Frozen Food Express Industries, Inc. Announces Improved Fourth Quarter And 2010 Year End Results
DALLAS, Feb. 15, 2011 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) today announced its financial and operating results for the quarter and year ended December 31, 2010. Highlights for the year include:
- Operating losses for the 4 th Quarter of 2010, are $1.9 million, an improvement versus the 4 th Quarter of 2009 of $3.1 million; a 62.1% improvement.
- Operating losses for the year improved by $7.2 million versus 2009; a 29.1% improvement.
- Total operating revenue for the 4 th Quarter increased 3.0% to $94.2 million from $91.4 million in the 4 th Quarter of 2009.
- Total operating revenue for 2010 was $368.8 million compared to $373.1 million in 2009.
- Operating expenses decreased 2.9% or $11.5 million to $386.5 million compared to $398.0 million in 2009.
- Net loss improved 27.3% or $4.5 million to $11.9 million versus $16.4 million in 2009.
- Continued focus on cost control resulted in an operating ratio improvement of 1.9% to 104.8% compared to 106.7% in 2009.
- Net loss per share of diluted common stock improved 28.1% to ($0.69) versus ($0.96) in 2009.
For the year ended December 31, 2010, total operating revenue decreased 1.1% or $4.2 million. Total operating revenue, net of fuel surcharges, decreased 5.1% or $16.8 million, to $311.4 million from $328.2 million in 2009 due largely to an 8.0% reduction in average trucks in service. The net loss for the year improved 27.3% to $11.9 million or ($.69) per diluted share compared to $16.4 million or ($.96) per diluted share in 2009.
For the fourth quarter ended December 31, 2010, total operating revenue increased $2.7 million to $94.2 million compared to $91.4 million in the same period of last year. Total operating revenue excluding fuel surcharges was comparable to last year at $78.6 million. The net loss for the fourth quarter ended December 31, 2010 improved 41.6% or $1.1 million to $1.5 million or ($0.09) per diluted share compared to $2.6 million or ($0.15) per diluted share last year.
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