UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2005
Commission File No. 000-22490
FORWARD AIR CORPORATION
(Exact name of registrant as specified in its charter)
|
Tennessee |
62-1120025 |
|
430 Airport Road |
37745 |
Registrant’s telephone number, including area code: (423) 636-7000
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES |X| NO
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES |X| NO
The number of shares outstanding of the registrant’s common stock, $.01 par value, as of May 4, 2005 was 32,316,060.
Table of Contents
Forward Air Corporation
2
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Financial Information |
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Financial Statements (Unaudited) | ||
Forward Air Corporation
Condensed Consolidated Balance Sheets
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March 31, 2005 |
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December 31, |
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(Unaudited) |
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(Note 1) |
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(In thousands, except share data) |
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Assets |
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Current assets: |
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Cash |
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$ |
5,012 |
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$ |
78 |
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Short-term investments |
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111,850 |
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111,600 |
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Accounts receivable, less allowance of $901 in 2005 and $1,072 in 2004 |
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35,685 |
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38,334 |
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Other current assets |
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7,143 |
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9,410 |
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Total current assets |
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159,690 |
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159,422 |
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Property and equipment |
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81,071 |
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81,225 |
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Less accumulated depreciation and amortization |
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45,583 |
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43,939 |
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Total property and equipment, net |
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35,488 |
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37,286 |
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Other assets |
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17,857 |
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17,845 |
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Total assets |
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$ |
213,035 |
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$ |
214,553 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
5,338 |
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$ |
10,026 |
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Accrued expenses |
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12,760 |
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15,592 |
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Current portion of capital lease obligations |
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41 |
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39 |
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Total current liabilities |
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18,139 |
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25,657 |
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Capital lease obligations, less current portion |
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858 |
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867 |
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Deferred income taxes |
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6,925 |
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7,026 |
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Shareholders’ equity: |
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Preferred stock |
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— |
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— |
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Common stock, $.01 par value: |
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Authorized shares - 50,000,000 |
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Issued and outstanding shares – 32,317,617 in 2005 and 32,397,747 in 2004 |
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323 |
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324 |
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Additional paid-in capital |
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33,700 |
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36,279 |
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Accumulated other comprehensive income |
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1 |
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4 |
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Retained earnings |
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153,089 |
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144,396 |
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Total shareholders’ equity |
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187,113 |
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181,003 |
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Total liabilities and shareholders’ equity |
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$ |
213,035 |
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$ |
214,553 |
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The accompanying notes are an integral part of the financial statements.
3
Forward Air Corporation
Condensed Consolidated Statements of Income
(Unaudited)
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Three months ended |
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March 31, 2005 |
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March 31, 2004 |
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(In thousands, except per share data) |
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Operating revenue |
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$ |
69,533 |
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$ |
64,303 |
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