Frozen Food Express Industries, Inc. Announces First Quarter 2013 Financial Results

DALLAS, April 29, 2013 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) today announced its financial and operating results for the quarter ended March 31, 2013. Highlights from first quarter 2013 financial results include:
  • 1Q13 total operating revenue was $97.8 million, an 11.3% increase versus 1Q12
  • 1Q13 revenue per truck per week increased 2.0% to $3,339, compared to $3,275 during 1Q12
  • 1Q13 operating ratio improved to 104.1%, compared to 105.9% during 1Q12
  • 1Q13 net loss improved to $3.3 million, compared to a $5.6 million loss during 1Q12
  • 1Q13 net loss per share of diluted common stock was ($0.18), compared to ($0.32) during 1Q12
Revenue (in $ millions) from: 1Q13 1Q12 % Change
Total Truckload ("TL") 37.9 34.8 9.0%
Less-than-truckload ("LTL") 33.4 28.3 17.8%
Brokerage, Logistics and Equipment Rental 6.7 7.0 (4.2%)
Operating Revenue (Excluding Fuel Surcharges) 78.0 70.1 11.2%
Fuel Surcharges 19.8 17.8 11.3%
Total Operating Revenue 97.8 87.9 11.3%

"The execution of our strategic plan continues to deliver solid growth in revenue and improvement in operating profitability. During the first quarter, TL and LTL revenue grew 9.0% and 17.8% respectively, keeping pace with a 12.0% growth in the number of trucks in service. Volumes and pricing trends were favorable and were only slightly offset by an increase in the empty mile ratio," said Russell Stubbs, the Company's President and Chief Executive Officer. "Brokerage, logistics and equipment rental revenue was relatively unchanged from the prior year at approximately $7 million, as the effect of exiting an unprofitable dedicated service relationship last year was offset by a $0.6 increase in equipment rental revenue and slight growth in water transport services."

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