This excerpt taken from the FWRD 10-K filed Mar 16, 2005.
Our Common Stock trades on The NASDAQ Stock Market® under the symbol FWRD. The following table sets forth the high and low trade prices for the Common Stock as reported by The NASDAQ Stock Market® for each full quarterly period within the two most recent fiscal years. All prices have been restated to reflect a three-for-two stock split declared in February 2005.
There were approximately 300 shareholders of record of our Common Stock as of February 28, 2005.
Prior to February 15, 2005, we had never declared a cash dividend, our policy being to reinvest earnings into our business while retaining adequate cash reserves to fund potential acquisitions. On February 15, 2005, our Board of Directors declared a cash dividend of $0.06 per share of our Common Stock on a split-adjusted basis to shareholders of record as of April 4, 2005. We expect to continue to pay regular quarterly cash dividends, though each subsequent quarterly dividend is subject to review and approval by our Board of Directors.
There are no material restrictions on our ability to declare dividends. See Note 3 to the consolidated financial statements.
None of our securities were sold during fiscal 2004 without registration under the Securities Act.