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Frozen Food Express Industries Inc. (FFEX) filed Quarterly Report for the period ended 2011-03-31.
Frozen Food Express Industries Inc. has a market cap of $63.5 million; its shares were traded at around $3.63 with and P/S ratio of 0.2.
This is the annual revenues and earnings per share of FFEX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FFEX.
Highlight of Business Operations:
For the first quarter of 2011, our total operating revenue increased by $6.3 million, or 7.3% compared to the same period in 2010. Operating revenue, net of fuel surcharges, increased slightly to $73.4 million, or 0.1% compared to $73.3 million in the same period of 2010. Excluding fuel surcharges, average revenue per tractor per week increased 0.3%, due to improved revenue per mile, which was partially offset by an increase in our empty mile ratio to 10.9% from 10.7%. Truckload revenue increased $0.2 million, or 0.5%, primarily as a result of improved revenue on both a total and loaded mile basis and despite the significant weather impact that curtailed many customer operations in January and February. The continued tightened capacity in the truckload sector was reflected in truckload revenue per loaded mile that improved to $1.53 compared to $1.44 over the same period in 2010, an increase of 6.3%. LTL tonnage levels increased 6.3% due to the impact of improved business levels from existing customers and the contribution of freight from new customers, while revenue per hundredweight decreased 2.4% to $13.55 from $13.89 in the same period of 2010 due to the profile of the freight acquired as well as continued pricing resistance in this sector of the market. Dedicated revenue increased slightly to $4.3 million compared to $4.2 million in the same period of 2010, while brokerage revenue decreased to 1.2% of our total operating revenue compared to 2.3% in the same period of 2010.
Our operating expenses as a percentage of operating revenue, or “operating ratio,” was 109.5% for the first quarter of 2011 compared to 106.5% over the same period in 2010. In dollar terms, operating expenses increased at a higher rate than our revenue mainly due to the escalation of fuel prices in the first quarter of 2011, which rose more quickly than the impact of corresponding fuel surcharge programs, supplies and equipment expenses that increased due to higher maintenance and other costs attributable to inclement weather and lower gains from sales of equipment compared to the same period in 2010. Our loss per basic and diluted share increased during the first quarter of 2011 to $0.45 compared to $0.22 over the same period in 2010.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At March 31, 2011, we had $13.7 million outstanding under our credit facility and $71.2 million in shareholders equity. In the first quarter of 2011, we added approximately $1.3 million of new service equipment and had $0.9 million of sales proceeds from dispositions. These capital expenditures were funded with cash flows from operations and borrowings under our credit facility. Based on our latest estimates, capital expenditures, net of proceeds from dispositions, will range from $5-10 million in 2011, which would be consistent with our recent activity and the expected mix of capital expenditures and operating leases.
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