Greeneville-based Forward Air Corporation (NASDAQ:FWRD) announced Tuesday that its board of directors declared a quarterly cash dividend of $0.10 per share of common stock.
The dividend is payable to shareholders of record at the close of business on Aug. 23, and is expected to be paid on Sept. 7.
This quarterly dividend is pursuant to a cash dividend policy approved by the board of directors, which anticipates a total annual dividend of $0.28 per share of common stock, payable in quarterly increments of $0.10 per share of common stock, a news release said.
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.
Forward Air Corporation operates three business segments, Forward Air, Inc., Forward Air Solutions, Inc. and Total Quality, Inc.
ABOUT FORWARD AIR
Forward Air, Inc. is a high-service-level contractor to the air cargo industry providing time-definite ground transportation services through a network of 84 terminals located on or near major airports 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.
Forward Air Solutions, Inc. is a provider of pool distribution services.
Pool distribution involves the consolidation and shipment of several smaller, less-than-truckload, shipments to a common area or region.
Once at the regional destination, the loads are deconsolidated, then grouped with other shipments with common delivery points, and delivered in a very precise, time-sensitive manner.
The pool distribution network consists of 19 terminals within the mid-Atlantic, Southeast, Midwest and Southwestern United States.
Total Quality, Inc. utilizes industry-leading temperature-controlled equipment, 24-hour monitoring and tracking technology and layered security features to provide customers with what the company calls an unmatched level of service.
In addition to Total Quality's core pharmaceutical services, the company provides truckload and less-than-truckload brokerage transportation services.
Total Quality, Inc. is headquartered in central Michigan. Service is provided in the United States, Canada and Mexico.