Frozen Food Express runs in fiscal high gear
May 3, 2005 9:02 AM, from staff and wire reports
Dallas TX-based refrigerated carrier Frozen Food Express Industries Inc announced its financial and operating results for the three months ended March 31, 2005.
Total revenue increased by 8.4% to $118.0 million from $108.9 million for the same quarter of 2004. Income from operations surged 68% during the first quarter of 2005 in relation to the same three months of 2004. Net income climbed 70% to $3.3 million from $1.9 million. Diluted earnings per share advanced to $0.18 from $0.11.
Stoney M "Mit" Stubbs Jr, president and chief executive officer, said, "At $1.9 million, last year’s first quarter net income set a record best for our company. This year, to improve on that by 70% was a significant accomplishment. We’ve accomplished many things since 2003, but there remains room for improvement. For example, non-revenue, or empty, miles increased during 2005’s first quarter. Our shareholders can expect us to be focused on correcting that leakage as well as a continued focus on reducing our selling general and administrative expenses."
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