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Forward Air Corp (FWRD) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Forward Air Corp

CIK: 912728 Ticker: FWRD


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NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
FOURTH QUARTER 2016 RESULTS AND
QUARTERLY CASH DIVIDEND


GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 08, 2017 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the fourth quarter and year ended December 31, 2016.

Operating revenue for the quarter ended December 31, 2016 increased 3.3% to $264.8 million from $256.4 million for the same quarter in 2015. Income from operations was $28.2 million, compared to $29.0 million in the prior year quarter. Net income during the period was $12.7 million compared to $23.2 million in the fourth quarter of 2015. Net income per diluted share for the fourth quarter of 2016 was $0.42 compared to $0.75 in the prior year quarter.

Fourth quarter income from operations of $28.2 million was not adjusted, and compares to adjusted income from operations of $30.8 million for the fourth quarter of 2015. Adjusted net income decreased to $17.7 million during the fourth quarter of 2016 from $19.0 million in the prior year quarter. Similarly, adjusted earnings per diluted share for the fourth quarter of 2016 decreased to $0.58 compared to $0.61 in the prior year quarter. A tabular reconciliation of non-GAAP financial measures to reported results prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) is contained in the financial summary statements attached to this press release.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the fourth quarter results said, “Our fourth quarter results were slightly ahead of our guidance, which reflected one less operating day in the current year quarter. Our Expedited LTL group continued to improve its linehaul and dock efficiencies despite the seasonally busy fourth quarter. Truckload Premium Services grew its revenue but incurred higher broker utilization as it on-boarded new business. Our Intermodal group performed well amid margin pressure reflecting the integration of Triumph, while our Pool Distribution segment did a great job ramping up its recent new business wins.”

In closing Mr. Campbell said, “As we end 2016, I would like to thank all of our employees and independent contractors for their hard work during a sluggish year for freight. With the improvements we have made within each of our business units, we are well positioned for any pick-up in 2017 freight volumes.”

Commenting on the Company’s first quarter 2017 guidance, Michael J. Morris, Senior Vice President and CFO, said, “We expect first quarter year-on-year revenue growth to be up 4% to 8%. We expect net income per diluted share to be between $0.38 and $0.42, compared to $0.43 in the prior year quarter. We do not anticipate making any non-GAAP adjustments to our first quarter 2017 net income per diluted share results, nor were there any in the prior year quarter.” Supplemental 2017 guidance information is contained in the financial summary statements attached to this press release.

On February 7, 2017, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 9, 2017, and is expected to be paid on March 24, 2017.

This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.60 per share of common stock, payable in quarterly increments of $0.15 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.


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The following information was filed by Forward Air Corp (FWRD) on Wednesday, February 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Schedule Ii - Valuation And Qualifying Accounts (details)
Schedule Ii - Valuation And Qualifying Accounts (notes)
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity Consolidated Statements Of Shareholders' Equity (parenthetical)
Accounting Policies (details)
Accounting Policies (notes)
Accounting Policies Accounting Policies (policies)
Accounting Policies Capitalized Software Development Amortization Expense (tables)
Accounting Policies Depreciation Calculation (tables)
Accounting Policies Stock Option Assumptions (tables)
Acquisitions, Goodwill And Other Long-lived Assets (details)
Acquisitions, Goodwill And Other Long-lived Assets (notes)
Acquisitions, Goodwill And Other Long-lived Assets Acquisitions, Goodwill And Other Long-lived Assets (tables)
Acquisitions, Goodwill And Other Long-lived Assets Carrying Value Of Goodwill (details)
Acquisitions, Goodwill And Other Long-lived Assets Estimated Amortization Expense (details)
Acquisitions, Goodwill And Other Long-lived Assets Impairment Of Goodwill (details)
Commitments And Contingencies (details)
Commitments And Contingencies (notes)
Debt And Capital Lease Obligations
Debt And Capital Lease Obligations (details)
Debt And Capital Lease Obligations (tables)
Debt And Capital Lease Obligations - Capital Lease (details)
Employee Benefit Plan (details)
Employee Benefit Plan (notes)
Financial Instruments (notes)
Financial Instruments (tables)
Financial Instruments Financial Instruments - Balance Sheet Grouping (details)
Income Taxes (details)
Income Taxes (notes)
Income Taxes Income Tax Provision (tables)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Quarterly Results Of Operations (unaudited) (tables)
Segment Reporting (details)
Segment Reporting (notes)
Segment Reporting (tables)
Shareholder's Equity, Stock Options And Net Income Per Share (notes)
Shareholder's Equity, Stock Options And Net Income Per Share (tables)
Shareholders' Equity Stock Options And Net Income Per Share - Employee Stock Purchase Plan (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Common And Preferred Stock (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Employee Activity - Performance Shares (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Employee Activity Non-vested Shares (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Net Income Per Share (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Non-employee Director Non-vested Shares (details)
Shareholders' Equity, Stock Options And Net Income Per Share - Stock Option Activity (details)
Ticker: FWRD
CIK: 912728
Form Type: 10-K Annual Report
Accession Number: 0000912728-17-000036
Submitted to the SEC: Wed Feb 22 2017 4:45:33 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Saturday, December 31, 2016
Industry: Arrangement Of Transportation Of Freight And Cargo

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