Forward Air Corp., a truckload carrier that serves the air-cargo industry, said its revenues were flat for third-quarter 2001, with net income dropping 30% compared to the third quarter of 2000. However, over the first nine months of the year, revenue was up and net income dipped only slightly.
Greeneville, TN-based Forward Air said its revenue for the third quarter totaled $53.4 million, compared with $53.7 million for the same quarter in 2000. Net income for the third quarter of 2001 was $4.1 million compared with $6.1 million in the same period last year.
For the first nine months of 2001, revenue climbed to $171 million, compared with $157.2 million for the same period in 2000. Net income for the first nine months of 2001 was $15.3 million, compared with $16.9 million in the same period last year.
"During these difficult economic times, Forward Air has focused on generating cash flow and producing high returns on assets and equity," said Bruce A. Campbell, the company’s president & COO. "Accordingly, we ended the third quarter of this year with over $35.4 million in cash, an increase of $7.7 million above the second quarter's balance. Additionally, Forward Air produced a pre-tax return on assets and return on equity of 30.4% and 24.8%, respectively, over the last twelve months."
