Dallas-based refrigerated carrier Frozen Food Express Industries has reported strong revenues and earnings for the first quarter on the strength of higher rates and yields, despite an increase in empty miles over the same period in 2004.
For the first quarter, net income increased by 70% to $3.3 million on 8.4% higher revenues of $118 million compared to 1Q 2004, with fuel surcharge revenue more than doubling to $10.8 million compared to $5 million over the same period last year.
“A major contributing factor to our recent successes has been our ability to increase average linehaul revenue per total mile, which increased 10.9% to $1.43 from $1.29 during the same three months of 2004,” said president & CEO Stoney “Mit” Stubbs, Jr. “We saw much better yields during early 2005 than we did a year or two ago. We also enjoyed rate increases throughout last year that have benefited us so far during 2005, as compared to last year’s first quarter.”
