Forward Air Corporation Announces Authorization and Declaration of Quarterly
GREENEVILLE, Tenn. -- October 24, 2013
Forward Air Corporation (NASDAQ:FWRD) today announced that its Board of
Directors declared a quarterly cash dividend of $0.10 per share of common
stock. The dividend is payable to shareholders of record at the close of
business on November 23, 2013 and is expected to be paid on December 9, 2013.
This quarterly dividend is pursuant to a cash dividend policy approved by the
Board of Directors, which anticipates a total annual dividend of $0.40 per
share of common stock, payable in quarterly increments of $0.10 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
About Forward Air Corporation
Forward Air Corporation operates three business segments, Forward Air, Inc.,
Forward Air Solutions, Inc. and Total Quality, 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 88
terminals located on or near major airports 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 24 terminals within the
mid-Atlantic, Southeast, Midwest and Southwestern United States.
Total Quality, Inc. utilizes industry-leading temperature-controlled
equipment, 24-hour monitoring and tracking technology and layered security
features to provide our customers with the highest level of service. In
addition to our core pharmaceutical services, we provide brokerage
transportation services. Headquartered in central Michigan, we service the
United States, Canada and Mexico.
This press release contains “forward-looking statements,” as defined in
Section27A of the Securities Act of 1933, as amended, and Section21E 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.
Forward Air Corporation
Rodney L. Bell, 423-636-7000
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