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Forward Air Corporation Reports Fourth Quarter and Fiscal 2010 Results and Announces Quarterly Cash Dividend

Dépèche transmise le 14 février 2011 par Business Wire

Forward Air Corporation Reports Fourth Quarter and Fiscal 2010 Results and Announces Quarterly Cash Dividend

Forward Air Corporation Reports Fourth Quarter and Fiscal 2010 Results and Announces Quarterly Cash Dividend

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) today reported results for the fourth quarter and year ended December 31, 2010.

“We were also encouraged by the fourth quarter performance of our Forward Air Solutions segment. With a continued firming of the economy, further success penetrating complementary industry verticals and on-going cost control initiatives, we expect this segment to be a profitable contributor in 2011.”

Operating revenue for the quarter ended December 31, 2010 increased 13.0% to $133.3 million from $118.0 million for the same quarter in 2009. Income from operations was $18.7 million, compared with $12.1 million for the fourth quarter of 2009, an increase of 54.5%. As a percent of operating revenue, income from operations increased to 14.0% from 10.3% for the same quarter last year. Net income during the period increased by $5.5 million, or 88.0%, to $11.8 million from $6.3 million in the fourth quarter of 2009. Net income per diluted share for the fourth quarter of 2010 was $0.41 compared with $0.22 in the same quarter in 2009, an increase of 86.4%.

Operating revenue for the year ended December 31, 2010 increased 15.9% to $483.9 million from $417.4 million for the year ended December 31, 2009. Income from operations was $53.7 million, compared with $18.6 million in 2009. The Company’s net income for the year ended December 31, 2010, was $32.0 million, compared with $9.8 million in 2009. Net income per diluted share for the year ended December 31, 2010 was $1.10 compared with $0.34 in 2009. The income from operations, net income and net income per diluted share for the year end December 31, 2009 included the impact of a $7.2 million pre-tax charge for the impairment of goodwill and other intangible assets.

Bruce A. Campbell, Chairman, President and CEO, said, "Solid demand for our airport-to-airport service along with strong pricing delivered outstanding results for the fourth quarter. We were most encouraged by the continued positive leverage of our business model which produced a 370 basis point improvement as compared to the fourth quarter of 2009. The resulting 86.0% operating ratio is our best operating performance since the third quarter of 2008. We are pleased with our continued progress toward attaining the returns and margins our shareholders have come to expect from Forward Air.”

Commenting further, Mr. Campbell said, “We were also encouraged by the fourth quarter performance of our Forward Air Solutions segment. With a continued firming of the economy, further success penetrating complementary industry verticals and on-going cost control initiatives, we expect this segment to be a profitable contributor in 2011.”

In closing, Mr. Campbell said, “We expect that improving macroeconomic trends as well as positive trends specific to Forward Air will continue throughout 2011. Utilizing our dedicated team of employees and independent contractors we intend to take full advantage of this improved operating environment in order to drive maximum value to our shareholders.”

In commenting further on the quarter, Rodney L. Bell, Senior Vice President and CFO said, “Strong free cash flow of $40.1 million allowed us to increase cash by $32.5 million to end 2010 with $74.5 million on our balance sheet. Consistent with the end of 2009, we closed 2010 with $50 million outstanding on our line of credit and had $38.3 million available on our credit facility.”

Commenting on the Company’s guidance for the first quarter, Mr. Bell said, “We anticipate our first quarter 2011 revenues will increase in the range of 9% to 13% over the comparable 2010 period, and we expect income per diluted share to be between $0.20 and $0.24 per share. This compares to $0.12 per share in the first quarter of 2010.”

On February 11, 2011, our Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 13, 2011, and is expected to be paid on March 28, 2011.

This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.28 per share of common stock, payable in quarterly increments of $0.07 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 fourth quarter and year end 2010 results on Tuesday, February 15, 2011 at 9:00 a.m. EST. The Company’s conference call will be available online at www.forwardair.com or by dialing 800-841-9385, passcode 156 499 68. 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 84 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 19 cities within the Mid-Atlantic, Southeast, Midwest and Southwestern United States.

 
Forward Air Corporation
Consolidated Condensed Statements of Income
(In thousands, except per share data)
(Unaudited)
 
  Three months ended   Year ended
December 31,   December 31, December 31,   December 31,
2010 2009 2010 2009
Operating revenue:
Forward Air
Airport-to-airport $ 87,245 $ 73,338 $ 321,702 $ 268,245
Logistics 17,147 15,422 64,935 54,067
Other 6,386 6,100 25,130 23,076
Forward Air Solutions
Pool distribution   22,532   23,158   72,172   72,022
Total operating revenue 133,310 118,018 483,939 417,410
 
Operating expenses:
Purchased transportation
Forward Air
Airport-to-airport 34,959 30,509 129,111 112,516
Logistics 13,445 12,061 50,225 42,188
Other 1,476 1,553 6,288 5,234
Forward Air Solutions
Pool distribution   5,123   4,715   15,747   14,490
Total purchased transportation 55,003 48,838 201,371 174,428
Salaries, wages and employee benefits 33,426 31,971 129,108 118,804
Operating leases 6,864 6,853 26,252 27,294
Depreciation and amortization 5,167 5,035 20,450 19,722
Insurance and claims 2,442 2,735 8,425 9,719
Fuel expense 2,409 2,113 8,461 7,312
Other operating expenses 9,321 8,441 36,133 34,424

Impairment of goodwill and other intangible assets

  --   --   --   7,157
Total operating expenses   114,632   105,986   430,200   398,860
Income from operations 18,678 12,032 53,739 18,550
 
Other income (expense):
Interest expense (173 ) (202 ) (730 ) (670 )
Other, net   53   20   90   69
Total other expense   (120 )   (182 )   (640 )   (601 )
Income before income taxes 18,558 11,850 53,099 17,949
Income taxes   6,741   5,566   21,063   8,147
Net income $ 11,817 $ 6,284 $ 32,036 $ 9,802
 
Net income per share:
Basic $ 0.41 $ 0.22 $ 1.11 $ 0.34
Diluted $ 0.41 $ 0.22 $ 1.10 $ 0.34
Weighted average shares outstanding:
Basic 29,010 28,943 28,984 28,928
Diluted 29,174 29,041 29,111 28,993
 
Dividends per share: $ 0.07 $ 0.07 $ 0.28 $ 0.28
 
Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
         
December 31, December 31,
2010 2009 (a)
Assets
Current assets:
Cash $ 74,504 $ 42,035
Accounts receivable, net 62,763 55,720
Other current assets   8,696   9,471
Total current assets 145,963 107,226
 
Property and equipment 213,704 204,716
Less accumulated depreciation and amortization   87,272   75,990
Total property and equipment, net 126,432 128,726
Goodwill and other acquired intangibles:
Goodwill 43,332 43,332
Other acquired intangibles, net   31,259   35,849
Total goodwill and other acquired intangibles 74,591 79,181
Other assets   1,810   1,597
Total assets $ 348,796 $ 316,730
 
 
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 10,687 $ 10,333
Accrued expenses 16,280 18,531
Current portion of debt and capital lease obligations   638   919
Total current liabilities 27,605 29,783
 
Debt and capital lease obligations, less current portion 50,883 52,169
Other long-term liabilities 8,106 4,485
Deferred income taxes 6,116 5,786
 
Shareholders’ equity:
Common stock 290 290
Additional paid-in capital 24,300 16,631
Retained earnings   231,496   207,586
Total shareholders’ equity   256,086   224,507
Total liabilities and shareholders’ equity $ 348,796 $ 316,730
 

(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
December 31, December 31,
2010 2009
Operating activities:
Net income $ 11,817 $ 6,284
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 5,167 5,035
Share-based compensation 1,397 1,732
Gain on disposal of property and equipment 78 7
Provision for (recovery) loss on receivables (254 ) 14
Provision for revenue adjustments 127 474
Deferred income taxes 3,060 (1,572 )
Tax (benefit) expense for stock options exercised (166 ) 371
Changes in operating assets and liabilities
Accounts receivable (198 ) (3,214 )
Prepaid expenses and other current assets 989 2,115
Accounts payable and accrued expenses (5,883 ) 8,226
Net cash provided by operating activities 16,134 19,472
 
Investing activities:
Proceeds from disposal of property and equipment 69 39
Purchases of property and equipment (3,259 ) (2,019 )
Other   (224 )   (33 )
Net cash used in investing activities (3,414 ) (2,013 )
 
Financing activities:
Payments of debt and capital lease obligations (173 ) (386 )
Proceeds from exercise of stock options 501 --
Payments of cash dividends (2,033 ) (2,028 )
Common stock issued under employee stock purchase plan 104 138
Cash settlement of share-based awards for minimum tax withholdings -- (7 )
Tax benefit (expense) for stock options exercised   166   (371 )
Net cash used in financing activities   (1,435 )   (2,654 )
Net increase in cash 11,285 14,805
Cash at beginning of period   63,219   27,230
Cash at end of period $ 74,504 $ 42,035
 
Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
   
Year ended
December 31, December 31,
2010 2009
Operating activities:
Net income $ 32,036 $ 9,802
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 20,450 19,722
Impairment of goodwill and other intangible assets -- 7,157
Share-based compensation 6,284 6,754
Gain on disposal of property and equipment (570 ) (6 )
Provision for recovery on receivables (52 ) (60 )
Provision for revenue adjustments 1,589 2,390
Deferred income taxes 1,436 (4,581 )
Tax (benefit) expense for stock options exercised (194 ) 370
Changes in operating assets and liabilities
Accounts receivable (8,580 ) (844 )
Prepaid expenses and other current assets (40 ) 548
Accounts payable and accrued expenses   1,636 8,927
Net cash provided by operating activities 53,995 50,179
 
Investing activities:
Proceeds from disposal of property and equipment 1,482 270
Purchases of property and equipment (15,148 ) (20,847 )
Other   (224 )   372
Net cash used in investing activities (13,890 ) (20,205 )
 
Financing activities:
Payments of debt and capital lease obligations (895 ) (1,549

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