Frozen Food Express net income skyrockets
Mar 17, 2005 9:09 AM, from staff and wire reports
Frozen Food Express Industries Inc's total revenue for the quarter ended Dec 31, 2004, increased by nearly 14% to $124.2 million from $109.1 million for the same quarter of 2003.
The Dallas TX-based temperature-controlled carrier's income from operations more than tripled during the fourth quarter of 2004, compared with the same period of 2003. Net income rose by 163% to $1.8 million from $0.7 million.
For the 12 months ended Dec 31, 2004, total revenue climbed by 12.4% to $474.4 million from $422.0 million for 2003. Net income for 2004 was $10.8 million versus $4.3 million for 2003.
Stoney M "Mit" Stubbs Jr, president and chief executive officer, said, "2004 was a very good year for FFEX. For net income, it was one of the most profitable years in our 59-year history. During 1994, our best year, our net income was $11.9 million. Absent the claims reserve and deferred compensation adjustments, 2004 would have exceeded that by $1 million."
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