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.