8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:

(Date of earliest event reported)

November 26, 2008

FROZEN FOOD EXPRESS INDUSTRIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Texas (State or Other Jurisdiction of Incorporation)	1-10006 (Commission File Number)	75-1301831 (IRS Employer Identification No.)
1145 Empire Central Place Dallas, Texas 75247-4309 (Address of Principal Executive Offices)		(214) 630-8090 (Registrant's telephone number, including area code)

	Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
r	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  Section 7– Regulation FD Disclosure

ITEM 7.01.

Regulation FD Disclosure

On November 26, 2008, we prepared our Third Quarter 2008 Report and posted it on www.fffex.net, which contains financial statements that were previously filed with the SEC on a Form 10-Q for the same period, in addition to certain other information.  In previous quarters, we had printed and mailed ‘hard’ copies of the report to all shareholders by using the United States Postal Service.  For this and foreseeable future reports, we will not be using the Postal Service for all shareholders, but will continue to provide this report by posting it on www.ffex.net .  Persons wishing to receive a hard copy may request one by contacting our investor relations staff at 214-630-8090 or ir@ffex.net .  We have changed our manner of providing these reports to improve the efficiency and reduce the expense of distribution. The Quarterly Report is furnished, but not filed, as exhibit 99.1 to this Current Report on Form 8-K

  Section 9-Financial Statements and Exhibits

ITEM 9.01.	Financial Statements and Exhibits
	(d) EXHIBITS
	The following exhibits are filed pursuant to Item 9.01 of Form 8-K.
99.1	Third Quarter 2008 Report

  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FROZEN FOOD EXPRESS INDUSTRIES, INC.
Dated: November 26, 2008	By:	/s/ Thomas G. Yetter
		Thomas G. Yetter Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EXHIBIT INDEX
Exhibit No.	Exhibit Title
99.1	Third Quarter 2008 Report

EX-99.1 CHARTER

Exhibit 99.1

Frozen Food Express Industries, Inc.

Third Quarter 2008 Report

The Chairman’s Report

To Our Shareholders and Other Friends:

For the first time in a couple of years, we have strung together two consecutive profitable quarters.  And, very frankly, I’ll be disappointed if we don’t make it three in a row.  Let me be quick to add that I’m not guaranteeing a profitable fourth quarter.  After all, that quarter is typically one of our weakest and this economy is not likely to improve anytime soon.

Nevertheless, my expectations are high.  As I wrote in last year’s annual report:  “We don’t expect the economy to be any better in 2008 than it was in 2007.” What an understatement that was.  “But we do expect our performance this year to be better than it was last year.”  And, so far, that’s what has happened.

We didn’t improve our operations by finding a single silver bullet that has caused our operating results to substantially improve this year.   We have an $800 thousand profit so far this year compared to a $4.1 million loss for the same 9 months of 2007.  Instead, we put a bunch of new ideas into practice, beginning about two-and-a-half years ago with a fairly major shake-up of top management.  There’s nothing new about new ideas at FFE.  Although we’re 60-plus years old, we still are an entrepreneurial company.  What is new, it seems to me, is the disciplined manner in which these new ideas have been implemented into our day-to-day operations.

I’ll talk more in this year’s annual report about what I consider to be a new management tough-mindedness.  But, until then, let me give you just two examples.

The first example is our truckload operation.  We did an analysis that showed us the areas of the country in which our trucks could operate the most profitably.  Last year we challenged our marketing and our operations people to keep our trucks in this preferred network.  This is not as easy as it sounds.  When you’re in a soft market, the temptation to chase freight—wherever it is and regardless of its profitability—is great.  You’re keeping your drivers happy and generating revenue, so that must be a good thing?  Not so.  Unprofitable revenue is never a good thing, so we are focused more on profit and less on revenue.  As a result, our revenue per loaded mile is up, the number of loaded miles traveled is up and our empty-mile ratio is down.

Another example is our less-than-truckload operation, which we operate on a schedule, like a bus line.  When one of our LTL trucks is scheduled to pull away from the loading dock, it leaves, on time.  Full or not.  The schedules complicate a pre-complicated business, but our customers—and their customers—appreciate our punctuality.

In last year’s annual report, I told you about an initiative to increase the load factor of our LTL operation.  We were hauling too much air—empty space—in our LTL trailers.  So, we began a system-wide overhaul of our LTL schedules.  For example, if a two-trips-a-week schedule was running just 40% full, we cut it to once a week to increase that scheduled trip’s load factor.  And so forth.

We’ve kept after it, have made a number of schedule changes and have learned enough to figure that our schedule tweaking will be a continuing activity.

In June, we raised our LTL rates.  The results have been good.  Third-quarter per-hundredweight revenue was $15.04 compared to $14.14 in last year’s third quarter.  While our per-hundredweight revenue was up by about 6% over last year’s third quarter, our tonnage shipped was off by about 2% and LTL revenue was $32.9 million compared to $33.9 million for last year’s quarter.  I’ll trade 2% revenue for 6% profit increase any time.

I mentioned the economy.  It has been hard on this and virtually every other industry.  So has the price of fuel, which has lately come down to more manageable levels.  So far this year, truckers small and large have exited the market.  That has made drivers a little more available to us, but it has made market stamina and perseverance precious.  Truckers who specialize in non-perishable freight have suffered more than those who specialize in perishable freight, such as food.  Truckers who carry too much debt and require massive amounts of new capital have also been hit harder than others.  At FFE, we believe that our access to capital and our focus on perishable freight help to position us in a spot that is more resistant to the effects of the recession that we are already probably in.  We’ll give you an update in a few months.

Stoney M. (Mit) Stubbs, Jr.

Chairman and CEO

Balance Sheets

(In thousands)

(Unaudited)

Assets	September 30, 2008			December 31, 2007
Current assets
Cash and cash equivalents	$	2,243		$	2,473
Accounts receivable, net		62,942			52,682
Tires on equipment in use, net		5,210			5,120
Deferred income taxes		3,643			2,978
Other current assets		10,371			14,607
Total current assets		84,409			77,860
Property and equipment, net		85,308			90,309
Other assets		5,083			5,500
Total assets	$	174,800		$	173,669
Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	24,333		$	25,301
Accrued claims		11,291			12,342
Accrued payroll and deferred compensation		6,755			5,998
Income tax payable		48			--
Accrued liabilities		1,940			1,964
Total current liabilities		44,367			45,605
Long-term debt		5,800			--
Deferred income taxes		12,975			11,488
Accrued claims		4,492			9,317
Total liabilities		67,634			66,410
Shareholders' equity
Par value of common stock (18,572 shares issued)		27,858			27,858
Paid in capital		5,424			5,682
Retained earnings		87,809			88,515
		121,091			122,055
Treasury stock (1,814 and 1,921 shares, respectively), at cost		(13,925	)		(14,796	)
Total shareholders' equity		107,166			107,259
Total liabilities and shareholders' equity	$	174,800		$	173,669

Consolidated Condensed Statements of Profit and Loss

For the Three and Nine Months Ended September 30, 2008 and 2007

(In thousands, except per-share amounts)

(Unaudited)

	Three Months						Nine Months
	2008			2007			2008			2007
Revenue	$	132,451		$	114,730		$	378,206		$	334,288
Operating expenses
Salaries, wages and related expenses		33,693			31,893			96,524			97,101
Purchased transportation		29,517			30,813			93,141			83,216
Fuel		32,130			21,684			88,694			61,435
Supplies and expenses		14,047			13,911			39,864			40,926
Revenue equipment rent		9,005			7,640			25,734			22,885
Depreciation		4,684			4,592			14,183			14,697
Communications and utilities		1,410			1,169			3,636			3,213
Claims and insurance		2,733			3,125			9,001			12,212
Operating taxes and licenses		1,163			1,188			3,431			3,550
Gains on sale of operating assets		(491	)		(799	)		(1,096	)		(2,331	)
Miscellaneous expenses		1,000			772			3,234			2,501
Total operating expenses		128,891			115,988			376,346			339,405
Income (loss) from operations		3,560			(1,258	)		1,860			(5,117	)
Non-operating (income) expense
Equity in earnings of limited partnership		(200	)		(211	)		(511	)		(418	)
Interest income		(12	)		(189	)		(66	)		(571	)
Interest expense		74			-			110			-
Sale of non-operating assets and other		200			163			(108	)		523
Total non-operating expense (income)		62			(237	)		(575	)		(466	)
Pre-tax income (loss)		3,498			(1,021	)		2,435			(4,651	)
Income tax expense (benefit)		2,141			2,214			1,629			(522	)
Net income (loss)	$	1,357		$	(3,235	)	$	806		$	(4,129	)
Net income (loss) per share of common stock
Basic	$	0.08		$	(0.19	)	$	0.05		$	(0.24	)
Diluted	$	0.08		$	(0.19	)	$	0.05		$	(0.24	)
Weighted average shares outstanding
Basic		16,737			17,293			16,699			17,335
Diluted		17,027			17,293			16,998			17,335

Corporate Information

Principal Subsidiaries and Divisions

     FFE Transportation Services, Inc.

     Lisa Motor Lines, Inc.

     American Eagle Lines

     FFE Logistics, Inc.

  Telephone: (214) 630-8090

  Internet: www.ffex.net

  E-mail: ir@ffex.net

  Common Stock Information

 The company’s common stock trades on the Global Select Market tier of the Nasdaqâ Stock Market under the ticker FFEX.

The following is a summary of trading in our stock:

	Nine Months Ended
	September 30,
	2008		2007
High stock price	$	8.39	$	10.91
Low stock price		4.98		6.41
Trading volume (000’s)		3,438		13,031

Transfer Agent – Registrar and Transfer Company

 This report contains information and forward-looking statements that are based on management’s current beliefs and expectations and assumptions which are based upon information currently available.  Forward-looking statements include statements relating to plans, strategies, objectives, expectations, intentions, and adequacy of resources, and may be identified by words such as “will”, “could”, “should”, “believe”, “expect”, “intend”, “plan”, “schedule”, “estimate”, “project”, and similar expressions.  These statements are based on current expectations and are subject to uncertainty and change. 

 Although management believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.  Should one or more of the risks or uncertainties underlying such expectations not materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

 Among the key factors that are not within management’s control and that may cause actual results to differ materially from those projected in such forward-looking statements are national and global economic conditions, demand for the company’s services and products, and our ability to meet that demand, which may be affected by, among other things, competition, weather conditions and the general economy, the availability and cost of labor, our ability to negotiate favorably with lenders and lessors, the level of credit generally available in the capital markets, the effects of terrorism and war, the availability and cost of equipment, fuel and supplies, the market for previously-owned equipment, the impact of changes in the tax and regulatory environment in which the company operates, operational risks and insurance, risks associated with the technologies and systems we use and the other risks and uncertainties described in our filings with the SEC.