FFE Transportation Services, Inc. Announces 'Drive-To-Own' Owner-Operator Program
DALLAS, Feb. 15, 2011 (GLOBE NEWSWIRE) -- FFE Transportation Services, Inc. (Nasdaq:FFEX) announced the restructuring of the company lease-purchase program for those Owner-Operators interested in participating in the company's existing lease to purchase program. The program is branded "Drive-To-Own" and the revised terms reduce lease payments by an average of 20%. In addition, the program encourages ownership by significantly reducing the residual or 'balloon' payment due at the end of lease terms on qualified equipment. The restructure is intended to increase cash flow of FFE Contractors in the program and to motivate ownership in the shortest time possible. All current Contractors leasing equipment from FFE through prior programs recognized the improved economics of "Drive-To-Own" as of February 13, 2011 and all qualified candidates entering FFE are now eligible for the same terms.
John Hickerson, EVP and COO of FFE, stated, "FFE is continually looking for ways to improve the satisfaction and success of our Independent Contractors. We understand that our growth and success is dependent upon the success of these critical partners. This is a first step as we continue to analyze opportunities to keep our Contractor programs among the most competitive in the industry."
Along with the reduced payment terms, FFE offers very competitive labor rates when DTO contractors choose to use preferred vendors for maintenance and repairs. FFE also provides parts and tires on a cost-plus arrangement. This opportunity, along with access to The FFE national network of road service providers allows their contractors to minimize down time while controlling maintenance and repair expense.About FFE Transportation Services, Inc. FFE Transportation Services, Inc. is one of the leading temperature-controlled truckload and less-than-truckload carriers in the United States with core operations in the transport of temperature-controlled products and perishable goods including food, health care and confectionery products. Service is offered in over-the-road and intermodal modes for temperature-controlled truckload and less-than-truckload, as well as dry truckload. The Company also provides brokerage/logistics and dedicated services to our customers. Additional information about Frozen Food Express Industries, Inc. can be found at http://www.ffeinc.com . To join our email alert list, please click the following link: http://financials.ffex.net/alerts.cfm . The Company's common stock is traded on the NASDAQ Global Select market under the symbol FFEX. The FFE Transportation Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3209
CONTACT: Frozen Food Express Industries, Inc. Russell Stubbs, President John Hickerson, Executive VP and COO John McManama, Senior VP and CFO (214) 630-8090 firstname.lastname@example.org Three Part Advisors, LLC Investor Relations: Steven Hooser Dave Mossberg 214-872-2710
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