Chairman Scott Niswonger plans to sell 2.2 million of his shares in Forward Air for $28.00 per share. As previously announced, the Company will not receive any of the proceeds of the offering. Bear, Stearns & Co. Inc. and Deutsche Bank Securities are the lead underwriters of the sale, along with BB&T Capital Markets.
The move comes at a time of improving financing results for the carrier. Forward Air’s third quarter net income rose 37% to $6.3 million with revenue rising 5.4% to $60.5 million compared to the same quarter in 2002. For the first nine months of 2003, Forward Air’s net income jumped 22.3% to $18.1 million as revenue rose 5.8% to $176.3 million compared to the same period last year.
Niswonger relinquished his role as CEO of Forward Air in October this year, turning the reins over to Bruce Campbell, who has been with the company since 1990. Niswonger is also chairman and CEO of Landair Corp., another air cargo truckload carrier based in Greenville, TN, which he purchased along with Landair president & COO John Tweed in February this year.