Frozen Food Express Industries Inc has reported improved results for the fourth quarter and year ended Dec 31, 2000, when compared with the same periods of 1999.
For fourth-quarter 2000, the company reported net income of $67,000 on revenue of $98.6 million, compared with a net loss of $13.5 million on revenue of $89.9 million for the same quarter of 1999. For the full year 2000, the company reported a loss of $1.2 million on revenue of $392.4 million, compared with a loss of $12.1 million on revenue of $372.1 million for 1999.
Stoney M “Mit” Stubbs Jr, chairman and chief executive officer, said the company's operations continue to be affected negatively by high fuel costs. Severe winter weather in some areas of the United States and Canada, and insurance and claims costs, also contributed to 2000's marginal fourth quarter.
Included in 1999's fourth-quarter and annual results were $17.5 million pre-tax charges, $3.7 million of which related to an operational restructuring.
The 1999 operational restructuring charges included $2.1 million of estimated costs associated with the expected early termination of some trailer leases. The plan to terminate the leases early did not fully succeed. During 2000, only $300,000 of the original estimate was incurred.
