Frozen Food Express Industries Inc. (FFEX, Financial) filed Quarterly Report for the period ended 2011-09-30.
Frozen Food Express Industries Inc. has a market cap of $28.6 million; its shares were traded at around $1.6201 with and P/S ratio of 0.1.
Our truckload revenue decreased $2.6 million in the third quarter of 2011, or 5.5%, primarily due to a reduction in weekly average trucks in service and a decrease in revenue related to our dry-freight services. As a result of continued tightened capacity, targeted price increases and our focus on service, our truckload revenue per loaded mile improved in the third quarter of 2011 to $1.63 from $1.56 compared to the same period in 2010, an increase of 4.5%. LTL tonnage levels increased 0.1% in the third quarter of 2011 as a result of business from existing customers and the addition of freight from new customers. Although some softness in LTL rates continues, efforts were initiated to address specific pricing increases and other yield enhancements. Revenue-per-hundredweight increased 4.4% in the third quarter of 2011 to $14.44 from $13.83 in the same period of 2010. In the third quarter of 2011, brokerage and logistics services revenue grew by 244.1%, primarily due to expanded logistics services provided to an existing customer and to a lesser extent, revenue from services provided to customers in the oil field services industry compared to the same period of 2010. These expanded logistics services include contract-pricing based temperature controlled truckload, LTL and brokered services, while the oil field services revenue pertains to both brokered and asset-based transportation services. Dedicated revenue declined 5.3% in the third quarter of 2011 compared to the same period in 2010.
Purchased transportation expense consists of payments to owner operators for the equipment and services they provide, payments to other motor carriers who handle our brokerage and cartage services and to various railroads for intermodal services. It also includes fuel surcharges paid to our owner operators for which we charge our customers. These expenses are highly variable with revenue and/or the mix of company drivers versus owner operators. Purchased transportation expense decreased $4.1 million, or 7.4%, in the nine months ended September 30, 2011 compared to the same period in 2010. Purchased transportation expense related to our intermodal service decreased by $0.7 million excluding fuel surcharges, or 6.7%, compared to the same period in 2010. The portion of our purchased transportation connected with our truckload and LTL services decreased $6.2 million, excluding fuel surcharges, in the nine months ended September 30, 2011, primarily reflecting a decrease in the number of owner operators utilized during 2011 compared to the same period in 2010. Purchased transportation associated with our brokerage and logistics services increased $0.5 million, or 11.4% in the nine months ended September 30, 2011 compared to the same period in 2010, primarily due to a significant addition to our brokerage and logistics services customer base in the third quarter of this year. Fuel payments to our owner operators increased $2.2 million, or 26.1%, to $10.5 million from $8.3 million compared to the same period in 2010 due to an increase in fuel surcharges.
Purchased transportation expense consists of payments to owner operators for the equipment and services they provide, payments to other motor carriers who handle our brokerage or cartage services and to various railroads for intermodal services. It also includes fuel surcharges paid to our owner operators for which we charge our customers. These expenses are highly variable with revenue and/or the mix of company drivers versus owner operators. Purchased transportation expense slightly increased $0.2 million, or 1.2%, in the third quarter of 2011 compared to the same period in 2010. Intermodal purchased transportation expense decreased $0.5 million, or 12.1%, compared to the same period in 2010. The portion of our purchased transportation connected with our truckload and LTL services decreased $1.7 million, excluding fuel surcharges, primarily reflecting a decrease in the number of owner operators utilized during the third quarter of 2011. Purchased transportation associated with our brokerage and logistics services increased $1.4 million, or 105.0% in the third quarter of 2011 compared to the same period in 2010, primarily due to expanded logistics services provided to an existing customer as well as services provided to customers in the oil field services industry. Fuel payments to our owner operators increased $0.9 million in the third quarter of 2011, or 35.9%, to $3.5 million from $2.6 million compared to the same period in 2010 due to an increase in fuel surcharges.
During the third quarter of 2011, our total operating revenue increased by $8.9 million, or 9.5%, compared to the same period in 2010. Our total operating revenue, net of fuel surcharges, increased $2.0 million, or 2.6%, to $81.5 million from $79.5 million compared to the same period in 2010. Excluding fuel surcharges, our average revenue per tractor per week increased 0.6% to $3,229 from $3,209, as a result of a 4.3% increase in revenue per total mile and decrease in our empty mile ratio to 11.4% from 11.7% compared to the same period in 2010.
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Frozen Food Express Industries Inc. has a market cap of $28.6 million; its shares were traded at around $1.6201 with and P/S ratio of 0.1.
Highlight of Business Operations:
Truckload revenue, excluding fuel surcharges, decreased $2.6 million, or 5.5%, to $44.5 million from $47.1 million in 2010. Truckload revenues declined primarily due to a reduction in the average number of trucks in service to 1,772 from 1,813 and a reduction in revenue from dry-freight services compared to the same period in 2010. Loaded miles declined 9.1% to 24.8 million from 27.3 million in the same period of 2010. Our empty mile ratio decreased to 11.4% from 11.7% compared to the same period in 2010. Following the same pattern from the second quarter, the continued tightened capacity in the truckload sector was reflected in truckload revenue per loaded mile, which improved 4.5% in the third quarter to $1.63 from $1.56 compared to the same period in 2010.Our truckload revenue decreased $2.6 million in the third quarter of 2011, or 5.5%, primarily due to a reduction in weekly average trucks in service and a decrease in revenue related to our dry-freight services. As a result of continued tightened capacity, targeted price increases and our focus on service, our truckload revenue per loaded mile improved in the third quarter of 2011 to $1.63 from $1.56 compared to the same period in 2010, an increase of 4.5%. LTL tonnage levels increased 0.1% in the third quarter of 2011 as a result of business from existing customers and the addition of freight from new customers. Although some softness in LTL rates continues, efforts were initiated to address specific pricing increases and other yield enhancements. Revenue-per-hundredweight increased 4.4% in the third quarter of 2011 to $14.44 from $13.83 in the same period of 2010. In the third quarter of 2011, brokerage and logistics services revenue grew by 244.1%, primarily due to expanded logistics services provided to an existing customer and to a lesser extent, revenue from services provided to customers in the oil field services industry compared to the same period of 2010. These expanded logistics services include contract-pricing based temperature controlled truckload, LTL and brokered services, while the oil field services revenue pertains to both brokered and asset-based transportation services. Dedicated revenue declined 5.3% in the third quarter of 2011 compared to the same period in 2010.
Purchased transportation expense consists of payments to owner operators for the equipment and services they provide, payments to other motor carriers who handle our brokerage and cartage services and to various railroads for intermodal services. It also includes fuel surcharges paid to our owner operators for which we charge our customers. These expenses are highly variable with revenue and/or the mix of company drivers versus owner operators. Purchased transportation expense decreased $4.1 million, or 7.4%, in the nine months ended September 30, 2011 compared to the same period in 2010. Purchased transportation expense related to our intermodal service decreased by $0.7 million excluding fuel surcharges, or 6.7%, compared to the same period in 2010. The portion of our purchased transportation connected with our truckload and LTL services decreased $6.2 million, excluding fuel surcharges, in the nine months ended September 30, 2011, primarily reflecting a decrease in the number of owner operators utilized during 2011 compared to the same period in 2010. Purchased transportation associated with our brokerage and logistics services increased $0.5 million, or 11.4% in the nine months ended September 30, 2011 compared to the same period in 2010, primarily due to a significant addition to our brokerage and logistics services customer base in the third quarter of this year. Fuel payments to our owner operators increased $2.2 million, or 26.1%, to $10.5 million from $8.3 million compared to the same period in 2010 due to an increase in fuel surcharges.
Purchased transportation expense consists of payments to owner operators for the equipment and services they provide, payments to other motor carriers who handle our brokerage or cartage services and to various railroads for intermodal services. It also includes fuel surcharges paid to our owner operators for which we charge our customers. These expenses are highly variable with revenue and/or the mix of company drivers versus owner operators. Purchased transportation expense slightly increased $0.2 million, or 1.2%, in the third quarter of 2011 compared to the same period in 2010. Intermodal purchased transportation expense decreased $0.5 million, or 12.1%, compared to the same period in 2010. The portion of our purchased transportation connected with our truckload and LTL services decreased $1.7 million, excluding fuel surcharges, primarily reflecting a decrease in the number of owner operators utilized during the third quarter of 2011. Purchased transportation associated with our brokerage and logistics services increased $1.4 million, or 105.0% in the third quarter of 2011 compared to the same period in 2010, primarily due to expanded logistics services provided to an existing customer as well as services provided to customers in the oil field services industry. Fuel payments to our owner operators increased $0.9 million in the third quarter of 2011, or 35.9%, to $3.5 million from $2.6 million compared to the same period in 2010 due to an increase in fuel surcharges.
During the third quarter of 2011, our total operating revenue increased by $8.9 million, or 9.5%, compared to the same period in 2010. Our total operating revenue, net of fuel surcharges, increased $2.0 million, or 2.6%, to $81.5 million from $79.5 million compared to the same period in 2010. Excluding fuel surcharges, our average revenue per tractor per week increased 0.6% to $3,229 from $3,209, as a result of a 4.3% increase in revenue per total mile and decrease in our empty mile ratio to 11.4% from 11.7% compared to the same period in 2010.
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