GREENEVILLE, Tenn.--(BUSINESS WIRE)--Jul. 24, 2012--
The Board of Directors of Forward Air Corporation (NASDAQ:FWRD) today
announced a change to the Company’s dividend policy and the declaration
of a quarterly cash dividend. The regular quarterly dividend rate will
be increased, effective with the next payment, to $.10 per share of
common stock from the current $.07 per share, an increase of 42.9%. The
Board of Directors of Forward Air Corporation also announced the
declaration of a quarterly cash dividend of $.10 per share of common
stock payable on September 7, 2012 to shareholders of record at the
close of business on August 23, 2012.
Commenting on this change to the Company’s dividend policy, Bruce
Campbell, President, CEO and Chairman stated: “We are pleased to
announce that our financial strength has enabled us to return additional
value to our shareholders through an increase to our quarterly cash
dividend. We remain focused, first and foremost, on profitably growing
the Company, both organically and through acquisitions, and returning
additional value to our shareholders through that growth.”
This quarterly dividend is pursuant to a cash dividend policy approved
by the Board of Directors, which anticipates a total annual dividend of
$.40 per share of common stock, payable in quarterly increments of $.10
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.
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.
Important Information
This press release contains “forward-looking statements,” as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Forward-looking
statements are statements other than historical information or
statements of current condition and relate to future events or our
future financial performance. Some forward-looking statements may be
identified by use of such terms as “believes,” “anticipates,” “intends,”
“plans,” “estimates,” “projects” or “expects.” Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by such 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, our inability to maintain our historical growth rate because of
a decreased volume of freight moving through our network or decreased
average revenue per pound of freight moving through our network,
increasing competition and pricing pressure, surplus inventories, loss
of a major customer, the creditworthiness of our customers and their
ability to pay for services rendered, our ability to secure terminal
facilities in desirable locations at reasonable rates, the inability of
our information systems to handle an increased volume of freight moving
through our network, changes in fuel prices, claims for property damage,
personal injuries or workers’ compensation, employment matters including
rising health care costs, enforcement of and changes in governmental
regulations, environmental and tax matters, the handling of hazardous
materials, the availability and compensation of qualified independent
owner-operators and freight handlers needed to serve our transportation
needs and our inability to successfully integrate acquisitions. As a
result of the foregoing, no assurance can be given as to future
financial condition, cash flows or results of operations. We undertake
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Source: Forward Air Corporation
Forward Air Corporation
Rodney L. Bell, 423-636-7000
rbell@forwardair.com
