<PAGE> 1
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 June 30, 2000
Commission File No. 000-22490
FORWARD AIR CORPORATION
(Exact name of registrant as specified in its charter)
TENNESSEE 62-1120025
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
430 AIRPORT ROAD
GREENEVILLE, TENNESSEE 37745
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (423) 636-7100
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 [ ]
The number of shares outstanding of the registrant's common stock, $.01 par
value, as of July 31, 2000 was 21,176,004.
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TABLE OF CONTENTS
FORWARD AIR CORPORATION
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Page
Number
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets -
June 30, 2000 and December 31, 1999 3
Condensed Consolidated Statements of Income -
Three and six months ended June 30, 2000 and 1999 4
Condensed Consolidated Statements of Cash Flows -
Six months ended June 30, 2000 and 1999 5
Notes to Condensed Consolidated Financial Statements -
June 30, 2000 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
ITEM 3. Quantitative and Qualitative Disclosure of Market Risk 14
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings 15
ITEM 2. Changes in Securities and Use of Proceeds 15
ITEM 3. Defaults Upon Senior Securities 15
ITEM 4. Submission of Matters to a Vote of Security Holders 15
ITEM 5. Other Information 15
ITEM 6. Exhibits and Reports on Form 8-K 16
SIGNATURES 17
EXHIBIT INDEX 18
</TABLE>
2
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Forward Air Corporation
Condensed Consolidated Balance Sheets
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<CAPTION>
June 30, 2000 December 31, 1999
----------------------------------
(Unaudited) (Note 1)
(In thousands, except share data)
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ASSETS
Current assets:
Cash and cash equivalents $ 10,315 $ 5,989
Accounts receivable, less allowance of $1,025 in
2000 and $918 in 1999 30,448 27,342
Other current assets 4,826 3,083
------------------------
Total current assets 45,589 36,414
Property and equipment 54,071 47,197
Less accumulated depreciation and amortization (16,605) (14,307)
------------------------
37,466 32,890
Other assets 10,019 10,313
------------------------
Total assets $ 93,074 $ 79,617
========================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,242 $ 7,436
Accrued expenses 8,946 8,145
Current portion of long-term debt 260 758
Current portion of capital lease obligations 528 513
------------------------
Total current liabilities 15,976 16,852
Long-term debt, less current portion 19 835
Capital lease obligations, less current portion 3,663 3,919
Deferred income taxes 4,402 3,059
Shareholders' equity:
Preferred stock -- --
Common stock, $.01 par value:
Authorized shares - 50,000,000
Issued and outstanding shares - 21,129,478 in 2000
and 20,732,963 in 1999 211 207
Additional paid-in capital 38,879 35,528
Retained earnings 29,924 19,217
------------------------
Total shareholders' equity 69,014 54,952
------------------------
Total liabilities and shareholders' equity $ 93,074 $ 79,617
========================
</TABLE>
See notes to condensed consolidated financial statements.
3
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Forward Air Corporation
Condensed Consolidated Statements of Income
(Unaudited)
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Three months ended Six months ended
---------------------------- --------------------------
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
---------------------------- --------------------------
(In thousands, except per share data)
<S> <C> <C> <C> <C>
Operating revenue $ 54,058 $ 40,781 $ 103,465 $ 78,509
Operating expenses:
Purchased transportation:
Provided by Landair Corporation 638 751 1,357 1,460
Provided by others 22,221 17,025 42,698 32,545
Salaries, wages and employee benefits 12,025 9,152 23,459 17,874
Operating leases 2,543 2,097 5,112 4,223
Depreciation and amortization 1,408 1,255 2,781 2,454
Insurance and claims 837 530 1,643 870
Other operating expenses 4,620 4,032 9,278 7,669
--------------------------- ------------------------
44,292 34,842 86,328 67,095
--------------------------- ------------------------
Income from operations 9,766 5,939 17,137 11,414
Other income (expense):
Interest expense (24) (179) (107) (625)
Other, net 166 46 307 78
--------------------------- ------------------------
142 (133) 200 (547)
--------------------------- ------------------------
Income before income taxes 9,908 5,806 17,337 10,867
Income taxes 3,790 2,256 6,630 4,217
--------------------------- ------------------------
Net income $ 6,118 $ 3,550 $ 10,707 $ 6,650
=========================== ========================
Income per share:
Basic $ .29 $ .18 $ .51 $ .34
=========================== =========================
Diluted $ .28 $ .17 $ .48 $ .33
=========================== ========================
</TABLE>
See notes to condensed consolidated financial statements.
4
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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Six months ended
------------------------------
June 30, 2000 June 30, 1999
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(In thousands)
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Cash provided by operations $ 11,153 $ 9,801
Investing activities:
Proceeds from disposal of property and equipment 40 53
Purchases of property and equipment (6,967) (3,274)
Other (117) (99)
--------------------------
(7,044) (3,320)
Financing activities:
Payments of long-term debt (1,314) (19,617)
Payments of capital lease obligations (241) (708)
Proceeds from exercise of stock options 1,676 783
Common stock issued under employee stock purchase plan 96 57
Net proceeds from public offering -- 18,033
--------------------------
217 (1,452)
--------------------------
Increase in cash and cash equivalents $ 4,326 $ 5,029
==========================
</TABLE>
See notes to condensed consolidated financial statements.
5
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Forward Air Corporation
Notes to Condensed Consolidated Financial Statements
(Unaudited)
June 30, 2000
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three- and six-month periods ended June
30, 2000 are not necessarily indicative of the results that may be expected for
the year ending December 31, 2000. For further information, refer to the
consolidated financial statements and footnotes thereto included in the Forward
Air Corporation annual report on Form 10-K for the year ended December 31, 1999.
The balance sheet at December 31, 1999 has been derived from the audited
financial statements at that date, but does not include all of the financial
information and footnotes required by generally accepted accounting principles
for complete financial statements.
2. COMPREHENSIVE INCOME
The Company had no items of other comprehensive income in 2000 or 1999 and,
accordingly, comprehensive income is equivalent to net income.
3. NET INCOME PER SHARE
On January 10, 2000, the Board of Directors approved a three-for-two split of
the common stock which was distributed on January 28, 2000 to shareholders of
record as of January 21, 2000. On February 24, 1999, the Board of Directors
approved a two-for-one split of the common stock of the Company which was
distributed on March 19, 1999 to shareholders of record as of March 12, 1999.
Common stock issued and additional paid-in capital have been restated to reflect
these splits for all periods presented. All common share and per share data
included in the condensed consolidated financial statements and notes thereto
have been restated to give effect to the stock splits.
6
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Forward Air Corporation
Notes to Condensed Consolidated Financial Statements (continued)
The following table sets forth the computation of basic and diluted earnings per
share (in thousands, except per share data):
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Three months ended Six months ended
------------------------------ ------------------------------
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
------------- ------------- ------------- -------------
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Numerator:
Numerator for basic and diluted
income per share - net income $ 6,118 $ 3,550 $ 10,707 $ 6,650
Denominator:
Denominator for basic income per
share - weighted-average shares 21,047 20,010 20,916 19,477
Effect of dilutive stock options 1,163 1,225 1,230 983
---------------------------- ---------------------------
Denominator for diluted income per
share - adjusted weighted-average
shares 22,210 21,235 22,146 20,460
============================ ===========================
Basic income per share $ .29 $ .18 $ .51 $ .34
============================ ===========================
Diluted income per share $ .28 $ .17 $ .48 $ .33
============================ ===========================
</TABLE>
4. INCOME TAXES
For the three and six months ended June 30, 2000 and 1999, the effective income
tax rate varied from the statutory federal income tax rate of 35% primarily as a
result of the effect of state income taxes, net of the federal benefit, and
permanent differences.
5. CONTINGENCIES
The primary claims in the Company's business are workers' compensation, property
damage, auto liability and medical benefits. Most of the Company's insurance
coverage provides for self-insurance levels with primary and excess coverage
which management believes is sufficient to adequately protect the Company from
catastrophic claims. In the opinion of management, adequate provision has been
made for all incurred claims up to the self-insured limits, including provision
for estimated claims incurred but not reported.
The Company estimates its self-insurance loss exposure by evaluating the merits
and circumstances surrounding individual known claims, and by performing
hindsight analysis to determine an estimate of probable losses on claims
incurred but not reported. Such losses could be realized immediately as the
events underlying the claims have already occurred as of the balance sheet
dates.
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Forward Air Corporation
Notes to Condensed Consolidated Financial Statements (continued)
Because of the uncertainty of the ultimate resolution of outstanding claims, as
well as uncertainty regarding claims incurred but not reported, it is possible
that management's provision for these losses could change materially in the near
term. However, no estimate can currently be made of the range of additional loss
that is at least reasonably possible.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Introduction
The Forward Air operations provide scheduled ground transportation of cargo on a
time-definite basis. As a result of Forward Air's established transportation
schedule and network of terminals, its operating cost structure includes
significant fixed costs. Forward Air's ability to improve its operating margins
will depend on its ability to increase the volume of freight moving through its
network.
Results of Operations
The following table shows the percentage relationship of expense items to
operating revenue for the periods indicated.
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Three months ended Six months ended
------------------------- ----------------------
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
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Operating revenue 100.0% 100.0% 100.0% 100.0%
Operating expenses:
Purchased transportation 42.3 43.6 42.6 43.3
Salaries, wages and employee
benefits 22.2 22.4 22.7 22.8
Operating leases 4.7 5.1 4.9 5.4
Depreciation and amortization 2.6 3.1 2.7 3.1
Insurance and claims 1.5 1.3 1.6 1.1
Other operating expenses 8.6 9.9 8.9 9.8
----------------------- ---------------------
81.9 85.4 83.4 85.5
Income from operations 18.1 14.6 16.6 14.5
Other income (expense):
Interest expense 0.0 (0.4) (0.1) (0.8)
Other, net 0.2 0.1 0.3 0.1
----------------------- ---------------------
0.2 (0.3) 0.2 (0.7)
----------------------- ---------------------
Income before income taxes 18.3 14.3 16.8 13.8
Income taxes 7.0 5.6 6.5 5.3
----------------------- ---------------------
Net income 11.3% 8.7% 10.3% 8.5%
======================= =====================
</TABLE>
Three Months Ended June 30, 2000 compared to Three Months Ended June 30, 1999
Operating revenue increased by $13.3 million, or 32.6%, to $54.1 million in the
second quarter of 2000 from $40.8 million in the same period of 1999. This
increase resulted primarily from an increased volume from domestic and
international air cargo customers, an increase in the number of operating
terminals and direct shuttles and enhanced logistics services.
Purchased transportation represented 42.3% of operating revenue in the second
quarter of 2000 compared to 43.6% in the same period of 1999. The decrease in
purchased transportation as a
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percentage of operating revenue was attributed to operating efficiencies
resulting from an increased volume of freight transported through the Forward
Air network.
Salaries, wages and employee benefits were 22.2% of operating revenue in the
second quarter of 2000 compared to 22.4% for the same period of 1999. The
decrease in salaries, wages and employee benefits as a percentage of operating
revenue was attributed to operating efficiencies resulting from an increased
volume of freight transported through the Forward Air network.
Operating leases, the largest component of which is terminal rent, were 4.7% of
operating revenue in the second quarter of 2000 compared to 5.1% in the same
period of 1999. The decrease in operating leases as a percentage of operating
revenue between periods was attributable to increased leverage resulting from
increased operating revenue.
Depreciation and amortization expense as a percentage of operating revenue was
2.6% in the second quarter of 2000, compared to 3.1% in the same period of 1999.
The decrease in depreciation and amortization expense as a percentage of revenue
was attributable to increased utilization of operating equipment during 2000 as
a result of increased operating revenue.
Insurance and claims as a percentage of revenue were 1.5% of operating revenue
in the second quarter of 2000, compared to 1.3% in the same period of 1999. The
increase in insurance and claims as a percentage of revenue resulted primarily
from an increase in the frequency and severity of accidents and higher premium
costs during the second quarter of 2000.
Other operating expenses were 8.6% of operating revenue in the second quarter of
2000 compared to 9.9% in the same period of 1999. The decrease in other
operating expenses as a percentage of operating revenue was primarily
attributable to a lower operating cost structure on a percentage of revenue
basis resulted from increased operating revenue.
Income from operations increased by $3.9 million, or 66.1%, to $9.8 million for
the second quarter of 2000 compared to $5.9 million for the same period in 1999.
The increase in income from operations was primarily a result of a lower
operating cost structure on a percentage of revenue basis resulting from an
increase in operating revenue, which allowed the Company to spread the fixed
costs of the network over a larger revenue base. The increase in income from
operations during the second quarter of 2000 was partially offset by operating
losses of approximately $421,000 relating to the Company's new information
technology subsidiary, LogTech Corporation.
Interest expense was $24,000, or 0.0% of operating revenue, in the second
quarter of 2000, compared to $179,000, or 0.4%, for the same period in 1999. The
decrease in interest expense was a result of lower average net borrowings during
the second quarter of 2000.
Other income, net was $166,000, or 0.2% of operating revenue, in the second
quarter of 2000, compared to $46,000, or 0.1%, for the same period in 1999. The
increase in other income
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resulted from higher interest income attributed to higher average cash and cash
equivalent balances during the second quarter of 2000.
The combined federal and state effective tax rate for the second quarter of 2000
was 38.3% compared to a rate of 38.9% for the same period in 1999.
As a result of the foregoing factors, net income increased by $2.6 million, or
74.3%, to $6.1 million for the second quarter of 2000, compared to $3.5 million
for the same period in 1999.
Six Months Ended June 30, 2000 compared to Six Months Ended June 30, 1999
Operating revenue increased by $25.0 million, or 31.8%, to $103.5 million in the
first six months of 2000 from $78.5 million in the same period of 1999. This
increase resulted primarily from an increased volume from domestic and
international air cargo customers, an increase in the number of operating
terminals and direct shuttles and enhanced logistics services.
Purchased transportation represented 42.6% of operating revenue in the first six
months of 2000 compared to 43.3% in the same period of 1999. The decrease in
purchased transportation as a percentage of operating revenue was attributed to
operating efficiencies resulting from an increased volume of freight transported
through the Forward Air network.
Salaries, wages and employee benefits were 22.7% of operating revenue in the
first six months of 2000 compared to 22.8% in the same period of 1999. The
decrease in salaries, wages and employee benefits as a percentage of operating
revenue was attributed to operating efficiencies resulting from an increased
volume of freight transported through the Forward Air network.
Operating leases, the largest component of which is terminal rent, were 4.9% of
operating revenue in the first six months of 2000 compared to 5.4% in the same
period of 1999. The decrease in operating leases as a percentage of operating
revenue between periods was attributable to increased leverage resulting from
increased operating revenue.
Depreciation and amortization expense as a percentage of operating revenue was
2.7% in the first six months of 2000, compared to 3.1% in the same period of
1999. The decrease in depreciation and amortization expense as a percentage of
revenue was attributable to increased utilization of operating equipment during
2000 as a result of increased operating revenue.
Insurance and claims as a percentage of revenue were 1.6% of operating revenue
in the first six months of 2000, compared with 1.1% in the same period of 1999.
The increase in insurance and claims as a percentage of revenue resulted
primarily from an increase in the frequency and severity of accidents and higher
premium costs during the first six months of 2000.
Other operating expenses were 8.9% of operating revenue in the first six months
of 2000 compared to 9.8% in the same period of 1999. The decrease in other
operating expenses as a
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percentage of operating revenue was primarily attributable to a lower operating
cost structure on a percentage of revenue basis resulted from increased
operating revenue.
Income from operations increased by $5.7 million, or 50.0%, to $17.1 million for
the first six months of 2000 compared to $11.4 million for the same period in
1999. The increase in income from operations was primarily a result of lower
operating cost structure on a percentage of revenue basis resulting from an
increase in operating revenue, which allowed the Company to spread the fixed
costs of the network over a larger revenue base. The increase in income from
operations during the first six months of 2000 was partially offset by operating
losses of approximately $564,000 relating to the Company's new information
technology subsidiary, LogTech Corporation.
Interest expense was $107,000, or 0.1% of operating revenue, in the first six
months of 2000, compared to $625,000, or 0.8%, for the same period in 1999. The
decrease in interest expense was due to lower average net borrowings during the
first six months of 2000.
Other income, net was $307,000, or 0.3% of operating revenue, in the first six
months of 2000, compared to $78,000, or 0.1%, for the same period in 1999. The
increase in other income resulted from higher interest income attributed to
higher average cash and cash equivalent balances during the first six months of
2000.
The combined federal and state effective tax rate for the first six months of
2000 was 38.2% compared to a rate of 38.9% for the same period in 1999.
As a result of the foregoing factors, net income increased by $4.1 million, or
62.1%, to $10.7 million for the first six months of 2000, compared to $6.6
million for the same period in 1999.
Liquidity and Capital Resources
The Company has historically financed its working capital needs, including
capital purchases, with cash flows from operations and borrowings under the
Company's bank lines of credit. Net cash provided by operating activities
totaled approximately $11.2 million for the six months ended June 30, 2000,
compared with $9.8 million in the same period of 1999.
Net cash used in investing activities was approximately $7.0 million in the six
months ended June 30, 2000 compared with $3.3 million in the same period of
1999. Investing activities consisted primarily of the purchase of operating
equipment and management information systems and the capitalization of computer
software costs relating to the LogTech system during these periods.
Net cash provided by financing activities totalled approximately $217,000 in the
six months ended June 30, 2000 compared with net cash used in financing
activities of $1.5 million in the same period of 1999. Financing activities for
the first six months of 2000 and 1999 included the repayment of long-term debt
and capital leases, proceeds received from the exercise of stock options and
proceeds received from the issuance of common stock under the Company's employee
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stock purchase plan. In addition, the first six months of 1999 included the
proceeds from common stock issued under a public offering.
The Company's credit facilities include a working capital line of credit and an
equipment financing facility. As long as the Company complies with the financial
covenants and ratios established in the credit facility agreements, these credit
facilities permit borrowings of up to $20.0 million under the working capital
line of credit and up to $25.0 million under the equipment financing facilities.
Interest rates for advances under the facilities vary based on how the Company's
performance measures against covenants related to total indebtedness, cash
flows, results of operations and other ratios. The facilities bear interest at
LIBOR plus .80% to 1.90%, expire in December 2000 and April 2001, and are
secured by accounts receivable and the majority of the Company's equipment. The
amount the Company can borrow under the line of credit is reduced by the amount
of any outstanding letters of credit. At June 30, 2000 and December 31, 1999,
the Company had no borrowings outstanding under the line of credit facility or
the equipment financing facility.
Management believes that its available cash, expected cash generated from future
operations and borrowings under available lines of credit will be sufficient to
satisfy the Company's anticipated cash needs for at least the next twelve
months.
Year 2000 Issues
In prior years, the Company discussed the nature and progress of its plans to
become Year 2000 ready. In late 1999, the Company completed its remediation and
testing of systems. As a result of those planning and implementation efforts,
the Company experienced no significant disruptions in mission critical
information technology and non-information technology systems and believes those
systems successfully responded to the Year 2000 date change. The Company
expensed approximately $20,000 during the first six months of 1999 in connection
with remediating its systems. The Company is not aware of any material problems
resulting from Year 2000 issues, either with its products, its internal systems,
or the products and services of third parties. The Company will continue to
monitor its mission critical computer applications and those of its suppliers
and vendors throughout the Year 2000 and will address any latent Year 2000
matters that may arise.
Forward-Looking Statements
The Company, or its executive officers and directors on behalf of the Company,
may from time to time make written or oral "forward-looking statements." Written
forward-looking statements may appear in documents filed with the Securities and
Exchange Commission, in press releases and in reports to shareholders. Oral
forward-looking statements may be made by the Company's executive officers and
directors on behalf of the Company to the press, potential investors, securities
analysts and others. The Private Securities Litigation Reform Act of 1995
contains a safe harbor for forward-looking statements. The Company relies on
this safe harbor in making such disclosures. In connection with this safe harbor
provision, the Company is hereby identifying important factors that could cause
actual results to differ materially from those contained in any
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forward-looking statement made by or on behalf of the Company. Without
limitation, factors that might cause such a difference include economic factors
such as recessions, inflation, higher interest rates and downturns in customer
business cycles, the Company's inability to maintain its historical growth rate
resulting from a decreased volume of freight moving through the Company's
network, competition, surplus inventories, loss of a major customer, the
inability of the Company's information systems to handle an increased volume of
freight moving through its network, and the lack of availability and
compensation of qualified independent owner-operators needed to serve the
Company's transportation needs. The Company disclaims any intent or obligation
to update these forward-looking statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE OF MARKET RISK
The Company's exposure to market risk related to its remaining outstanding debt
is not significant.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is, from time to time, a party to litigation arising in the normal
course of its business, most of which involve claims for personal injury and
property damage incurred in connection with the transportation of freight.
Management believes that none of these actions, individually or in the
aggregate, will have a material adverse effect on the financial condition or
results of operations of the Company.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The annual meeting of shareholders of the Company was held on May 23, 2000 for
the purpose of electing six directors and approving the appointment of
independent auditors for 2000.
Shareholders elected each director nominee for a one-year term expiring at the
2001 annual meeting. The vote for each director was as follows:
<TABLE>
<CAPTION>
For Withheld
--- --------
<S> <C> <C>
Bruce A. Campbell 17,060,159 2,260,778
Edward W. Cook 18,295,032 1,025,905
James A. Cronin, III 18,403,892 917,045
Hon. Robert K. Gray 18,404,154 916,783
Scott M. Niswonger 16,237,274 3,083,663
Richard H. Roberts 18,294,994 1,025,943
</TABLE>
The appointment of Ernst & Young LLP as independent auditors for 2000 was
ratified and approved as follows:
<TABLE>
<CAPTION>
For Against Abstain
--- ------- -------
<S> <C> <C>
19,316,134 3,830 973
</TABLE>
ITEM 5. OTHER INFORMATION
Not Applicable
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - The response to this portion of Item 6 is submitted as a
separate section of this report.
(b) Reports on Form 8-K - The Company did not file any reports on Form 8-K
during the three months ended June 30, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Forward Air Corporation
Date: August 8, 2000 By: /s/ Edward W. Cook
--------------------------------------
Edward W. Cook
Chief Financial Officer
and Senior Vice President
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No.
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<S> <C>
27.1 Financial Data Schedule - Period Ended June 30, 2000
(Electronic Filing Only)
</TABLE>
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