Frozen Food Express Industries Inc. (FFEX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Frozen Food Express Industries Inc. has a market cap of $60 million; its shares were traded at around $3.49 with and P/S ratio of 0.2. FFEX is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Our truckload revenue decreased $6.2 million, or 11.1%, primarily due to fewer trucks in service, which created a decline in loaded miles somewhat offset by an increase in revenue per loaded mile. As a result of tightened capacity, targeted price increases, and our focus on service, our truckload revenue per loaded mile improved to $1.58 compared to $1.37 in 2009, an increase of 15.3%. LTL tonnage levels increased 9% as a result of increased shipment activity, while revenue-per-hundredweight decreased 4.5% to $13.57 in 2010 from $14.21 in 2009 due to continued pricing competition for the available tonnage in the market, an increase in shorter haul LTL in the northeast and some targeted pricing actions in certain lanes where capacity was available on dedicated LTL service routes. Dedicated revenue represented 4.6% of our revenue in 2010 versus 5.2% in 2009, while brokerage revenue increased to 1.8% of our revenues in 2010 compared to 1.4% in 2009.
Our total operating expenses as a percentage of total operating revenue, or “operating ratio,” was 103.5% for the second quarter of 2010 compared to 106.8% for the same period in 2009. Our operating expenses decreased in the areas of salaries, wages and related expenses, purchased transportation and equipment rent, while our revenue remained flat. Our loss per basic and diluted share improved 13.3% in the second quarter of 2010 to $0.26 compared to $0.30 for the same period in 2009.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At June 30, 2010, we had no outstanding borrowings under our Credit Facility and $82.6 million in shareholders equity. In the second quarter of 2010, we added approximately $3.0 million of property and equipment, had $1.0 million of sales proceeds from dispositions, and recognized a gain of $0.2 million for the disposition of used equipment. The capital expenditures were funded with cash flows from operations. We estimate capital expenditures, net of proceeds from dispositions, will range from $8 to $11 million in 2010, which would be consistent with our recent activity and the expected mix of capital expenditures and operating leases.
Read the The complete Report
Frozen Food Express Industries Inc. has a market cap of $60 million; its shares were traded at around $3.49 with and P/S ratio of 0.2. FFEX is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the second quarter of 2010, our total operating revenue increased by $0.1 million, or 0.1%, compared to the second quarter of 2009. Our total operating revenue, net of fuel surcharges, decreased $4.5 million, or 5.3%, to $80.0 million from $84.5 million in 2009, which was a direct result of our reduced capacity in 2010, driven by our decision to take trucks out of service at the end of 2009 and early 2010 and the number of tractors we had parked and not running in revenue service, versus the first half of 2009. Excluding fuel surcharges, our average revenue per tractor per week increased 4.6% due to a 10.3% decrease in the average weekly trucks in service and an increase in revenue per mile, which was partially offset by an increase in our empty mile ratio to 12.4% from 9.3%. Our truckload empty mile ratio was somewhat inflated due to a temporary increase in higher yield dedicated services moves related to equipment repositioning fees paid by certain customers. This increased revenue per total mile by approximately $0.06 per mile but increased the empty miles ratio by almost 1.0%.Our truckload revenue decreased $6.2 million, or 11.1%, primarily due to fewer trucks in service, which created a decline in loaded miles somewhat offset by an increase in revenue per loaded mile. As a result of tightened capacity, targeted price increases, and our focus on service, our truckload revenue per loaded mile improved to $1.58 compared to $1.37 in 2009, an increase of 15.3%. LTL tonnage levels increased 9% as a result of increased shipment activity, while revenue-per-hundredweight decreased 4.5% to $13.57 in 2010 from $14.21 in 2009 due to continued pricing competition for the available tonnage in the market, an increase in shorter haul LTL in the northeast and some targeted pricing actions in certain lanes where capacity was available on dedicated LTL service routes. Dedicated revenue represented 4.6% of our revenue in 2010 versus 5.2% in 2009, while brokerage revenue increased to 1.8% of our revenues in 2010 compared to 1.4% in 2009.
Our total operating expenses as a percentage of total operating revenue, or “operating ratio,” was 103.5% for the second quarter of 2010 compared to 106.8% for the same period in 2009. Our operating expenses decreased in the areas of salaries, wages and related expenses, purchased transportation and equipment rent, while our revenue remained flat. Our loss per basic and diluted share improved 13.3% in the second quarter of 2010 to $0.26 compared to $0.30 for the same period in 2009.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At June 30, 2010, we had no outstanding borrowings under our Credit Facility and $82.6 million in shareholders equity. In the second quarter of 2010, we added approximately $3.0 million of property and equipment, had $1.0 million of sales proceeds from dispositions, and recognized a gain of $0.2 million for the disposition of used equipment. The capital expenditures were funded with cash flows from operations. We estimate capital expenditures, net of proceeds from dispositions, will range from $8 to $11 million in 2010, which would be consistent with our recent activity and the expected mix of capital expenditures and operating leases.
Read the The complete Report
