Frozen Food Express logs 4Q, 2008 results

March 9, 2009
Frozen Food Express Industries Inc. (FFEX) has announced its financial and operating results for the quarter and year ended December 31, 2008.

Frozen Food Express Industries Inc. (FFEX) has announced its financial and operating results for the quarter and year ended December 31, 2008.

For 2008, revenue increased by 8.5% to $490.5 million from $452.2 million in 2007. Net of fuel surcharges, revenue was $381.4 million for 2008 compared with $378.8 million during 2007. Net income for the year was $605,000, or $.04 per diluted share, versus a net loss of $7.7 million, or $.45 per diluted share in 2007. Operating ratio for 2008 was 99.6% compared with 102.3% in 2007.

For the quarter, income from operations improved $5.6 million over 2007. Revenue decreased by 4.7% to $112.3 million from $117.9 million during the same quarter of 2007. Net of fuel surcharges, revenue was $93.3 million in the fourth quarter of 2008, in contrast to $96.1 million in the 2007 quarter. For the fourth quarter, the company realized pre-tax income from operations of $812,000; however, on an after-tax basis incurred a net loss of $201,000, or $.01 per diluted share, versus a net loss of $3.5 million, or $.21 per diluted share in the fourth quarter of 2007. Operating ratio for the 2008 quarter was 99.8% compared with 104.6% for the fourth quarter of 2007.

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