0000912728-14-000011.txt : 20140421 0000912728-14-000011.hdr.sgml : 20140421 20140421160838 ACCESSION NUMBER: 0000912728-14-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140421 DATE AS OF CHANGE: 20140421 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: 14773986 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-kq12014earningsrelea.htm 8-K Form 8-K Q1 2014 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): April 21, 2014 (April 21, 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 April 21, 2014, announcing the financial results of Forward Air Corporation for the first quarter and three months ended March 31, 2014.

Also, attached as Exhibit 99.2 are certain historical operating statistics for each quarter ended from March 31, 2012 through March 31, 2014.

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 April 21, 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: April 21, 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 April 21, 2014

No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics



 EX-99.1 2 exhibit991q12014pressrelea.htm EXHIBIT 99.1 Exhibit 99.1 Q1 2014 Press Release


NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
FIRST QUARTER 2014 RESULTS

GREENEVILLE, Tenn.- (BUSINESS WIRE) - April 21, 2014 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, operating income, net income and diluted earnings per share for the three months ended March 31, 2014.

Operating revenue for the quarter ended March 31, 2014 increased 21.2% to $171.6 million from $141.6 million for the same quarter in 2013. Income from operations was $16.3 million, compared with $15.8 million in the prior-year quarter. As a percent of operating revenue, income from operations was 9.5%, compared with 11.2% in the same quarter last year. Net income during the period was $10.2 million compared to $10.9 million in the prior-year quarter. Income per diluted share for the first quarter of 2014 was $0.33 compared with $0.36 in the prior-year quarter.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the first quarter said, “In spite of the higher operating costs that resulted from the unprecedented winter weather we experienced most of the first quarter, we performed relatively well. With winter now behind us, we feel very positive about how we have positioned each of our operating segments for the balance of the year.”

Starting with our Forward Air, Inc. (FAI) business segment, Mr. Campbell said, “Our core airport-to-airport business has continued to see good volume growth and, with the impact of our March general rate increase, our improved yield should be a positive contributor going forward. Our FAI results also include the results of Central States Trucking Company (CST) which we acquired in early February. CST had approximately $0.9 million of operating income for the quarter which was essentially offset by deal related costs resulting in a neutral impact on its profitability for the quarter.”

Commenting on the Forward Air Solutions (“Solutions”) segment, Mr. Campbell said, “On the strength of a first quarter general rate increase, higher year-over-year volumes and better overall operating discipline, Solutions turned a $0.8 million loss in first quarter of 2013 into a break-even this year. We anticipate that Solutions will be profitable for the second quarter as well as balance of the year.”

Moving to the Total Quality, Inc. (TQI) business segment, Mr. Campbell said, “The benefits from the recently implemented new operating system were partially muted by weather-related difficulties. We were encouraged by the 90% operating ratio that TQI delivered in March and believe that it is more indicative of our expected results for the balance of 2014.”

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. Given the adversities presented by inclement weather, they all did a fantastic job providing safe and reliable service.”

Commenting on the Company's guidance for the second quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate that our second quarter 2014 revenues will increase in the range of 22% to 27% over the comparable 2013 period. Included in that range of revenue growth is the approximately 12% growth that is a result of the purchase of CST. We expect income per diluted share to be between $0.53 and $0.57 per share. This compares to $0.45 per share in the second quarter of 2013.”






Review of Financial Results

Forward Air will hold a conference call to discuss first quarter 2014 results on Tuesday, April 22, 2014 at 9:00 a.m. EDT. The Company's conference call will be available online at www.forwardair.com or by dialing (800) 230-1085. 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 leading provider of time-definite surface transportation and related logistics services to the North American expedited ground freight market. We offer our customers local pick-up and delivery (Forward Air Complete™) and scheduled surface transportation of cargo as a cost-effective, reliable alternative to air transportation. We transport 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. We also offer our customers an array of logistics and other services including: expedited full truckload (“TLX”); intermodal/drayage (Central States Trucking, Inc.); dedicated fleets; warehousing; customs brokerage; and shipment consolidation, deconsolidation and handling.
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.





Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
Three months ended
 
March 31,
2014
 
March 31,
2013
Operating revenue
$
171,569

 
$
141,560

 
 
 
 
Operating expenses:
 

 
 

Purchased transportation
73,551

 
60,999

Salaries, wages and employee benefits
41,422

 
33,952

Operating leases
8,351

 
7,044

Depreciation and amortization
7,013

 
5,186

Insurance and claims
4,127

 
2,660

Fuel expense
4,806

 
3,008

Other operating expenses
16,028

 
12,921

Total operating expenses
155,298

 
125,770

Income from operations
16,271

 
15,790

 
 
 
 
Other income (expense):
 

 
 

Interest expense
(82
)
 
(128
)
Other, net
86

 
32

Total other expense
4

 
(96
)
Income before income taxes
16,275

 
15,694

Income taxes
6,073

 
4,839

Net income and comprehensive income
$
10,202

 
$
10,855

 
 
 
 
Net income per share:
 

 
 

Basic
$
0.33

 
$
0.37

Diluted
$
0.33

 
$
0.36

Weighted average shares outstanding:
 

 
 

Basic
30,732

 
29,511

Diluted
31,314

 
30,264

 
 
 
 
Dividends per share:
$
0.12

 
$
0.10






Forward Air Corporation
Components of Consolidated Revenue and Purchased Transportation
(In thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Three months ended
 
March 31,
Percent of
 
March 31,
Percent of
 
 
Percent
 
2014
Revenue
 
2013
Revenue
 
Change
Change
Operating Revenue
 
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
 
      Airport-to-airport
$
97,735

72.8
 %
 
$
90,588

78.0
 %
 
$
7,147

7.9
 %
      Logistics services
 
 
 
 
 
 
 
 
Expedited full truckload - TLX
17,461

13.0

 
17,500

15.1

 
(39
)
(0.2
)
Intermodal/drayage
9,397

7.0

 
1,457

1.3

 
7,940

545.0

Other logistics
110

0.1

 
282

0.2

 
(172
)
(61.0
)
Total Logistics services
26,968

20.1

 
19,239

16.6

 
7,729

40.2

      Other Forward Air services
9,483

7.1

 
6,281

5.4

 
3,202

51.0

Forward Air - Total revenue
134,186

78.2

 
116,108

82.0

 
18,078

15.6

TQI - Pharmaceutical services
11,061

6.5

 
3,918

2.8

 
7,143

182.3

Forward Air Solutions - Pool distribution
27,322

15.9

 
22,254

15.7

 
5,068

22.8

Intersegment eliminations
(1,000
)
(0.6
)
 
(720
)
(0.5
)
 
(280
)
38.9

Consolidated operating revenue
$
171,569

100.0
 %
 
$
141,560

100.0
 %
 
$
30,009

21.2
 %
 
 
 
 
 
 
 
 
 
 
Three months ended
 
March 31,
Percent of
 
March 31,
Percent of
 
 
Percent
 
2014
Revenue
 
2013
Revenue
 
Change
Change
Purchased Transportation
 
 
 
 
 
 
 
 
Forward Air
 
 
 
 
 
 
 
 
      Airport-to-airport
$
40,749

41.7
 %
 
$
36,685

40.5
 %
 
$
4,064

11.1
 %
      Logistics services
 
 
 
 
 
 
 
 
Expedited full truckload - TLX
13,675

78.3

 
13,218

75.5

 
457

3.5

Intermodal/drayage
3,820

40.7

 
841

57.7

 
2,979

354.2

Other logistics
44

40.0

 
76

27.0

 
(32
)
(42.1
)
Total Logistics services
17,539

65.0

 
14,135

73.5

 
3,404

24.1

      Other Forward Air services
2,495

26.3

 
1,740

27.7

 
755

43.4

Forward Air - Total purchased transportation
60,783

45.3

 
52,560

45.3

 
8,223

15.6

TQI - Pharmaceutical services
5,450

49.3

 
2,225

56.8

 
3,225

144.9

Forward Air Solutions - Pool distribution
8,124

29.7

 
6,787

30.5

 
1,337

19.7

Intersegment eliminations
(806
)
80.6

 
(573
)
79.6

 
(233
)
40.7

Consolidated purchased transportation
$
73,551

42.9
 %
 
$
60,999

43.1
 %
 
$
12,552

20.6
 %





Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
March 31,
2014
 
December 31, 2013 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
41,044

 
$
127,367

Accounts receivable, net
93,651

 
76,500

Other current assets
10,430

 
16,493

Total current assets
145,125

 
220,360

 
 
 
 
Property and equipment
292,364

 
271,050

Less accumulated depreciation and amortization
121,135

 
116,287

Net property and equipment
171,229

 
154,763

Goodwill and other acquired intangibles:
 

 
 

Goodwill
131,217

 
88,496

Other acquired intangibles, net of accumulated amortization
84,456

 
40,110

Total net goodwill and other acquired intangibles
215,673

 
128,606

Other assets
2,540

 
2,540

Total assets
$
534,567

 
$
506,269

 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
22,164

 
$
16,267

Accrued expenses
21,529

 
18,275

Current portion of debt and capital lease obligations
318

 
69

Total current liabilities
44,011

 
34,611

 
 
 
 
Debt and capital lease obligations, less current portion
1,477

 
3

Other long-term liabilities
8,292

 
8,940

Deferred income taxes
27,405

 
26,850

 
 

 
 

Shareholders’ equity:
 

 
 

Common stock
310

 
305

Additional paid-in capital
119,852

 
107,726

Retained earnings
333,220

 
327,834

Total shareholders’ equity
453,382

 
435,865

Total liabilities and shareholders’ equity
$
534,567

 
$
506,269

 
 
 
 
(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

March 31,
2014

March 31, 2013
Operating activities:



Net income
$
10,202


$
10,855

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





Depreciation and amortization
7,013


5,186

Share-based compensation
1,652


1,557

Gain on disposal of property and equipment
16


85

Provision for loss on receivables
42


301

Provision for revenue adjustments
641


499

Deferred income tax
132


850

Excess tax benefit for stock options exercised
(637
)

(2,238
)
Changes in operating assets and liabilities





Accounts receivable
(8,493
)

2,011

Prepaid expenses and other current assets
7,048


(730
)
Accounts payable and accrued expenses
2,416


2,228

Net cash provided by operating activities
20,032


20,604







Investing activities:





Proceeds from disposal of property and equipment
79


164

Purchases of property and equipment
(19,548
)

(12,182
)
Acquisition of business, net of cash acquired
(82,998
)

(45,219
)
Other
(60
)

(56
)
Net cash used in investing activities
(102,527
)

(57,293
)






Financing activities:





Payments of debt and capital lease obligations
(9,491
)

(20,228
)
Proceeds from exercise of stock options
9,840


17,960

Payments of cash dividends
(3,733
)

(2,967
)
Cash settlement of share-based awards for minimum tax withholdings
(1,081
)

(866
)
Excess tax benefit for stock options exercised
637


2,238

Net cash used in financing activities
(3,828
)

(3,863
)
Net decrease in cash
(86,323
)

(40,552
)
Cash at beginning of period
127,367


112,182

Cash at end of period
$
41,044


$
71,630






Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
Three months ended
 
March 31,
 
Percent of
 
March 31,
 
Percent of
 
 
 
Percent
 
2014
 
Revenue
 
2013
 
Revenue
 
Change
 
Change
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Forward Air
$
134.2

 
78.2
 %
 
$
116.1

 
82.0
 %
 
$
18.1

 
15.6
 %
FASI
27.3

 
15.9

 
22.3

 
15.7

 
5.0

 
22.4

TQI
11.1

 
6.5

 
3.9

 
2.8

 
7.2

 
184.6

Intercompany eliminations
(1.0
)
 
(0.6
)
 
(0.7
)
 
(0.5
)
 
(0.3
)
 
42.9

            Total
171.6

 
100.0

 
141.6

 
100.0

 
30.0

 
21.2

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
 
 
 
 
 
 
 
 
 
 
 
Forward Air
60.8

 
45.3

 
52.6

 
45.3

 
8.2

 
15.6

FASI
8.1

 
29.7

 
6.8

 
30.5

 
1.3

 
19.1

TQI
5.5

 
49.6

 
2.2

 
56.4

 
3.3

 
150.0

Intercompany eliminations
(0.8
)
 
80.0

 
(0.6
)
 
85.7

 
(0.2
)
 
33.3

            Total
73.6

 
42.9

 
61.0

 
43.1

 
12.6

 
20.7

 
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and employee benefits
 
 
 
 
 
 
 
 
 
 
 
Forward Air
30.2

 
22.5

 
25.1

 
21.6

 
5.1

 
20.3

FASI
9.3

 
34.1

 
8.2

 
36.8

 
1.1

 
13.4

TQI
1.9

 
17.1

 
0.6

 
15.4

 
1.3

 
216.7

            Total
41.4

 
24.1

 
33.9

 
23.9

 
7.5

 
22.1

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
 
 
 
 
 
 
 
 
 
Forward Air
5.8

 
4.3

 
5.1

 
4.4

 
0.7

 
13.7

FASI
2.5

 
9.1

 
2.0

 
9.0

 
0.5

 
25.0

TQI
—

 
—

 
—

 
—

 
—

 
—

            Total
8.3

 
4.8

 
7.1

 
5.0

 
1.2

 
16.9

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
 
 
 
Forward Air
4.9

 
3.7

 
3.8

 
3.3

 
1.1

 
28.9

FASI
1.3

 
4.8

 
1.2

 
5.4

 
0.1

 
8.3

TQI
0.8

 
7.2

 
0.2

 
5.1

 
0.6

 
300.0

            Total
7.0

 
4.1

 
5.2

 
3.7

 
1.8

 
34.6

 
 
 
 
 
 
 
 
 
 
 
 
Insurance and claims
 
 
 
 
 
 
 
 
 
 
 
Forward Air
3.1

 
2.3

 
1.9

 
1.6

 
1.2

 
63.2

FASI
0.8

 
2.9

 
0.7

 
3.1

 
0.1

 
14.3

TQI
0.2

 
1.8

 
0.1

 
2.6

 
0.1

 
100.0

            Total
4.1

 
2.4

 
2.7

 
1.9

 
1.4

 
51.9

 
 
 
 
 
 
 
 
 
 
 
 
Fuel expense
 
 
 
 
 
 
 
 
 
 
 
Forward Air
1.9

 
1.4

 
1.0

 
0.9

 
0.9

 
90.0

FASI
1.7

 
6.2

 
1.6

 
7.2

 
0.1

 
6.3

TQI
1.2

 
10.8

 
0.4

 
10.3

 
0.8

 
200.0

            Total
4.8

 
2.8

 
3.0

 
2.1

 
1.8

 
60.0

 
 
 
 
 
 
 
 
 
 
 
 
Other operating expenses
 
 
 
 
 
 
 
 
 
 
 
Forward Air
12.1

 
9.0

 
10.2

 
8.8

 
1.9

 
18.6

FASI
3.6

 
13.2

 
2.6

 
11.6

 
1.0

 
38.5

TQI
0.6

 
5.4

 
0.2

 
5.1

 
0.4

 
200.0

Intercompany eliminations
(0.2
)
 
20.0

 
(0.1
)
 
14.3

 
(0.1
)
 
100.0

            Total
16.1

 
9.4

 
12.9

 
9.1

 
3.2

 
24.8

 
 
 
 
 
 
 
 
 
 
 
 
Income from operations
 
 
 
 
 
 
 
 
 
 
 
Forward Air
15.4

 
11.5

 
16.4

 
14.1

 
(1.0
)
 
(6.1
)
FASI
—

 
—

 
(0.8
)
 
(3.6
)
 
0.8

 
(100.0
)
TQI
0.9

 
8.1

 
0.2

 
5.1

 
0.7

 
350.0

            Total
$
16.3

 
9.5
 %
 
$
15.8

 
11.2
 %
 
$
0.5

 
3.2
 %





Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
March 31,
 
March 31,
 
Percent
 
2014
 
2013
 
Change
 
 
 
 
 
 
Operating ratio
88.5
%
 
85.9
%
 
3.0
 %
 
 
 
 
 
 
Business days
63.0

 
63.0

 
—

Business weeks
12.6

 
12.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
441,715

 
405,914

 
8.8

    Average weekly pounds ¹
35,057

 
32,215

 
8.8

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
662,480

 
635,665

 
4.2

    Average weekly
52,578

 
50,450

 
4.2

 
 
 
 
 
 
Forward Air Complete shipments
107,574

 
114,085

 
(5.7
)
As a percentage of linehaul shipments
16.2
%
 
17.9
%
 
(9.5
)
 
 
 
 
 
 
Average linehaul shipment size
667

 
639

 
4.4

 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.31

 
$
17.33

 
(0.1
)
    Fuel surcharge impact
2.03

 
2.05

 
(0.1
)
    Forward Air Complete impact
2.79

 
2.94

 
(0.7
)
Total airport-to-airport yield
$
22.13

 
$
22.32

 
(0.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Expedited full truckload - TLX:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
6,968

 
8,337

 
(16.4
)
    Third party ¹
4,082

 
3,520

 
16.0

Total Miles
11,050

 
11,857

 
(6.8
)
 
 
 
 
 
 
Revenue per mile
$
1.58

 
$
1.48

 
6.8

 
 
 
 
 
 
Cost per mile
$
1.24

 
$
1.11

 
11.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In cents per pound; percentage change is expressed as a percent of total yield.





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




 EX-99.2 3 exhibit992q12014fahistoric.htm EXHIBIT 99.2 Exhibit 99.2 Q1 2014 FA Historical Operating Stat


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.
 
 
 





Forward Air Corporation
 
Historical Operating Data - Unaudited
 
 
 
 
2014
 
March 31
 
 
Forward Air, Inc.
 
Average linehaul pounds per week (1)
 
   (in thousands)
35,057

Number of terminals - Company-operated
66

Number of terminals - agent
22

Number of terminals - total
88

Average tractors - Company
230

Average leased tractors - Company
1

Average leased straight trucks - Company
1

Average tractors - owner-operator
928

Average tractors - total
1,160

Average trailers
3,114

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

Number of terminals - agent
5

Number of terminals - total
24

Average tractors - Company
57

Average leased tractors - Company
2

Average straight trucks & vans - Company
162

Average leased straight trucks - Company
21

Average tractors - owner-operator
88

Average straight trucks & vans - owner-operator
74

Average tractors - total
404

Average trailers
126

 
 
Total Quality, Inc.
 
Average tractors - Company
77

Average tractors - owner-operator
19

Average tractors - total
96

Average trailers
92

 
 
(1) Includes pounds associated with linehaul shipments only.
 



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