Frozen Food Express Announces First Quarter Results

Apr 25, 2001, 01:00 ET from Frozen Food Express Industries, Inc.

    DALLAS, April 25 /PRNewswire/ --
 Frozen Food Express Industries, Inc. (Nasdaq:   FFEX) today reported its results
 of operations for the first quarter ended March 31, 2001.
     The company incurred a net loss of $1,004,000, or six cents a share, on
 revenue of $89,488,000 for the first quarter of 2001, as compared to a net
 loss of $563,000, or three cents a share, on revenue of $92,416,000 of the
 first quarter of 2000.
     "Our freight operations were about the same as they were last year at this
 time -- weak demand due to the seasonality of our freight business, higher
 fuel costs and higher driver wages.  Revenue from our trucking operations was
 up about two percent this year, but so were expenses," Mr. Stoney M. (Mit)
 Stubbs, Jr., Chairman and CEO, explained.
     "Some of our expenses improved since last year's first quarter.  The
 quality and collection of our accounts receivable has resulted in lower bad
 debt accruals.  We have brought down our communication costs since last year.
 And, we have made other operational improvements."
     Pointing out that the company's trucking operations are seasonal and its
 first quarter is usually its weakest, Mr. Stubbs said the lower revenue and
 higher loss for 2001's first quarter was mostly due to what he characterized
 as "a fairly big slowdown" in the company's non-freight business.  "In 2000's
 first quarter, there were a couple of unusually large non-freight equipment
 sales.  That was not the case in 2001, because trucking companies are cutting
 way back on their capital expenditures.  However, our non-freight business has
 been fairly profitable since the early 1990s," Mr. Stubbs said.
     Frozen Food Express Industries is the largest publicly owned temperature-
 controlled carrier of perishable goods (primarily processed foods and meats)
 on the North American continent. Its services extend from Canada, throughout
 the 48 contiguous United States, into Mexico.  The refrigerated trucking
 company is the only one serving this market that is full-service-providing
 full-truckload, less-than-truckload and distribution transportation of
 refrigerated and frozen products.  Its refrigerated less-than-truckload
 operation is also the largest on the North American continent.
     Statements contained herein which are not historical facts are forward-
 looking statements as that term is defined in the Private Securities
 Litigation Reform Act of 1995 ("PSLRA").  Certain statements contained herein
 including statements regarding the anticipated development and expansion of
 the company's business or the industry in which the company operates, the
 intent, belief or current expectations of the company, its directors or its
 officers, primarily with respect to the future operating performance of the
 company and other statements contained herein regarding matters that are not
 historical facts, are "forward-looking" statements (as such term is defined in
 PSLRA).  Because such statements involve risks and uncertainties, actual
 results may differ materially from those expressed or implied from such
 forward-looking statements.  These risks and uncertainties include demand for
 the company's services and products, and the company's abilities to meet that
 demand, which may be affected by, among other things, competition, weather
 conditions and the general economy, the availability and cost of labor, the
 company's ability to negotiate favorably with lenders and lessors, the
 availability and cost of equipment, fuel and supplies, the market for
 previously-owned equipment, the impact of changes in the tax and regulatory
 environment in which the company operates, operational risks and insurance,
 risks associated with the technologies and systems used by the company and the
 other risks and uncertainties described in the company's filings with the
 Securities and Exchange Commission.
 
 
      For the three months ended March 31:
                                                   2001              2000
     Revenue                                   $89,488,000       $92,416,000
     Net loss                                   (1,004,000)       $(563,000)
     Net loss per share -
       Basic                                        $(0.06)          $(0.03)
       Diluted                                      $(0.06)          $(0.03)
 
     Weighted average shares outstanding -
       Basic                                    16,343,000        16,321,000
       Diluted                                  16,343,000        16,321,000
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X82419882
 
 

SOURCE Frozen Food Express Industries, Inc.
    DALLAS, April 25 /PRNewswire/ --
 Frozen Food Express Industries, Inc. (Nasdaq:   FFEX) today reported its results
 of operations for the first quarter ended March 31, 2001.
     The company incurred a net loss of $1,004,000, or six cents a share, on
 revenue of $89,488,000 for the first quarter of 2001, as compared to a net
 loss of $563,000, or three cents a share, on revenue of $92,416,000 of the
 first quarter of 2000.
     "Our freight operations were about the same as they were last year at this
 time -- weak demand due to the seasonality of our freight business, higher
 fuel costs and higher driver wages.  Revenue from our trucking operations was
 up about two percent this year, but so were expenses," Mr. Stoney M. (Mit)
 Stubbs, Jr., Chairman and CEO, explained.
     "Some of our expenses improved since last year's first quarter.  The
 quality and collection of our accounts receivable has resulted in lower bad
 debt accruals.  We have brought down our communication costs since last year.
 And, we have made other operational improvements."
     Pointing out that the company's trucking operations are seasonal and its
 first quarter is usually its weakest, Mr. Stubbs said the lower revenue and
 higher loss for 2001's first quarter was mostly due to what he characterized
 as "a fairly big slowdown" in the company's non-freight business.  "In 2000's
 first quarter, there were a couple of unusually large non-freight equipment
 sales.  That was not the case in 2001, because trucking companies are cutting
 way back on their capital expenditures.  However, our non-freight business has
 been fairly profitable since the early 1990s," Mr. Stubbs said.
     Frozen Food Express Industries is the largest publicly owned temperature-
 controlled carrier of perishable goods (primarily processed foods and meats)
 on the North American continent. Its services extend from Canada, throughout
 the 48 contiguous United States, into Mexico.  The refrigerated trucking
 company is the only one serving this market that is full-service-providing
 full-truckload, less-than-truckload and distribution transportation of
 refrigerated and frozen products.  Its refrigerated less-than-truckload
 operation is also the largest on the North American continent.
     Statements contained herein which are not historical facts are forward-
 looking statements as that term is defined in the Private Securities
 Litigation Reform Act of 1995 ("PSLRA").  Certain statements contained herein
 including statements regarding the anticipated development and expansion of
 the company's business or the industry in which the company operates, the
 intent, belief or current expectations of the company, its directors or its
 officers, primarily with respect to the future operating performance of the
 company and other statements contained herein regarding matters that are not
 historical facts, are "forward-looking" statements (as such term is defined in
 PSLRA).  Because such statements involve risks and uncertainties, actual
 results may differ materially from those expressed or implied from such
 forward-looking statements.  These risks and uncertainties include demand for
 the company's services and products, and the company's abilities to meet that
 demand, which may be affected by, among other things, competition, weather
 conditions and the general economy, the availability and cost of labor, the
 company's ability to negotiate favorably with lenders and lessors, the
 availability and cost of equipment, fuel and supplies, the market for
 previously-owned equipment, the impact of changes in the tax and regulatory
 environment in which the company operates, operational risks and insurance,
 risks associated with the technologies and systems used by the company and the
 other risks and uncertainties described in the company's filings with the
 Securities and Exchange Commission.
 
 
      For the three months ended March 31:
                                                   2001              2000
     Revenue                                   $89,488,000       $92,416,000
     Net loss                                   (1,004,000)       $(563,000)
     Net loss per share -
       Basic                                        $(0.06)          $(0.03)
       Diluted                                      $(0.06)          $(0.03)
 
     Weighted average shares outstanding -
       Basic                                    16,343,000        16,321,000
       Diluted                                  16,343,000        16,321,000
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X82419882
 
 SOURCE  Frozen Food Express Industries, Inc.