Frozen Food Express
braces for 1Q results
Apr 3, 2009 8:51 AM
Frozen Food Express Industries Inc announced that it anticipates first quarter 2009 revenues and earnings to be below those reported during the comparable period a year ago.
"FFE’s truckload and less-than-truckload volumes and earnings continue to be impacted by the severe economic recession," said Mit Stubbs, president and chief executive officer. "The company is experiencing pricing pressure as excess capacity continues within the transportation industry. Despite the economic challenges, the company is focused on protecting its market share while providing the highest service levels to its customers. The company has implemented a comprehensive cost reduction initiative to improve asset utility and to reduce many of its non-variable costs. The company’s non-driver headcount has been reduced approximately 150 positions since January 1, including approximately 110 positions that have been eliminated within the last two weeks. The company has also suspended its 401(K) matching contributions and is consolidating duplicative efforts within its operating units."
The company continues to be in a strong financial position with no debt outstanding under its revolving credit facility. FFE anticipates announcing its first quarter results May 4 after the market closes.
