Company Revenue

For First Quarter

Is $107.9 Million

Forward Air Corporation, a Greeneville-based trucking company, has reported its operating revenue for the quarter that ended March 31 increased 23.6 percent to $107.9 million from $87.3 million for the same quarter in 2007.

Forward Air's income from operations was $16.7 million, compared with $15.8 million in the prior-year quarter, an increase of 5.1 percent.

As a percent of operating revenue, Forward Air's quarterly income from operations declined to 15.5 percent from 18.1 percent for the same quarter last year.

The company's net income for the quarter ended March 31 was $10.0 million, compared with $10.3 million in the same quarter of the prior year.

Net income per diluted share for the first quarter was 35 cents compared with 34 cents in the same quarter of the prior year.

Campbell Comments

Bruce Campbell, Forward Air's chairman, president and CEO, said in a press release, "We were pleased with our performance in the first quarter. Despite the strong economic headwinds and challenging operating environment that persisted throughout the first quarter, we were able to achieve improved year-over-year operating revenue, income from operations and net income per diluted share."

Campbell added, "In mid-March, we were able to successfully complete the acquisition of certain assets of Pinch Holdings, Inc. and its related company AFTCO Enterprises, Inc. We were able to quickly tuck-in the Pinch/AFTCO airport-to-airport business component, and our Forward Air Solutions team is working diligently to fully integrate their pool distribution business during the second quarter."

In commenting on the second quarter, Rodney L. Bell, Senior Vice President and CFO, said, "We anticipate second quarter year-over-year revenue growth in the 22 to 27 percent range. Additionally, we expect income per diluted share for the second quarter to be 38 to 42 cents."

Forward Air describes itself as "a high-service-level contractor to the air-cargo industry providing time-definite ground transportation services through a network of terminals located in 83 cities on or near major airports in the United States and Canada."