,598

 
24,207

 
20,951

Total operating expenses
137,299

 
125,243

 
263,069

 
245,535

Income from operations
22,505

 
23,083

 
38,295

 
39,872

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 
 
 

 
 
Interest expense
(128
)
 
(79
)
 
(256
)
 
(130
)
Other, net
14

 
(2
)
 
45

 
15

Total other expense
(114
)
 
(81
)
 
(211
)
 
(115
)
Income before income taxes
22,391

 
23,002

 
38,084

 
39,757

Income taxes
8,560

 
8,835

 
13,399

 
15,317

Net income and comprehensive income
$
13,831

 
$
14,167

 
$
24,685

 
$
24,440

 
 
 
 
 
 
 
 
Net income per share:
 

 
 
 
 

 
 
Basic
$
0.46

 
$
0.49

 
$
0.83

 
$
0.85

Diluted
$
0.45

 
$
0.48

 
$
0.81

 
$
0.83

Weighted average shares outstanding:
 

 
 
 
 

 
 
Basic
30,161

 
28,908

 
29,838

 
28,800

Diluted
30,736

 
29,445

 
30,477

 
29,402

 
 
 
 
 
 
 
 
Dividends per share:
$
0.10

 
$
0.07

 
$
0.20

 
$
0.14




3


Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
June 30,
2013
 
December 31, 2012 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
81,101

 
$
112,182

Accounts receivable, net
76,280

 
75,262

Other current assets
19,900

 
10,952

Total current assets
177,281

 
198,396

 
 
 
 
Property and equipment
266,811

 
239,138

Less accumulated depreciation and amortization
109,346

 
105,581

Net property and equipment
157,465

 
133,557

Goodwill and other acquired intangibles:
 

 
 

Goodwill
87,771

 
43,332

Other acquired intangibles, net of accumulated amortization
43,138

 
22,102

Total net goodwill and other acquired intangibles
130,909

 
65,434

Other assets
2,537

 
1,800

Total assets
$
468,192

 
$
399,187

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
12,189

 
$
11,168

Accrued expenses
17,220

 
16,476

Current portion of debt and capital lease obligations
121

 
276

Total current liabilities
29,530

 
27,920

 
 
 
 
Debt and capital lease obligations, less current portion
23

 
58

Other long-term liabilities
8,985

 
7,098

Deferred income taxes
25,899

 
12,440


 

 
 

Shareholders’ equity:
 

 
 

Common stock
303

 
292

Additional paid-in capital
98,915

 
64,644

Retained earnings
304,537

 
286,735

Total shareholders’ equity
403,755

 
351,671

Total liabilities and shareholders’ equity
$
468,192

 
$
399,187

 
 
 
 
(a) Taken from audited financial statements, which are not presented in their entirety.


4


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Three months ended
 
June 30,
2013
 
June 30,
2012
Operating activities:
 
 
 
Net income
$
13,831

 
$
14,167

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
5,971

 
5,394

Share-based compensation
1,536

 
1,517

Gain on disposal of property and equipment
(368
)
 
(29
)
Provision for (recovery) loss on receivables
(11
)
 
1

Provision for revenue adjustments
627

 
500

Deferred income tax
2,086

 
2,241

Excess tax benefit for stock options exercised
(632
)
 
(2
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
1,185

 
(2,682
)
Prepaid expenses and other current assets
(1,360
)
 
(2,203
)
Accounts payable and accrued expenses
(6,219
)
 
(12,939
)
Net cash provided by operating activities
16,646

 
5,965

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
884

 
531

Purchases of property and equipment
(15,812
)
 
(5,220
)
Acquisition of business, net of cash acquired
(109
)
 
—

Other
(4
)
 
(41
)
Net cash used in investing activities
(15,041
)
 
(4,730
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(75
)
 
(136
)
Proceeds from exercise of stock options
10,219

 
253

Payments of cash dividends
(3,047
)
 
(2,038
)
Common stock issued under employee stock purchase plan
137

 
119

Excess tax benefit for stock options exercised
632

 
2

Net cash provided by (used in) financing activities
7,866

 
(1,800
)
Net increase (decrease) in cash
9,471

 
(565
)
Cash at beginning of period
71,630

 
69,397

Cash at end of period
$
81,101

 
$
68,832




5


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Six months ended
 
June 30,
2013
 
June 30,
2012
Operating activities:
 
 
 
Net income
$
24,685

 
$
24,440

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
11,157

 
10,515

Share-based compensation
3,094

 
3,123

(Gain) loss on disposal of property and equipment
(283
)
 
167

Provision for loss on receivables
290

 
111

Provision for revenue adjustments
1,126

 
927

Deferred income tax
2,936

 
1,437

Excess tax benefit for stock options exercised
(2,870
)
 
(206
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
3,196

 
(5,173
)
Prepaid expenses and other current assets
(2,090
)
 
(3,128
)
Accounts payable and accrued expenses
(3,991
)
 
(8,293
)
Net cash provided by operating activities
37,250

 
23,920

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
1,048

 
736

Purchases of property and equipment
(27,994
)
 
(18,318
)
Acquisition of businesses, net of cash acquired
(45,328
)
 
—

Other
(60
)
 
(347
)
Net cash used in investing activities
(72,334
)
 
(17,929
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(20,303
)
 
(272
)
Proceeds from exercise of stock options
28,179

 
8,445

Payments of cash dividends
(6,014
)
 
(4,072
)
Common stock issued under employee stock purchase plan
137

 
119

Cash settlement of share-based awards for minimum tax withholdings
(866
)
 
(386
)
Excess tax benefit for stock options exercised
2,870

 
206

Net cash provided by financing activities
4,003

 
4,040

Net (decrease) increase in cash
(31,081
)
 
10,031

Cash at beginning of period
112,182

 
58,801

Cash at end of period
$
81,101

 
$
68,832



6


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
Three months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2013
 
Revenue
 
2012
 
Revenue
 
Change
 
Change
Operating revenue

 


 

 

 

 

Forward Air
$
124.1

 
77.7
 %
 
$
130.5

 
88.0
 %
 
$
(6.4
)
 
(4.9
)%
FASI
24.3

 
15.2

 
18.4

 
12.4

 
5.9

 
32.1

TQI
12.2

 
7.6

 
—

 
—

 
12.2

 
100.0

Intercompany eliminations
(0.8
)
 
(0.5
)
 
(0.6
)
 
(0.4
)
 
(0.2
)
 
33.3

            Total
159.8

 
100.0

 
148.3

 
100.0

 
11.5

 
7.8



 

 

 

 

 

Purchased transportation

 

 

 

 

 

Forward Air
56.5

 
45.5

 
60.9

 
46.7

 
(4.4
)
 
(7.2
)
FASI
7.7

 
31.7

 
4.9

 
26.6

 
2.8

 
57.1

TQI
6.7

 
54.9

 
—

 
—

 
6.7

 
100.0

Intercompany eliminations
(0.6
)
 
75.0

 
(0.5
)
 
83.3

 
(0.1
)
 
20.0

            Total
70.3

 
44.0

 
65.3

 
44.0

 
5.0

 
7.7



 

 

 

 

 

Salaries, wages and employee benefits

 

 

 

 

 

Forward Air
25.6

 
20.6

 
25.4

 
19.5

 
0.2

 
0.8

FASI
8.5

 
35.0

 
7.1

 
38.6

 
1.4

 
19.7

TQI
1.9

 
15.6

 
—

 
—

 
1.9

 
100.0

            Total
36.0

 
22.5

 
32.5

 
21.9

 
3.5

 
10.8



 

 

 

 

 

Operating leases

 

 

 

 

 

Forward Air
4.9

 
4.0

 
5.0

 
3.8

 
(0.1
)
 
(2.0
)
FASI
1.9

 
7.8

 
1.8

 
9.8

 
0.1

 
5.6

TQI
0.1

 
0.8

 
—

 
—

 
0.1

 
100.0

            Total
6.9

 
4.3

 
6.8

 
4.6

 
0.1

 
1.5



 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

Forward Air
4.1

 
3.3

 
4.2

 
3.2

 
(0.1
)
 
(2.4
)
FASI
1.2

 
4.9

 
1.2

 
6.5

 
—

 
—

TQI
0.7

 
5.7

 
—

 
—

 
0.7

 
100.0

            Total
6.0

 
3.8

 
5.4

 
3.6

 
0.6

 
11.1



 

 

 

 

 

Insurance and claims

 

 

 

 

 

Forward Air
2.2

 
1.8

 
1.7

 
1.3

 
0.5

 
29.4

FASI
0.8

 
3.3

 
0.5

 
2.7

 
0.3

 
60.0

TQI
0.2

 
1.7

 
—

 
—

 
0.2

 
100.0

            Total
3.2

 
2.0

 
2.2

 
1.5

 
1.0

 
45.5



 

 

 

 

 

Fuel expense

 

 

 

 

 

Forward Air
1.0

 
0.8

 
1.0

 
0.7

 
—

 
—

FASI
1.5

 
6.2

 
1.4

 
7.6

 
0.1

 
7.1

TQI
1.2

 
9.8

 
—

 
—

 
1.2

 
100.0

            Total
3.7

 
2.3

 
2.4

 
1.6

 
1.3

 
54.2



 

 

 

 

 

Other operating expenses

 

 

 

 

 

Forward Air
7.9

 
6.4

 
9.1

 
7.0

 
(1.2
)
 
(13.2
)
FASI
2.9

 
11.9

 
1.6

 
8.7

 
1.3

 
81.3

TQI
0.6

 
4.9

 
—

 
—

 
0.6

 
100.0

Intercompany eliminations
(0.2
)
 
25.0

 
(0.1
)
 
16.7

 
(0.1
)
 
100.0

            Total
11.2

 
7.0

 
10.6

 
7.2

 
0.6

 
5.7



 

 

 

 

 

Income (loss) from operations

 

 

 

 

 

Forward Air
21.9

 
17.6

 
23.2

 
17.8

 
(1.3
)
 
(5.6
)
FASI
(0.2
)
 
(0.8
)
 
(0.1
)
 
(0.5
)
 
(0.1
)
 
100.0

TQI
0.8

 
6.6

 
—

 
—

 
0.8

 
100.0

            Total
$
22.5

 
14.1
 %
 
$
23.1

 
15.6
 %
 
$
(0.6
)
 
(2.6
)%

7


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
Six months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2013
 
Revenue
 
2012
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Forward Air
$
240.2

 
79.7
 %
 
$
248.9

 
87.2
 %
 
$
(8.7
)
 
(3.5
)%
FASI
46.6

 
15.5

 
37.6

 
13.2

 
9.0

 
23.9

TQI
16.1

 
5.3

 
—

 
—

 
16.1

 
100.0

Intercompany eliminations
(1.5
)
 
(0.5
)
 
(1.1
)
 
(0.4
)
 
(0.4
)
 
36.4

            Total
301.4

 
100.0

 
285.4

 
100.0

 
16.0

 
5.6

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
Forward Air
109.0

 
45.4

 
115.2

 
46.3

 
(6.2
)
 
(5.4
)
FASI
14.5

 
31.1

 
10.1

 
26.9

 
4.4

 
43.6

TQI
8.9

 
55.3

 
—

 
—

 
8.9

 
100.0

      Intercompany eliminations
(1.2
)
 
80.0

 
(0.9
)
 
81.8

 
(0.3
)
 
33.3

            Total
131.2

 
43.6

 
124.4

 
43.6

 
6.8

 
5.5

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
Forward Air
50.7

 
21.1

 
51.1

 
20.5

 
(0.4
)
 
(0.8
)
FASI
16.7

 
35.8

 
14.6

 
38.8

 
2.1

 
14.4

TQI
2.6

 
16.1

 
—

 
—

 
2.6

 
100.0

            Total
70.0

 
23.2

 
65.7

 
23.0

 
4.3

 
6.5

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
Forward Air
10.0

 
4.2

 
10.1

 
4.1

 
(0.1
)
 
(1.0
)
FASI
3.9

 
8.4

 
3.8

 
10.1

 
0.1

 
2.6

TQI
0.1

 
0.6

 
—

 
—

 
0.1

 
100.0

            Total
14.0

 
4.7

 
13.9

 
4.9

 
0.1

 
0.7

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
Forward Air
7.9

 
3.3

 
8.2

 
3.3

 
(0.3
)
 
(3.7
)
FASI
2.4

 
5.1

 
2.3

 
6.1

 
0.1

 
4.3

TQI
0.9

 
5.6

 
—

 
—

 
0.9

 
100.0

            Total
11.2

 
3.7

 
10.5

 
3.7

 
0.7

 
6.7

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
Forward Air
4.1

 
1.7

 
3.8

 
1.5

 
0.3

 
7.9

FASI
1.5

 
3.2

 
1.2

 
3.2

 
0.3

 
25.0

TQI
0.2

 
1.3

 
—

 
—

 
0.2

 
100.0

            Total
5.8

 
1.9

 
5.0

 
1.7

 
0.8

 
16.0

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
Forward Air
2.0

 
0.8

 
2.2

 
0.9

 
(0.2
)
 
(9.1
)
FASI
3.1

 
6.7

 
2.8

 
7.5

 
0.3

 
10.7

TQI
1.6

 
9.9

 
—

 
—

 
1.6

 
100.0

            Total
6.7

 
2.2

 
5.0

 
1.7

 
1.7

 
34.0

 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
Forward Air
18.2

 
7.6

 
17.8

 
7.1

 
0.4

 
2.2

FASI
5.5

 
11.8

 
3.4

 
9.0

 
2.1

 
61.8

TQI
0.8

 
5.0

 
—

 
—

 
0.8

 
100.0

Intercompany eliminations
(0.3
)
 
20.0

 
(0.2
)
 
18.2

 
(0.1
)
 
50.0

            Total
24.2

 
8.0

 
21.0

 
7.4

 
3.2

 
15.2

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
 
 
 
 
 
 
 
 
 
 
 
Forward Air
38.3

 
15.9

 
40.5

 
16.3

 
(2.2
)
 
(5.4
)
FASI
(1.0
)
 
(2.1
)
 
(0.6
)
 
(1.6
)
 
(0.4
)
 
66.7

TQI
1.0

 
6.2

 
—

 
—

 
1.0

 
100.0

            Total
$
38.3

 
12.7
 %
 
$
39.9

 
14.0
 %
 
$
(1.6
)
 
(4.0
)%



8


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 

Three months ended

June 30,

June 30,

Percent

2013

2012

Change






Operating ratio
82.4
%

82.2
%

0.2
 %






Business days
64.0


64.0


—

Business weeks
12.8


12.8


—













Airport-to-airport:





Tonnage





    Total pounds ¹
452,171


461,986


(2.1
)
    Average weekly pounds ¹
35,326


36,093


(2.1
)






Linehaul shipments





    Total linehaul
714,677


735,657


(2.9
)
    Average weekly
55,834


57,473


(2.9
)






Forward Air Complete shipments
115,001


208,945


(45.0
)
As a percentage of linehaul shipments
16.1
%

28.4
%

(43.3
)






Average linehaul shipment size
633


628


0.8







Revenue per pound ²





    Linehaul yield
$
16.98


$
17.07


(0.4
)
    Fuel surcharge impact
1.87


1.93


(0.3
)
    Forward Air Complete impact
2.68


3.21


(2.4
)
Total airport-to-airport yield
$
21.53


$
22.21


(3.1
)












Logistics:





Miles





    Owner operator ¹
9,147


9,185


(0.4
)
    Third party ¹
3,328


3,823


(12.9
)
Total Miles
12,475


13,008


(4.1
)






Revenue per mile
$
1.60


$
1.62


(1.2
)






Cost per mile
$
1.18


$
1.25


(5.6
)%












¹ - In thousands





² - In cents per pound; percentage change is expressed as a percent of total yield.

9


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Six months ended
 
June 30,
 
June 30,
 
Percent
 
2013
 
2012
 
Change
 
 
 
 
 
 
Operating ratio
84.1
%
 
83.7
%
 
0.5
 %
 
 
 
 
 
 
Business days
127.0

 
128.0

 
(0.8
)
Business weeks
25.4

 
25.6

 
(0.8
)
 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
858,085

 
884,124

 
(2.9
)
    Average weekly pounds ¹
33,783

 
34,536

 
(2.2
)
 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
1,350,342

 
1,373,095

 
(1.7
)
    Average weekly
53,163

 
53,637

 
(0.9
)
 
 
 
 
 
 
Forward Air Complete shipments
229,086

 
332,311

 
(31.1
)
As a percentage of linehaul shipments
17.0
%
 
24.2
%
 
(29.8
)
 
 
 
 
 
 
Average linehaul shipment size
635

 
644

 
(1.4
)
 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.14

 
$
16.99

 
0.7

    Fuel surcharge impact
1.95

 
1.92

 
0.1

    Forward Air Complete impact
2.81

 
2.96

 
(0.7
)
Total airport-to-airport yield
$
21.90

 
$
21.87

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
Logistics:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
17,484

 
18,105

 
(3.4
)
    Third party ¹
6,848

 
7,510

 
(8.8
)
Total Miles
24,332

 
25,615

 
(5.0
)
 
 
 
 
 
 
Revenue per mile
$
1.61

 
$
1.66

 
(3.0
)
 
 
 
 
 
 
Cost per mile
$
1.19

 
$
1.25

 
(4.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In cents per pound; percentage change is expressed as a percent of total yield.

10


Important Information

This press release contains “forward-looking statements,” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are statements other than historical information or statements of current condition and relate to future events or our future financial performance.  Some forward-looking statements may be identified by use of such terms as “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects” or “expects.”  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, our inability to maintain our historical growth rate because of a decreased volume of freight moving through our network or decreased average revenue per pound of freight moving through our network, increasing competition and pricing pressure, surplus inventories, loss of a major customer, the creditworthiness of our customers and their ability to pay for services rendered, our ability to secure terminal facilities in desirable locations at reasonable rates, the inability of our information systems to handle an increased volume of freight moving through our network, changes in fuel prices, claims for property damage, personal injuries or workers' compensation, employment matters including rising health care costs, enforcement of and changes in governmental regulations, environmental and tax matters, the handling of hazardous materials, the availability and compensation of qualified independent owner-operators and freight handlers needed to serve our transportation needs and our inability to successfully integrate acquisitions.  As a result of the foregoing, no assurance can be given as to future financial condition, cash flows or results of operations. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

-END-

CONTACT:
Forward Air Corporation
Rodney L. Bell, 423-636-7000
rbell@forwardair.com



11
 EX-99.2 3 exhibit992q22013analyststa.htm EXHIBIT 99.2 Exhibit 99.2 Q2 2013 Analyst Statistics


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
September 30
December 31
Average
 
 
 
 
 
 
Forward Air, Inc.
 
 
 
 
 
Average linehaul pounds per week (1)
 
 
 
 
 
   (in thousands)
32,980

36,093

34,783

35,626

34,871

Number of terminals - Company-operated
66

66

66

66

66

Number of terminals - agent
19

19

19

22

22

Number of terminals - total
85

85

85

88

88

Average tractors - Company
200

195

195

197

197

Average leased tractors - Company
4

2

3

2

3

Average leased straight trucks - Company
5

1

1

1

2

Average tractors - owner-operator
927

967

951

949

949

Average tractors - total
1,136

1,165

1,150

1,149

1,151

Average trailers
2,572

2,742

2,710

2,685

2,677

 
 
 
 
 
 
Forward Air Solutions, Inc.
 
 
 
 
 
Number of terminals - Company-operated
18

18

18

17

17

Number of terminals - agent
2

2

2

2

2

Number of terminals - total
20

20

20

19

19

Average tractors - Company
47

46

45

45

46

Average leased tractors - Company
11

5

5

5

7

Average straight trucks & vans - Company
134

126

123

123

127

Average leased straight trucks - Company
50

35

34

34

38

Average tractors - owner-operator
82

78

84

84

82

Average straight trucks & vans - owner-operator
64

56

57

61

60

Average tractors - total
388

346

348

352

360

Average trailers
26

25

25

25

25

 
 
 
 
 
 
(1) Includes pounds associated with linehaul shipments only.
 
 
 





Forward Air Corporation
 
 
 
Historical Operating Data - Unaudited
 
 
 
 
 
 
 
 
2013
 
March 31
June 30
Average
 
 
 
 
Forward Air, Inc.
 
 
 
Average linehaul pounds per week (1)
 
 
 
   (in thousands)
32,215

35,326

33,783

Number of terminals - Company-operated
66

66

66

Number of terminals - agent
22

22

22

Number of terminals - total
88

88

88

Average tractors - Company
210

211

211

Average leased tractors - Company
2

1

1

Average leased straight trucks - Company
1

1

1

Average tractors - owner-operator
945

961

953

Average tractors - total
1,158

1,174

1,166

Average trailers
2,882

3,021

2,952

 
 
 
 
Forward Air Solutions, Inc.
 
 
 
Number of terminals - Company-operated
19

19

19

Number of terminals - agent
5

5

5

Number of terminals - total
24

24

24

Average tractors - Company
45

58

52

Average leased tractors - Company
4

2

3

Average straight trucks & vans - Company
107

139

123

Average leased straight trucks - Company
34

33

33

Average tractors - owner-operator
83

84

84

Average straight trucks & vans - owner-operator
59

65

62

Average tractors - total
332

381

357

Average trailers
25

125

75

 
 
 
 
Total Quality, Inc.
 
 
 
Average tractors - Company
61

61

61

Average tractors - owner-operator
3

10

7

Average tractors - total
64

71

68

Average trailers
68

77

68

 
 
 
 
(1) Includes pounds associated with linehaul shipments only.
 



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