FFE revenue rises 15%, income up 34%

Year-end financial data from Frozen Food Industries, Dallas TX, shows that the truckload carrier of refrigerated products increased revenue by 15.2% for 2003 compared to 2002 and boosted net income 34.4% from the previous year. Total annual revenue was $404.2 million, up from $350.9 million in 2002. Income from freight operations rose 207% to $11.5 million, but losses in non-freight operations were higher at $5.1 million as well. Trucking revenue for 2003 was $387.8 million of which 4% was fuel surcharges. Income from trucking increased more than 300% to $11.5 million for 2003, up from $3.7 million in 2002. The operating ratio for trucking improved to 95.4 in the fourth quarter 2003, down from 97.5 for the same quarter 2002. For 2003, FFE shareholders earned 24 cents per share. The company notes that the fourth quarter 2003 was the strongest experienced by FFE since 1994. Freight rates are projected to rise in 2004-“more than just a percentage point or two,” the company says. As a consequence of increased service demand, FFE is beginning to experience a shortage of qualified drivers, it says.