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Forward Air Corporation Reports Third Quarter 2011 Results

Forward Air Corporation (NASDAQ:FWRD) today reported revenue, operating income, net income and diluted earnings per share for the third quarter and nine months ended September 30, 2011.

Operating revenue for the quarter ended September 30, 2011 increased 11.7% to $135.7 million from $121.5 million for the same quarter in 2010. Income from operations was $20.3 million for the third quarter of 2011, compared with $15.5 million in the prior-year quarter. As a percent of operating revenue, income from operations increased to 15.0% in the third quarter of 2011 from 12.8% for the same quarter last year. Net income during the third quarter of 2011 increased to $12.9 million from $8.9 million in the prior-year quarter. Income per diluted share for the third quarter of 2011 was $0.44 compared with $0.31 in the prior-year quarter.

Operating revenue for the nine months ended September 30, 2011 increased 10.7% to $388.1 million from $350.6 million for the same period in 2010. Income from operations was $53.5 million for the first nine months of 2011, compared with $35.1 million in the prior-year period. As a percent of operating revenue, income from operations increased to 13.8% for the nine months ended September 30, 2011 from 10.0% for the same period in 2010. Net income during the period was $32.8 million compared to $20.2 million in the prior-year period. Income per diluted share for the nine months ended September 30, 2011 was $1.11 compared with $0.69 in the prior-year period.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the third quarter said, “We are pleased to announce another quarter of outstanding operating performance. As compared to the third quarter of 2010, our nearly 12% increase in operating revenue translated to approximately 34% of incremental profit, once again demonstrating the significant leverage of our operating model.”

Commenting further, Mr. Campbell said, “We started the quarter with some intermittent softness in network volumes. Over the course of the quarter, tonnage firmed up very nicely ending the quarter with system tonnage up 9.5% for the month of September as compared to September one year ago. We would characterize current volume trends as being moderately better than normal seasonality.”

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