Forward Air Corporation Announces Authorization and Declaration of Quarterly Cash Dividend
April 29 2016 - 9:00AM
Business Wire
Forward Air Corporation (NASDAQ:FWRD) today announced that its
Board of Directors declared a quarterly cash dividend of $0.12 per
share of common stock. The dividend is payable to shareholders of
record at the close of business on May 31, 2016 and is expected to
be paid on June 13, 2016.
This quarterly dividend is pursuant to a cash dividend policy
approved by the Board of Directors, which anticipates a total
annual dividend of $0.48 per share of common stock, payable in
quarterly increments of $0.12 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’s (“the Company”, “We”, “Our”) services
are classified into four principal reportable segments: Expedited
LTL, Truckload Expedited Services (“TLX”), Intermodal and Pool
Distribution.
In our Expedited LTL segment, we provide time-definite
transportation services to the North American deferred air freight
market. Our Expedited LTL service operates a comprehensive national
network for the time-definite surface transportation of expedited
ground freight. The Expedited LTL service offers customers local
pick-up and delivery and scheduled surface transportation of cargo
as a cost effective, reliable alternative to air transportation.
Expedited LTL’s other services include shipment consolidation and
deconsolidation, warehousing, customs brokerage, and other
handling. The Expedited LTL segment primarily provides its
transportation services through a network of terminals located at
or near airports in the United States and Canada.
In our TLX segment, we provide expedited truckload brokerage,
dedicated fleet services and maximum security and
temperature-controlled logistics services. We are able to expedite
this service by utilizing a dedicated fleet of team owner
operators, some team company drivers as well as third party
transportation providers. The TLX segment provides full truckload
service in the United States and Canada.
In our Intermodal segment, we provide container and intermodal
drayage services primarily within the Midwest region of the United
States. Drayage is essentially the first and last mile of the
movement of an intermodal container. We are providing this service
both to and from ports and rail heads. Our Intermodal segment also
provides dedicated contract and Container Freight Station (“CFS”)
warehouse and handling services.
In our Pool Distribution segment, we provide pool distribution
services throughout the Mid-Atlantic, Southeast, Midwest and
Southwest continental United States. Pool distribution involves
managing high-frequency handling and distribution of time-sensitive
product to numerous destinations in specific geographic regions.
Our primary customers for this service are regional and nationwide
distributors and retailers, such as mall, strip mall and outlet
based retail chains.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations. Such statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are based on management’s belief or interpretation of
information currently available. These statements and assumptions
involve certain risks and uncertainties. Actual events may differ
from these expectations as specified from time to time in filings
with the Securities and Exchange Commission. We assume no duty to
update these statements as of any future date.
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version on businesswire.com: http://www.businesswire.com/news/home/20160429005529/en/
Forward Air CorporationRodney L. Bell,
423-636-7000rbell@forwardair.com
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