Eleventh Consecutive Record Quarter for Forward Air Corporation.Business Editors GREENEVILLE, Tenn.--(BUSINESS WIRE)--April 18, 2001 Forward Air Corporation (Nasdaq/NM:FWRD) today reported its eleventh consecutive record quarter of comparative operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. and earnings. The Company is a leading high-service-level contractor to the air cargo air cargo: see aviation. industry providing time-definite service in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. Operating revenue for the quarter ended March 31, 2001 increased 22.9% to $60.7 million, compared with $49.4 million for the same quarter in 2000. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 32.9% to $9.8 million, compared with $7.4 million in the prior-year quarter. Net income for the first quarter of 2001 increased 34.3% to $6.2 million, compared with $4.6 million in the prior-year quarter. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first quarter of 2001 increased 33.3% to $0.28, compared with $0.21 in the prior-year quarter. Commenting on the results, Bruce Campbell
Bruce Lorne Campbell , Forward Air's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "We are pleased with the results our people delivered in the first quarter and their ability to meet the challenges of the current difficult freight environment. We believe these results validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data the strength of our organization and the sustainability of the Forward Air business model." Additionally, Forward Air announced that it has promoted Andrew Clarke
Edward Tiffin Cook, Jr. (born November 27, 1888 – died October 18, 1972) was an American athlete who competed in the men's pole vault. who resigned from the Company to pursue personal interests. Mr. Clarke has been with Forward Air since April 2000. Prior to joining Forward Air, Mr. Clarke was an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. in the Global Transportation Group at Deutsche Banc Alex. Brown. Mr. Clarke has an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from the University of Chicago and a BSBA BSBA Bachelor of Science in Business Administration (degree) BSBA British Small Boatbuilders Association BSBA Burnt Swamp Baptist Association BSBA Bell Shoals Baptist Academy BSBA Brandenburgische Straßenbauamt from Washington University in St. Louis “Washington University” redirects here. For other uses, see Washington (disambiguation). Washington University in St. Louis is a private, coeducational, research university located in St. Louis, Missouri. . 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 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. .
FORWARD AIR CORPORATION
Condensed Statements of Income (Unaudited)
(In thousands, except per share data)
Three Months Ended
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3/31/01 3/31/00
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Operating revenue $60,723 $49,407
Operating expenses:
Purchased transportation 26,031 21,196
Salaries, wages and employee benefits 14,168 11,434
Operating leases 2,631 2,569
Depreciation and amortization 1,799 1,373
Insurance and claims 1,267 806
Other operating expenses 5,031 4,658
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50,927 42,036
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Income from operations 9,796 7,371
Other income (expense) 194 58
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Income before income taxes 9,990 7,429
Income taxes 3,825 2,840
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Net income $ 6,165 $ 4,589
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Income per share:
Basic $ .29 $ .22
Diluted $ .28 $ .21
Weighted average shares outstanding
Basic 21,437 20,783
Diluted 22,303 22,076
FORWARD AIR CORPORATION
Condensed Balance Sheet
(In thousands)
3/31/01 12/31/00
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Assets: Unaudited Audited(a)
Current assets $ 57,825 $ 54,925
Property and equipment, net 45,157 45,061
Other assets 18,573 15,982
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Total assets $121,555 $115,968
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Liabilities and shareholders' equity:
Current liabilities $ 18,818 $ 19,133
Long-term obligations 11,881 13,382
Shareholders' equity 90,856 83,453
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Total liabilities and shareholders' equity $121,555 $115,968
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(a) Taken from audited financial statements, which are not
presented in their entirety.
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