Frozen Food Express Industries Inc reported improved results for its first quarter ended March 31, 2003, compared with those of 2002’s first quarter.
Revenue for 2003’s first quarter was $91,454,000, versus $79,057,000 for the first quarter of 2002. Freight revenue improved by 14.3% between the quarters to $88.5 million, mainly due to higher revenue from less-than-truckload operations and from fuel surcharges. Freight revenue rose by $11.1 million, 33% of which was due to increased fuel surcharges. The first-quarter 2003 net loss was $668,000, or 4 cents a share, compared with a loss of $944,000, or 6 cents a share, for the first quarter of 2002.
Stoney M “Mit” Stubbs Jr, chairman and chief executive officer of the Dallas TX-based carrier, said 2003’s first-quarter results were impacted by adverse weather conditions and record high fuel costs.
“Because the freight we haul is predominantly temperature-sensitive, requiring some level of refrigeration, our business is best during the warmer months. The first quarter of our year is typically the weakest, and the fourth quarter is the most unpredictable and almost always weaker than the warm-weather quarters,” Stubbs said.