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Forward Air Corporation FWRD
Q2 2012 Earnings Call Transcript

Transcript Call Date 07/20/2012

Operator: Thank you for joining Forward Air Corporation's Second Quarter 2012 Earnings Release Conference Call. Before we begin, I'd like to point out that before the press release this call are accessible on the Investor Relations section of Forward Air's website at www.forwardair.com. With us this morning are Chairman, President and CEO, Bruce Campbell; and Senior Vice President and CFO, Rodney Bell.

By now you should have received the press release announcing second quarter 2012 results, which were furnished to the SEC on Form 8-K and on the wire yesterday after market close. Please be aware this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements among others regarding the Company's expected future and financial performance.

For this purpose, any statement made during this call that are not statements of historical facts, may be deemed to be forward-looking statements. Without limiting, the foregoing words, such as believes, anticipates, plans, expects, and similar expressions are intended to identify forward-looking statements.

You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in our filings with the Securities and Exchange Commission and in the press release issued yesterday, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statements whether as a new result of new information, future events or otherwise.

Now I'll turn the call over to Bruce Campbell, Chairman, President and CEO.

Bruce A. Campbell - Chairman, President and CEO: Thank you, operator, and thanks to each of you for joining us this morning. I will again be brief in my presentation. So we can quickly get to the Q&A session. However, I would like to highlight a few key items from the quarter.

Our core airport-to-airport business continued to show decent volume growth during the quarter and we continue to see nice growth during our current quarter. Our Forward Air Complete product line continues its record breaking performance and we are extremely pleased with their progress. Even though Solutions suffered a small loss, we made great strides during the quarter and feel good about this product line heading into the second half of the year.

All in all, a very good quarter and as always we are grateful for all the efforts of our team, both our employees and independent contractors in helping us achieve these results. Now, Rodney Bell for our financial review.

Rodney L. Bell - SVP, CFO and Treasurer: Thank you, Bruce. Following my comments we'll open the lines for your questions. Operating revenues were up $16.1 million or 12.2% for the second quarter as compared to Q2 2011. Airport-to-airport revenues inclusive Forward Air Complete were up $11 million or 12%. This resulted from 5.4% increase in average weekly tonnage and 6.3% increase in yield. The yield breakout is as follows; 1.6% from linehaul pricing and 4.7% from the positive impact of Forward Air Complete.

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