Refrigerated carrier Frozen Food Express Industries (FFE) continued to rack up losses in the first quarter, posting an $859,000 loss on $79.1 million in revenue, compared to a loss of $884,000 on $89.5 million in the same period last year.
Chairman & CEO Stoney M. (Mit) Stubbs Jr. said fuel surcharges declined to roughly $500,000 this quarter, compared to $3 million in the first quarter of 2001. "If you ignore the fuel surcharges, our freight revenue improved by about 2%," he said.
Stubbs added that Dallas-based FFE is trying to renegotiate a new three-year line of credit, as its current credit line expires June 1.
"When you've got the kind of economy we're operating in, with sluggish demand and rising fuel prices, I'll take any kind of improvement I can get," he said.