Forward Air Corporation Reports Fourth Quarter and Fiscal 2010 Results and Announces Quarterly Cash Dividend: EPS of $1.10

Forward Air Corporation

today reported results for the fourth quarter and year ended December 31, 2010. Operating revenue for the quarter ended December 31, 2010 increased 13.0% to $133.3 million from $118.0 million for the same quarter in 2009. Income from operations was $18.7 million, compared with $12.1 million for the fourth quarter of 2009, an increase of 54.5%. As a percent of operating revenue, income from operations increased to 14.0% from 10.3% for the same quarter last year. Net income during the period increased by $5.5 million, or 88.0%, to $11.8 million from $6.3 million in the fourth quarter of 2009. Net income per diluted share for the fourth quarter of 2010 was $0.41 compared with $0.22 in the same quarter in 2009, an increase of 86.4%. Operating revenue for the year ended December 31, 2010 increased 15.9% to $483.9 million from $417.4 million for the year ended December 31, 2009. Income from operations was $53.7 million, compared with $18.6 million in 2009. The Company's net income for the year ended December 31, 2010, was $32.0 million, compared with $9.8 million in 2009. Net income per diluted share for the year ended December 31, 2010 was $1.10 compared with $0.34 in 2009. The income from operations, net income and net income per diluted share for the year end December 31, 2009 included the impact of a $7.2 million pre-tax charge for the impairment of goodwill and other intangible assets.