Frozen Food Express Industries, Inc. Announces Third Quarter 2010 Results
DALLAS, Oct. 27, 2010 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) announced its financial and operating results for the third quarter ended September 30, 2010. Highlights for the quarter include:
- Total operating revenue was $93.9 million versus $94.5 million during the third quarter 2009
- Net loss improved to $2.3 million versus $2.6 million during the third quarter 2009
- Less than truckload ("LTL") tonnage increased 12.5% on a 10.1% increase in shipment count versus the third quarter 2009
- 10.6% improvement in truckload revenue per laden mile versus the third quarter 2009
- 4.1% improvement in revenue per truck per week versus the third quarter 2009
- No long-term debt outstanding and cash on hand of $2.2 million as of September 30, 2010
For the third quarter ended September 30, 2010, total operating revenue decreased 0.7%, or $0.6 million, to $93.9 million from $94.5 million in the third quarter of 2009. For the third quarter of 2010, total operating revenue, excluding fuel surcharges, decreased 3.1% to $79.5 million from $82.0 million during the third quarter of 2009, and remained relatively unchanged compared to $80.0 million in the second quarter of 2010. After recognition of a $4.4 million tax benefit for the third quarter 2010 versus a tax benefit of $2.1 million for the third quarter 2009, the net loss for the third quarter was ($2.3 million), or ($0.13) per diluted share. This compares with a net loss of ($2.6 million), or ($0.15) per share for the third quarter of 2009
Stoney M. ("Mit") Stubbs, the Company's Chairman and Chief Executive Officer commented, "Our LTL services showed nice year over year and sequential increases of 12.5% and 4%, respectively. Likewise, LTL revenue increased 7.2% year over year and 6% sequentially. It is encouraging to see our continued focus on delivering high quality services and focused sales approach are putting our LTL services back on solid ground. Our truckload services continue to achieve improved pricing yield with a 10.6% improvement, year over year, in revenue per loaded mile."
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