FFE Narrows Loss in First Quarter

May 05, 2010

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Frozen Food Express Industries incurred an after tax loss of $3.7 million, or 22 cents a share, during the first quarter of 2010, compared to a net loss of $6.1 million, or 36 cents a share in the 2009 quarter.
The company attributed the loss to continued weakness in the economy as well as poor weather conditions at the beginning of the year.

The temperature-controlled truckload and less-than-truckload carrier reported first quarter revenue of $85.8 million, down from $92.2 million in the first quarter of 2009.

"The first quarter of 2010 started off with the potential to be a repeat of 2009," said Stoney M. Stubbs, chairman and CEO. "A combination of anemic freight activity and severe storms in January and February stemmed our momentum coming out of the fourth quarter of 2009. Fortunately, March rebounded with strengthening freight activity, despite continued poor weather. Increased shipper demand, shrinking capacity and improving freight yield allowed us to regain our momentum and improve our operating results by $3.1 million compared to the first quarter of 2009."

FFE's purchased transportation was down 11.9 percent to $18.1 million in the quarter from $20.6 million in the first quarter of 2009, as a result of a decrease in the number of independent contractors compared to the prior year.

"The first quarter of each year has traditionally been our toughest operating challenge, and this year is no different," said Russell Stubbs, president. "However, with the momentum we have built in March, through a commitment to excellent customer service and pricing discipline, we expect a continuation of improved results."

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