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Forward Air Corporation Reports First Quarter 2012 Results

Dépèche transmise le 19 avril 2012 par Business Wire

Forward Air Corporation Reports First Quarter 2012 Results

Forward Air Corporation Reports First Quarter 2012 Results

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) today reported revenue, operating income, net income and diluted earnings per share for the three months ended March 31, 2012.

“Our team delivered another solid operating performance achieving top line growth of 14% and impressive operating income and earnings growth of 26.3% and 29.6%, respectively.”

Operating revenue for the quarter ended March 31, 2012 increased 14.1% to $137.1 million from $120.2 million for the same quarter in 2011. Income from operations was $16.8 million, compared with $13.3 million in the prior-year quarter. As a percent of operating revenue, income from operations increased to 12.3% from 11.1% for the same quarter last year. Net income during the period increased to $10.3 million from $7.9 million in the prior-year quarter. Income per diluted share for the first quarter of 2012 was $0.35 compared with $0.27 in the prior-year quarter.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the first quarter said, “Our team delivered another solid operating performance achieving top line growth of 14% and impressive operating income and earnings growth of 26.3% and 29.6%, respectively.”

Commenting further, Mr. Campbell said, “Within our Forward Air, Inc. business segment, we continued to experience strong demand for our airport-to-airport service offering which was nicely complemented by considerable revenue growth from both our Logistics group, as well as, from our Forward Air Complete pick-up and delivery product. In the first quarter, Logistics revenue grew over 29% while Complete revenues grew nearly 31% as we achieved a record 19.4% attachment rate to our linehaul shipments.”

Turning to the Forward Air Solutions business segment, Mr. Campbell said, “Solutions showed year-over-year improvement and generated a small profit in March. As we exit the historically most challenging quarter for this service offering, we anticipate continued improvement in our year-over-year results as a number of key initiatives, begun in the first quarter, are completed and fully implemented.”

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. Without them, these results would not have been possible.”

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 2012 revenues will increase in the range of 8% to 12% over the comparable 2011 period, and we expect income per diluted share to be between $0.43 and $0.47 per share. This compares to $0.40 per share in the second quarter of 2011.”

Review of Financial Results

Forward Air will hold a conference call to discuss first quarter 2012 results on Friday, April 20, 2012 at 9:00 a.m. EDT. The Company’s conference call will be available online at www.forwardair.com or by dialing 800-230-1951. 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 two business segments, Forward Air, Inc. and Forward Air Solutions, 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 terminals located on or near major airports in 85 cities 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 terminals and service locations in 20 cities within the Mid-Atlantic, Southeast, Midwest and Southwestern United States.

 
Forward Air Corporation

Consolidated Statements of Comprehensive Income

(In thousands, except per share data)
(Unaudited)
 
    Three months ended

March 31,
2012

   

March 31,
2011

Operating revenue:
Forward Air
Airport-to-airport $ 90,627 $ 82,147
Logistics 21,313 16,494
Other 6,202 6,403
Forward Air Solutions
Pool distribution   18,939     15,157  
Total operating revenue 137,081 120,201
 
Operating expenses:
Purchased transportation
Forward Air
Airport-to-airport 36,758 32,593
Logistics 15,716 12,799
Other 1,598 1,473
Forward Air Solutions
Pool distribution   5,126     3,457  
Total purchased transportation 59,198 50,322
Salaries, wages and employee benefits 33,174 30,495
Operating leases 7,106 6,706
Depreciation and amortization 5,121 5,082
Insurance and claims 2,798 2,175
Fuel expense 2,541 2,388
Other operating expenses   10,354     9,747  
Total operating expenses   120,292     106,915  
Income from operations 16,789 13,286
 
Other income (expense):
Interest expense (51 ) (195 )
Other, net   17     16  
Total other expense   (34 )   (179 )
Income before income taxes 16,755 13,107
Income taxes   6,482     5,238  
Net income and comprehensive income $ 10,273   $ 7,869  
 
Net income per share:
Basic $ 0.36   $ 0.27  
Diluted $ 0.35   $ 0.27  
Weighted average shares outstanding:
Basic 28,692 29,135
Diluted 29,363 29,371
 
Dividends per share: $ 0.07   $ 0.07  
 
 
Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
   

March 31,
2012

   

December 31,
2011 (a)

Assets
Current assets:
Cash and cash equivalents $ 69,397 $ 58,801
Accounts receivable, net 75,376 70,922
Other current assets   10,669   9,994
Total current assets 155,442 139,717
 
Property and equipment 235,138 223,135
Less accumulated depreciation and amortization   96,531   93,267
Net property and equipment 138,607 129,868
Goodwill and other acquired intangibles:
Goodwill 43,332 43,332
Other acquired intangibles, net of accumulated amortization   25,521   26,668
Total net goodwill and other acquired intangibles 68,853 70,000
Other assets   1,858   1,566
Total assets $ 364,760 $ 341,151
 
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 16,563 $ 12,392
Accrued expenses 23,163 20,986
Current portion of debt and capital lease obligations   521   552
Total current liabilities 40,247 33,930
 
Debt and capital lease obligations, less current portion 228 333
Other long-term liabilities 9,470 8,860
Deferred income taxes 10,058 11,126
 
Shareholders’ equity:
Common stock 289 285
Additional paid-in capital 52,212 42,212
Retained earnings   252,256   244,405
Total shareholders’ equity   304,757   286,902
Total liabilities and shareholders’ equity $ 364,760 $ 341,151
 
(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,
2012

   

March 31,
2011

Operating activities:
Net income $ 10,273 $ 7,869
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 5,121 5,082
Share-based compensation 1,606 1,443
Loss on disposal of property and equipment 196 21
Provision for loss (recovery) on receivables 110 (50 )
Provision for revenue adjustments 427 484
Deferred income taxes (804 ) 20
Tax benefit for stock options exercised (204 ) (88 )
Changes in operating assets and liabilities
Accounts receivable (2,491 ) (6,058 )
Prepaid expenses and other current assets (925 ) (881 )
Accounts payable and accrued expenses   4,646     7,377  
Net cash provided by operating activities 17,955 15,219
 
Investing activities:
Proceeds from disposal of property and equipment 205 279
Purchases of property and equipment (13,098 ) (7,329 )
Other   (306 )   308  
Net cash used in investing activities (13,199 ) (6,742 )
 
Financing activities:
Payments of debt and capital lease obligations (136 ) (171 )
Proceeds from exercise of stock options 8,192 4,838
Payments of cash dividends (2,034 ) (2,055 )
Cash settlement of share-based awards for minimum tax withholdings (386 )
Tax benefit for stock options exercised   204     88  
Net cash provided by financing activities   5,840     2,700  
Net increase in cash 10,596 11,177
Cash at beginning of period   58,801     74,504  
Cash at end of period $ 69,397   $ 85,681  
 

Business Wire

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Forward Air Corporation
Segment Information
(In millions)
(Unaudited)
 
    Three months ended
March 31,     Percent of     March 31,     Percent of         Percent
2012 Revenue 2011 Revenue Change Change
Operating revenue
Forward Air $ 118.4 86.4 % $ 105.2 87.5 % $ 13.2 12.5 %
FASI 19.2 14.0 15.2 12.6 4.0 26.3
Intercompany eliminations   (0.5 ) (0.4 )   (0.2 ) (0.1 )   (0.3 ) 150.0  
Total   137.1   100.0     120.2   100.0     16.9   14.1  
 
Purchased transportation
Forward Air 54.3 45.9 46.9 44.6 7.4 15.8
FASI 5.3 27.6 3.6 23.7 1.7 47.2
Intercompany eliminations   (0.4 ) 80.0     (0.2 ) 100.0     (0.2 ) 100.0  
Total   59.2   43.2     50.3   41.8     8.9   17.7  
 
Salaries, wages and employee benefits
Forward Air 25.7 21.7 23.9 22.7 1.8 7.5
FASI   7.5   39.1     6.6   43.4     0.9   13.6  
Total   33.2   24.2     30.5   25.4     2.7   8.9  
 
Operating leases
Forward Air 5.1 4.3 4.9 4.7 0.2 4.1
FASI   2.0   10.4     1.8   11.8     0.2   11.1  
Total   7.1   5.2