Frozen Food Express concludes investigation
May 18, 2006 10:25 AM, from staff and wire reports
Frozen Food Express Industries Inc's Audit Committee has substantially completed its investigation into allegations about questionable billing practices and other operational matters. The Dallas TX-based refrigerated carrier believes none of the matters that were part of the allegations will have a material effect on its previously filed financial statements.
The company received a letter May 12, 2006, from the Nasdaq Listing Qualifications Staff indicating that failure to file its Form 10-Q for the quarter ended March 31, 2006, on time could result in delisting of the firm's stock from The Nasdaq Stock Market. The Nasdaq Listing Qualifications Panel granted Frozen Food Express an extension until June 30, 2006, to file the Form 10-Q for the quarter ended March 31, 2006.
Frozen Food Express expects total revenue for the first quarter ended March 31, 2006, to be around $128.4 million. Net income for the quarter is expected to range from $1.8 million to $2.4 million.
The company has promoted Stoney R "Russell" Stubbs to senior vice-president and chief operating officer. He replaces the retiring Charles G Robertson, who was COO, an executive vice-president, and a director of the company. Previously, Stubbs served as senior vice-president of the company, and since 1999, as president of Lisa Motor Lines Inc.
Thomas G Yetter has been promoted to senior vice-president and chief financial officer. He has served as interim CFO since Feb 15, 2006, when the firm's prior CFO resigned.
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