Frozen Food Express Industries Inc. (FFEX, Financial) filed Quarterly Report for the period ended 2009-06-30.
Frozen Food Express Industries Inc. is the largest full-service publicly-owned temperature-controlled trucking company in North America. The company is also the only nationwide full-service temperature-controlled trucking company in the United States offering all of thefollowing services: FULL-TRUCKLOAD DEDICATED FLEETS LESS-THAN-TRUCKLOAD and DISTRIBUTION. Frozen Food Express Industries Inc. has a market cap of $64.8 million; its shares were traded at around $3.77 with and P/S ratio of 0.1.
Our operating expenses as a percentage of operating revenue, or “operating ratio,” were 106.8% for the second quarter of 2009 compared with 100.0% in 2008. Our operating expenses decreased at a lower rate than our revenue due to decreasing purchased transportation costs, higher claims and insurance costs and increased equipment rent as our share of leased equipment increased. For the quarter our loss per basic and diluted share was $0.30 in 2009 compared to net income per basic and diluted share of $0.02 in 2008.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At June 30, 2009, we had no outstanding borrowings under our credit facility and $95 million in shareholders equity. In the second quarter of 2009, we added approximately $1.0 million of property and equipment, net of proceeds from dispositions, and recognized a gain of $118,000 on the disposition of used equipment. These capital expenditures were funded with cash flows from operations. We estimate that capital expenditures will range from $17 million to $20 million in 2009, which would be higher than our historical levels due to our tractor replacement schedule and the capital required to consolidate two of our facilities into one location in New Jersey.
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Frozen Food Express Industries Inc. is the largest full-service publicly-owned temperature-controlled trucking company in North America. The company is also the only nationwide full-service temperature-controlled trucking company in the United States offering all of thefollowing services: FULL-TRUCKLOAD DEDICATED FLEETS LESS-THAN-TRUCKLOAD and DISTRIBUTION. Frozen Food Express Industries Inc. has a market cap of $64.8 million; its shares were traded at around $3.77 with and P/S ratio of 0.1.
Highlight of Business Operations:
For the second quarter of 2009 our operating revenue decreased by $34.1 million, or 26.5%. Operating revenue, net of fuel surcharges, decreased $11.3 million, or 11.8%, to $84.5 million from $95.8 million in 2008. Excluding fuel surcharges, our average truckload revenue-per-tractor-per-week decreased 7.1% primarily due to a decrease in our loaded truckload revenue per mile from $1.42 to $1.37, an increase in our empty mile ratio to 9.3% from 9.0%, a decrease in our intermodal business and a 12.1% decline in our LTL hundredweight. These declines were partially offset by an increase in our LTL revenue per hundredweight from $14.14 to $14.21. Our truckload revenue decreased by $5.0 million, or 8.3%. Due to continuing pricing pressures and excess capacity in the freight industry, our truckload revenue per loaded mile decreased to $1.37 per mile and our loaded truckload miles declined 4.4%. Dedicated revenue decreased for the quarter; however, it increased to represent 5.2% of our revenue in 2009 versus 4.4% over the same period in 2008. Brokerage revenue decreased $2.6 million for the quarter.Our operating expenses as a percentage of operating revenue, or “operating ratio,” were 106.8% for the second quarter of 2009 compared with 100.0% in 2008. Our operating expenses decreased at a lower rate than our revenue due to decreasing purchased transportation costs, higher claims and insurance costs and increased equipment rent as our share of leased equipment increased. For the quarter our loss per basic and diluted share was $0.30 in 2009 compared to net income per basic and diluted share of $0.02 in 2008.
Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At June 30, 2009, we had no outstanding borrowings under our credit facility and $95 million in shareholders equity. In the second quarter of 2009, we added approximately $1.0 million of property and equipment, net of proceeds from dispositions, and recognized a gain of $118,000 on the disposition of used equipment. These capital expenditures were funded with cash flows from operations. We estimate that capital expenditures will range from $17 million to $20 million in 2009, which would be higher than our historical levels due to our tractor replacement schedule and the capital required to consolidate two of our facilities into one location in New Jersey.
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