-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VYJurq2Ol89GvAwMWvBnTvZFe6PQMTgIDL8H56RxUbz1/9v1Sfcc+sMxL75Xg87h l/h3j4YuFEEfToY3M0NDFA== 0000950144-99-004571.txt : 19990419 0000950144-99-004571.hdr.sgml : 19990419 ACCESSION NUMBER: 0000950144-99-004571 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990415 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORWARD AIR CORP CENTRAL INDEX KEY: 0000912728 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 621120025 STATE OF INCORPORATION: TN FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22490 FILM NUMBER: 99595397 BUSINESS ADDRESS: STREET 1: 430 AIRPORT RD CITY: GREENEVILLE STATE: TN ZIP: 37745 BUSINESS PHONE: 6156397196 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 FORWARD AIR CORPORATION FORM 8-K 1 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 16, 1999 (April 15, 1999) Forward Air Corporation - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Tennessee 000-22490 62-1120025 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 430 Airport Road Greeneville, Tennessee 37745 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (423) 636-7100 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events On April 15, 1999, Forward Air Corporation (the "Company") announced selected results of operations for the quarter ending March 31, 1999. See the Company's press release, dated April 15, 1999, included as Exhibit 99 to this Form 8-K, for additional information with respect to such results of operations. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits: 99 Press Release, dated April 15, 1999 2 3 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, thereto duly authorized. FORWARD AIR CORPORATION By: /s/ Richard H. Roberts -------------------------------- Name: Richard H. Roberts Title: Senior Vice President Date: April 15, 1999 3 4 Exhibit Index Exhibit No. Description - ----------- ----------- 99 Press Release, dated April 15, 1999 4 EX-99 2 PRESS RELEASE DATED 4/15/99 1 Exhibit 99 NEWS RELEASE Contact: Edward W. Cook Chief Financial Officer and Senior Vice President (423) 636-7100 FORWARD AIR CORPORATION REPORTS 100% INCREASE IN FIRST QUARTER 1999 EARNINGS PER SHARE GREENEVILLE, Tenn. (April 15, 1999) -- Forward Air Corporation (Nasdaq/NM:FWRD), a high-service-level contractor to the air cargo industry providing time-definite service in the United States and Canada, today reported record operating revenue and earnings relating to its first quarter 1999 results of operations. Operating revenue for the quarter ended March 31, 1999 increased to a record $37.7 million compared with $28.9 million for the same quarter in 1998. Operating income from continuing operations for the period was $5.5 million, an increase of 96.4%, compared with $2.8 million in the prior-year quarter. Income from continuing operations for the first quarter of 1999 was $3.1 million, an increase of 93.8%, compared with $1.6 million in the prior-year quarter. Diluted earnings per share from continuing operations for the first quarter of 1999 were $.24, an increase of 100%, compared with $.12 in the prior-year quarter. "Forward Air is pleased to confirm our preliminary report of an outstanding first quarter," commented Bruce A. Campbell, President and Chief Operating Officer. "The strong demand for our airport-to-airport service has accelerated as a result of increased business from existing customers. These higher volumes of shipments through our existing network have resulted in increased efficiencies and improved margins." This press release and statements made by the Company in reports to its shareholders and public filings, as well as oral public statements by the Company's representatives, may contain certain forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Without limitation, factors that might cause such a difference include economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the Company's inability to maintain its historical growth rate due to a decreased volume of freight moving through the Company's network, competition, surplus inventories, loss of a major customer, the Company's lack of prior operating history as an entity independent of the truckload operations, the ability of the Company's information systems to handle increased volume of freight moving through its network, and the availability and compensation of qualified independent owner-operators to serve the Company's transportation needs. The Company disclaims any intent or obligations to update these forward-looking statements. -MORE- 2 FORWARD AIR CORPORATION REPORTS 100% INCREASE IN FIRST QUARTER 1999 EARNINGS PER SHARE Page 2 April 15, 1999 FORWARD AIR CORPORATION CONDENSED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share data)
Three Months Ended ----------------------- 3/31/99 3/31/98 -------- -------- Operating revenue $ 37,728 $ 28,850 Operating expenses: Purchased transportation 16,229 12,374 Salaries, wages and employee benefits 8,722 7,196 Operating leases 2,126 1,540 Depreciation and amortization 1,199 954 Insurance and claims 340 780 Other operating expenses 3,637 3,221 -------- -------- 32,253 26,065 -------- -------- Income from operations 5,475 2,785 Other income (expense), net (414) (200) -------- -------- Income from continuing operations before income taxes 5,061 2,585 Income taxes 1,961 1,020 -------- -------- Income from continuing operations 3,100 1,565 Income from discontinued operations, net of taxes -- 676 -------- -------- Net income $ 3,100 $ 2,241 ======== ======== Income per share: Basic Income from continuing operations $ .25 $ .13 Income from discontinued operations -- .06 -------- -------- Net income $ .25 $ .19 ======== ======== Diluted Income from continuing operations $ .24 $ .12 Income from discontinued operations -- .06 -------- -------- Net income $ .24 $ .18 ======== ======== Weighted average shares outstanding Basic 12,629 12,152 Diluted 13,123 12,764
FORWARD AIR CORPORATION OPERATING DATA (UNAUDITED)
Three Months Ended ------------------- 3/31/99 3/31/98 ------- ------- Average system pounds per week (in thousands) 17,701 13,592 Number of Terminals: Company 56 55 Agent 12 7 ------ ------ Total 68 62 ====== ====== Average Tractors: Company 73 94 Owner-Operator 314 212 ------ ------ Total 387 306 ====== ====== Average Trailers 873 644
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