Frozen Food Express Industries, Inc. Announces Improved Fourth Quarter And 2010 Year End Results
Stoney M. ("Mit") Stubbs, the Company's Chairman and Chief Executive Officer commented, "Despite continued economic challenges, our truckload services continued to support stronger rates and deliver improved utility. We are pleased that our truckload revenue per total mile has held steady since rate increases taken at the end of the first quarter of this year. LTL services continue to benefit from increased focus on improved service dynamics. We've grown LTL tonnage by 5.0% this year compared to last, however we've seen that this part of the market continues to be very competitive in rates. We believe our improved service offering and nationwide footprint will allow us to command stronger rates in the future."
Asset productivity (measured by revenue per truck per week) improved 2.9% to $3,221.00 for 2010 compared to $3,129.00 in 2009. Russell Stubbs, the Company's President commented that, "A key challenge in this market is to increase seated drivers to provide us the benefit of incremental revenue. We ended 2010 with an average weekly trucks in service number of 1,782 trucks, which was 155 trucks less than our 2009 average. We will grow our truckload revenue in 2011 by correcting this shortage. We have recently opened the FFE Driving Academy to allow us to train and develop new truck driving professionals and have also invested in our existing driver development infrastructure to support increased driver recruitment efforts. This combined with a new, more robust contractor lease program will give us the additional capacity needed in this market to grow our revenue in 2011. We expect these enhancements will significantly improve our ability to add qualified drivers to our existing fleet and take advantage of opportunities in the truckload marketplace."
Mit Stubbs concluded, "We believe that despite the challenges from continued weakness in the economy, our employees have maintained their resolve to improve key elements of our business model such as improved service metrics, higher truck utility and tonnage growth from our LTL services, each of which will allow us to continue to improve our operating performance."
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