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Frozen Food Express Industries Inc. (FFEX) filed Quarterly Report for the period ended 2011-06-30.
Frozen Food Express Industries Inc. has a market cap of $66.6 million; its shares were traded at around $3.79 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 second quarter of 2011, our total operating revenue increased by $6.4 million, or 6.7%, compared to the same period of 2010. Our total operating revenue, net of fuel surcharges, decreased $1.4 million, or 1.7%, to $78.6 million from $80.0 million compared to the same period in 2010. Excluding fuel surcharges, our average revenue per tractor per week remained relatively flat at $3,335, as a result of a 2.9% increase in revenue per total mile and decrease in our empty mile ratio to 11.4% from 12.4% over the same period last year.
Our truckload revenue decreased $1.9 million in the second quarter of 2011, or 3.9%, primarily due to fewer trucks in service, reflective of the current industry challenge in retaining qualified owner operators. As a result of continued tightened capacity, targeted price increases and our focus on service, our truckload revenue per loaded mile improved in the second quarter of 2011 to $1.61 compared to $1.58 for the same period in 2010, an increase of 1.9%. LTL tonnage levels increased 4.3% in the second quarter of 2011 as a result of increased business from existing customers and the addition of freight from new customers. Revenue-per-hundredweight increased slightly to $13.58 for the second quarter ended June 30, 2011. Although some softness in LTL rates continues, efforts were initiated to address specific pricing increases and other yield enhancements. In the second quarter of 2011, dedicated revenue grew by 5.0% compared to the same time last year, while brokerage revenue declined 11.9% compared the same period of 2010.
Our total operating expenses as a percentage of total operating revenue, or “operating ratio,” was 103.7% for the second quarter of 2011 compared to 103.5% for the same period in 2010. In dollar terms, operating expenses increased at a slightly higher rate than our revenue due to increased fuel costs and supplies and equipment expenses that increased due to higher maintenance costs, freight handling expenses in our LTL operations, driver academy and driver recruiting costs and depreciation due to updated technology innovations and equipment purchased off of lease programs. Our loss per basic and diluted share improved 26.9% in the second quarter of 2011 to $0.19 compared to $0.26 in the same period of 2010.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At June 30, 2011, we had $15.0 million outstanding under our credit facility and $67.9 million in shareholders equity. In the second quarter of 2011, we added approximately $3.5 million of property and equipment, had $2.8 million of sales proceeds from dispositions, and recognized a gain of $0.6 million for the disposition of used equipment. These capital expenditures were funded with cash flows from operations and borrowings under our credit facility. We estimate capital expenditures, net of proceeds from dispositions, will range from $5 to $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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