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May 23, 2016 4:59 PM EDT



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549

________________________

FORM 8-K
______________
 

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 23, 2016 (May 23, 2016)

 
FORWARD AIR CORPORATION
(Exact name of registrant as specified in its charter)


Tennessee
 
000-22490
 
62-1120025
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)

430 Airport Road
Greeneville, Tennessee
 
 
37745
(Address of principal executive offices)
 
(Zip Code)

 
Registrant's telephone number, including area code: (423) 636-7000

 
Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 





SECTION 2.  FINANCIAL INFORMATION.
 
Item 2.02.  Results of Operations and Financial Condition.
 
Attached as Exhibit 99.1 are summary segment statement of operations for each quarter ended from March 31, 2014 through March 31, 2016. These statement of operations reflect the new segment reporting structure implemented during the first quarter of 2016.

Also, attached as Exhibit 99.2 are certain historical operating statistics for each quarter ended from March 31, 2014 through March 31, 2016. These operating statistics reflect the new segment reporting structure implemented during the first quarter of 2016.

This Current Report on Form 8-K provides supplemental information regarding the changes to our reporting segments. The information contained in Exhibit 99.1 and Exhibit 99.2 to this Form 8-K is being furnished for informational purposes and to provide investors with historical quarterly and annual financial information on a basis consistent with the Company’s new segment reporting presentation.
 
The information included in this Form 8-K does not amend or restate the Company’s audited consolidated financial statements and does not modify or update the disclosures in, or reflect events occurring subsequent to the filing of, the Company’s Form 10-Q for the fiscal quarter ended March 31, 2016.


SECTION 9.  FINANCIAL STATEMENTS AND EXHIBITS.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibits are being furnished as part of this Report.
 
No.
 
Exhibit
99.1
2014, 2015 and 2016 Summary Segment Statement of Operations

No.
 
Exhibit
99.2
Forward Air Corporation Historical Operating Statistics







  SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
 
FORWARD AIR CORPORATION
Date: May 23, 2016
 
By: 
/s/ Rodney L. Bell
 
 
 
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer

 
 




EXHIBIT INDEX
 
No.
 
Exhibit
99.1
2014, 2015 and 2016 Summary Segment Statement of Operations

No.
 
Exhibit
99.2
Forward Air Corporation Historical Operating Statistics










Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
104,324

 
$
29,914

 
$
25,926

 
$
12,406

 
$
(1,001
)
 
$
171,569

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
42,676

 
20,243

 
7,122

 
4,317

 
(807
)
 
73,551

Salaries, wages, and employee benefits
25,281

 
3,834

 
9,340

 
2,923

 
44

 
41,422

Operating leases
4,986

 
130

 
2,477

 
758

 
—

 
8,351

Depreciation and amortization
3,851

 
1,194

 
1,284

 
681

 
3

 
7,013

Insurance and claims
2,469

 
605

 
785

 
268

 
—

 
4,127

Fuel expense
1,108

 
1,155

 
1,755

 
788

 
—

 
4,806

Other operating expenses
8,734

 
1,351

 
3,565

 
2,558

 
(180
)
 
16,028

Total operating expenses
89,105

 
28,512

 
26,328

 
12,293

 
(940
)
 
155,298

Income from operations
$
15,219

 
$
1,402

 
$
(402
)
 
$
113

 
$
(61
)
 
$
16,271






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended June 30, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
115,213

 
$
34,266

 
$
25,390

 
$
20,014

 
$
(1,031
)
 
$
193,852

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
46,853

 
23,240

 
6,594

 
6,921

 
(774
)
 
82,834

Salaries, wages, and employee benefits
26,317

 
4,111

 
9,261

 
4,664

 
38

 
44,391

Operating leases
4,822

 
81

 
2,000

 
1,262

 
—

 
8,165

Depreciation and amortization
4,129

 
1,380

 
1,422

 
817

 
3

 
7,751

Insurance and claims
1,714

 
467

 
518

 
405

 
—

 
3,104

Fuel expense
1,059

 
1,195

 
1,754

 
1,164

 
—

 
5,172

Other operating expenses
8,182

 
1,356

 
3,160

 
2,387

 
(245
)
 
14,840

Total operating expenses
93,076

 
31,830

 
24,709

 
17,620

 
(978
)
 
166,257

Income from operations
$
22,137

 
$
2,436

 
$
681

 
$
2,394

 
$
(53
)
 
$
27,595






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended September 30, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
119,000

 
$
33,728

 
$
28,812

 
$
21,189

 
$
(1,252
)
 
$
201,477

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
49,873

 
22,475

 
7,482

 
6,880

 
(836
)
 
85,874

Salaries, wages, and employee benefits
26,208

 
4,105

 
10,295

 
5,008

 
35

 
45,651

Operating leases
4,976

 
70

 
2,007

 
1,450

 
—

 
8,503

Depreciation and amortization
4,358

 
1,400

 
1,470

 
884

 
3

 
8,115

Insurance and claims
2,278

 
472

 
451

 
546

 
—

 
3,747

Fuel expense
944

 
1,101

 
1,765

 
1,202

 
—

 
5,012

Other operating expenses
9,690

 
1,476

 
4,004

 
2,899

 
(400
)
 
17,669

Total operating expenses
98,327

 
31,099

 
27,474

 
18,869

 
(1,198
)
 
174,571

Income from operations
$
20,673

 
$
2,629

 
$
1,338

 
$
2,320

 
$
(54
)
 
$
26,906






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended December 31, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
120,364

 
$
35,360

 
$
38,130

 
$
22,338

 
$
(2,130
)
 
$
214,062

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
52,601

 
24,255

 
10,154

 
6,898

 
(1,591
)
 
92,317

Salaries, wages, and employee benefits
28,150

 
4,049

 
12,924

 
5,427

 
91

 
50,641

Operating leases
5,022

 
93

 
2,473

 
1,386

 
1

 
8,975

Depreciation and amortization
4,316

 
1,393

 
1,539

 
1,000

 
6

 
8,254

Insurance and claims
2,325

 
589

 
1,353

 
489

 
2

 
4,758

Fuel expense
944

 
1,023

 
2,021

 
1,170

 
—

 
5,158

Other operating expenses
9,280

 
1,437

 
4,742

 
3,368

 
(503
)
 
18,324

Total operating expenses
102,638

 
32,839

 
35,206

 
19,738

 
(1,994
)
 
188,427

Income from operations
$
17,726

 
$
2,521

 
$
2,924

 
$
2,600

 
$
(136
)
 
$
25,635






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
122,284

 
$
34,483

 
$
27,228

 
$
23,029

 
$
(1,106
)
 
$
205,918

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
52,937

 
22,625

 
7,473

 
7,064

 
(762
)
 
89,337

Salaries, wages, and employee benefits
28,332

 
4,229

 
9,983

 
5,885

 
5,474

 
53,903

Operating leases
7,640

 
326

 
2,187

 
2,553

 
3,050

 
15,756

Depreciation and amortization
4,576

 
1,372

 
1,539

 
969

 
228

 
8,684

Insurance and claims
2,924

 
553

 
881

 
588

 
184

 
5,130

Fuel expense
935

 
895

 
1,286

 
901

 
3

 
4,020

Other operating expenses
10,055

 
1,272

 
3,663

 
3,080

 
2,769

 
20,839

Total operating expenses
107,399

 
31,272

 
27,012

 
21,040

 
10,946

 
197,669

Income from operations
$
14,885

 
$
3,211

 
$
216

 
$
1,989

 
$
(12,052
)
 
$
8,249






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended June 30, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
156,062

 
$
39,427

 
$
27,697

 
$
27,497

 
$
(989
)
 
$
249,694

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
66,238

 
25,333

 
7,564

 
8,968

 
(621
)
 
107,482

Salaries, wages, and employee benefits
37,366

 
4,527

 
10,490

 
6,138

 
3,365

 
61,886

Operating leases
10,397

 
383

 
2,249

 
2,925

 
2,323

 
18,277

Depreciation and amortization
5,412

 
1,480

 
1,475

 
950

 
202

 
9,519

Insurance and claims
2,996

 
938

 
963

 
683

 
660

 
6,240

Fuel expense
1,135

 
895

 
1,284

 
869

 
5

 
4,188

Other operating expenses
11,722

 
1,730

 
3,685

 
3,646

 
1,411

 
22,194

Total operating expenses
135,266

 
35,286

 
27,710

 
24,179

 
7,345

 
229,786

Income from operations
$
20,796

 
$
4,141

 
$
(13
)
 
$
3,318

 
$
(8,334
)
 
$
19,908






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended September 30, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,114

 
$
38,515

 
$
32,126

 
$
28,889

 
$
(1,551
)
 
$
247,093

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,727

 
25,542

 
8,784

 
9,414

 
(1,033
)
 
104,434

Salaries, wages, and employee benefits
34,260

 
4,501

 
12,077

 
6,151

 
2,036

 
59,025

Operating leases
9,828

 
419

 
2,658

 
3,328

 
839

 
17,072

Depreciation and amortization
5,283

 
1,561

 
1,445

 
943

 
167

 
9,399

Insurance and claims
2,715

 
807

 
887

 
686

 
66

 
5,161

Fuel expense
1,001

 
783

 
1,314

 
727

 
1

 
3,826

Other operating expenses
12,706

 
1,732

 
4,406

 
4,104

 
627

 
23,575

Total operating expenses
127,520

 
35,345

 
31,571

 
25,353

 
2,703

 
222,492

Income from operations
$
21,594

 
$
3,170

 
$
555

 
$
3,536

 
$
(4,254
)
 
$
24,601






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended December 31, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,731

 
$
40,936

 
$
42,953

 
$
24,881

 
$
(2,081
)
 
$
256,420

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,908

 
27,570

 
11,213

 
8,314

 
(1,489
)
 
107,516

Salaries, wages, and employee benefits
37,568

 
5,222

 
15,778

 
6,059

 
1,162

 
65,789

Operating leases
8,410

 
197

 
3,463

 
3,030

 
67

 
15,167

Depreciation and amortization
5,407

 
1,671

 
1,476

 
923

 
79

 
9,556

Insurance and claims
2,467

 
726

 
1,083

 
621

 
54

 
4,951

Fuel expense
880

 
774

 
1,532

 
682

 
1

 
3,869

Other operating expenses
11,511

 
2,009

 
5,007

 
2,146

 
(116
)
 
20,557

Total operating expenses
128,151

 
38,169

 
39,552

 
21,775

 
(242
)
 
227,405

Income from operations
$
21,580

 
$
2,767

 
$
3,401

 
$
3,106

 
$
(1,839
)
 
$
29,015






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2016
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
134,377

 
$
38,622

 
$
33,192

 
$
24,624

 
$
(1,266
)
 
$
229,549

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
53,442

 
26,561

 
8,877

 
8,433

 
(837
)
 
96,476

Salaries, wages, and employee benefits
34,922

 
5,167

 
12,798

 
5,966

 
(175
)
 
58,678

Operating leases
7,918

 
69

 
2,877

 
3,004

 
—

 
13,868

Depreciation and amortization
5,548

 
1,740

 
1,485

 
895

 
—

 
9,668

Insurance and claims
2,532

 
842

 
1,156

 
862

 
3

 
5,395

Fuel expense
720

 
626

 
1,022

 
593

 
—

 
2,961

Other operating expenses
12,211

 
2,052

 
4,863

 
2,499

 
(527
)
 
21,098

Total operating expenses
117,293

 
37,057

 
33,078

 
22,252

 
(1,536
)
 
208,144

Income from operations
$
17,084

 
$
1,565

 
$
114

 
$
2,372

 
$
270

 
$
21,405






Expedited LTL Operating Statistics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2015
 
2016
 
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating ratio
 
85.4
%
 
80.8
%
 
82.6
%
 
85.3
%
 
87.8
%
 
86.7
%
 
85.5
%
 
85.6
%
 
87.3%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business days
 
63

 
64

 
64

 
63

 
63

 
64

 
64

 
64

 
64

Business weeks
 
12.6

 
12.8

 
12.8

 
12.6

 
12.6

 
12.8

 
12.8

 
12.8

 
        12.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expedited LTL:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tonnage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total pounds ¹
 
441,715

 
473,146

 
484,827

 
502,531

 
519,903

 
650,276

 
617,066

 
621,178

 
563,727

    Average weekly pounds ¹
 
35,057

 
36,965

 
37,877

 
39,883

 
41,262

 
50,803

 
48,208

 
48,530

 
44,041

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total linehaul
 
662,480

 
731,002

 
734,163

 
797,612

 
785,569

 
1,010,978

 
952,720

 
1,015,043

 
876,476

    Average weekly
 
52,578

 
57,110

 
57,356

 
63,303

 
62,347

 
78,983

 
74,431

 
79,300

 
68,475

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Air Complete shipments
 
107,574

 
139,572

 
146,024

 
135,252

 
169,735

 
256,553

 
223,143

 
198,894

 
177,973

As a percentage of linehaul shipments
 
16.2
%
 
19.1
%
 
19.9
%
 
17.0
%
 
21.6
%
 
25.4
%
 
23.4
%
 
19.6
%
 
20.3%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average linehaul shipment size
 
667

 
647

 
660

 
630

 
662

 
643

 
648

 
612

 
643

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue per pound 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Linehaul yield
 
$
17.31

 
$
17.66

 
$
17.69

 
$
17.75

 
$
17.39

 
$
16.98

 
$
17.07

 
$
17.70

 
$17.86

    Fuel surcharge impact
 
2.03

 
2.03

 
1.94

 
1.74

 
1.27

 
1.20

 
1.16

 
0.98

 
0.80

    Forward Air Complete impact
 
2.79

 
3.13

 
3.35

 
2.85

 
3.14

 
3.48

 
3.44

 
3.22

 
3.07

Total Expedited LTL yield
 
$
22.13

 
$
22.82

 
$
22.98

 
$
22.34

 
$
21.80

 
$
21.66

 
$
21.67

 
$
21.90

 
$21.73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 - In dollars per hundred pound
 
 
 
 
 
 
 
 
 
 





Truckload Expedited Operating Statistics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2015
 
2016
 
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Company driver 1
 
        1,479

 
        1,752

 
        1,722

 
        1,703

 
        1,716

 
        1,880

 
        1,795

 
        1,900

 
        1,769

    Owner operator 1
 
        7,629

 
        7,604

 
        6,954

 
        6,336

 
        6,294

 
        8,722

 
      10,772

 
      11,967

 
      12,052

    Third party 1
 
        5,511

 
        5,948

 
        6,428

 
        7,133

 
        7,514

 
        7,600

 
        6,809

 
        7,436

 
        7,074

Total Miles
 
      14,619

 
      15,304

 
      15,104

 
      15,172

 
      15,524

 
      18,202

 
      19,376

 
      21,303

 
      20,895

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue per mile
 
$
1.92

 
$
2.07

 
$
2.09

 
$
2.20

 
$
2.09

 
$
2.05

 
$
1.92

 
$
1.87

 
$
1.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost per mile
 
$
1.44

 
$
1.57

 
$
1.55

 
$
1.66

 
$
1.51

 
$
1.46

 
$
1.40

 
$
1.40

 
$
1.38

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




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