Forward Air Corporation Changes Timing of Fourth Quarter 2023 Earnings Release to February 28
February 16 2024 - 8:35AM
Business Wire
Provides progress update on repayment of term B
loans
Forward Air Corporation (NASDAQ: FWRD) (“Forward” or “the
Company”) today changed the date for the release of its fourth
quarter 2023 earnings.
Forward plans to release its fourth quarter 2023 earnings after
the market closes on Wednesday, February 28 and hold a conference
call to discuss those results on the following day, Thursday,
February 29 at 9:00 a.m. ET. The conference call will be available
online on the Investor Relations portion of the Company’s website
at ir.forwardaircorp.com, or by dialing (800) 579-2543, Conference
ID: FWRDQ423.
“Following the close of the Omni acquisition and the recent
leadership changes at Forward, we are changing the date of our
fourth quarter earnings release by a week,” said Michael Hance,
Interim Chief Executive Officer of Forward. “We are pleased to
provide a progress update on the repayment of the term B loans and
the amendment to our credit agreement to revise our financial
performance covenant, positioning Forward for future growth and
success.”
Forward entered into an amendment to its credit agreement, which
temporarily increases the maximum consolidated first lien net
leverage ratio permitted by the credit agreement’s financial
performance covenant. Additional details can be found in the Form
8-K filed with the Securities and Exchange Commission on February
15, 2024. Prior to the amendment, $80 million aggregate principal
amount of term B loans outstanding under the credit agreement was
repaid, together with all accrued and unpaid interest thereon.
About Forward Air
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload services, including local pick-up and
delivery, shipment consolidation/deconsolidation, warehousing, and
customs brokerage by utilizing a comprehensive national network of
terminals. In addition, we offer truckload brokerage services,
including dedicated fleet services, and intermodal, first- and
last-mile, high-value drayage services, both to and from seaports
and railheads, dedicated contract and Container Freight Station
warehouse and handling services. We are more than a transportation
company. Forward is a single resource for your shipping needs.
www.forwardaircorp.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, which are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. Words such as “anticipate(s)”,
“expect(s)”, “intend(s)”, “plan(s)”, “target(s)”, “project(s)”,
“believe(s)”, “will”, “aim”, “would”, “seek(s)”, “estimate(s)” and
similar expressions are intended to identify such forward-looking
statements. These statements may reflect Forward’s expectations,
beliefs, hopes, intentions or strategies regarding, among other
things, the transactions contemplated under the Agreement and Plan
of Merger, dated as of August 10, 2023 (as amended, the “Merger
Agreement”; and such transactions, collectively with the other
transactions contemplated by the other transaction agreements
referred to in the Merger Agreement, the “Transactions”) between
Forward, Omni Newco LLC, and the other parties thereto, the
benefits and synergies of the Transactions and future opportunities
for the combined company, as well as other statements that are
other than historical fact, including, without limitation,
management plans for future operations and performance.
Forward-looking statements are based on management’s current
expectations, projections, estimates, assumptions and beliefs and
are subject to a number of known and unknown risks, uncertainties
and other factors that could lead to actual results materially
different from those described in the forward-looking statements.
Forward can give no assurance that its expectations will be
attained. We caution readers that any such statements are based on
currently available operational, financial and competitive
information, and they should not place undue reliance on these
forward-looking statements, which reflect management’s opinion only
as of the date on which they were made. These forward-looking
statements are not a guarantee of future performance and involve
risks and uncertainties, and there are certain important factors
that could cause Forward’s actual results to differ, possibly
materially, from expectations or estimates reflected in such
forward-looking statements, including, but without limitation: (i)
the risk that the parties may be unable to achieve the expected
strategic, financial and other benefits of the Transactions,
including the realization of expected synergies and the achievement
of deleveraging targets, within the expected time-frames or at all;
(ii) the risk that the businesses will not be integrated
successfully or that integration may be more difficult,
time-consuming or costly than expected; (iii) the risk that
operating costs, customer loss, management and employee retention
and business disruption (including, without limitation,
difficulties in maintaining relationships with employees,
customers, clients or suppliers) may be greater than expected; (iv)
risks associated with Forward’s indebtedness, leverage and debt
service obligations; (v) general economic and market conditions;
(vi) the outcome of Forward’s management transitions; and (vii) the
expected benefit of the composition of the Board and Forward’s
governance practices to Forward’s long-term value creation
potential and its drivers. These and other risks and uncertainties
are more fully discussed in the risk factors identified in “Item
1A. Risk Factors” in Part I of Forward’s most recently filed Annual
Report on Form 10-K, and as may be identified in Forward’s
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Except to the extent required by law, Forward expressly disclaims
any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Forward’s expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20240216589660/en/
Elizabeth Volpe / Libby Lloyd Brunswick Group (212) 333 - 3810
ForwardAirCorporation@BrunswickGroup.com
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