Frozen Food Express Industries Inc., Dallas, Texas, has reported the highest net income for any first quarter in its 58 years in business.
First quarter 2004 net income was $1,940,000 on revenue of $103,377,000.
For the same period of 2003, the company incurred a loss of $668,000 on revenue of $91,454,000.
Freight revenue improved by 14% between the first three months of 2003 and 2004, to $100,905,000. Fuel adjustment charges made up 4.9% of 2004's freight revenue, as compared to 4.7% during the comparable 2003 period.
Operating income generated by the company's trucking operations was $3,310,000 for the quarter -- as compared to operating income of $89,000 for the same period of 2003. Non-freight operations, which lost money in every quarter of 2003, accumulating more than $5 million in 2003 operating losses, posted first-quarter 2004 operating income of $10,000.
Stoney M. (Mit) Stubbs Jr., FFEX chairman and CEO, said, "Since we're primarily a refrigerated trucker, our year is typically seasonal. Normally the first quarter is our weakest. Almost always we're the busiest during the warmer months -- the second and third quarters. Demand for trucking service is strong, and the supply of trucks is tight right now and, as drivers leave truck driving for warm-weather jobs in construction, the national supply is likely to get tighter. Strong demand and tight supply mean that freight rates should continue to rise."
First quarter 2004 net income was $1,940,000 on revenue of $103,377,000.
For the same period of 2003, the company incurred a loss of $668,000 on revenue of $91,454,000.
Freight revenue improved by 14% between the first three months of 2003 and 2004, to $100,905,000. Fuel adjustment charges made up 4.9% of 2004's freight revenue, as compared to 4.7% during the comparable 2003 period.
Operating income generated by the company's trucking operations was $3,310,000 for the quarter -- as compared to operating income of $89,000 for the same period of 2003. Non-freight operations, which lost money in every quarter of 2003, accumulating more than $5 million in 2003 operating losses, posted first-quarter 2004 operating income of $10,000.
Stoney M. (Mit) Stubbs Jr., FFEX chairman and CEO, said, "Since we're primarily a refrigerated trucker, our year is typically seasonal. Normally the first quarter is our weakest. Almost always we're the busiest during the warmer months -- the second and third quarters. Demand for trucking service is strong, and the supply of trucks is tight right now and, as drivers leave truck driving for warm-weather jobs in construction, the national supply is likely to get tighter. Strong demand and tight supply mean that freight rates should continue to rise."
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