Frozen Food Express sees 2Q income soar
Aug 3, 2004 12:06 PM, from staff and wire reports
Frozen Food Express Industries Inc, the Dallas TX-based temperature-controlled truckload carrier, reported second quarter 2004 net income of $3,492,000, a 37% increase over 2003’s second quarter, coming on a 9.3% rise in revenue. For the second quarter of 2003, net income was $2,547,000 and revenue was $103,731,000. Revenue for 2004’s second quarter totaled $113,335,000.
For the six months ended June 30, 2004, revenue climbed by $21.8 million (11.1%) compared with the year-ago quarter. Net income for the six months ended June 30, 2004, improved to $5,432,000 from 2003’s six-month net income of $1,879,000.
While he was pleased with the 2004 quarter’s results, Stoney M “Mit” Stubbs Jr, chairman and chief executive officer, said, “We expect things to get better. Our business should continue to improve because, after the last few years of dealing with a softening demand for trucking transportation services caused by a sloppy economy, this new too-much-freight-for-too-few-trucks, supply-versus-demand environment should improve our ability to raise freight rates to pay us back for the last five years of non-reimbursed increases in our operating costs.”
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