Frozen Food Express Industries Inc has reported the highest net income for any first quarter in its 58 years of existence. First-quarter 2004 net income was $1,940,000 on revenue of $103,377,000. For the same period of 2003, the company incurred a loss of $668,000 on revenue of $91,454,000.
Freight revenue improved by 14% to $100,905,000 between the first three months of 2003 and 2004. Fuel adjustment charges comprised 4.9% of 2004's freight revenue, compared with 4.7% during the same period in 2003.
Income generated by the company's trucking operations was $3,310,000 for 2004's first quarter, versus operating income of $89,000 for the same period of 2003.
“Since we're primarily a refrigerated trucker, our year is typically seasonal,” said Stoney M “Mit” Stubbs Jr, chairman and chief executive officer. “Normally the first quarter is our weakest. Almost always, we're the busiest during the warmer months, the second and third quarters.
