Forward Air Posts 1Q Loss On Charge, Weak Market

GREENEVILLE, Tenn. (AP) — Forward Air Corp., an air cargo industry contractor, reported a first-quarter loss on Monday due to a hefty impairment charge and the ongoing recession that has crimped demand for the company's products.

For the quarter ended March 31, the company posted a loss of $3.1 million, or 11 cents per share, compared with profit of $10 million, or 35 cents per share, last year.

Excluding a $7.2 million goodwill impairment charge on its Forward Air Solutions unit, the company earned 4 cents per share, down from 35 cents last year. ...