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Frozen Food Express Industries, Inc. Announces Fourth Quarter And 2012 Financial Results

DALLAS, March 19, 2013 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) today announced its financial and operating results for the quarter and year ended December 31, 2012. Highlights for the year include:
  • 4Q12 total operating revenue, net of fuel surcharges, was $78.4 million, a 5.6% increase versus 4Q11.
  • 2012 total operating revenue, net of fuel surcharges, was $301.5 million, a 2% decrease versus 2011.
  • 4Q12 operating loss of $4.4 million compared to a loss of $12.2 million in the same period of 2011.
  • 2012 operating loss of $13.4 million, a $24.9 million improvement versus 2011.
  • 2012 net loss per share of diluted common stock was ($0.84), compared to a net loss per diluted common share of ($2.08) in the same period of 2011.
  • As of December 31, 2012, shareholders' equity was $28.3 million, or $1.60 per share.
  • As of December 31, 2012, borrowing availability was $14.6 million
Revenue (in $ millions) from: 4Q12 4Q11 % Change 2012 2011 % Change
Total Truckload ("TL") 38.3 36.9 3.8% 146.9 173.8 (15.4%)
Less-than-truckload ("LTL") 34.0 26.1 30.1% 127.9 112.0 14.2%
Brokerage, Logistics and Equipment Rental 6.1 11.2 (45.9%) 26.7 22.0 21.3%
Operating Revenue (Excluding Fuel Surcharges) 78.4 74.2 5.6% 301.5 307.8 (2.0%)
Fuel Surcharges 20.1 18.0 11.6% 76.2 80.7 (5.5%)
Total Operating Revenue 98.5 92.2 6.8% 377.7 388.5 (2.8%)

"During 2012, we reduced our operating loss by approximately $25 million, but just as important, with fourth quarter revenue growth of 6.8%, have put the top line back on a modest growth trajectory with our first quarter of year over year revenue growth in 2012," said Russell Stubbs, President and Chief Executive Officer of the Company. "We began 2012 with 147 less trucks in service than we began 2011, due in part to the 225 plus units we sold in the fourth quarter of 2011 while exiting our dry van services. This reduction in trucks caused us to average 220 fewer trucks, per week, in service in 2012 versus 2011, which prevented us from attaining year over year revenue growth in the first three quarters of 2012. With the dedication of our employees, support of our customers and the growth in drivers attained through our Driver Academy and retention programs, we were able to add back 151 trucks to our fleet in 2012. This was reflected in us achieving year over year revenue improvement in the fourth quarter. While we still have progress to make, we have successfully repositioned our Company, and I am confident that we have the right plan in place to restore the Company to profitability during 2013 and restore more meaningful profitability in the years to come."

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