Frozen Food Express achieves a first in 1Q
Apr 29, 2004 1:23 PM, from staff and wire reports
Frozen Food Express Industries Inc has reported the highest net income for any first quarter in its 58 years of existence. First-quarter 2004 net income was $1,940,000 on revenue of $103,377,000. For the same period of 2003, the company incurred a loss of $668,000 on revenue of $91,454,000.
Freight revenue improved by 14% to $100,905,000 between the first three months of 2003 and 2004. Fuel adjustment charges comprised 4.9% of 2004’s freight revenue, compared with 4.7% during the same period in 2003.
Income generated by the company’s trucking operations was $3,310,000 for 2004’s first quarter, versus operating income of $89,000 for the same period of 2003.
“Since we’re primarily a refrigerated trucker, our year is typically seasonal,” said Stoney M “Mit” Stubbs Jr, chairman and chief executive officer. “Normally the first quarter is our weakest. Almost always, we’re the busiest during the warmer months, the second and third quarters.
“We’re looking forward to a very active 2004,” Stubbs said.
