The Board of Directors of Forward Air Corporation (NASDAQ:FWRD) today announced a change to the Company’s dividend policy and the declaration of a quarterly cash dividend. The regular quarterly dividend rate will be increased, effective with the next payment, to $.10 per share of common stock from the current $.07 per share, an increase of 42.9%. The Board of Directors of Forward Air Corporation also announced the declaration of a quarterly cash dividend of $.10 per share of common stock payable on September 7, 2012 to shareholders of record at the close of business on August 23, 2012.
Commenting on this change to the Company’s dividend policy, Bruce Campbell, President, CEO and Chairman stated: “We are pleased to announce that our financial strength has enabled us to return additional value to our shareholders through an increase to our quarterly cash dividend. We remain focused, first and foremost, on profitably growing the Company, both organically and through acquisitions, and returning additional value to our shareholders through that growth.”
This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $.40 per share of common stock, payable in quarterly increments of $.10 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 operates two business segments, Forward Air, Inc. and Forward Air Solutions, Inc.
Forward Air, Inc. is a high-service-level contractor to the air cargo industry providing time-definite ground transportation services through a network of terminals located on or near major airports in 84 cities in the United States and Canada. It provides these services as a cost-effective alternative to air transportation of cargo that must be delivered at a specific time but is relatively less time-sensitive than traditional air freight or when air transportation is not economical.