0000912728-14-000006.txt : 20140210 0000912728-14-000006.hdr.sgml : 20140210 20140210162248 ACCESSION NUMBER: 0000912728-14-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140210 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140210 DATE AS OF CHANGE: 20140210 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: 14589047 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-kye2013.htm 8-K Form 8-K YE 2013


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): February 10, 2014 (February 10, 2014)

 
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 February 10, 2014, announcing the financial results of Forward Air Corporation for the fourth quarter and year ended December 31, 2013.

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

SECTION 8.  OTHER EVENTS.
 
Item 8.01.  Other Events.
 
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release, dated February 10, 2014, announcing that the Company's Board of Directors has approved a stock repurchase program for up to two million shares of the Company's common stock. The amount and timing of any repurchases will be at such prices as determined by management of the Company. Share repurchases may be commenced or suspended from time to time for any reason. The Company currently has approximately 30.5 million shares of common stock outstanding. Also, the attached press release announces that the Company's Board of Directors has declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable to the Company's shareholders of record at the close of business on March 10, 2014, and is expected to be paid on March 24, 2014.

SECTION 9.  FINANCIAL STATEMENTS AND EXHIBITS.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibit is being furnished as part of this Report.
 
No.
 
Exhibit
99.1
Press Release of Forward Air Corporation dated February 10, 2014.

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: February 10, 2014
 
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 February 10, 2014.
 
No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics.



 EX-99.1 2 exhibit991pressreleaseye20.htm EXHIBIT 99.1 Exhibit 99.1 Press Release YE 2013


NEWS RELEASE

FORWARD AIR CORPORATION REPORTS
FOURTH QUARTER AND FISCAL 2013 RESULTS,
NEW TWO MILLION SHARE STOCK BUYBACK AUTHORIZATION AND
INCREASED QUARTERLY CASH DIVIDEND

GREENEVILLE, Tenn.-(BUSINESS WIRE) - February 10, 2014-Forward Air Corporation (NASDAQ:FWRD) today reported results for the fourth quarter and year ended December 31, 2013.

Operating revenue for the quarter ended December 31, 2013 increased 16.5% to $181.1 million from $155.5 million for the same quarter in 2012. Income from operations was $23.2 million, compared with $24.0 million for the fourth quarter of 2012, a decrease of 3.3%. Net income per diluted share for the fourth quarter of 2013 was $0.50 compared with $0.54 in the same quarter of 2012.

Operating revenue for the year ended December 31, 2013 increased 11.7% to $652.5 million from $584.4 million for the year ended December 31, 2012. Income from operations was $84.4 million, compared with $83.5 million in 2012. Net income per diluted share for the year ended December 31, 2013 was $1.77 compared with $1.78 in 2012.

Bruce A. Campbell, Chairman, President and CEO, said, “Without a doubt, the fourth quarter of 2013 proved to be more challenging than we anticipated. Like all of the transports, we have continuously fought weather related issues. From the middle of November up until this past week, weather has been an issue in one or more of our operating regions. While there is only so much we can do to mitigate the impact of weather, we do have plans in place to address the opportunities that are specific to our Company.”
Starting with the Forward Air, Inc. business segment, Mr. Campbell said, “Airport-to airport volumes were up a respectable 5.9% and Complete, without the major customer loss in the prior year comparison, has returned to growth mode. The issue simply put was pricing. We made the strategic decision not to push through a general rate increase (GRI) this past fall. We have subsequently seen a tightening of capacity and a continued decline in our competitors’ service levels which will allow us to implement a GRI effective the first week of March. With year-over-year weekly tonnage growth consistently in the mid-single digits and an estimated 2.75% net benefit from our 2014 GRI, we feel our airport-to-airport network is well positioned for the balance of the year.”
Moving to the Forward Air Solutions segment, Mr. Campbell said, “With substantial year-over-year revenue growth but a decline in operating income, we were clearly disappointed with Solutions fourth quarter results. We have developed a comprehensive plan with the sole focus on improving operating margins. We believe this plan, which includes an across the board GRI, to be very actionable with immediate and quantifiable results expected within the first half of 2014.”
Turning to our TQI business segment, Mr. Campbell said, “With our new operating system now in place, additional new equipment coming online and the ongoing success in recruiting owner-operators we are excited at what will be our first full year of our TQI service offering. We feel confident of substantial topline growth producing double digit operating margins for 2014.”
In closing Mr. Campbell said, “This past week we closed on the previously announced purchase of drayage and intermodal transportation provider Central States Trucking (CST). Our team is very excited about the potential of this new service offering. With a solid group of talented transportation professionals and a scalable platform, for organic as well as acquisition related growth, we look forward to taking advantage of ample opportunities in 2014. We’re delighted to welcome CST to the Forward Air family.”

1



In commenting on the Company's guidance for the first quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate our first quarter 2014 revenues will increase in the range of 19% to 23% over the comparable 2013 period, and we expect income per diluted share to be between $0.36 and $0.40 per share. This compares to $0.36 per share in the first quarter of 2013.”

On February 7, 2014, our Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 10, 2014, and is expected to be paid on March 24, 2014. This represents a 20% increase in our dividend as compared to the prior year quarter.
 
This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.48 per share of common stock, payable in quarterly increments of $0.12 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company's financial performance.

Also, on February 7, 2014, our Board of Directors approved a stock repurchase authorization for up to two million shares of the Company’s common stock. In connection with this action, the board cancelled the Company’s 2007 share repurchase authorization. The amount and timing of any repurchases under the Company’s new repurchase authorization will be at such prices as determined by management of the Company. Share repurchases may be commenced or suspended from time to time for any reason. The Company currently has approximately 30,522,079 shares outstanding.







2



Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter and year end 2013 results on Tuesday, February 11, 2014 at 9:00 a.m. EST. The Company's conference call will be available online at www.forwardair.com or by dialing 877-209-9922. 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 brokerage transportation services. Headquartered in central Michigan, we service the United States, Canada and Mexico.


3





Forward Air Corporation
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
Three months ended
 
Year ended
 
December 31,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
Operating revenue:
 
 
 
 
 
 
 
Airport-to-airport
$
103,866

 
$
100,691

 
$
392,323

 
$
390,697

Logistics
33,347

 
20,473

 
120,822

 
83,787

Other
6,947

 
6,639

 
26,570

 
26,137

Pool distribution
36,925

 
27,722

 
112,766

 
83,825

Total operating revenue
181,085

 
155,525

 
652,481

 
584,446

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 

 
 

Purchased transportation
 
 
 
 
 

 
 

Airport-to-airport
44,241

 
40,519

 
162,847

 
160,065

Logistics
22,643

 
15,447

 
82,339

 
63,203

Other
2,204

 
1,989

 
7,911

 
7,241

Pool distribution
10,140

 
7,221

 
32,593

 
22,211

Total purchased transportation
79,228

 
65,176

 
285,690

 
252,720

Salaries, wages and employee benefits
41,949

 
37,597

 
151,097

 
135,006

Operating leases
8,387

 
7,164

 
29,310

 
27,989

Depreciation and amortization
6,202

 
5,081

 
23,579

 
21,021

Insurance and claims
3,455

 
3,177

 
12,619

 
11,309

Fuel expense
4,610

 
2,767

 
15,145

 
10,038

Other operating expenses
14,051

 
10,529

 
50,686

 
42,831

Total operating expenses
157,882

 
131,491

 
568,126

 
500,914

Income from operations
23,203

 
24,034

 
84,355

 
83,532

 
 
 
 
 
 
 
 
Other income (expense):
 
 
 
 
 

 
 

Interest expense
(131
)
 
(150
)
 
(532
)
 
(391
)
Other, net
27

 
20

 
99

 
14

Total other expense
(104
)
 
(130
)
 
(433
)
 
(377
)
Income before income taxes
23,099

 
23,904

 
83,922

 
83,155

Income taxes
7,514

 
7,944

 
29,455

 
30,487

Net income
$
15,585

 
$
15,960

 
$
54,467

 
$
52,668

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 

 
 

Basic
$
0.51

 
$
0.55

 
$
1.81

 
$
1.82

Diluted
$
0.50

 
$
0.54

 
$
1.77

 
$
1.78

Weighted average shares outstanding:
 
 
 
 
 

 
 

Basic
30,490

 
29,190

 
30,135

 
28,967

Diluted
31,129

 
29,716

 
30,762

 
29,536

 
 
 
 
 
 
 
 
Dividends per share:
$
0.10

 
$
0.10

 
$
0.40

 
$
0.34





4


Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
December 31,
2013
 
December 31,
 2012 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
127,367

 
$
112,182

Accounts receivable, net
76,500

 
75,262

Other current assets
16,493

 
10,952

Total current assets
220,360

 
198,396

 
 
 
 
Property and equipment
271,050

 
239,138

Less accumulated depreciation and amortization
116,287

 
105,581

Net property and equipment
154,763

 
133,557

Goodwill and other acquired intangibles:
 

 
 

Goodwill
88,496

 
43,332

Other acquired intangibles, net of accumulated amortization
40,110

 
22,102

Total net goodwill and other acquired intangibles
128,606

 
65,434

Other assets
2,540

 
1,800

Total assets
$
506,269

 
$
399,187

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
16,267

 
$
11,168

Accrued expenses
18,275

 
16,476

Current portion of debt and capital lease obligations
69

 
276

Total current liabilities
34,611

 
27,920

 
 
 
 
Debt and capital lease obligations, less current portion
3

 
58

Other long-term liabilities
8,940

 
7,098

Deferred income taxes
26,850

 
12,440

Commitments and contingencies
 

 
 

Shareholders’ equity:
 

 
 

Common stock
305

 
292

Additional paid-in capital
107,726

 
64,644

Retained earnings
327,834

 
286,735

Total shareholders’ equity
435,865

 
351,671

Total liabilities and shareholders’ equity
$
506,269

 
$
399,187

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






5


Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Three months ended
 
December 31,
2013
 
December 31,
2012
Operating activities:
 
 
 
Net income
$
15,585

 
$
15,960

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
6,202

 
5,081

Gain on change in fair value of earn-out liability
(615
)
 
—

Share-based compensation
1,559

 
1,500

Loss on disposal of property and equipment
14

 
59

Provision for loss (recovery) on receivables
189

 
(27
)
Provision for revenue adjustments
826

 
586

Deferred income taxes
198

 
(417
)
Tax benefit for stock options exercised
(500
)
 
(31
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
5,709

 
(943
)
Prepaid expenses and other current assets
1,360

 
298

Accounts payable and accrued expenses
(175
)
 
841

Net cash provided by operating activities
30,352

 
22,907

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
308

 
44

Purchases of property and equipment
(2,173
)
 
(854
)
Other
(18
)
 
4

Net cash used in investing activities
(1,883
)
 
(806
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(24
)
 
(140
)
Proceeds from exercise of stock options
3,136

 
—

Payments of cash dividends
(3,070
)
 
(2,938
)
Repurchase of common stock (repurchase program)
(354
)
 
—

Common stock issued under employee stock purchase plan
159

 
140

Tax benefit for stock options exercised
500

 
31

Net cash provided by (used in) financing activities
347

 
(2,907
)
Net increase in cash
28,816

 
19,194

Cash at beginning of period
98,551

 
92,988

Cash at end of period
$
127,367

 
$
112,182





6


Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Year ended
 
December 31,
2013
 
December 31,
2012
Operating activities:
 
 
 
Net income
$
54,467

 
$
52,668

Adjustments to reconcile net income to net cash provided by operating activities
 

 
 

Depreciation and amortization
23,579

 
21,021

Gain on change in fair value of earn-out liability
(615
)
 
—

Share-based compensation
6,178

 
6,050

(Gain) loss on disposal of property and equipment
(454
)
 
318

Provision for loss on receivables
423

 
199

Provision for revenue adjustments
2,531

 
2,003

Deferred income taxes
4,856

 
2,043

Tax benefit for stock options exercised
(3,707
)
 
(385
)
Changes in operating assets and liabilities
 

 
 

Accounts receivable
1,447

 
(6,542
)
Prepaid expenses and other current assets
(215
)
 
(1,331
)
Accounts payable and accrued expenses
2,349

 
(7,458
)
Net cash provided by operating activities
90,839

 
68,586

 
 
 
 
Investing activities:
 

 
 

Proceeds from disposal of property and equipment
1,973

 
911

Purchases of property and equipment
(35,439
)
 
(21,353
)
Acquisition of business, net of cash acquired
(45,328
)

—

Other
(129
)
 
(263
)
Net cash used in investing activities
(78,923
)
 
(20,705
)
 
 
 
 
Financing activities:
 

 
 

Payments of debt and capital lease obligations
(20,375
)
 
(551
)
Proceeds from exercise of stock options
33,002

 
15,740

Payments of cash dividends
(12,141
)
 
(9,947
)
Repurchase of common stock (repurchase program)
(354
)
 
—

Common stock issued under employee stock purchase plan
296

 
259

Cash settlement of share-based awards for minimum tax withholdings
(866
)
 
(386
)
Tax benefit for stock options exercised
3,707

 
385

Net cash provided by financing activities
3,269

 
5,500

Net increase in cash
15,185

 
53,381

Cash at beginning of year
112,182

 
58,801

Cash at end of year
$
127,367

 
$
112,182





7


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
 
 
Three months ended
 
December 31,
2013
 
Percent of
 
December 31,
2012
 
Percent of
 
 
 
Percent
 
 
Revenue
 
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
$
132.1

 
72.9
 %
 
$
128.4

 
82.6
 %
 
$
3.7

 
2.9
 %
      FASI
37.0

 
20.4

 
27.9

 
17.9

 
9.1

 
32.6

      TQI
13.3

 
7.4

 
—

 
—

 
13.3

 
100.0

      Intercompany eliminations
(1.3
)
 
(0.7
)
 
(0.8
)
 
(0.5
)
 
(0.5
)
 
62.5

            Total
181.1

 
100.0

 
155.5

 
100.0

 
25.6

 
16.5

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
62.0

 
46.9

 
58.1

 
45.3

 
3.9

 
6.7

      FASI
10.9

 
29.5

 
7.8

 
27.9

 
3.1

 
39.7

      TQI
7.3

 
54.9

 
—

 
—

 
7.3

 
100.0

      Intercompany eliminations
(1.0
)
 
76.9

 
(0.7
)
 
87.5

 
(0.3
)
 
42.9

            Total
79.2

 
43.7

 
65.2

 
41.9

 
14.0

 
21.5

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
27.4

 
20.7

 
27.7

 
21.6

 
(0.3
)
 
(1.1
)
      FASI
12.6

 
34.1

 
9.9

 
35.5

 
2.7

 
27.3

      TQI
1.9

 
14.3

 
—

 
—

 
1.9

 
100.0

            Total
41.9

 
23.2

 
37.6

 
24.2

 
4.3

 
11.4

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
5.4

 
4.1

 
5.2

 
4.1

 
0.2

 
3.8

      FASI
3.0

 
8.1

 
2.0

 
7.2

 
1.0

 
50.0

      TQI
—

 
—

 
—

 
—

 
—

 
—

            Total
8.4

 
4.6

 
7.2

 
4.6

 
1.2

 
16.7

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
4.1

 
3.1

 
3.9

 
3.0

 
0.2

 
5.1

      FASI
1.3

 
3.5

 
1.2

 
4.3

 
0.1

 
8.3

      TQI
0.8

 
6.0

 
—

 
—

 
0.8

 
100.0

            Total
6.2

 
3.4

 
5.1

 
3.3

 
1.1

 
21.6

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
2.3

 
1.7

 
2.5

 
1.9

 
(0.2
)
 
(8.0
)
      FASI
1.0

 
2.7

 
0.7

 
2.5

 
0.3

 
42.9

      TQI
0.2

 
1.5

 
—

 
—

 
0.2

 
100.0

            Total
3.5

 
1.9

 
3.2

 
2.1

 
0.3

 
9.4

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
1.0

 
0.8

 
1.0

 
0.8

 
—

 
—

      FASI
2.2

 
5.9

 
1.7

 
6.1

 
0.5

 
29.4

      TQI
1.4

 
10.5

 
—

 
—

 
1.4

 
100.0

            Total
4.6

 
2.6

 
2.7

 
1.7

 
1.9

 
70.4

 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
10.1

 
7.7

 
8.4

 
6.5

 
1.7

 
20.2

      FASI
4.3

 
11.6

 
2.2

 
7.9

 
2.1

 
95.5

      TQI
—

 
—

 
—

 
—

 
—

 
—

      Intercompany eliminations
(0.3
)
 
23.1

 
(0.1
)
 
12.5

 
(0.2
)
 
200.0

            Total
14.1

 
7.8

 
10.5

 
6.8

 
3.6

 
34.3

 
 
 
 
 
 
 
 
 
 
 
 
Income from operations
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
19.8

 
15.0

 
21.6

 
16.8

 
(1.8
)
 
(8.3
)
      FASI
1.7

 
4.6

 
2.4

 
8.6

 
(0.7
)
 
(29.2
)
      TQI
1.7

 
12.8

 
—

 
—

 
1.7

 
100.0

            Total
$
23.2

 
12.8
 %
 
$
24.0

 
15.4
 %
 
$
(0.8
)
 
(3.3
)%



8


Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
 
 
Year ended
 
December 31, 2013
 
Percent of
 
December 31, 2012
 
Percent of
 
 
 
Percent
 
 
Revenue
 
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
$
501.1

 
76.8
 %
 
$
501.7

 
85.9
 %
 
$
(0.6
)
 
(0.1
)%
      FASI
113.4

 
17.4

 
85.0

 
14.5

 
28.4

 
33.4

      TQI
41.8

 
6.4

 
—

 
—

 
41.8

 
100.0

      Intercompany eliminations
(3.8
)
 
(0.6
)
 
(2.3
)
 
(0.4
)
 
(1.5
)
 
65.2

            Total
652.5

 
100.0

 
584.4

 
100.0

 
68.1

 
11.7

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
230.9

 
46.1

 
231.4

 
46.1

 
(0.5
)
 
(0.2
)
      FASI
34.5

 
30.4

 
23.3

 
27.4

 
11.2

 
48.1

      TQI
23.2

 
55.5

 
—

 
—

 
23.2

 
100.0

      Intercompany eliminations
(2.9
)
 
76.3

 
(2.0
)
 
87.0

 
(0.9
)
 
45.0

            Total
285.7

 
43.8

 
252.7

 
43.3

 
33.0

 
13.1

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
105.4

 
21.0

 
103.1

 
20.6

 
2.3

 
2.2

      FASI
39.3

 
34.7

 
31.9

 
37.5

 
7.4

 
23.2

      TQI
6.4

 
15.3

 
—

 
—

 
6.4

 
100.0

            Total
151.1

 
23.2

 
135.0

 
23.1

 
16.1

 
11.9

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
20.2

 
4.0

 
20.4

 
4.1

 
(0.2
)
 
(1.0
)
      FASI
9.0

 
7.9

 
7.6

 
9.0

 
1.4

 
18.4

      TQI
0.1

 
0.2

 
—

 
—

 
0.1

 
100.0

            Total
29.3

 
4.5

 
28.0

 
4.8

 
1.3

 
4.6

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
16.2

 
3.2

 
16.4

 
3.3

 
(0.2
)
 
(1.2
)
      FASI
5.0

 
4.4

 
4.7

 
5.5

 
0.3

 
6.4

      TQI
2.4

 
5.8

 
—

 
—

 
2.4

 
100.0

            Total
23.6

 
3.6

 
21.1

 
3.6

 
2.5

 
11.8

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
8.7

 
1.8

 
8.9

 
1.8

 
(0.2
)
 
(2.2
)
      FASI
3.3

 
2.9

 
2.4

 
2.8

 
0.9

 
37.5

      TQI
0.5

 
1.2

 
—

 
—

 
0.5

 
100.0

            Total
12.5

 
1.9

 
11.3

 
1.9

 
1.2

 
10.6

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
4.0

 
0.8

 
4.2

 
0.8

 
(0.2
)
 
(4.8
)
      FASI
7.0

 
6.2

 
5.8

 
6.8

 
1.2

 
20.7

      TQI
4.2

 
10.1

 
—

 
—

 
4.2

 
100.0

            Total
15.2

 
2.3

 
10.0

 
1.7

 
5.2

 
52.0

 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
37.0

 
7.4

 
35.8

 
7.1

 
1.2

 
3.4

      FASI
13.2

 
11.6

 
7.3

 
8.6

 
5.9

 
80.8

      TQI
1.4

 
3.3

 
—

 
—

 
1.4

 
100.0

      Intercompany eliminations
(0.9
)
 
23.7

 
(0.3
)
 
13.0

 
(0.6
)
 
200.0

            Total
50.7

 
7.8

 
42.8

 
7.3

 
7.9

 
18.5

 
 
 
 
 
 
 
 
 
 
 
 
Income from operations
 
 
 
 
 
 
 
 
 
 
 
      Forward Air
78.7

 
15.7

 
81.5

 
16.2

 
(2.8
)
 
(3.4
)
      FASI
2.1

 
1.9

 
2.0

 
2.4

 
0.1

 
5.0

      TQI
3.6

 
8.6

 
—

 
—

 
3.6

 
100.0

            Total
$
84.4

 
12.9
 %
 
$
83.5

 
14.3
 %
 
$
0.9

 
1.1
 %



9


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
December 31,
 
Percent
 
2013
 
2012
 
Change
 
 
 
 
 
 
Operating ratio
85.0
%
 
83.2
%
 
2.2
 %
 
 
 
 
 
 
Business days
64.0

 
64.0

 
—

Business weeks
12.8

 
12.8

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
482,861

 
456,007

 
5.9

    Average weekly pounds ¹
37,724

 
35,626

 
5.9

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
716,672

 
727,274

 
(1.5
)
    Average weekly
55,990

 
56,818

 
(1.5
)
 
 
 
 
 
 
Forward Air Complete shipments
122,735

 
135,680

 
(9.5
)
As a percentage of linehaul shipments
17.1
%
 
18.7
%
 
(8.6
)
 
 
 
 
 
 
Average linehaul shipment size
674

 
627

 
7.5

 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.00

 
$
17.41

 
(1.9
)
    Fuel surcharge impact
1.75

 
1.95

 
(0.9
)
    Forward Air Complete impact
2.80

 
2.74

 
0.3

Total airport-to-airport yield
$
21.55

 
$
22.10

 
(2.5
)
 
 
 
 
 
 
 
 
 
 
 
 
Logistics:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
8,001

 
8,501

 
(5.9
)
    Third party ¹
4,253

 
4,152

 
2.4

Total Miles
12,254

 
12,653

 
(3.2
)
 
 
 
 
 
 
Revenue per mile
$
1.69

 
$
1.65

 
2.4

 
 
 
 
 
 
Cost per mile
$
1.27

 
$
1.22

 
4.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In cents per pound; percentage change is expressed as a percent of total yield.




10


Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Year ended
 
December 31,
 
December 31,
 
Percent
 
2013
 
2012
 
Change
 
 
 
 
 
 
Operating ratio
84.3
%
 
83.8
%
 
0.6
 %
 
 
 
 
 
 
Business days
255.0

 
255.0

 
—

Business weeks
51.0

 
51.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
1,803,243

 
1,778,397

 
1.4

    Average weekly pounds ¹
35,358

 
34,871

 
1.4

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
2,755,271

 
2,791,597

 
(1.3
)
    Average weekly
54,025

 
54,737

 
(1.3
)
 
 
 
 
 
 
Forward Air Complete shipments
476,005

 
645,207

 
(26.2
)
As a percentage of linehaul shipments
17.3
%
 
23.1
%
 
(25.1
)
 
 
 
 
 
 
Average linehaul shipment size
654

 
637

 
2.7

 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.06

 
$
17.13

 
(0.3
)
    Fuel surcharge impact
1.87

 
1.90

 
(0.2
)
    Forward Air Complete impact
2.88

 
2.97

 
(0.4
)
Total airport-to-airport yield
$
21.81

 
$
22.00

 
(0.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Logistics:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
34,401

 
35,091

 
(2.0
)
    Third party ¹
14,916

 
16,162

 
(7.7
)
Total Miles
49,317

 
51,253

 
(3.8
)
 
 
 
 
 
 
Revenue per mile
$
1.63

 
$
1.64

 
(0.6
)
 
 
 
 
 
 
Cost per mile
$
1.21

 
$
1.24

 
(2.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In cents per pound; percentage change is expressed as a percent of total yield.




11


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



12
 EX-99.2 3 exhibit992q42013fahistoric.htm EXHIBIT 99.2 Exhibit 99.2 Q4 2013 FA Historical Operating Stats


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
September 30
December 31
Average
 
 
 
 
 
 
Forward Air, Inc.
 
 
 
 
 
Average linehaul pounds per week (1)
 
 
 
 
 
   (in thousands)
32,215

35,326

36,117

37,724

35,358

Number of terminals - Company-operated
66

66

66

66

66

Number of terminals - agent
22

22

22

22

22

Number of terminals - total
88

88

88

88

88

Average tractors - Company
210

211

203

203

207

Average leased tractors - Company
2

1

1

1

1

Average leased straight trucks - Company
1

1

—

—

1

Average tractors - owner-operator
945

961

964

959

957

Average tractors - total
1,158

1,174

1,168

1,163

1,166

Average trailers
2,882

3,021

3,030

3,019

2,988

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

19

19

19

19

Number of terminals - agent
5

5

5

5

5

Number of terminals - total
24

24

24

24

24

Average tractors - Company
45

58

62

61

57

Average leased tractors - Company
4

2

11

11

7

Average straight trucks & vans - Company
107

139

139

134

130

Average leased straight trucks - Company
34

33

24

24

29

Average tractors - owner-operator
83

84

89

92

87

Average straight trucks & vans - owner-operator
59

65

67

72

66

Average tractors - total
332

381

392

394

376

Average trailers
25

125

126

126

101

 
 
 
 
 
 
Total Quality, Inc.
 
 
 
 
 
Average tractors - Company
61

61

66

67

64

Average tractors - owner-operator
3

10

15

16

11

Average tractors - total
64

71

81

83

75

Average trailers
68

77

92

92

82

 
 
 
 
 
 
(1) Includes pounds associated with linehaul shipments only.
 
 
 



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