EX-99.1 2 exhibit991q22018pressrelea.htm FORWARD AIR CORP EXHIBIT 99.1 Q2 2018 Exhibit


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NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
SECOND QUARTER 2018 RESULTS AND
QUARTERLY CASH DIVIDEND

GREENEVILLE, Tenn.- (BUSINESS WIRE) - July 25, 2018 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the three and six months ended June 30, 2018.

Operating revenue for the quarter ended June 30, 2018 increased 16.4% to $330.3 million from $283.9 million for the same quarter in 2017. Income from operations was $32.9 million, compared to $30.0 million in the prior year quarter. Net income during the period was $24.3 million compared to $19.7 million in the second quarter of 2017. Net income per diluted share for the second quarter of 2018 was $0.82 compared to $0.65 in the prior year quarter.

Bruce A. Campbell, President, and CEO, commenting on second quarter results said, “Our second quarter results were ahead of our guidance. Expedited LTL drove strong volume growth amid a tight Truckload market to deliver solid performance despite a higher use of brokered transportation. Truckload Premium Services overcame its higher use of brokered transportation to restore its profitability. Our Intermodal group delivered broad-based growth that extended beyond its recently completed acquisitions. Pool Distribution drove strong revenue growth that is expected to increase profitability in the second half of the year.”

Commenting on the Company’s third quarter 2018 guidance, Michael J. Morris, Senior Vice President and CFO, said, “We expect third quarter year-on-year revenue growth to be 16% to 20%. This revenue outlook contemplates our 2018 implementation of ASC 606, Revenue from Contracts with Customers, which now requires that we report fuel surcharge revenue on a gross basis. As such, our growth outlook reflects a comparison to our third quarter 2017 revenue which reported fuel surcharge on a net basis. After adjusting this prior year period to reflect fuel surcharge revenue on a gross basis, we expect our year-on-year revenue growth to be 9% to 13%. We expect net income per diluted share to be between $0.77 and $0.81 in the third quarter of 2018, compared to $0.61 in the prior year quarter. The prior year earnings per share for the third quarter of 2017 increased $0.01 per diluted share from the originally reported $0.60 per diluted share following the implementation of ASC 606.”

On July 24, 2018, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable to shareholders of record at the close of business on August 23, 2018, and is expected to be paid on September 7, 2018.
This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.60 per share of common stock, payable in quarterly increments of $0.15 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.






Review of Financial Results

Forward Air will hold a conference call to discuss second quarter 2018 results on Thursday, July 26, 2018 at 9:00 a.m. EDT. The Company’s conference call will be available online at www.forwardaircorp.com or by dialing (800) 230-1059. A replay of the conference call will be available at www.forwardaircorp.com beginning shortly after the completion of the live call.

About Forward Air Corporation

Forward Air keeps your business moving forward by providing services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Premium Services (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). For more information, visit our website at www.forwardaircorp.com.

Financial Statement Presentation

Our results reflect the impact of the new revenue recognition standard, adopted under ASC 606, on a full retrospective basis, which required us to adjust each prior reporting period presented.










Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three months ended
 
Six months ended
 
June 30,
2018
 
June 30,
2017
 
June 30,
2018
 
June 30,
2017
 
 
 
(As Adjusted)
 
 
 
(As Adjusted)
Operating revenue:
 
 
 
 
 
 
 
Expedited LTL
$
192,891

 
$
160,472

 
$
362,835

 
$
309,237

Truckload Premium Services
48,947

 
50,451

 
95,040

 
97,538

Pool Distribution
43,305

 
37,756

 
85,976

 
76,558

Intermodal
49,162

 
37,240

 
97,731

 
66,147

Eliminations and other operations
(3,962
)
 
(2,043
)
 
(8,631
)
 
(3,559
)
Operating revenue
330,343

 
283,876

 
632,951

 
545,921

 
 
 
 
 
 
 
 
Operating expenses:
 

 
 

 
 

 
 

Purchased transportation
155,716

 
131,102

 
295,382

 
248,796

Salaries, wages and employee benefits
72,073

 
65,018

 
141,655

 
126,946

Operating leases
18,006

 
14,796

 
35,970

 
30,397

Depreciation and amortization
10,362

 
10,219

 
21,052

 
20,252

Insurance and claims
10,086

 
7,730

 
17,238

 
13,536

Fuel expense
5,598

 
3,671

 
11,152

 
7,351

Other operating expenses
25,632

 
21,344

 
53,397

 
44,905

Total operating expenses
297,473

 
253,880

 
575,846

 
492,183

Operating (loss) income:
 
 
 
 
 
 
 
Expedited LTL
26,526

 
23,047

 
47,298

 
41,975

Truckload Premium Services
1,717

 
1,855

 
1,674

 
3,610

Pool Distribution
1,589

 
1,625

 
2,960

 
2,991

Intermodal
5,543

 
3,209

 
9,012

 
5,763

Other operations
(2,505
)
 
260

 
(3,839
)
 
(601
)
Income from operations
32,870

 
29,996

 
57,105

 
53,738

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 

 
 

 
 

Interest expense
(483
)
 
(236
)
 
(854
)
 
(518
)
Other, net
(1
)
 
18

 
(1
)
 
(8
)
Total other income (expense)
(484
)
 
(218
)
 
(855
)
 
(526
)
Income before income taxes
32,386

 
29,778

 
56,250

 
53,212

Income tax expense
8,088

 
10,112

 
14,212

 
18,966

Net income and comprehensive income
$
24,298

 
$
19,666

 
$
42,038

 
$
34,246

 
 
 
 
 
 
 
 
Net income per share:
 

 
 

 
 

 
 

Basic
$
0.83

 
$
0.65

 
$
1.42

 
$
1.13

Diluted
$
0.82

 
$
0.65

 
$
1.42

 
$
1.13

 
 
 
 
 
 
 
 
Dividends per share:
$
0.15

 
$
0.15

 
$
0.30

 
$
0.30







Expedited LTL Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2018
 
Revenue
 
2017
 
Revenue
 
Change
 
Change
 
 
 
 
 
(As Adjusted)
 
 
 
 
 
 
Operating revenue
$
192.9

 
100.0
%
 
$
160.5

 
100.0
%
 
$
32.4

 
20.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
90.5

 
46.9

 
69.0

 
43.0

 
21.5

 
31.2

Salaries, wages and employee benefits
41.2

 
21.4

 
37.0

 
23.1

 
4.2

 
11.4

Operating leases
10.2

 
5.3

 
9.0

 
5.6

 
1.2

 
13.3

Depreciation and amortization
5.6

 
2.9

 
5.5

 
3.4

 
0.1

 
1.8

Insurance and claims
3.6

 
1.9

 
4.2

 
2.6

 
(0.6
)
 
(14.3
)
Fuel expense
1.6

 
0.8

 
0.9

 
0.6

 
0.7

 
77.8

Other operating expenses
13.7

 
7.1

 
11.8

 
7.3

 
1.9

 
16.1

Total operating expenses
166.4

 
86.3

 
137.4

 
85.6

 
29.0

 
21.1

Income from operations
$
26.5

 
13.7
%
 
$
23.1

 
14.4
%
 
$
3.4

 
14.7
 %
Expedited LTL Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
June 30,
 
June 30,
 
Percent
 
2018
 
2017
 
Change
 
 
 
(As Adjusted)
 
 
 
 
 
 
 
 
Business days
64

 
64

 
%
 
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
668,129

 
615,315

 
8.6

    Pounds per day ¹
10,440

 
9,614

 
8.6

 
 
 
 
 
 
Shipments
 
 
 
 
 
    Total shipments
1,094,886

 
1,011,934

 
8.2

    Shipments per day
17,108

 
15,811

 
8.2

    Total shipments with pickup and/or delivery
266,628

 
243,969

 
9.3

 
 
 
 
 
 
Revenue per hundredweight
$
25.83

 
$
23.69

 
9.0

Revenue per hundredweight, ex fuel
21.83

 
21.22

 
2.9

 
 
 
 
 
 
Revenue per shipment
158

 
144

 
9.7

Revenue per shipment, ex fuel
133

 
129

 
3.1

 
 
 
 
 
 
Weight per shipment
610

 
608

 
0.3
%
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 






Truckload Premium Services Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2018
 
Revenue
 
2017
 
Revenue
 
Change
 
Change
 
 
 
 
 
(As Adjusted)
 
 
 
 
 
 
Operating revenue
$
48.9

 
100.0
%
 
$
50.4

 
100.0
%
 
$
(1.5
)
 
(3.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:

 
 
 
 
 
 
 
 
 
 
Purchased transportation
37.0

 
75.7

 
37.9

 
75.2

 
(0.9
)
 
(2.4
)
Salaries, wages and employee benefits
4.6

 
9.4

 
5.0

 
9.9

 
(0.4
)
 
(8.0
)
Operating leases
0.1

 
0.2

 
0.1

 
0.2

 

 

Depreciation and amortization
1.6

 
3.3

 
1.6

 
3.2

 

 

Insurance and claims
0.9

 
1.8

 
1.3

 
2.6

 
(0.4
)
 
(30.8
)
Fuel expense
0.8

 
1.6

 
0.7

 
1.4

 
0.1

 
14.3

Other operating expenses
2.2

 
4.5

 
2.0

 
3.9

 
0.2

 
10.0

Total operating expenses
47.2

 
96.5

 
48.6

 
96.4

 
(1.4
)
 
(2.9
)
Income from operations
$
1.7

 
3.5
%
 
$
1.8

 
3.6
%
 
$
(0.1
)
 
(5.6
)%

Truckload Premium Services Operating Statistics
 
 
 
Three months ended
 
June 30,
 
June 30,
 
Percent
 
2018
 
2017
 
Change
 
 
 
(As Adjusted)
 
 






Total Miles ¹
20,136


24,450


(17.6
)%
Empty Miles Percentage
9.3
%

10.0
%

(7.0
)
Tractors (avg)
321


409


(21.5
)
Miles per tractor per week 2
2,284


2,740


(16.6
)






Revenue per mile
$
2.32


$
2.00


16.0

Cost per mile
$
1.86


$
1.61


15.5
 %






¹ - In thousands





2 - Calculated using Company driver and owner operator miles






Pool Distribution Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2018
 
Revenue
 
2017
 
Revenue
 
Change
 
Change
 
 
 
 
 
(As Adjusted)
 
 
 
 
 
 
Operating revenue
$
43.3

 
100.0
%
 
$
37.8

 
100.0
%
 
$
5.5

 
14.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
12.4

 
28.6

 
10.6

 
28.0

 
1.8

 
17.0

Salaries, wages and employee benefits
15.9

 
36.7

 
14.0

 
37.1

 
1.9

 
13.6

Operating leases
3.8

 
8.8

 
3.1

 
8.2

 
0.7

 
22.6

Depreciation and amortization
1.7

 
3.9

 
1.6

 
4.2

 
0.1

 
6.3

Insurance and claims
1.0

 
2.3

 
1.1

 
2.9

 
(0.1
)
 
(9.1
)
Fuel expense
1.6

 
3.7

 
1.2

 
3.2

 
0.4

 
33.3

Other operating expenses
5.3

 
12.3

 
4.6

 
12.2

 
0.7

 
15.2

Total operating expenses
41.7

 
96.3

 
36.2

 
95.8

 
5.5

 
15.2

Income from operations
$
1.6

 
3.7
%
 
$
1.6

 
4.2
%
 
$

 
 %

Pool Operating Statistics
 
 
 
Three months ended
 
June 30,
 
June 30,
 
Percent
 
2018
 
2017
 
Change
 
 
 
(As Adjusted)
 
 
 
 
 
 
 
 
Cartons¹
20,101

 
18,078

 
11.2
%
Revenue per Carton
$
2.15

 
$
2.09

 
2.9
%
Terminals
28

 
28

 
%
 
 
 
 
 
 
¹ In thousands
 
 
 
 
 






Intermodal Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
June 30,
 
Percent of
 
June 30,
 
Percent of
 
 
 
Percent
 
2018
 
Revenue
 
2017
 
Revenue
 
Change
 
Change
 
 
 
 
 
(As Adjusted)
 
 
 
 
 
 
Operating revenue
$
49.2

 
100.0
%
 
$
37.2

 
100.0
%
 
$
12.0

 
32.3
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:

 
 
 
 
 
 
 
 
 
 
Purchased transportation
19.4

 
39.4

 
15.3

 
41.1

 
4.1

 
26.8

Salaries, wages and employee benefits
10.5

 
21.3

 
8.6

 
23.1

 
1.9

 
22.1

Operating leases
3.9

 
7.9

 
3.1

 
8.4

 
0.8

 
25.8

Depreciation and amortization
1.5

 
3.1

 
1.5

 
4.0

 

 

Insurance and claims
1.4

 
2.8

 
1.3

 
3.5

 
0.1

 
7.7

Fuel expense
1.7

 
3.5

 
0.9

 
2.4

 
0.8

 
88.9

Other operating expenses
5.2

 
10.6

 
3.3

 
8.9

 
1.9

 
57.6

Total operating expenses
43.6

 
88.6

 
34.0

 
91.4

 
9.6

 
28.2

Income from operations
$
5.6

 
11.4
%
 
$
3.2

 
8.6
%
 
$
2.4

 
75.0
%

Intermodal Operating Statistics
 
 
 
Three months ended
 
June 30,
 
June 30,
 
Percent
 
2018
 
2017
 
Change
 
 
 
(As Adjusted)
 
 
 
 
 
 
 
 
Drayage shipments
74,021

 
57,591

 
28.5
%
Drayage revenue per Shipment
$
565

 
$
535

 
5.6
%
Number of Locations
19

 
19

 
%






Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
June 30,
2018
 
December 31, 2017
 
 
 
(As Adjusted)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
20,102

 
$
3,893

Accounts receivable, net
152,393

 
147,948

Other current assets
21,010

 
15,807

Total current assets
193,505

 
167,648

 
 
 
 
Property and equipment
401,507

 
399,235

Less accumulated depreciation and amortization
197,264

 
193,123

Net property and equipment
204,243

 
206,112

Goodwill and other acquired intangibles:
 

 
 

Goodwill
191,671

 
191,671

Other acquired intangibles, net of accumulated amortization
106,741

 
111,247

Total goodwill and other acquired intangibles, net
298,412

 
302,918

Other assets
15,132

 
15,944

Total assets
$
711,292

 
$
692,622

 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
32,036

 
$
30,723

Accrued expenses
37,337

 
35,069

Current portion of debt and capital lease obligations
344

 
359

Total current liabilities
69,717

 
66,151

 
 
 
 
Debt and capital lease obligations, less current portion
40,453

 
40,588

Other long-term liabilities
25,678

 
24,104

Deferred income taxes
33,574

 
29,080

 
 

 
 

Shareholders’ equity:
 

 
 

Common stock
291

 
295

Additional paid-in capital
201,373

 
195,346

Retained earnings
340,206

 
337,058

Total shareholders’ equity
541,870

 
532,699

Total liabilities and shareholders’ equity
$
711,292

 
$
692,622







Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
Three months ended

June 30, 2018

June 30, 2017
 
 
 
(As Adjusted)
Operating activities:



Net income
$
24,298


$
19,666

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



Depreciation and amortization
10,362


10,219

Share-based compensation
2,417


2,064

(Gain) loss on disposal of property and equipment
(216
)

19

Provision for loss on receivables
323


235

Provision for revenue adjustments
1,012


750

Deferred income tax expense
781


950

Changes in operating assets and liabilities





Accounts receivable
(7,537
)

(9,014
)
Prepaid expenses and other current assets
(6,354
)

(6,131
)
Income taxes
(3,196
)
 
(6,697
)
Accounts payable and accrued expenses
4,288


2,859

Net cash provided by operating activities
26,178


14,920







Investing activities:





Proceeds from disposal of property and equipment
4,195


549

Purchases of property and equipment
(11,385
)

(2,010
)
Acquisition of business, net of cash acquired


(22,500
)
Other
(257
)

384

Net cash used in investing activities
(7,447
)

(23,577
)






Financing activities:





Payments of debt and capital lease obligations
(77
)
 
(76
)
Proceeds from senior credit facility

 
22,000

Payments on line of credit

 
(14,500
)
Proceeds from exercise of stock options
1,112

 
3,368

Payments of cash dividends
(4,415
)
 
(4,543
)
Repurchase of common stock (repurchase program)
(8,172
)
 
(1,999
)
Common stock issued under employee stock purchase plan
237

 
226

Cash settlement of share-based awards for tax withholdings
(49
)
 
(64
)
Net cash (used in) provided by financing activities
(11,364
)

4,412

Net increase (decrease) in cash
7,367


(4,245
)
Cash at beginning of period
12,735


14,335

Cash at end of period
$
20,102


$
10,090







Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
Six months ended
 
June 30, 2018
 
June 30, 2017
Operating activities:
 
 
 
Net income
$
42,038

 
$
34,246

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
21,052

 
20,252

Share-based compensation
4,678

 
4,026

(Gain) loss on disposal of property and equipment
(134
)
 
507

Provision for loss on receivables
457

 
257

Provision for revenue adjustments
1,829

 
1,468

Deferred income tax
4,494

 
1,081

Changes in operating assets and liabilities
 
 
 
Accounts receivable
(6,732
)
 
(10,484
)
Prepaid expenses and other current assets
(3,639
)
 
(3,978
)
Income taxes
(1,428
)
 
1,737

Accounts payable and accrued expenses
4,375

 
2,868

Net cash provided by operating activities
66,990

 
51,980

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
4,839

 
1,339

Purchases of property and equipment
(17,606
)
 
(4,662
)
Acquisition of business, net of cash acquired

 
(22,500
)
Other
(347
)
 
513

Net cash used in investing activities
(13,114
)
 
(25,310
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(151
)
 
(27,933
)
Proceeds from senior credit facility

 
35,000

Payments on line of credit

 
(14,500
)
Proceeds from exercise of stock options
1,112

 
4,892

Payments of cash dividends
(8,828
)
 
(9,082
)
Repurchase of common stock (repurchase program)
(28,165
)
 
(11,995
)
Common stock issued under employee stock purchase plan
237

 
226

Cash settlement of share-based awards for tax withholdings
(1,872
)
 
(1,699
)
Net cash used in financing activities
(37,667
)
 
(25,091
)
Net increase in cash
16,209

 
1,579

Cash at beginning of period
3,893

 
8,511

Cash at end of period
$
20,102

 
$
10,090







The following table summarizes supplemental guidance information that management believes to be useful.

Forward Air Corporation
Additional Guidance Data
(In thousands, except per share data)
(Unaudited)
 
 
 
Three months ended
Actual
June 30, 2018
Net income
$
24,298

Income allocated to participating securities
(209
)
Numerator for diluted income per share - net income
$
24,089

 
 
Fully diluted share count
29,272

Diluted earnings per share
$
0.82

 
 
 
 
Projected
Full year 2018
Projected tax rate
25.7
%
 
 
Projected capital expenditures, net
$
40,500

 
 
Projected
Three months ended December 31, 2018
Projected period end fully diluted share count
28,800

 
 






Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S.Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as:“anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,”“likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to projected profitability of our Pool distribution business in the second half of the year and expected third quarter 2018 revenue growth and net income per diluted shares as well as full year 2018 projected tax rate, fully diluted share count (before consideration of future share repurchase) and projected capital expenditures.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these 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, the creditworthiness of our customers and their ability to pay for services rendered, the availability and compensation of qualified independent owner-operators and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, the inability of our information systems to handle an increased volume of freight moving through our network, changes in fuel prices, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, loss of a major customer, increasing competition and pricing pressure, our ability to secure terminal facilities in desirable locations at reasonable rates, our inability to successfully integrate acquisitions, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental and tax matters, insurance matters, the handling of hazardous materials and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2017 and quarterly reports on Form 10-Q filed thereafter.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE: Forward Air Corporation

Forward Air Corporation
Michael J. Morris, 404-362-8933
mmorris@forwardair.com