Frozen Food Express Industries, Inc. Announces Improved Second Quarter 2010 Results
DALLAS, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) announced its financial and operating results for the quarter ended June 30, 2010. Highlights for the quarter include:
- Total operating revenue of $95.0 million
- 49.7% improvement in pre-tax results with a loss of $3.3 million compared to a $6.6 million loss in second quarter 2009
- 3.1% reduction in total operating expenses to $98.3 million, representing a reduction of $3.1million from the second quarter of 2009
- Operating ratio improvement of 3.1% compared to the second quarter of 2009
- 15.3% improvement in truckload revenue per laden mile
- No debt outstanding and cash on hand of $6.6 million
Stoney M. ("Mit") Stubbs, the Company's Chairman and Chief Executive Officer commented, "Through the latter portion of 2009 and into 2010, we placed a priority on service excellence, targeted pricing programs and asset utilization. We continue this approach, as it has shown results in improved pricing yield in our truckload service and increased shipment count and tonnage in our 'LTL' (less-than-truckload) service. As carriers continued to exit the marketplace in late 2009 and early 2010, a marginal uptick in demand has put pressure on overall capacity, especially in the truckload sector, and this has had a pronounced impact on pricing. Increased shipper demand, shrinking capacity and improving freight yield allowed us to regain our momentum and improve our pre-tax results by $2.4 million, or 41.9%, compared to the first quarter of 2010."
For the second quarter of 2010, total operating revenue, excluding fuel surcharges, increased 9.1% to $80.0 million compared to $73.3 million in the first quarter of 2010. This was a decrease of 5.3% compared to $84.5 million in the second quarter of 2009. The pre-tax loss for the current quarter was $3.3 million, an improvement of 49.7% compared with 2009. The net loss for the current quarter was $4.4 million, an improvement of 14.3% compared to 2009. On a per share basis, the loss equated to ($0.26) per diluted share compared to ($0.30) per diluted share in 2009.
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