Thanks to revenue boosts from acquisitions and logistics services, Forward Air saw a surge in revenue and held steady on profit for the first quarter, despite rising fuel costs and a sour economy.

The company reported a 23 percent increase in revenue Tuesday to $107.9 million compared to the same quarter a year ago. But expenses rose at nearly same rate to $91.3 million and the quarter's net income dropped approximately 0.03 percent to $10 million.

The economy will be a challenge for the rest of the year, company executives told analysts, but Forward Air sees even greater opportunity for more acquisitions.

While 2008 will likely be a struggle, Bruce Campbell, company chairman, president and CEO, said, "It is a great year to position the company."

The type of acquisitions that interest the company are airport-to-airport operations like the recently acquired Pinch Holdings, Campbell said. "We have to give them a good national geographic footprint. We're about two-thirds of the way there," he added. "If the right opportunity is put in front of us, we'd probably jump at it," Campbell said. "We are very picky."

Michael Fabey/Traffic World