Forward Air Corporation Reports Second Quarter 2010 Results

Forward Air Corporation (FWRD) today reported revenue, operating income, net income and diluted earnings per share for the second quarter and six months ended June 30, 2010. Operating revenue for the quarter ended June 30, 2010 increased 22.5% to $122.1 million from $99.7 million for the same quarter in 2009. Income from operations was $13.5 million, compared with $4.9 million in the prior-year quarter. As a percent of operating revenue, income from operations increased to 11.1% from 4.9% for the same quarter last year. Net income during the period increased to $7.9 million from $2.8 million in the prior-year quarter. Income per diluted share from operations for the second quarter of 2010 was $0.27 compared with $0.10 in the prior-year quarter. Operating revenue for the six months ended June 30, 2010 increased 16.7% to $229.1 million from $196.3 million for the same period in 2009. Income from operations was $19.6 million, compared with a $0.1 million loss in the prior-year period. As a percent of operating revenue, income from operations increased to 8.6% for the first six months of 2010 from a 0.1% loss from operations for the same period in 2009. Net income during the period was $11.3 million compared to a $0.3 million net loss in the prior-year period. Income per diluted share from operations for the first six months of 2010 was $0.39 compared with a $0.01 loss per diluted share in the prior-year period. Bruce A. Campbell, Chairman, President, and CEO, said, "We are very pleased with our overall second quarter performance. The positive trends experienced in the first quarter have continued, and in some cases accelerated, during the second quarter."